BOSTON — Fantini & Gorga has arranged $3.5 million in non-recourse financing for a Boston office property. The building totals 16,650 square feet. The terms of the loan were not disclosed, but the debt was non-recourse. Wayne Clough, Mark Whelan and Heather Baldassari placed the loan with Lincoln Financial Group on behalf of the undisclosed borrower. StanCorp Mortgage Investors originated the loan.
NORTH READING, MASS. — Kiva Systems has signed a lease with a joint venture between DivcoWest and Taurus Investment Holdings for 163,415 square feet of office space at 300 Riverpark Dr. in North Reading. The property was constructed in 1992 and totals 206,000 square feet. It contains on-site food service, a fitness center and child care. Kiva will be relocating its headquarters to the new building from Woburn, Mass. David Pergola, Mark Reardon and Jason Levendusky of CB Richard Ellis represented the landlord in lease negotiations. Brooks Murphy and Sean Lynch of Jones Lang LaSalle represented the tenant.
PHILADELPHIA — Binswanger has brokered the sale of a Philadelphia industrial property. The building contains 170,105 square feet of warehouse and distribution space, and it is located at 4518 Tacony St. The buyer was BDDW, and the seller was a subsidiary of Glenn Distributors Corp. Frank Cullen of Binswanger negotiated the transaction. The acquisition price was undisclosed.
SYRACUSE, N.Y. — A joint venture between Richfield Hospitality and Shelbourne Falcon Investors has purchased the Renaissance Syracuse Hotel in Syracuse. The partnership's short-term plans include converting the 279-room hotel to the Crowne Plaza brand as well as undertaking a $5 million renovation that will upgrade the guest rooms, public spaces and the property's façade. Richfield will operate the hotel. To complete the transaction the joint venture acquired the hotel's loan and negotiated a deed in lieu of foreclosure with the previous owner.
JERSEY CITY, N.J. — Greiner-Maltz has arranged the $3.5 million sale of a Jersey City industrial building. The 45,000-square-foot, rail-served distribution facility is located at 107 Industrial Drive. The buyer, Starr Snacks, currently occupies the adjacent property, which it uses as a manufacturing facility. Raymond Musalo of Greiner-Maltz represented the buyer in the deal. William Waxman and Nicholas Nitti of CB Richard Ellis represented the undisclosed seller.
NEW YORK CITY — New York Daily News and U.S. News & World Report Media Group are moving their respective headquarters offices to 4 New York Plaza in Manhattan's Financial District. The tenants will occupy 100,000 square feet, comprising two entire floors of the 25-story office tower. Both companies are currently located at 450 W. 33rd St. in the Hudson Yards area. The move is expected to take place in July 2011. The building's owner, an affiliate of Harbor Group International, was represented in lease negotiations by Howard Fiddle and Bradley Gerla of CB Richard Ellis. John Cefaly and Michael Burgio of Cushman & Wakefield represented the tenant. The 1.08 million-square-foot building is currently 85 percent occupied, with JPMorgan Chase leasing 75 percent of its space.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of an approximately 12,100-square-foot retail building in Brooklyn's Brighton Beach neighborhood for $4.8 million. The two-story property is located at 1113-1123 Brighton Beach Ave. It contains seven spaces, six of which were occupied at the time of closing. Massey Knakal's Brian Hanson and Valentin Presnov represented the undisclosed seller. The buyer was a Russian investor.
STAMFORD, CONN. — CB Richard Ellis (CBRE) has brokered the sale of a 16,127-square-foot office building located at 1029 E. Main St. in Stamford for $1.75 million. CBRE's Al Mirin and Kate Schwartz represented the seller in the deal. Both parties were undisclosed.
NEW YORK CITY — A partnership between Acadia Realty Trust, PA Associates and Washington Square Partners (Acadia P/A/T) has commenced construction for the first phase of City Point, a new mixed-use project located on the Fulton Mall in downtown Brooklyn. The first building to be constructed will total four stories and approximately 50,000 square feet. It will contain a mix of retail tenants. Construction is being financed with $20 million in Recovery Zone Facility bonds, which are being provided through New York City Capital Resource Corp. The building was designed by Cook + Fox and Greenberg Farrow. At full build-out, City Point will contain 1.5 million square feet of retail space, commercial space, and affordable and market-rate housing. The City of New York owns the site and is leasing it on a long-term basis to Acadia P/A/T.
NEW YORK CITY — Marcus & Millichap has completed the sale of a six-unit apartment building located at 585 Park Place in Brooklyn for $960,000. Bryan Schellinger and Zachary Felson of the firm's Brooklyn office represented the sellers, private investors. Schellinger, Felson and Shaun Riley, also of Marcus & Millichap's Brooklyn office, represented the buyer, also a private investor. The property traded at a 7.69 percent cap rate.
