MT. POCONO, PA. — Coldwell Banker Commercial (CBC) Pennco Real Estate has completed the sale of an office building located in Mt. Pocono. The three-story property contains approximately 25,000 square feet of space and is situated at 4 Fork St. Spiros Bilianis and Robert Boehning of CBC Pennco negotiated the transaction between the seller, a northeastern Pennsylvania regional lending institution, and the buyer, East Stroudsburg, Pa.-based Dein Properties. The acquisition price was not disclosed.
PALISADES PARK, N.J. — Marcus & Millichap has brokered the sale of The Imperial, an 18-unit apartment building located in Palisades Park for $2.4 million. Kevin McCrann and Thomas McConnell of Marcus & Millichap's New Jersey office represented the seller, a locally based private investor, and secured the buyer, a New Jersey pension fund.
CORTLAND, N.Y. — KSS Architects has designed an $11 million expansion and renovation project at State University of New York's (SUNY) Cortland campus. The project will add a two-story, 20,000-square-foot wing to the 43,000-square-foot Studio West building. The addition will be used to consolidate several departments within the School of Professional Studies, including recreation, parks and leisure studies, communication disorders and sciences, kinesiology and sports management. The first floor of the new addition will include a clinic with an audiology chamber, observation and therapy rooms, a library and a resource area for the communications disorders department. The second floor will contain faculty offices. The wing will be linked to the existing building through a courtyard and connector. The other component of the project includes renovations to the existing Studio West building. The interior of the building will be reconfigured for easier navigation, two light wells will be added along the two main corridors to enhance natural lighting, and a geothermal HVAC system is being added along with an electronic control system. The project is being designed to meet LEED-Silver criteria but is not formerly pursuing certification. Groundbreaking occurred in October and completion is slated for early 2011.
ACTON, MASS. — Arbor Commercial Funding has provided $7.09 million in Fannie Mae DUS financing for the acquisition of Spring Hill Commons, a 105-unit multifamily community located in Acton. The loan carries a 10-year term, a 30-year amortization schedule, a 5.71 percent interest rate and a loan-to-value ratio of more than 80 percent. It was originated by John Kelly of Arbor's Boston office. The borrower was not disclosed.
DEDHAM, MASS. — Citizens Bank has signed a lease for approximately 50,000 square feet at the Legacy Place retail development in Dedham. The bank will relocate its consumer and business banking, consumer finance and marketing departments to office space within the center. Citizens Bank will also become the official financial services provider of Legacy Place, with the bank opening a 3,000-square-foot branch as well as multiple ATM locations on site. Richards Barry Joyce & Partners represented Citizens Bank in lease negotiations. The owner of Legacy Place, WS Development, was represented by Colliers Meredith & Grew. Legacy Place is a 675,000-square-foot retail center located at the intersection of routes 1 and 28. It is anchored by Whole Foods Market, L.L. Bean, Showcase Cinema de Lux, Borders and Kings.
HAZLETON, PA. — Grubb & Ellis has brokered a 168,630-square-foot industrial lease at Humboldt Industrial Park in Hazleton. Graham Packaging will occupy space within a 400,260-square-foot distribution building situated at 68 Green Mountain Rd. The facility features 32-foot clear ceiling heights and was constructed in 2006. Steve Bonge, Tim Brogan and Patrick McBride of Grubb & Ellis negotiated the deal between Graham Packaging and the landlord, Higgins Development Partners. Currently, 231,000 square feet remains for lease at the building. It is also available for sale.
NEW YORK CITY — ABS Partners has purchased three New York City parking garages for $10.5 million. The freestanding properties include a 78-space garage located at 550 W. 174th St., a 171-space garage located at 528 W. 162nd St. and a 176-space garage located at 284 Audubon Ave. The first two garages are situated near Columbia Presbyterian Hospital and the last garage is situated near Yeshiva University. Steve Hornstock, Gregg Schenker and Earle Altman provided in-house representation for ABS. The undisclosed seller was represented by Howard Greenberg of Ace Capital Ventures and Anne DeMarzo of DeMarzo Realty Co.
LANCASTER, PA. — A joint venture between The Goldenberg Group and Pennsylvania Real Estate Investment Trust has procured a $24.9 million loan for the refinancing of Red Rose Commons, a 463,000-square-foot retail property located in Lancaster. The open-air shopping center is situated on Fruitville Pike. It is occupied by a tenant roster that includes The Home Depot, Barnes & Noble Booksellers, Weis Markets and hhgregg Appliances & Electronics, which recently signed a lease for 32,000 square feet formerly occupied by Circuit City and will take occupancy in April. The lenders in the transaction were M&T Bank, Abington Bank, DNB First and Meridian Bank. Terms of the loan were not disclosed.
ORANGE, CONN. — Dallas-based Behringer Harvard has acquired a 168-unit multifamily community located in Orange. The property, which Behringer Harvard is renaming Grand Reserve Orange, is situated on 9.6 acres at 75 Prindle Hill Rd. It was constructed in 2005 and comprises six three-story buildings separated by a wetland preserve with a scenic boardwalk. The units contain a mix of one, two and three bedrooms. Amenities include a clubhouse with a fitness center and a leasing office, a swimming pool, a landscaped barbecue and picnic area, and a playground. The seller and the sales price were not disclosed.
NEW YORK CITY — Construction is complete for the renovation and repositioning of Manhattan Mall, a 400,000-square-foot retail center located in Manhattan, New York City. Renovations to the mall, which fronts Avenue of the Americas from 32nd Street to 33rd Street, included a renovation of the core and atrium, the relocation and addition of escalators and stairs, and the recladding of a portion of the property's façade. In addition, a 153,000-square-foot JCPenney was added, marking the retailer's first Manhattan location. The property is owned by Vornado Realty Trust, which acquired it in 2007. It was designed by architecture firm GreenbergFarrow. The companies also recently worked together on the 600,000-square-foot retail component of Rego Park Mall II in Queens, which is just wrapping up construction.