LIMERICK, PA. — Costco has acquired 14 acres at Limerick's Gateway at Saratoga retail development project for the construction of a new location. Costco will anchor the 450,000-square-foot Phase I of the project, which is located along Route 422. Also being constructed as part of Phase I is 76,500 square feet of retail and restaurant space. Completion is expected in spring 2011. Phase II, which will open in fall 2011, will consist of approximately 190,000 square feet of retail, restaurant and hotel space.
NEW YORK CITY — NorthMarq Capital has arranged a total of $34 million in first-mortgage financing for two Manhattan office towers. The buildings total approximately 300,000 square feet and are located at 300 E. 42nd St. and 1776 Broadway. The United Nations is the major tenant at the former property. The loan carries a 15-year term, a 25-year amortization schedule and a fixed interest rate. The lender was Sun Life of Canada. NorthMarq's Craig Bjornsund arranged the funding.
BURLINGTON, MASS. — The Davis Companies has acquired a Burlington office park at auction for $32.75 million. Burlington Woods consists of two buildings totaling 267,829 square feet. The project was 64 percent occupied at the time of the sale. Tenants include Philips Color Kinetics, GE Ionics, KeyPoint Partners, Cbeyond and Corporate Technologies. The buyer plans to undertake a significant capital improvements program in order to reposition the property. Cushman & Wakefield has been selected to lease it. The Davis Companies completed the acquisition on behalf of its $230 million Davis Investment Ventures Value Opportunity Fund I.
NEW YORK CITY — Robert K. Futterman (RKF) & Associates has completed the sale of a retail condominium for $2.67 million. The condo is located at 8 W. 19th St. in Manhattan's Flatiron District. Its occupant is Food Works. RKF's Brian Segall, David Alani and Jonathan Butwin represented the buyer, 8 West 19 Retail LLC, and the seller, Bennco Properties.
WESTBOROUGH, MASS. — NAI Hunneman has brokered the sale of a 35-unit apartment building in Westborough for $2.6 million. The property is located at 15 Willow St. It contains one studio, 23 one-bedrooms and 12 two bedrooms. It was constructed in 1969 and renovated in the last 4 years. NAI's Carl Christie and Dan McGee represented the seller, 15 Willow Street LLC, and procured the buyer, 15 Willow Westboro LLC.
DANBURY AND BETHEN, CONN. — Arbor Commercial Funding has secured Fannie Mae DUS funds to refinance a portfolio four Connecticut multifamily communities. A $15.11 million loan was arranged for Spring Ridge Apartments, a 138-unit property located in Danbury. A $5.4 million loan was arranged for Park Ridge South Apartments, a 47-unit property also located in Danbury. A $3.13 million loan was arranged for Mountain View Apartments, a 36-unit property located in Beth. Finally, a $3.18 million loan was arranged for Grassy Plain Estates, a 36-unit property also located in Bethel. Each loan carries a 10-year term, a 30-year amortization schedule and a 5.73 percent interest rate. Edward Petti of Arbor's New York City office originated the transactions. The borrower's name was not disclosed.
HUDSON, MASS. — Organic Mulch & Landscape Supply of New England has acquired a 25,000-square-foot industrial facility located in Hudson for $1.25 million. The building, which is located at 17 Brent Drive, features 20-foot clear ceiling heights and 7 drive-in bay doors. The property also contains 5 acres of yard space. Jake Parsons of Parsons Commercial Group represented the buyer. Joel Aho of O'Brien Commercial represented the seller, Road Hole Realty.
NEW YORK CITY — Realty Capital Partners has invested approximately $2.1 million to recapitalize a multifamily rental building located in Manhattan's Tribeca neighborhood. The property contains 11 residential units, two of which are rent stabilized, and two retail spaces. It underwent extensive renovations in 2005. Occupancy was 100 percent at the time of closing. The project's owner, Code RED, plans to convert the apartments to for-sale condominiums.
JERSEY CITY, N.J. — Hoboken Brownstone Co. has commenced development for Van Leer Place, a transit-oriented residential project located in Jersey City. The project will consist of the brownfield redevelopment of the former Van Leer Chocolate Factory at 110 Hoboken Ave. Construction will consist of two six-story buildings with more than 400 homes over 7,500 square feet of retail space. Van Leer Place will include several sustainable features such as a thermally efficient concrete wall system, energy recovery ventilation, a geothermal test well and a solar thermal system. The project will also include a pedestrian walkway to the nearby New Jersey Transit station as well as a new park to be developed adjacent to the project. The construction timetable was not released.
EAST LONGMEADOW, MASS. — Manufactured housing builder Blu Homes has held the ribbon cutting ceremony for its new manufacturing facility. The new production plant totals 80,000 square feet and is located in East Longmeadow. Blu Homes' previous manufacturing facility was located in Littleton, Mass.