NEW HAVEN, CONN. — The law firm Kennedy Johnson D’Elia & Gillooly has signed a lease for 7,000 square feet of office space at 555 Long Wharf Drive in New Haven. Terms of the lease transaction were not disclosed. Joel Nesson of Press/Cuozzo Commercial Services represented the tenant in the transaction. The landlord is the Fusco Family.
SAYREVILLE, N.J. — DCT Industrial Trust Inc. has agreed to acquire a bulk distribution facility, which is located at 400 Kennedy Drive in Sayreville. The Class A property offers 150,000 square feet of industrial space and provides immediate access to major highways, distribution routes, three major airports and the Port of New York and New Jersey. Currently, the facility is 100 percent leased to three long-term tenants. The acquisition brings DCT Industrial’s New Jersey portfolio to nine building totaling 1.1 million square feet. Terms of the acquisition agreement were not released. The transaction is expected to close in the second quarter of 2010.
ELIZABETH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has recently completed three multifamily transactions totaling 105 units in Elizabeth. In the most recent transaction, Gebroe-Hammer’s Stephen Tragash brokered the sale of 204 Westfield Avenue, a 21-unit apartment property, to an undisclosed buyer for $1.55 million. In the second transaction, the 62-unit multifamily property at 516 Cherry St. sold in an all-cash transaction for $4.8 million. Joel Schwartz of Gebroe-Hammer represented the private buyer in the transaction. Finally, Tragash and Schwartz represented the sellers in the disposition of a 22-unit residential property located at 511 North Ave. The mid-rise building sold to an undisclosed buyer for $1.54 million.
WESTBROOK, CONN. — The Geenty Group, Realtors has brokered the sale of a three-story office building located at 1160 Boston Post Road in Westbrook. A Norwich, Conn.-based development company acquired the property for $316,000 and plans to use it as a satellite office for its real estate operations. Kristin Geenty of The Geenty Group represented the seller, Douglas Payette.
JERSEY CITY, N.J. — Marcus & Millichap has arranges the sale of a nine-unit apartment building located in Jersey City for $595,000. The property was vacant at the time of closing. Maz Radwan, Steven Matovski and Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a private investor. The trio also secured the buyer, a New Jersey-based investor/developer.
WOODCLIFF LAKE, N.J. — Advantage Sales & Marketing has signed a lease for 37,000 square feet of office space at a Class A office building located in Woodcliff Lake. The company is expanding its operations, which were previously located in Ramsey, N.J. Advantage will occupy the third floor and serve as the lead tenant for the 118,358-square-foot building, which is located at 123 Tice Blvd. James Scancarella and Ed English of Paramus, N.J.-based CresaPartners represented the tenant in lease negotiations. Geoffrey Schubert and Garrett Rioux of CB Richard Ellis represented the landlord, Behringer Harvard Holdings.
LANGHORNE, PA. — Marcus & Millichap has arranged the sale of CVS Pharmacy Plaza in Langhorne for $3.05 million. Situated along West Maple Avenue , the shopping center totals 14,410 square feet, with CVS/pharmacy occupying 54 percent of the center. Occupancy was 100 percent at the time of closing. Christopher Munley, Dean Zang and Mark Taylor of Marcus & Millichap's Philadelphia office represented the seller, Langhorne Realty Partners. Munley procured the buyer, a local investor. The property traded at a 7.97 percent capitalization rate.
STAMFORD, CONN. — Marcone Capital has arranged a total of $9.5 million in financing for two office properties located in Connecticut. In the first transaction, a $5 million loan was secured for 1290 Summer St., a five-story, 41,143-square-foot medical office building. In the second transaction, a $4.5 million loan was secured for 470 West Ave., a three-story, 56,753-square-foot professional office building. Mike Marcone of Marcone Capital arranged both deals. The parties involved were not disclosed.
WOODCLIFF LAKE, N.J. — Advantage Sales & Marketing has signed a lease for 37,000 square feet of office space at a Class A office building located in Woodcliff Lake. The company is expanding its operations, which were previously located in Ramsey, N.J. Advantage will occupy the third floor and serve as the lead tenant for the 118,358-square-foot building, which is located at 123 Tice Blvd. James Scancarella and Ed English of Paramus, N.J.-based CresaPartners represented the tenant in lease negotiations. Geoffrey Schubert and Garrett Rioux of CB Richard Ellis represented the landlord, Behringer Harvard Holdings.
PHILADELPHIA — Dranoff Properties has held the grand opening for 777 South Broad, a new rental multifamily community located in Philadelphia's Hawthorne neighborhood. The five-story building features 146,000 one- and two-bedroom loft units as well as 18,000 square feet of ground-floor commercial space. Amenities include a rooftop deck, a clubroom, a fitness center, a conference center and a residents-only bar. The project is applying for LEED-certification, with sustainable features that include high-efficiency HVAC systems, a reflective roof, sustainable and low-emitting interior materials, and low-flow fixtures. The project architect was JKR Partners.