LOWER MAKEFIELD TOWNSHIP, PA. — Matrix Development Group has broken ground for the construction of a 12,000-square-foot medical office building located in the Octagon Center mixed-use development in Lower Makefield Township. Lower Bucks Pediatrics will purchase and occupy the building upon its completion. Matrix plans to develop a second 12,000-square-foot medical office building within the center as well. The medical office buildings are part of a 186-acre master-planned community that will also contain retail and residential components.
WESTFORD, MASS. — NetScout Systems has signed an early lease renewal for its 175,000-square-foot headquarters building in Westford. The Class A office building, which is located at 310 Littleton Road, was constructed as a build-to-suit for NetScout in 2001. Chris Crooks, Joe Doyle, Adam Subber and Dan Sullivan of CresaPartners' Boston office represented the tenant in lease negotiations. The landlord, Gutierrez Co., provided in-house representation.
BRATTLEBORO, VT. — New England Retail Properties (NERP) has brokered the sale of Royal Square, a 103,000-square-foot neighborhood shopping center located in Brattleboro, for $9.2 million. Situated on Putney Road, the center's major tenants include Staples and Peebles. Additional tenants include Dollar Tree, Olympia Sports, Consumer Auto, Label Shopper Sleepy's, two restaurants and an eight-screen movie theater. Matt Halprin of NERP represented the seller, Andover, Mass.-based CA Investment Trust. The buyer was an affiliate of Cambridge, Mass.-based Unison Realty Partners.
ROCHESTER, N.Y. — The grand opening has been held for Global Village, a 189,000-square-foot mixed-use project on the campus of the Rochester Institute of Technology in Rochester. The main feature of the project, which is known as Global Village, is a 414-bed student housing component that contains a mix of apartments and suite-style housing. In addition, the project contains 12,000 square feet of academic space and 20,000 square feet of retail space that includes a restaurant. The project features an outdoor plaza containing outdoor seating for the restaurant as well as an outdoor lounge containing a fire pit and a small performance area. The lounge turns into a small skating rink in the winter. The outdoor area also features a south-facing lawn “beach” and a green roof above the restaurant. ARC/Architectural Resources Cambridge was the project architect, and SWA Group was the landscape architect.
PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has closed on its previously announced sale of five power centers to Cedar Shopping Centers for $134.7 million. The properties include Creekview Center in Warrington, Pa.; Monroe Marketplace in Selinsgrove, Pa.; New River Valley Center in Christianburg, Va.; Pitney Road Plaza in Lancaster, Pa.; and Sunrise Plaza in Forked River, N.J. The portfolio totals 936,000 square feet of retail space. PREIT is also under contract to sell its 50 percent interests in Red Rose Commons in Lancaster and Whitehall Mall in Allentown, Pa., but that portion of the transaction has not closed. To read the original story, click here.
BRAINTREE, MASS. — A joint venture between Braintree, Mass.-based Campanelli Cos. and Dallas-based TriGate Capital has acquired an eight-property distressed real estate portfolio located in eastern Massachusetts and southern New Hampshire. The properties include a 137,000-square-foot office building located at 9 Townsend Drive West in Nashua, N.H.; a 60,068-square-foot flex property and a 25,000-square-foot office property located in Wilmington, Mass., at 261 and 255 Ballardvale St., respectively; a 49,500-square-foot flex property located at 5 Cornell Place in Wilmington, Mass., and a 39,727-square-foot flex property located at 10 Cornell Place; and 44,804- and 42,291-square-foot office buildings located in Billerica, Mass., at 700 and 900 Technology Park Drive, respectively. The Eastdil Secured team of James McCaffrey, Peter Joseph, Christopher Phaneuf and Brian Barnett represented the receiver in the sale. In addition, the joint venture acquired a ninth property, a 101,060-square-foot flex building located in Westwood, Mass., from Analog Devices. In this deal, Taryn Wilson of Grubb & Ellis represented the joint venture, and Adam Subber of CresaPartners represented Analog.
NEW YORK CITY — Seward & Kissel has renewed and expanded its lease at One Battery Park Plaza in Lower Manhattan. The law firm renewed its lease for five floors for an additional 20 years while adding a sixth floor, which brings its total leased space to 150,000 square feet. The firm now occupied floors 19 through 24 of the 35-story, 800,000-square-foot tower. The CB Richard Ellis team of Brian Gill, Lewis Miller, Richard Levine and Andrew Sussman represent the tenant in lease negotiations. Tom Keating of Rudin Management Co. represented the landlord, a joint venture between the Rudin Family and Rose Associates.
NEW YORK CITY — Arbor Commercial Funding has originated two Fannie Mae DUS loans for two New York City multifamily properties. In the first deal, a $3 million loan was provided for the 83-unit property located at 95-101 St. Marks Place. In the second deal, $1.2 million was provided for a 20-unit property located at 539 W. 49th St. Both loans carry 5-year terms and 30-year amortization schedules. Edward Petti of Arbor's New York City office was the originator.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story townhome located in Manhattan's Chelsea neighborhood for $2.1 million. The property, which was constructed in 1854, contains nine units, including one vacant owner's duplex, four vacant apartments and four rent-stabilized apartments. Most of the vacant units will require renovations. Massey Knakal's Brock Emmetsberger arranged the deal on behalf of the undisclosed parties.
LINDEN AND HILLSIDE, N.J. — The Kislak Company has brokered the sales of two New Jersey properties for a total of $1.46 million. The first transaction involved the $1 million sale of a garden-style apartment community located in Linden. The second transaction involved the $460,000 sale of a foreclosed mixed-use property located in downtown Hillside. The latter property contains six retail spaces and four apartments, and was 50 percent occupied at the time of closing. Jeffrey Squires of Kislak represented the buyers and sellers in both deals.