HARRISON, N.J. — The grand opening has been held for Red Bull Arena, a 25,000-seat sports and entertainment venue located in Harrison. The arena will serve as the new home for the New York Red Bulls soccer team. The new arena is situated within the Riverbend District, which is being redeveloped by Advance Realty into a mixed-use destination. In addition to the arena, plans for Riverbend District call for more than 800,000 square feet of retail space, two hotels, office space and approximately 2,000 residential units.
ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of a 26,993-square-foot neighborhood retail center located in Elizabeth for $5.2 million. The two-story building was constructed in 1960 and is located along Route 1/9. Seth Pollack of Marcus & Millichap's New Jersey office represented the seller, a New Jersey limited liability company. Urszula Zoltek, also of Marcus & Millichap, secured the buyer, a local investor.
Recent news: The leasing activity in Connecticut has been very healthy in recent months as evidence by the new leases signed in the marketplace. Some junior anchor box examples include a 24,000-square-foot REI deal in Norwalk; a 37,000-square-foot Stop & Shop Supermarket in West Hartford; a 30,000-square-foot PC Richards deal in Milford; and numerous other deals. Also, the recent sale of the Shaw’s Supermarket sites to existing supermarket chains demonstrate that retailers feel that Connecticut is still a very healthy market. Another trend, which has been very apparent in Connecticut, has been the surge in franchise concepts leasing smaller spaces within supermarket anchored shopping centers and community centers. Some franchises that are active include Massage Envy, Sport Clips, Robeks, Five Guys, Doctors Express and numerous others. Submarket update: The luxury-oriented streets (Greenwich Avenue in Greenwich and Main Street in Westport) had a weak 2009. However, the outlook for 2010 is much more promising with recent signature stores openings, including Apple and Ralph Lauren. Leasing activity has increased dramatically and leasing inquiries are at its highest levels since the summer of 2008. Predictions for the next year: The “Year of Fear” (2009) is over, thankfully, and the “Year of Caution” (2010) …
NEW YORK CITY — Construction is under way for an $27 million affordable housing community located in the Bronx. The Rev. Dr. Fletcher C. Crawford Apartments will consist of an eight-story building located at the corner of Hoe Avenue and East 172nd Street. In addition to providing 84 units housing for low-income families, the building will also contain units for people with mobility and visual impairments. The project will provide 5,300 square feet of outdoor recreation space and an indoor community room. It is the first phase of a three-phase project that is being developed by a joint venture between Union Grove Baptist Church and Macquesten Development. Completion of Crawford Apartments is slated for July 2012.
WALTHAM, MASS. — The Boston office of Grubb & Ellis has arranged the sale of a 22,000-square-foot, Class B office building for $3.5 million. The property is located at 330 Bear Hill Road in Waltham. Tom Aitken of Grubb & Ellis' Boston office represented the seller, BMEK Bear LLC. Steve Moskowitz of Heritage Corp. represented the buyer, Bear Hill Road 330 Realty Trust.
CHELMSFORD, MASS. — Integrated Builder has been selected to complete an interior office build-out at 150 Apollo Drive in Chelmsford. The contractor will build out 80,000 square feet on behalf of Harris Corp., a communications and information technology company. The project is slated for a May completion and is being designed by IA Interior Architects. Integrated recently completed or is nearing completion for three interior build-outs at neighboring 300 Apollo Drive.
NEW YORK CITY — Eastern Consolidated has completed the sale of a 7,293-square-foot development parcel located at the corner of Lexington Avenue and East 56th Street in Midtown Manhattan. The site presently contains seven two-, three- and four-story buildings situated at 678-684 Lexington Ave. Ronald Solarz and Eric Anton of Eastern Consolidated represented both undisclosed parties. The site contains flexible zoning, the buyer has revealed intentions to redevelop the parcel for another use, most likely a hotel.
PITTSBURGH — Pittsburgh-based Grant Street Associates has brokered the sale of a 24-unit apartment property located at 131 Edgewood Ave. in Pittsburgh for $750,000. The six-building property was 85 percent occupied at the time of closing. Michael Sell of Grant Street represented the seller, RSME Holdings. Ned Shekels of Pennsylvania Commercial represented the buyer, Cambridge Court Associates.
NEW YORK CITY — The Jericho Project has received $10.6 million in federal stimulus funding for the construction of a new supportive housing community for veterans in the Bronx. Residence at Kingsbridge will feature 76 units. The community will also provide professional counseling services for returning veterans as well as employment assistance and family reunification services. The building is applying for LEED certification and should be complete in the next 18 months. It will mark The Jericho Project's fifth Veterans Residence community, which are located in the Bronx and Harlem. Additional funding for the Kingsbridge project is coming from the New York City Department of Housing Preservation and Development, Bronx Borough President Ruben Diaz, Jr., and private donations.
NEW YORK CITY — Massey Knakal Realty Services has completed the $3.12 million sale of a residential building located on the Lower East Side of Manhattan. The six-story building contains ground-floor retail space and 22 rent-stabilized apartments above. Apartment occupancy was 40 percent at the time of closing, and the retail space was occupied under a short-term lease. Michael DeCheser of Massey Knakal handled the all-cash deal between the two undisclosed parties.