Northeast

CONSTRUCTION CONTINUES FOR BASF HEADQUARTERS

by admin December 20, 2010

FLORHAM, N.J. — Construction is advancing for the new North America headquarters of BASF. The 325,000-square-foot building is being built within The Green at Florham Park, a master-planned community located in Florham. The $100 million project will be complete in 2012 and will be applying for LEED-Platinum certification. Turner Construction Co. is providing construction management services. Rockefeller Group Development Corp. is the developer. At full build-out, The Green at Florham Park will contain 830,000 square feet of Class A office space as well as a hotel. Construction is also under way within the park for a new medical facility for Atlantic Sports Health Institute.

December 20, 2010

CBRE REALTY TRUST ACQUIRES 175,000-SQUARE-FOOT OFFICE BUILDING IN N.J.

by admin December 20, 2010

PARSIPPANY, N.J. — CB Richard Ellis (CBRE) Realty Trust has acquired a five-story, 175,000-square-foot office building in Parsippany for an undisclosed amount. The Class A property was constructed in 2007 and is located at 100 Kimball Drive. Amenities include a cafeteria and a fitness center. The property is fully leased to a single credit tenant through 2020. The seller's name was not released.

December 20, 2010

Northeast Office

INLAND PURCHASES TIME WARNER CABLE HQ FOR $18.1 MILLION IN N.Y.

by admin December 20, 2010

SYRACUSE, N.Y. — Inland Real Estate Acquisitions has purchased Time Warner Cable's division headquarters in East Syracuse for $18.1 million. The property consists of a two-story, 102,924-square-foot building that contains office space and a broadcasting studio as well as a 2.4-acre satellite dish farm. Inland completed the purchase on behalf of Inland Diversified Real Estate Trust. The seller's name was not disclosed.

December 20, 2010

Industrial Northeast

RBJ BROKERS TWO DISTRESSED SALES IN MASSACHUSETTS FOR $19.5 MILLION

by admin December 20, 2010

BILLERICA AND CHICOPEE, MASS. — Richards Barry Joyce & Partners (RBJ) has brokered two distressed industrial sales in Massachusetts. In the first transaction, Billerica Business Center traded for $15 million. Located in Billerica, the property consists of six buildings totaling 448,616 square feet of office and flex space. Occupancy was 49 percent at the time of closing. In the second transaction, Big Y Distribution Center, a 217,000-square-foot warehouse located in Chicopee, traded for $4.5 million. The property is fully occupied by the Big Y Foods supermarket chain. RBJ's Frank Petz and John Wilson represented LNR Partners, which was acting as special servicer for the properties' lender, in both deals. RBJ will also be providing leasing services for Billerica Business Center.

December 20, 2010

Multifamily Northeast

502-UNIT APARTMENT COMMUNITY TRADES

by admin December 17, 2010

WHITE PLAINS, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of a 502-unit luxury apartment community in White Plains. Bank Street Commons is located downtown, adjacent to the White Plains Metro-North train station. It consists of connected 21- and 22-story towers along with a 500-space parking garage and ground-floor retail space. The units consist of one- and two-bedroom residences averaging 907 square feet in size. Jeffrey Dunne and Christopher Leonard of CBRE's New York Institutional Group represented the seller, an institutional entity. The buyer was an institutional investor.

December 17, 2010

Multifamily Northeast

BEECH STREET ARRANGES $175 MILLION MULTIFAMILY LOAN IN NYC

by admin December 17, 2010

NEW YORK CITY — Beech Street Capital has arranged a $175 million Fannie Mae DUS loan for the refinancing o a 490-unit, high-rise multifamily property located in New York City. The loan carries a fixed interest rate, a 10-year term with 2 years of interest-only payments and a 30-year amortization schedule. Beech Street arranged the loan on behalf of the undisclosed borrower, and Meridian Capital Group originated it.

December 17, 2010

Industrial Northeast

GROUNDBREAKING OCCURS FOR MASSACHUSETTS HEALTH CENTER

by admin December 17, 2010

FALL RIVER, MASS. — The groundbreaking ceremony has been held for the new HealthFirst Family Care Center in Fall River. The $13 million project will consist of the conversion of a 78,000-square-foot industrial space into a community health canter. The new facility will replace an existing HealthFirst center located on County Street. Completion is expected next December. Skanska USA is serving as project manager and will provide general contracting services along with Columbia Construction. Steffian Bradley is the project architect.

December 17, 2010

Industrial Northeast

SENTRY BROKERS CONNECTICUT WAREHOUSE SALE FOR $1.77 MILLION

by admin December 17, 2010

SOUTH WINDSOR, CONN. — Sentry Commercial has brokered the sale of a 68,920-square-foot industrial facility located at 571 Nutmeg Road in South Windsor for $1.77 million. The buyer was Daniel DelMastro, the owner of Aero Med Ltd. The seller was GBR Investments. Sentry Commercial was the sole broker in the deal.

December 17, 2010

Northeast Office

FHO PARTNERS COMPLETES 320,665-SQUARE-FOOT LEASE RENEWAL

by admin December 17, 2010

NEEDHAM, MASS. — FHO Partners has arranged a 320,665-square-foot office lease renewal in Needham. PTC will continue to occupy space within the three-building corporate campus, located at 140 Kendrick St., for an additional 10 years. FHO Partners represented PTC in lease negotiations. David Provost and Jason Fivek provided in-house representation on behalf of the landlord, Boston Properties.

December 17, 2010

Multifamily Northeast

CUSHMAN & WAKEFIELD ARRANGES TWO MULTIFAMILY SALES

by admin December 16, 2010

BOSTON AND SOUTH YARMOUTH, MASS. — Cushman & Wakefield has arranged two multifamily sales in Massachusetts. In the first deal, a joint venture between locally based The Fallon Company and Cornerstone Real Estate Advisors sold Park Lane Seaport to institutional investors advised by JP Morgan Asset Management. The high-rise, transit-oriented apartment community contains 465 units and is located in Boston's waterfront neighborhood. In the second transaction, Weston Associates acquired Swan Pond Village from Swan Pond Development Co. for $12.6 million. The community is located in South Yarmouth and contains 150 units of affordable housing. The team of Simon Butler and Biria St. John of Cushman & Wakefield's Capital Markets Group represented the seller and procured the buyer in both deals.

December 16, 2010

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