Northeast

CAMPBELL COMMERCIAL BROKERS LAND SALE FOR FUTURE HOTEL

by admin October 1, 2009

CAMP HILL, PA. — Camp Hill-based Campbell Commercial Real Estate has brokered the sale of 2.11 acres of land on Arthur Avenue in the Lower Allen Township of Camp Hill. The buyer, Little Rock, Ark.-based Motel Sleepers, plans to construct a 70-room hotel and restaurant on the site. The hotel will be for private industry use only but the restaurant, a 24-hour diner, will be open to the public. Construction will begin immediately and is expected to take 6 months. The seller in the land transaction was United Methodist Home for Children.

October 1, 2009

KSS COMPLETES LAW OFFICE BUILD-OUT

by admin October 1, 2009

PRINCETON, N.J. — Acting as project architect, KSS Architects has completed the interior build-out for the new Princeton office of international law firm Dechert LLP. The firm relocated from its former office at Princeton Pike Corporate Center to a 30,000-square-foot space at 902 Carnegie Center. The interior contains marble tile floors as well as wood and glass workstations. Other features of the new office include conference rooms with audio-visual systems, a lunch room designed as a cafe, and security features throughout the space.

October 1, 2009

Northeast Retail

MARCUS & MILLICHAP COMPLETES $3.5 MILLION TRACTOR SUPPLY SALE

by admin September 30, 2009

NAZARETH, PA. — Marcus & Millichap has competed the sale of a Tractor Supply Co. located in Nazareth for $3.5 million. The 19,097-square-foot store is situated on 3.69 acres on Jandy Boulevard. It is subject to a new 15-year, double-net lease with a 10 percent rent increase every 5 years. The seller is a North Carolina-based limited liability company. The buyer is a Pennsylvania-based limited partnership. The property was purchased as part of a 1031 exchange and will be managed as a passive investment. Mark Taylor and Dean Zang of Marcus & Millichap's Philadelphia office represented the seller. Seth Pollack of Marcus & Millichap's New Jersey office represented the buyer.

September 30, 2009

Industrial Northeast

COLLIERS L&A BROKERS 58,992-SQUARE-FOOT INDUSTRIAL LEASE

by admin September 30, 2009

BURLINGTON, N.J. — Colliers Lanard & Axilbund (L&A) has brokered a lease for 58,992 square feet of industrial space in Burlington. AAA Transportation & Warehousing will occupy space within Crossroads Business Center at 122 Kissel Rd., a previously vacant, 160,000-square-foot building. The landlord, Exeter Property Group, plans to expand the building to 250,000 square feet in the future. Marc Isdaner and Ian Richman of Colliers L&A represented the tenant. Terms of the lease were not disclosed.

September 30, 2009

Northeast Office

JLL ARRANGES 37,260-SQUARE-FOOT OFFICE LEASE RENEWAL AND EXPANSION

by admin September 30, 2009

TEWKSBURY, MASS. — Jones Lang LaSalle (JLL) has arranged a 37,260-square-foot lease renewal and expansion for Starent Networks at Ames Pond Corporate Center in Tewksbury. The transaction includes a renewal of the company's 16,000-square-foot lease at 200 Ames Pond and a 21,260-square-foot expansion. JLL's Tamie Thompson, Flory McCarthy and Dan Kollar represented the landlord, a joint venture between Leggat McCall Properties and Dead River Properties. John Wilson of Richard Barry Joyce & Partners represented the tenant.

September 30, 2009

Multifamily Northeast

CBRE/NEW ENGLAND BROKERS SALE OF SPRING HILL COMMONS

by admin September 29, 2009

ACTON, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Spring Hill Commons, a 105-unit apartment community located in Acton. The community comprises four buildings situated at 421 Great Rd. It contains a mix of one- and two-bedroom units and was approximately 94 percent occupied at the time of the sale. CBRE's Paul Donahue, Travis D'Amato and Bill Moylan represented the seller, Chicago-based Equity Residential, and procured the buyer, Needham, Mass.-based Universal Realty. The acquisition price was not disclosed.

September 29, 2009

Multifamily Northeast

NORTHMARQ SECURES $8 MILLION MULTIFAMILY LOAN

by admin September 29, 2009

MORRIS COUNTY, N.J. — NorthMarq Capital has secured $8 million in permanent financing for a 222-unit, garden-style apartment community located in Morris County. The loan carries a 15-year term; a 6.12 percent fixed interest rate and is self-liquidating. Mark Scott of NorthMarq's New Jersey office arranged the deal through a regional bank.

September 29, 2009

Multifamily Northeast

MASSEY KNAKAL COMPLETES $3.16 MILLION SALE OF TWO WALK-UP BUILDINGS

by admin September 29, 2009

NEW YORK CITY — Massey Knakal Realty Service has completed the sale of 1001 Avenue H, a 38-unit, walk-up apartment building located in the Flatbush neighborhood of Brooklyn, New York City, for $3.16 million. The building traded at a 6.4 percent capitalization rate. Eric Greenfield of Massey Knakal negotiated the transaction between the two undisclosed parties.

September 29, 2009

Multifamily Northeast

HOULIHAN-PARNES ARRANGES $1 MILLION MULTIFAMILY LOAN

by admin September 29, 2009

MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged $1 million in first-mortgage financing for two apartment buildings located in Mount Vernon. The two five-story buildings are located at 239-253 W. First St. The properties contain a total of 44 apartments and eight retail spaces. Jeremiah Houlihan of Houlihan-Parnes secured the loan, which contains a 10-year term at a market interest rate. The lender is a Long Island-based savings bank.

September 29, 2009

Northeast Retail

WP REALTY ACQUIRES DEVON VILLAGE

by admin September 28, 2009

DEVON, PA. — Bryn Mawr, Pa.-based WP Realty has acquired Devon Village, a shopping center located in Devon. The property is situated on Lancaster Ave. and comprises an approximately 70,000-square-foot shopping center anchored by Whole Foods Market. WP also owns a 2.2-acre parcel adjacent to Devon Village that is zoned for commercial use. The seller and the acquisition price were not disclosed.

September 28, 2009

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