GLASTONBURY, CONN. — An undisclosed owner/user has acquired a 7,500-square-foot flex industrial property located in Glastonbury for $750,000. The building is situated on 3.8 acres at 130 National Drive. John Carfasso of Colliers Dow & Condon represented the seller, 130 National Drive LLC. Don Goodwin of Murray Real Estate represented the buyer.
NEW YORK CITY — Harris Corp. has relocated its New York City offices to 17,460 square feet at 555 5th Ave. The company was formerly located at 99 Madison Ave. Tadd Wisinski and David Starr of Chicago-based UGL Equis represented the tenant in lease negotiations. Peter Goldich of Atco Properties & Management provided in-house representation for Atco, the landlord. Terms of the lease were not disclosed.
WAKEFIELD, MASS. — Marketing services company Epsilon has renewed and extended its lease at 601 Edgewater Drive in Wakefield. The company will now occupy 135,000 square feet of space within the Class A office building for an 8-year term. John Boyle and Michael O'Leary of FHO Partners represented Epsilon in the transaction. Chip Batchelder of Wyman Street Advisors represented the landlord, Hobbs Brook Management.
PITTSBURGH, PA. — Keystone Property Group has completed the $53.5 million refinancing of Keystone Summit Corporate Park, a 101-acre, Class A office campus located in Pittsburgh. Developed between 1997 and 2002, Keystone Summit consists of five completed buildings and one building under development that total 704,474 square feet. The property is fully occupied by a tenant roster that includes Westinghouse Electric Co., Ericcson, Heinz North America, Siemens, Medco and Federated Investors. Matthew Pestronk and Christine Zivkovic of Ackerman-Ziff assisted Keystone in the refinancing. Matt Sigel and Jessica Jacobs provided in-house representation for Keystone, which was able to cash out two-thirds of its equity in the property as part of the refinancing. The loan was originated under the second generation of CMBS financing.
PATERSON, N.J. — The New Jersey office of Marcus & Millichap has completed the sale of a 7,400-square-foot multi-use building located in Paterson. The building contains six residential and commercial units, and the property also contains a three-bedroom house. Kevin McCrann and Thomas McConnell of Marcus & Millichap represented the local seller and procured the buyer, a New Jersey-based private investor. The property traded for $725,000.
COLONIE, N.Y. — Albany, N.Y.-based NAI Platform has brokered a 10-year renewal for 37,981 square feet of flex space on behalf of G-Tech Corp. The gaming technology company is currently located at 5 Selina Drive in Colonie. NAI's Cory Tyksinski, Jim Harder and Daniel Stone represented the tenant in lease negotiations. The landlord, Latham, N.Y.-based The Beltrone Group, was represented in-house by Joseph Caranfa.
PHILADELPHIA — Weather permitting, Tower Investments will break ground Tuesday on the 100,000-square-foot Shops at Schmidts at the intersection of 2nd Street and Girard Avenue in Philadelphia. Centered around a 50,000-square-foot Pathmark supermarket, the property is an anchor for Liberties Walk and The Piazza at Schmidts, two of Tower's other developments. Shops at Schmidts is slated for a completion late this year. Tower is also planning to break ground on The Residences at Schmidts, a 600-unit multifamily complex.
DUQUESNE, PA. — A Baltimore-based company has purchased the 56,000-square-foot Duquesne Plaza shopping center from an undisclosed party for $800,000. The property, located at 31 Duquesne Blvd. in Duquesne, is 50 percent occupied and has deferred maintenance issues. Michael Shover, Matthew Gorman and Thomas Gorman of Marcus & Millichap's Philadelphia office represented the buyer.
BOSTON — Paradigm-Exeter Advisors has formed a joint venture with Miami-based Bedrock Partners to address growing issues in the hospitality market. The hotel workout and restructuring group will focus on bankruptcy advising and other consulting services associated with distressed hotel properties. The venture is already handling cases involving troubled debt restructuring, competitive market analysis, capital needs assessments and deed-in-lieu actions.
BOSTON — Construction is advancing for Liberty Wharf, a $43 million mixed-use project located on the South Boston Waterfront. The project consists of three buildings totaling approximately 74,000 square feet of space. Tenants already signed on to occupy the restaurant component of the project include Legal Sea Foods and a steakhouse operated by Tavistock Group. The project will also include a 570-foot extension of the HarborWalk and will be LEED certifiable. The project is nearing shell completion, and restaurant build-out will commence in the second quarter. Bill Motley and Katherine Small of Jones Lang LaSalle will be leasing the project on behalf of Cresset Development. Elkus Manfredi Architects is designing it and John Moriarty & Associates is building it.