Northeast

MASSEY KNAKAL BROKERS $24.6 MILLION SALE OF FLATIRON DISTRICT BUILDING

by admin September 9, 2009

NEW YORK CITY — Massey Knakal Realty Service has brokered the sale of 901 Broadway, a multi-use building located in New York City's Flatiron District, for $24.6 million. The five-story property totals 14,336 square feet. The 7,000-square-foot first floor is occupied by a high-end fashion retailer. The second through fourth floors are occupied as gallery space. The penthouse floor is currently vacant. John Ciraulo and Craig Waggner of Massey Knakal represented the seller, Thor Equities. The buyer was a Spanish investor.

September 9, 2009

CONSTRUCTION BEGINS FOR NEW DELAWARE CHILDREN'S MUSEUM

by admin September 9, 2009

WILMINGTON, DEL. — Construction has commenced for the new Delaware Children's Museum. Located in Wilmington at the former waterfront home of the Kahunaville restaurant and bar, the project will consist of the 37,000-square-foot renovation of the building. The façade will be redesigned and Kahunaville's famed volcano will be removed. The interior of the facility will include several high-tech, hands-on exhibits for children. The completion date was not disclosed. Emory Hill & Co. is the project's general contractor.

September 9, 2009

Northeast Retail

MARCUS & MILLICHAP COMPLETES $3.13 MILLION SALE OF ADVANCE AUTO PARTS

by admin September 9, 2009

ELIZABETH, N.J. — Marcus & Millichap has arranged the sale of a 7,000-square-foot Advance Auto Parts location for $3.13 million. The property is located at 619 Newark Ave. in Elizabeth. It is occupied by Advance under a 15-year, triple-net lease with three 5-year options. Brad Nathanson of Marcus & Millichap brokered the deal on behalf of the seller, a limited liability company. Jimmy Slusher and Jack Hopkins of Marcus & Millichap's Newport Beach, Calif., office represented the buyer, a private investor participating in a 1031 exchange.

September 9, 2009

Northeast Office

BINSWANGER NEGOTIATES OFFICE SALE

by admin September 9, 2009

JENKINTOWN, PA. — Philadelphia-based Binswanger has negotiated the sale of a 5,016-square-foot office building located at 726 Old York Rd. in Jenkintown. The buyer, Aranda Group, plans to utilize the space as offices for its financial services business. Binswanger represented the seller, 726 Old York Road LP, in this transaction as well as the seller's original purchase of the property in December 2008.

September 9, 2009

Northeast Retail

CONSTRUCTION COMPLETE FOR NEW HONDA DEALERSHIP

by admin September 8, 2009

READING, MASS. — Construction is complete for the new Honda Gallery auto dealership located in Reading. Construction included the brownfield remediation of a former auto dealership to accommodate the new facility. The existing service building was demolished to make way for a new two-story, 31,000-square-foot service center that features 32 service bays, a parts area, and customer areas. The site's existing two-story, 20,000-square-foot showroom was renovated to current Honda specifications. The project architect was Brockton, Mass.-based BKA Architects and the general contractor was Shirley, Mass.-based Senate Construction Corp.

September 8, 2009

Multifamily Northeast

MARCUS & MILLICHAP BROKERS $1.2 MILLION MULTIFAMILY SALE

by admin September 8, 2009

JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 12,400-square-foot multifamily building located in Jersey City for $1.2 million. Built in 1915, the property contains 14 one-bedroom units. Greg Babaian and Spencer Weinberg of Marcus & Millichap's New Jersey office represented the seller, a longtime local owner. The buyer was also undisclosed.

September 8, 2009

Northeast Retail

WEISS REALTY ARRANGES DOLLAR GENERAL LEASE

by admin September 8, 2009

SADDLE BROOK, N.J. — Moonachie, N.J.-based Weiss Realty Co. has arranged a retail lease in Saddle Brook on behalf of Dollar General. The retailer will occupy 15,593 square feet at 419 Market St., a space formerly occupied by Drug Fair. Jaime Weiss and Matthew Weiss of Weiss Realty, along with consultant Tim Keeley, negotiated the deal between Dollar General and the landlord, Paljer Company LLC.

September 8, 2009

Industrial Northeast

R.W. HOLMES BROKERS TWO INDUSTRIAL LEASES

by admin September 8, 2009

HOLLISTON AND RANDOLPH, MASS. — R.W. Holmes Realty Co. has brokered two Massachusetts industrial leases. In the first transaction, Rypos Inc. signed a lease for 15,000 square feet at 150 Hopping Brook Rd. in Holliston. John Eysenbach of R.W. Holmes was the transactions' sole broker. In addition, Eysenbach negotiated the renewal of Trelleborg Emerson & Cuming's 21,600-square-foot lease at 24 Teed Dr. in Randolph. The landlord in each transaction was not disclosed.

September 8, 2009

Multifamily Northeast

PIER VILLAGE APARTMENTS COMPLETE

by admin September 4, 2009

LONG BRANCH, N.J. — Construction is complete for Pier Village Apartments, an oceanfront multifamily community located in Long Branch. The project, which is situated on Ocean Boulevard, consists of three four-story residential towers totaling 216 units. The apartments consist of a mix of one-, two- and three-bedroom units ranging in size from 800 to 1,200 square feet. Amenities include a swimming pool and a 350-space parking garage. The first building was delivered in September 2008, with the other two following in phases. The project is fully occupied. Pier Village Apartments is part of the larger Pier Village mixed-use development. The approximately $100 million project is situated on 16 oceanfront acres and contains the apartments, a hotel, restaurants and retail space. It is being developed by Applied Development Co. Minno & Wasko Architects and Planners is serving as the project architect.

September 4, 2009

Healthcare Northeast

COLLIERS L&A COMPLETES LAND SALE FOR NEW MEDICAL FACILITY

by admin September 4, 2009

CHALFONT, PA. — Colliers Lanard & Axilbund (CLA) has represented Orthopaedic Specialty Center (OSC) in the acquisition of a 5.3-acre land parcel located within New Britain Corporate Center in Chalfont. OSC plans to develop a 33,000-square-foot medical facility on the site that will specialize in orthopedic surgery, rehabilitation and imaging. Construction is expected to begin in October, with completion in mid-2010. CLA's Matthew Shanahan represented OSC in the land purchase. John Shelly of Cushman & Wakefield represented the seller, BPG Properties, Ltd.

September 4, 2009

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