LANGHORNE, PA. — Marcus & Millichap has arranged the sale of CVS Pharmacy Plaza in Langhorne for $3.05 million. Situated along West Maple Avenue , the shopping center totals 14,410 square feet, with CVS/pharmacy occupying 54 percent of the center. Occupancy was 100 percent at the time of closing. Christopher Munley, Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, Langhorne Realty Partners. Munley procured the buyer, a local investor. The property traded at a 7.97 percent capitalization rate.
STAMFORD, CONN. — Marcone Capital has arranged a total of $9.5 million in financing for two office properties located in Connecticut. In the first transaction, a $5 million loan was secured for 1290 Summer St., a five-story, 41,143-square-foot medical office building. In the second transaction, a $4.5 million loan was secured for 470 West Ave., a three-story, 56,753-square-foot professional office building. Mike Marcone of Marcone Capital arranged both deals. The parties involved were not disclosed.
WOODCLIFF LAKE, N.J. — Advantage Sales & Marketing has signed a lease for 37,000 square feet of office space at a Class A office building located in Woodcliff Lake. The company is expanding its operations, which were previously located in Ramsey, N.J. Advantage will occupy the third floor and serve as the lead tenant for the 118,358-square-foot building, which is located at 123 Tice Blvd. James Scancarella and Ed English of Paramus, N.J.-based CresaPartners represented the tenant in lease negotiations. Geoffrey Schubert and Garrett Rioux of CB Richard Ellis represented the landlord, Behringer Harvard Holdings.
PHILADELPHIA — Dranoff Properties has held the grand opening for 777 South Broad, a new rental multifamily community located in Philadelphia's Hawthorne neighborhood. The five-story building features 146,000 one- and two-bedroom loft units as well as 18,000 square feet of ground-floor commercial space. Amenities include a rooftop deck, a clubroom, a fitness center, a conference center and a residents-only bar. The project is applying for LEED-certification, with sustainable features that include high-efficiency HVAC systems, a reflective roof, sustainable and low-emitting interior materials, and low-flow fixtures. The project architect was JKR Partners.
HARRISON, N.J. — The grand opening has been held for Red Bull Arena, a 25,000-seat sports and entertainment venue located in Harrison. The arena will serve as the new home for the New York Red Bulls soccer team. The new arena is situated within the Riverbend District, which is being redeveloped by Advance Realty into a mixed-use destination. In addition to the arena, plans for Riverbend District call for more than 800,000 square feet of retail space, two hotels, office space and approximately 2,000 residential units.
ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of a 26,993-square-foot neighborhood retail center located in Elizabeth for $5.2 million. The two-story building was constructed in 1960 and is located along Route 1/9. Seth Pollack of Marcus & Millichap's New Jersey office represented the seller, a New Jersey limited liability company. Urszula Zoltek, also of Marcus & Millichap, secured the buyer, a local investor.
Recent news: The leasing activity in Connecticut has been very healthy in recent months as evidence by the new leases signed in the marketplace. Some junior anchor box examples include a 24,000-square-foot REI deal in Norwalk; a 37,000-square-foot Stop & Shop Supermarket in West Hartford; a 30,000-square-foot PC Richards deal in Milford; and numerous other deals. Also, the recent sale of the Shaw’s Supermarket sites to existing supermarket chains demonstrate that retailers feel that Connecticut is still a very healthy market. Another trend, which has been very apparent in Connecticut, has been the surge in franchise concepts leasing smaller spaces within supermarket anchored shopping centers and community centers. Some franchises that are active include Massage Envy, Sport Clips, Robeks, Five Guys, Doctors Express and numerous others. Submarket update: The luxury-oriented streets (Greenwich Avenue in Greenwich and Main Street in Westport) had a weak 2009. However, the outlook for 2010 is much more promising with recent signature stores openings, including Apple and Ralph Lauren. Leasing activity has increased dramatically and leasing inquiries are at its highest levels since the summer of 2008. Predictions for the next year: The “Year of Fear” (2009) is over, thankfully, and the “Year of Caution” (2010) …
NEW YORK CITY — Construction is under way for an $27 million affordable housing community located in the Bronx. The Rev. Dr. Fletcher C. Crawford Apartments will consist of an eight-story building located at the corner of Hoe Avenue and East 172nd Street. In addition to providing 84 units housing for low-income families, the building will also contain units for people with mobility and visual impairments. The project will provide 5,300 square feet of outdoor recreation space and an indoor community room. It is the first phase of a three-phase project that is being developed by a joint venture between Union Grove Baptist Church and Macquesten Development. Completion of Crawford Apartments is slated for July 2012.
WALTHAM, MASS. — The Boston office of Grubb & Ellis has arranged the sale of a 22,000-square-foot, Class B office building for $3.5 million. The property is located at 330 Bear Hill Road in Waltham. Tom Aitken of Grubb & Ellis' Boston office represented the seller, BMEK Bear LLC. Steve Moskowitz of Heritage Corp. represented the buyer, Bear Hill Road 330 Realty Trust.
CHELMSFORD, MASS. — Integrated Builder has been selected to complete an interior office build-out at 150 Apollo Drive in Chelmsford. The contractor will build out 80,000 square feet on behalf of Harris Corp., a communications and information technology company. The project is slated for a May completion and is being designed by IA Interior Architects. Integrated recently completed or is nearing completion for three interior build-outs at neighboring 300 Apollo Drive.