PITTSBURGH — Healthcare Trust of America (HTA) has acquired a 191,612-square-foot medical office building located in Pittsburgh for approximately $40.5 million. Federal North is a four-story property located within two blocks of the 724-bed Allegheny General Hospital. It features a separate 525-space parking garage. Occupancy was 99 percent at the time of closing. The seller's name was not disclosed.
PARSIPPANY, N.J. — Gebroe-Hammer Associates has brokered the sale of a rental retirement community in Parsippany for $19 million. Baldwin Oaks is located on 10.5 acres at 299 Baldwin Ave. It consists of two four-story buildings containing 251 units. Amenities include life safety services, a community room, a billiards rooms, a bocce court, a courtyard and on-site parking. The community was fully occupied at the time of closing and currently has a 2-year waiting list. Joseph Brecher and Stehen Tragash of Gebroe-Hammer represented the seller, AIMCO, and the undisclosed buyer.
PORTSMOUTH, N.H. — Construction will soon commence for a new medical facility in Portsmouth. Northeast Rehabilitation Hospital will be a 33-bed, 46,000-square-foot facility that will provide acute rehabilitation services for the Northeast Rehabilitation Health Network. The project will be located within the Pease Tradeport Campus. Concord, N.H.-based North Branch Construction is serving as general contractor, and locally based JSA Inc. is serving as project architect. Completion is expected in spring 2011.
NEWARK, N.J. — Development plans have been unveiled for what will be Newark's tallest building. One Theater Square will be a 44-story residential building located on 1.2 acres downtown, adjacent to the New Jersey Performing Arts Center. The tower will contain more than 300 units, 20 percent of which will be set aside as affordable housing for artists. In addition, the tower will contain more than 20,000 square feet of ground-floor commercial space for restaurants, cafés, galleries and other retail uses. A partnership between The N.J. Performing Arts Center and Dranoff Properties is developing the project. The New Jersey Economic Development Authority has already awarded the project a $38 million Urban Transit Tax Hub Tax Credit.
GILBERTSVILLE, PA. — The grand opening has been held for Douglass Town Center, a 90,000-square-foot shopping center located in Gilbertsville. A 70,000-square-foot Giant Food anchors the center, which was developed by Moorestown, N.J.-based Retail Sites. Other tenants include AT&T Wireless, Chinese Restaurant, Custom Cleaners, GameStop, Hair Cuttery and Hallmark. One shop space and one outparcel remain for lease.
NEW YORK CITY — New York Liquidation Bureau (NYLB) has signed a new lease for 116,540 square feet of office space in the Financial District of Downtown Manhattan. The tenant will occupy floors 15 through 17 and part of the 18th floor of 110 William Street, a 32-story, 900,000-foot office building. Peter Hennessey and Scott Cahaly of Jones Lang LaSalle represented the tenant in lease negotiations. Todd Korren of Swig Equities represented the undisclosed landlord. The lease brings the building's occupancy to 98 percent.
DANBURY, CONN. — Electronics retailer P.C. Richard & Son will open a new location in Danbury at 80 Danbury Road. A.J. Richard & Sons Inc. acquired a leasehold interest in the property, which was formerly occupied by Border's and Circuit City. An adjoining space controlled by Sleepy's Bedding Co. will also be incorporated into the new P.C. Richard store. Steven Spector of Interstate Realty Advisors and Bruce Wettenstein of Vidal/Wettenstein arranged the transaction. In addition, the brokers arranged a similar transaction in Milford, Conn., for a new P.C. Richard location.
YONKERS, N.Y. — An affiliate of Mile Square Transportation has acquired an industrial property in Yonkers from Precision Valve Corp. for $10.75 million. Located on more than 8 acres at 700 Nepperhan Ave., the industrial building has served as the corporate headquarters for Precision since 1952, but the company recently relocated to South Carolina. William Cuddy, Jr., and Kevin Langtry of CB Richard Ellis' Westchester, N.Y., office represented Precision in the sale. Bernard Stachel of Tamerlain Realty Corp. represented the buyer.
NEW YORK CITY — Meridian Capital Group has secured a $31 million loan for the refinancing of a portfolio for retail and office properties that are located in the New York City boroughs of Manhattan and Queens. Cary Pollack of Meridian originated the loan, which carries a 6 percent fixed interest rate, a 5-year term and a 30-year amortization schedule. The borrower was Pi Capital Partners and the lender was a local savings bank.
NEW YORK CITY — Construction is complete for 580 Carroll by Enrique Norton, a five-story, 17-unit residential condominium building located in Brooklyn's Park Slope neighborhood. The condos are a mix of one-, two- and three-bedroom units that range from 744 to 1,400 square feet in size. Prices start at $540,000. Amenities at 580 Carroll include a private 3,500-square-foot garden and an onsite parking garage. Black House Development Co. was the developer for the project and Enrique Norton's TENARQUITECTOS was the project architect. Brown Harris Stevens SELECT is serving as leasing and marketing agent.