CRANBERRY TOWNSHIP, PA. — Marcus & Millichap has represented two undisclosed parties in the $5.5 million sale of a 25,198-square-foot property net-leased to Chick-fil-A and Olive Garden. The property is located at 1678-1716 Route 228 in Cranberry Township. Jack Hopkins of Marcus & Millichap represented the seller, and the firm’s John Susank represented the buyer.
SYRACUSE, N.Y. — Michael James of NorthMarq Capital has secured $3.5 million in financing for a 74,000-square-foot Syracuse office building. Located at 225 Greenfield Parkway, the property houses Brookfield Renewable Power. The 10-year loan, which carries a 25-year amortization schedule, was financed by a federal credit union.
CANTON, MASS. — Vermont Pure Holdings, a bottled water distributor, has singed a lease with an undisclosed landlord for 23,966 square feet of office space in the Shawmut Business Park. The building is located at 95 Shawmut Rd. in Canton. Matthew Morgan of Framingham, Mass.-based Parsons Commercial Group represented the tenant.
EXETER TOWNSHIP, PA. — Exeter Commons, a 490,000-square-foot retail center, has opened in Exeter Township. The center is located at the intersection of Business Route 422, Bypass Route 422 and 47th street. A 132,000-square-foot Target and an 81,000-square-foot Giant Foods have already opened their doors, and a 171,000-square-foot Lowe’s Home Improvement is slated to open in October. Additional retailers now open for business include Sonic, Sleepy’s, Five Below, Red Robin, Chick-Fil-A, PETCO, Famous Footwear and America’s Best Contacts & Eyeglasses. Other tenants set to open this month include Five Guys Burgers & Fries, T-Mobile, GameStop and Supercuts. September openings include Staples and Affinity Bank. A Wachovia branch is set to open in late October or early November. The retail center is being developed by a joint venture between The Goldenberg Group and Ironwood Property Group. Construction on the $75 million project commenced in April 2008 and was completed on schedule. The center is currently 96 percent leased.
WEST CHESTER, PA. — Grubb & Ellis Company has completed the sale of 31,700 square feet of office space located at 1210 Ward Ave. in West Chester. The space was purchased by Synthes USA from Bryn Mawr Mall Associates for an undisclosed price. Grubb & Ellis’ John Perkins facilitated the transaction. The buyer will occupy the entire one-story building, which previously had been vacant.
NEW YORK CITY — NAI Friedland Realty has brokered the $5.19 million sale of 4401 Bronx Boulevard, a 40,000-square-foot building located in the Bronx, New York City. Also known as the Farrand Building, the facility is located in the North Bronx at the corner of Nereid Avenue. Rick Stassa of NAI Friedland represented both the buyer, Montefiore Medical Center, and seller in the transaction. The property had been operated by Our Lady of Mercy Medical as a rehabilitation center for substance abuse and counseling. Medical research had also been done at the building. Montefiore will continue to use the building in the same capacity.
NEW YORK CITY — Winoker Realty Company has completed the $1.73 million sale of a 2,700-square-foot office condominium located at 305 Seventh Ave. in Manhattan, New York City. Jonata Dayan and Adam Ben-Dayan of Winoker Realty represented the buyer, a real estate holding company. The seller, a non-profit organization that owned the space for the last 10 years, was represented by Leith ter Meulen of LPR Realty, an affiliate of LandAir Project Resources, Inc. that works exclusively with not-for-profit groups.
NEW YORK CITY — Construction has commenced for the New Settlement Community Campus, an $83 million civic project located in the Mt. Eden neighborhood of the Bronx, New York City. The 172,000-square-foot project will be situated at 1501 Jerome Ave. It will comprise two schools and a community center that features an indoor swimming facility. The schools consist of a separate facilities for primary and intermediate/high school students, with the two schools sharing a campus library, an auditorium and a gymnasium. School facilities such as the gymnasium, library and playground will serve the community after school hours. Completion is slated for 2012. The project is being co-developed by Settlement Housing Fund (SHF) and the New York City School Construction Authority. The project architects are Dattner Architects and Edelman Sultan Knox Wood Architects. Turner Construction Co. is the general contractor. Upon completion, the Department of Education will own the school and New Settlement Apartments, a division of SHF, will operate the community center as well as manage the center and the school.
SOUTHINGTON, CONN. — Jones Lang LaSalle (JLL) has brokered the sale of Queen Plaza, 172,000-square-foot shopping center located in Southington. The property is anchored by TJ Maxx and Bed Bath & Beyond; additional tenants include Bob’s Discount Furniture, Dollar Tree, Fashion Bug and Radio Shack. Occupancy was 97 percent at the time of closing. The buyer, R.K. Associates, has subsequently renamed the property RK Queen Plaza. JLL brokers Jim Koury, Nathaniel Heald and Robert Borden represented the seller, Centro Properties Group, and procured the buyer. The acquisition price was not disclosed.
POTTSTOWN, PA. — The grand opening has been held for an expansion to Montgomery County Community College’s West Campus, located in Pottstown. Known as the North Hall Facility, the 50,000-square-foot building consists of the adaptive reuse of 16 High Street, also known as the former Vaughn Knitting Mill. The facility contains seven classrooms, faculty offices, an art gallery and studios and continuing education offices. Construction also includes the rehabilitation of a pedestrian underpass, which connects the school to downtown Pottstown. The developer was Vesper Property Group, the projects architect was A.I.A. Architects and the general contractor is Clemens Construction Co.