STOUGHTON, MASS. — CB Richard Ellis (CBRE) Investors has formed a joint venture with Wood Partners for the development of a new multifamily community in the Boston suburb of Stoughton. Alta at Indian Woods will be located at the intersection of Route 138 and Stagecoach Road. Construction will include three four-story buildings containing 154 garden-style units. Property amenities will include a clubhouse, a swimming pool with a sundeck, a fitness center and a clubroom. Site work for the project is already complete. CBRE Investors is developing the community on behalf of its CBRE Strategic Partners U.S. Opportunity 5 fund.
FRAMINGHAM, MASS. — NAI Hunneman has brokered the sale of a Framingham apartment community for $2.7 million. Colonial Arms is located at 3 and 5 Beaver Park Road. It consists of two three-story buildings, each containing 18 units in a mix of studio, one-bedroom and two-bedroom units. The 0.73-acre property also includes 50 parking spaces. The buyer, Coleross James LLC, plans to hold the community as a rental property. Carl Christi and Dan McGee of NAI procured the buyer and represented the seller, 3&5 Beaver Park LLC.
PHILADELPHIA — Berkadia Commercial Mortgage has originated $16.25 million in fixed-rate funds for the refinancing of a Philadelphia retail center. Whitman Plaza is a 279,000-square-foot property located at the intersection of Oregon Avenue and Randolph Street. Anchors include Pathmark and Kmart. Additional tenants include Fashion Bug, Payless Shoesource, Radio Shack and Party City. David Fishler of Berkadia's New York City office secured the loan on behalf of the borrower, an affiliate of Breslin Realty Development, which developed the property 25 years ago. The lender was Long Island, N.Y.-based Bethpage Federal Credit Union.
MECHANICSBURG, PA. — Appliance retailer hhgregg has signed a lease for a 40,000-square-foot retail building in Mechanicsburg. The building is situated within Hampden Commons Shopping Center and was formerly occupied by Circuit City. Owned by Clifton, N.J.-based ARC Properties, Hampden Commons is a 38-acre retail development located on Carlisle Pike. The center's anchors include The Home Depot, Staples, Kmart, PetSmart and Dick's Sporting Goods.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman (CWSG) has arranged $35 million in first-mortgage financing for a Manhattan office tower. The property, which contains 500,000 square feet of office space over 23 stories, is located at 1385 Broadway. It is currently in the final stages of a major capital improvements program. CWSG represented an affiliate of Bloomingdale Properties in securing the loan, which carries a 10-year term and was provided by a commercial bank. In addition, Cushman & Wakefield serves as property manager and leasing agent for 1385 Broadway.
WILMINGTON, DEL. — Emory Hill & Co. has completed construction for the new Delaware Children's Museum in Wilmington. The 37,000-square-foot project consisted of the conversion of the former Kahunaville restaurant into an interactive museum. The museum will open later this month.
NEW YORK CITY — Completion is nearing for Embelesar, a new residential cooperative building located at 152 W. 118th St. in New York City's East Harlem neighborhood. The six-story building contains a total of 57 residences in a mix of studios, one-bedroom and two-bedroom units. Amenities include concierge service, a landscaped terrace, a fitness room, and parking spaces and storage bins for rent. Prices start at $240,000, with most units ranging between $400,000 and $600,000. The Corcoran Group is marketing the property. Bluestone is the developer.
NEW YORK CITY — T.J. Maxx has signed a lease for 27,639 square feet of retail space in Manhattan. The retailer will occupy the bottom three floors of 250 West 57th Street, a 26-story, 535,000-square-foot office building owned by W&H Properties. T.J. Maxx will take occupancy for a 10-year term beginning later this year. This marks the retailer's third Manhattan location. Joanne Podell, Matthew Seigel and Barry Zeller of Cushman & Wakefield represented the landlord in lease negotiations. Peter Ripka of Ripco Real Estate represented the tenant.
NEW YORK CITY — A Manhattan artist has acquired an industrial building in Brooklyn's Gowanus neighborhood and plans to redevelop it into an art studio. The single-story, 4,500-square-foot building is located at 45-49 4th St. Melissa DiBella and Ofer Cohen of Brooklyn-based TerraCRG represented the undisclosed seller in the deal. Chad Castle of Excelsior Realty represented the buyer. The acquisition price was not disclosed.
NEWTON, MASS. — J. Calnan & Associates has completed an interior build-out project on behalf of Trip Advisor in Newton. The firm demolished 50,000 square feet of office and warehouse space within Newton Business Park and reconfigured it to feature office space, high-tech conference rooms and collaboration areas. The new space also features new energy-efficient windows as well as new mechanical and HVAC systems. This marks Calnan's second project for Trip Advisor.