BOSTON — Satcon Technology Corp. has signed a lease for 19,845 square feet of space in Boston for its development and testing facility. The tenant will occupy space on the first floor of 21-23-25 Drydock Ave., an 820,000-square-foot building within Marine Industrial Park. Thomas Ashe of Richards Barry Joyve & Partners represented the landlord, an affiliate of Millennium Partners, in the lease. Satcon provided in-house representation. Terms of the lease were not disclosed.
TRENTON, N.J., AND ALLENTOWN, PA. — Sheldon Good & Co. has completed the sale by auction of a five-property multifamily portfolio. The buyers of the properties paid a combined total of approximately $26.6 million. Carteret Arms, a 270-unit building located in Trenton, sold for $13.91 million. Washington Crossing, which is located in Allentown, sold for $5.3 million. Grand Court Villa, a 63-unit building located in Trenton, sold for $4.8 million. The Livingston, a 36-unit building located in Allentown, sold for $1.7 million. Finally, Julian Court, which is located in Allentown, sold for $936,000. Sheldon Good completed the sale on behalf of Connolly Properties, which is currently under bankruptcy protection.
CAMBRIDGE, MASS. — The Cambridge Housing Authority (CHA) has selected Skanska USA to complete a $23.5 million modernization of the Lyndon B. Johnson Apartments in Cambridge. The 180-unit senior housing project opened in 1973 and is located at 150 Erie St. The modernization will focus on increasing energy efficiency at the property. Energy use will be reduced 50 percent through the installation of rooftop solar panels, co-generation systems and energy recovery units. A layer of insulation will be added to the building exterior. Energy-efficient windows, lighting and low-flow fixtures will also be installed. The building's electric baseboard heating system will also be replaced with gas-fired hydronic heating. The renovated building will meet the standards for HUD's Green Communities Program for Substantial Renovations. Funding is coming, in part, from a $10 million grant awarded to the CHA as part of the American Recovery and Reinvestment Act. Construction will begin in August and is expected to last approximately 18 months.
ELIZABETH, N.J. — Atlanta-based IDI has signed third-party logistics provider Exel Inc. to a 130,205-square-foot lease at its NorthPoint Distribution Center, located at 699 Kapkowski Road in Elizabeth. The tenant will take occupancy in the summer and will share the building with Shipco, which will occupy 212,500 square feet beginning this month. Frank Petkunas provided in-house representation for IDI, with assistance from Paul Torosian and Nate Demetsky of Cushman & Wakefield. Frank Caccavo, also of Cushman & Wakefield, represented Exel.
DEWITT, N.Y. — Phase I construction is complete for the redevelopment of the former Erie Boulevard Hechinger Plaza in Dewitt. Now known as Paradise Plaza, the market-style retail center has three new tenants. Master tenant Paradise Companies 2 has opened Paradise Market, a 70,000-square-foot indoor market that features more than 200 vendors. A 30,000-square-foot antique mall is also set to take the place of the former Price Chopper. Finally, Empire Buffet, a Chinese restaurant, will soon open in a 10,000-square-foot space. Existing tenant Factory Card Outlet is renewing its lease at the center as well. Konover Development Corp. is the project's developer.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a 23,743-square-foot development site located at 74-21 Queens Blvd. in the Elmhurst neighborhood of Queens, New York City. The site presently contains a vacant, single-story auto repair shop and is zoned for commercial or hotel development. The property traded for $3.57 million. Massey Knakal's Thomas Donovan was the sole broker in the deal between two undisclosed parties.
DANVERS, MASS. — Fantini & Gorga has arranged $3.1 million in permanent financing for an auto dealership property located in Danvers. The property consists of 7.45 acres with a 33,200-square-foot dealership building. It is leased to Herb Chambers Chevrolet, Buick, Pontiac & Hummer. The borrower, Barron Chevrolet, will use the loan proceeds to replace maturing debt. The lender was a Massachusetts institutional bank.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a Walgreens pharmacy located on New York City's Staten Island for $9.5 million. The recently built, 7,264-square-foot property is located at 2191 Richmond Ave. Walgreens occupies the building under a 75-year lease with the option to terminate after year 25. Steven Siegel and Scott Plasky of Marcus & Millichap's Manhattan office represented the seller, a Walgreens preferred developer. The property traded at a 7.25 percent cap rate. In addition, Plasky procured the buyer, a New York-based limited liability company, in the acquisition of another newly constructed Walgreens, which is also located in Staten Island at 570 Tompkins Ave. The property traded for $8.85 million at a 7.43 percent cap rate. Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, New Jersey-based EDEN Hylan Tompkins LLC.
NEW YORK CITY — The grand opening has been held for 34 Berry Street, a 142-unit apartment building located at the corner of North 12th and Berry streets in the Williamsburg neighborhood of Manhattan, New York City. The community contains a mix of studio, one-bedroom and two-bedroom units. Amenities include a top-floor lounge with a rooftop terrace, a lobby lounge, a fitness center, a landscaped courtyard and a 71-space parking garage. LCOR Inc. is the developer of 34 Berry Street.
FRANKLIN, MASS. — Healthcare supplies company Owens & Minor has expanded the lease at its Franklin distribution facility. The company previously occupied 47,459 square feet within the high-bay warehouse building but renewed and expanded its lease to occupy the entire 147,578-square-foot building. John Lashar, Paul Leone and Samantha Hallowell of Richards Barry Joyce & Partners represented the landlord, TA Associations Realty, in lease negotiations. Jackson & Cooksey represented the tenant.