WOODBRIDGE, N.J. — Morristown, N.J.-based The Hampshire Companies has broken ground for the first building at CENTRA, its new 19-acre business park located in Woodbridge. The project consists of the redevelopment of an existing 98,500-square-foot building located at 186 Wood Avenue South. The building will be taken down to its structural steel, redeveloped into Class A office space and expanded by approximately 8,000 square feet. Completion is slated for late 2010. The project will be applying for LEED certification. The general contractor is Tishman Construction, and the project architect is Kohn Pederson Fox Associates PC. Cushman & Wakefield is handling leasing for the building. At full build-out, CENTRA could contain as much as 640,000 square feet of space.
FORT LEE AND MORRIS COUNTY, N.J. — NorthMarq Capital has secured a total of $17.15 million in financing for three New Jersey properties. In the first transaction, NorthMarq arranged $8.9 million in permanent Fannie Mae DUS funds for Hampshire House, a 205-unit, luxury co-op property located at 1590 Anderson Ave. in Fort Lee. The borrower, which consists of trustees, will use the 20-year, self-liquidating loan to retire an existing loan on the property held by an insurance company. Greg Nalbandian of NorthMarq's New Jersey office arranged the transaction through Amerisphere Multifamily Finance. In the second transaction, Nalbandian worked on behalf of an undisclosed party to refinance the loans on two flex properties located in Morris County. The loans are for $4.125 million each and both carry 75 percent loan-to-value ratios. The properties total 173,000 square feet. The lender was a regional bank.
NEW CASTLE, DEL. — New Castle-based NAI Emory Hill has brokered the sale of a 20,000-square-foot industrial building in New Castle. The building is situated on 3.77 acres at 40 McCullough Drive, within Southgate Industrial Park. It will serve as the new headquarters for the TMI Group of Companies, formerly located in Ronkonkoma, N.Y. Jim O'Hara, Jr., and Jim O'Hara, III, of NAI Emory Hill represented the seller, J&J Holding Co. Mitch Berkowitz of Deaton McCue represented the buyer, TMI Realty. The acquisition price was more than $1 million.
UNION, N.J. — A group led by principals of The Mainardi Management Company has acquired the former Union Hospital building located in Union. The approximately 200,000-square-foot building is situated at 1000 Galloping Hill Ave. It was operated as Union Hospital from 1962 to 2007 but has been closed since then. The buyer is a joint venture between members of the Mainardi family, some of their business associates and a company controlled by Andrew Piscatelli III. The group is repositioning the property as Union Medical Park and already has leased some of the space to medical tenants. Overlook Hospital, a division of Atlantic Health Services, will operate an emergency room at the facility and is leasing additional space for outpatient programs. A 20,000-square-foot space within the facility will be leased as a surgery center, and several local physicians have leased office space for their practices. Finally, the local YMCA is leasing 19,000 square feet for an adult activities center. The acquisition price was not disclosed.
LONDONBERRY, N.H. — CB Richard Ellis (CBRE) has brokered the sale of a 37,140-square-foot industrial property in Londonberry for $1.52 million. The building is located on 2.74 acres at 6 George Ave. Built in 1970, it contains office, manufacturing and high-bay warehouse space. The seller, an affiliate of Northern Electronics Automation, is using the transaction to free up capital and downsize its operations to a smaller, leased facility. Roger Dieker of CBRE's Manchester, N.H., office represented the seller and procured the buyer, Vulcan Electric Co.
NEW YORK CITY — GFI Realty Services has arranged the sale of a New York City multi-use property for $3 million. Located at 100 Eighth Ave. in Manhattan, the property includes a two-story building and a three-story building that contain two commercial units and three apartment units. The undisclosed buyer plans to complete capital improvements to the property and keep it as a long-term investment. Yosef Katz and Roni Aboudi of GFI represented the undisclosed seller, and Shawn Sadaghati of GFI represented the buyer.
GARDEN CITY, N.Y. — Construction is complete for the new performing arts and recreation complex at Adelphi University in Garden City. The project included the renovation of Olmstead Theatre and Woodruff Hall as well as the addition of the Center for Recreation and Sports. Woodruff Hall renovations included a new glass lobby that serves as the primary entrance to the Center for Recreation and Sports, which features features a three-court, below-grade gymnasium. A 310-space, underground parking garage was constructed with varsity athletic fields on top of it. The western part of the complex consists of the renovated 350-seat Olmstead Theatre and the addition of 60,000 square feet of performing arts space. The project is also applying for LEED-Silver certification. Cannon Design was the project architect.
FAIRFIELD, CONN. — Construction is under way for Kings Crossing, an 86,000-square-foot retail center located in Fairfield. Developed by Summit Development, the retail center is situated at the interchange of Kings Highway and Interstate 95. Tenants already signed on include a 45,000-square-foot Whole Foods Market and a 14,000-square-foot CVS/pharmacy. Completion is expected in spring 2011. Patrick Smith and Christa Minogue of SRS Real Estate Partners are handling leasing for the project.
ROYERSFORD, PA. — Marcus & Millichap has completed the sale of Lakeview Shopping Centre in Royersford for $23.5 million. The 194,451-square-foot retail property is situted on more than 30 acres at 947 S. Township Line Road. Tenants include Kohl's, Marshalls, KFC, TD Bank and Wawa. A majority of the center's tenants occupy their spaces on ground leases. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, Reitnour Investment Properties, and the buyer, OLP Lakeview LP. The sales price equates to a 7.7 percent cap rate.
NORTH ANDOVER, MASS., AND COATESVILLE, PA. — The Boston and Philadelphia offices of Marcus & Millichap have completed two retail sales for a total of $4.84 million. In the first transaction, a 15,134-square-foot Rite Aid pharmacy located at 525 Turnpike St. in North Andover traded for $3.4 million. The tenant currently has 18 years remaining on its lease with eight 5-year extension options. Robert Horvath and Todd Tremblay of Marcus & Millichap's Boston office procured the foreign buyer, REEB LLC. The seller was San Francisco-based Skyline Pacific Properties. In the second transaction, Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented Pennsylvania-based BR Branches LP in the acquisition of a retail bank branch located in Coatesville. The property, which is situated at the intersection of routes 30 and 82, is occupied by Harleysville National Bank on a 20-year bonded absolute-net lease with rent increases every 5 years. Daniel Seltzer of Richard J. Seltzer Inc. Realtors procured the buyer, Lucia Spaventa.