Northeast

COLLIERS NEGOTIATES TWO NEW JERSEY INDUSTRIAL SALES

by admin November 13, 2009

MOORESTOWN AND CHERRY HILL, N.J. — Colliers Lanard & Axilbund (CLA) has negotiated the sale of a 52,800-square-foot industrial building located in Moorestown for $2.8 million. The building is siauted at 9 Whittendale Drive within the Moorestown Industrial Park. Starlight Productions International purchased the property and plans to use it to expand its operations, currently located in nearby Cherry Hill. Marc Isdaner of CLA represented the seller, First Industrial LP. Paul Wierzel of NAI Mertz represented Starlight. In addition, Isdaner and Ian Richman, also of CLA, represented A.F. Callan & Co. in the sale of an 8,216-square-foot flex building located at 615 Deer Rd. in Cherry Hill to Deli-on-the-Go dba Kosher Mart Foods. The property traded for $550,000.

November 13, 2009

CBRE NEW ENGLAND BROKERS SALE OF TWO NEW HAMPSHIRE CIRCUIT CITY LOCATIONS

by admin November 12, 2009

MANCHESTER AND PORTSMOUTH, N.H. — CB Richard Ellis/New England (CBRE) has brokered the $7 million sale of two former Circuit City locations in New Hampshire. The first property is a 33,110-square-foot building located at 1100 S. Willow St. in Manchester and the second is a 34,960-square-foot building located at 1700 Woodbury Ave. in Portsmouth. Roger Dieker of CBRE's Manchester office represented the seller in both transactions, Dicker-Warmington Properties, with Kent White of CBRE's Portsmouth office assisting in the Portsmouth transaction. Dieker also procured the buyer of the Manchester property, Quirk Automotive Group. The buyer of the Portsmouth property was Ocean State Job Lot of Portsmouth LLC.

November 12, 2009

Healthcare Northeast

HEYWOOD HOSPITAL ADDITION TOPS OUT IN MASSACHUSETTS

by admin November 12, 2009

GARDNER, MASS. — William A. Berry & Son has topped out construction for a $27 million addition to Heywood Hospital in Gardner. The project will add 72,000 square feet of new construction to the hospital, consisting of the Watkins Acute Care & Emergency Center as well as two floors of inpatient facilities. Completion of the addition is slated for July 2010. The multi-phase project will also include the relocation of the CT and MRI services, renovations to the existing emergency room, the construction of a new clinical and oncology building, and renovations to the hospital's lobby and entryway.

November 12, 2009

Industrial Northeast

KALMON DOLGIN BROKERS SALE OF TWO BROOKLYN INDUSTRIAL BUILDINGS

by admin November 12, 2009

NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has brokered the sale of two industrial properties located in Brooklyn's Bushwick neighborhood for $2.9 million. The buildings consist of a 10,000-square-foot warehouse located at 102 Pilling St. and a 10,000-square-foot former food manufacturing facility located at 759 Chauncey St. The buyer, a non-profit organization, plans to convert the Pilling Street property into a medical office building. The property is zoned for an additional two stories and 20,000 square feet. The Chauncey Street property has been put back on the market for sale. Allison Chambers of KDA represented the buyer as well as the seller, Joreland Realty. KDA is also handling the re-sale of the Chauncey Street property.

November 12, 2009

Mixed-Use Northeast

PALISADES FINANCIAL, FLRA PARTNER FOR NEW JERSEY MIXED-USE PROJECT

by admin November 11, 2009

FORT LEE, N.J. — An investment fund sponsored by Palisades Financial has partnered with Fort Lee Redevelopment Associates (FLRA) for the redevelopment of a 7-acre parcel located in Fort Lee. The project, which is known as The Center at Fort Lee, will consist of a mixed-use development containing luxury retail shops, restaurants, office space, a gourmet food market, a four-star hotel, two luxury rental towers and a landscaped central park. Additional plans call for a museum at the center of the development and potentially a multi-use theater. The Center at Fort Lee is being designed by Elkus Manfredi Architects. Palisades Financial is developing the project through Palisades Regional Investment Fund II. The fund recently entered into an agreement to sell the 7-acre site to FLRA, which is comprised of SJP Residential Properties and local attorney James Demetrakis. FLRA is undertaking the project as a result of a request for proposal sent out by the Borough of Fort Lee to redevelop a 15-acre assemblage situated adjacent to the George Washington Bridge that includes the 7-acre parcel. The construction timetable was not released.

November 11, 2009

Northeast Office

COLLIERS DOW & CONDON BROKERS CONNECTICUT OFFICE SALE

by admin November 11, 2009

FARMINGTON, CONN. — Colliers Dow & Condon has brokered the sale of a 44,000-square-foot office building located at 197 Scott Swamp Rd. in Farmington. Philip Gagnon of Colliers represented the seller, Rocky Hill, Conn.-based DF Group, which first purchased the property in 2004. Bob Gaucher of O, R & L Commercial represented the buyer, a Fairfield, Conn.-based private investment group. The acquisition price was not disclosed.

November 11, 2009

Northeast Office

SKANSKA SELECTED FOR TWO MASSACHUSETTS PROJECTS

by admin November 11, 2009

SPRINGFIELD AND WORCESTER, MASS. — Skanska USA Building has been selected for two new Massachusetts construction projects. The first project is a new $66 million data center for the Commonwealth of Massacusetts' Information Technology Division in Springfield. The project, which is located at 53 Elliot St., is the second data center for the organization. Construction will include the renovation of the former Springfield Technical High School into approximately 70,000 square feet of computer room and support spaces. The project will apply for LEED certification and is slated for completion in August 2011. The second project consists of the expansion of the co-generation facility at the University of Massachusetts Medical Center in Worcester. Scheduled to begin in March, the project will consist of the construction of a new control room, a 15,000-square-foot power plant expansion and a 15,000-square-foot expansion of the administration building.

November 11, 2009

Hospitality Northeast

CONSTRUCTION TOPS OUT FOR NEW DOUBLETREE HOTEL

by admin November 10, 2009

NEW YORK CITY — Construction has topped out for the new $72 million Doubletree Hotel located in downtown Manhattan, New York City. The building, which is situated at 8 Stone St., rises 43 stories and will contain 399 rooms in 148,000 square feet of space. It is slated to open in the fourth quarter of 2010. It is owned by ABI and AL-Stone LLC. The construction manager is CNY Builders and the project architect is Gene Kaufman Architect PC.

November 10, 2009

Mixed-Use Northeast

WELLS FARGO PROVIDES $63.5 MILLION MIXED-USE LOAN

by admin November 10, 2009

NEW YORK CITY — Wells Fargo & Co. has provided a $63.5 million loan for the refinancing of Rentar Plaza, a mixed-use property located in the Middle Village neighborhood of Queens, New York City. Situated at 66-26 Metropolitan Ave., the property is currently subleased to a commercial wholesaler and 16 retail tenants. The building contains 24-foot clear ceiling heights on the first and second floors as well as 33-foot ceilings and loading docks on the lower level. The loan carries a 5-year term. The borrower was not disclosed.

November 10, 2009

Northeast Restaurant

MARCUS & MILLICHAP BROKERS SALE OF MCDONALD'S GROUND LEASE

by admin November 10, 2009

MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of a McDonald's restaurant ground lease located in Millsboro. The McDonald's is situated on the outparcel to Bayshore Plaza, a 39,744-square-foot shopping center. The property is subject to a 20-year absolute net ground lease with structured rent increased every 5 years; approximately 18 years remained on the lease at the time of closing. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, Bayshore Plaza Associates LLC. The end purchaser was McDonald's USA LLC, which acted on its first right of refusal under the lease. The property traded for approximately $1 million at a 6.67 percent cap rate. Taylor & Zang also brokered the sale of Bayshore Plaza earlier this year.

November 10, 2009

Newer Posts

Older Posts