LANCASTER, PA. — Lancaster-based NAI Commercial Partners has brokered the sale of a 159,863-square-foot industrial property located at 1175 Manheim Pike in Lancaster. Shadow Lawn City Line LP acquired the property from Thermal Solutions Products for $9.75 million. Daniel Berger of NAI represented the seller, while Timothy Shreiner of Prudential Homesale Services Group represented the buyer.
NEW YORK CITY — Brack Capital Real Estate has partnered with a European hotel operator to develop a new hotel in Manhattan's Times Square. The joint venture signed a 99-year ground lease for 218-222 W. 50th St., which currently contains a parking garage. Specific plans for the hotel were not released, but the project will cost $50 million and will include construction of a 78,000-square-foot building. Sidney Rosenthal of Grubb & Ellis represented both parties in the deal.
NEW YORK CITY — Meridian Capital Group has secured a $50 million loan for the refinancing of a New York City multifamily portfolio. Owned by The Parkoff Organization, the portfolio contains a total 558 apartments. Two of the properties are located in Manhattan, three are located in the Bronx, one is located in Queens and one is located in Brooklyn. The loan, which was provided by a local community bank, carries a 7-year term with interest-only payments for the first 2 years and a 4.2 percent rate. Avi Weinstock of Meridian arranged the financing.
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a 70,476-square-foot office lease at Black Rock, a 908,000-square-foot office building located at 51 W. 52nd St. in New York City. Law firm Dorsey & Whitney LLP will occupy the space, consisting of the tower's eighth through 10th floors, for a 15-year term. It will relocate from its current offices at 250 Park Ave. The JLL team of Peter Riguardi, Frank Doyle, Barbara Winter and Andrew Flint represented the landlord, CBS Broadcasting. The Cushman & Wakefield team of John Cefaly, Gus Field and Donald Preate represented the tenant.
NEW YORK CITY — Jones Lang LaSalle has arranged an $800 million loan for the refinancing of 245 Park Avenue, a 44-story, 1.7 million-square-foot office tower located in New York City. Robert Martin of the firm's New York office led the team that secured the loan on behalf of the borrower, Brookfield Office Properties. The lender was Bank of China.
PITTSBURGH — Healthcare Trust of America has acquired a Class A medical office building in Pittsburgh for $39 million. The property contains 229,000 square feet over six stories and is located less than a mile from Allegheny General Hospital. It was constructed in 2003. As of January 1, 2011, it will be fully leased for the following 15 years. The seller's name was not released.
CARLISLE, PA. — Reno, Nev.-based Equiterra Properties has commenced development for a new mixed-use project in Carlisle. The project will be built on 55 acres at the interchange of Interstate 81 and Allen Road. Right now, construction for $43 million in infrastructure improvements to the interchange is under way. The project's first phase will include two hotels, seven commercial pad sites and 37,000 square feet of retail space. Groundbreaking will occur in the spring. Additional phase of the project are being planned. Danie Alderman of NAI CIR is marketing the property.
EASTON, PA. — ProLogis has signed a 645,000-square-foot industrial lease with Walgreens at ProLogis Park 33 in Easton. Walgreens will move into 510,000 square feet of space within Building One at the industrial park this quarter. In addition, ProLogis will develop a 135,000-square-foot expansion, which Walgreens will move into upon its completion next spring.
NEW YORK CITY — A fund controlled by CB Richard Ellis (CBRE) Investors has sold a minority interest in 1540 Broadway, a 907,427-square-foot office building located in the heart of Manhattan. The property was acquired as a distressed asset in 2009 by CBRE Strategic Partners Value 5 Fund. The buyer then embarked on a repositioning and leasing campaign, and completed the sale of the minority interest as a way to realize a return on its investment. The buyer was a joint venture between HSBC Alternative Investments and Edge Fund Advisors, which were acting on behalf of a syndicate of HSBC Private Banking Clients. CBRE Investors will maintain a majority stake in the building and will continue to manage the property.
HAUPPAUGE, N.J. — Teachers Federal Credit Union (TFCU) has selected JRS Architect to design the interior build-out for its new corporate headquarters. TFCU recently acquired the six-story, 200,000-square-foot building and will be occupying more than half of its space. The project is scheduled for completion in the second quarter of 2011.