PHILADELPHIA — Cohen Financial has secured a $20 million loan for the refinancing of a more than 1 million-square-foot office building located at 401 N. Broad St. in Philadelphia. The loan includes a fixed interest rate with a 25-year amortization schedule priced on the 5-year U.S. Treasury. Dan Rosenberg of Cohen's Chicago office represented the borrower, Scarsdale, N.Y.-based The Stillman Group. The lender is a regional bank.
FARMINGTON, CONN. — New Boston Fund has disposed of The Exchange, a 250,412-square-foot mixed-use property located in Farmington. The property features professional office, medical office, restaurant and retail space. Occupancy was 80 percent at the time of closing. Office tenants at the property include UCONN Health Center and Energy Services; restaurant tenants include Japanica, Murphy and Scarletti's. Jones Lang LaSalle's Scott Jamieson, Mike Smith, Chris Ostop and Gary Schless represented New Boston Fund in the transaction. Steve Inglese of New Haven Group represented the buyer, The Acre Group. The acquisition price was undisclosed.
WESTFIELD, MASS. — Braintree, Mass.-based Campanelli Cos. has sold a fully permitted, 71.67-acre site located in Westfield to The Home Depot U.S.A. Inc. for $5.76 million. The site is situated within the 130-acre Campanelli Business Park of Westfield. The Home Depot plans to construct an approximately 650,000-square-foot rapid distribution center on the site that will serve the company's Northeast region. The transaction also includes a fully executed tax increment financing agreement related to the project. The construction timetable was not released.
ALLENTOWN, PA. — Insulation manufacturer fiberAmerica has held the ribbon cutting ceremony to mark the opening of its new 61,000-square-foot manufacturing facility in Allentown. The building is located at 7072 Snowdrift Rd., and it will be used to produce the company's environmentally friendly, cellulose fiber insulation products.
LOWELL, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of a Lowe's Home Improvement Warehouse currently under construction in Lowell. The store will total 153,000 square feet and will be situated on Chelmsford Street next to the Cross Point office complex. The store opening is scheduled for April 2010. Jim Koury, Nathaniel Heald and Brandon Dickason of JLL represented the seller, National Development, and procured the buyer, Tanglewood Investors.
WILMINGTON, MASS. — The RAM Companies has purchased a 100,000-square-foot industrial property located in Wilmington. The Class A facility is situated at 234 Ballardvale St. Tenants include Aramark Corp., Arnold Sales/Bimbo Bakeries and Advanced Imaging. Newmark Knight Frank's Boston office has been retained by RAM to lease the remaining 25,000 square feet of space. The seller and the acquisition price were not released.
NEW YORK CITY — Brooklyn, New York City-based developer and investment group Guttman Realty has submitted the winning bid in the bankruptcy auction of two healthcare properties formerly controlled by Caritas Healthcare. The two properties include Mary Immaculate Hospital's 4-acre campus in Jamaica, Queens, and the 2-acre St. John's Queens Hospital campus in Elmhurt, Queens. The winning bid of $26.62 million is subject to approval by the U.S. Bankruptcy Court. The buyer plans to redevelop both properties; potential uses for the Mary Immaculate property include an educational facility, use by a non-profit organization or government organization, or a religious facility. The St. John's site could be used as an office building. CB Richard Ellis' Larry Weiss, David Zelinski, Philip Heilpern and Richard Karson represented the seller and procured the auction's five bidders.
BILLERICA, MASS. — EMD Serono has topped out an expansion of its Billerica research facility. The $65 million project consists of a new 140,000-square-foot building that is scheduled for completion in late 2010. The new building will feature more than 115,000 square feet of lab and office space, comprising 25,000 square feet of chemistry and screening labs, 25,000 square feet of biology and cell culture labs, 22,000 square feet of general lab support space, 20,000 square feet of office space and conference rooms, and 23,000 square feet of mechanical space. The remainder of the building will contain central node space, housing a reception area, a cafeteria/auditorium, a fitness center, offices and conference rooms. EMD Serono will be seeking LEED certification for the project. Jones Lang LaSalle is providing construction management services and Ellenzweig is serving as project architect. EMD Serono is an affiliate of Merck KGaA, a Germany-based pharmaceutical research company.
TEWKSBURY, MASS. — Burlington, Mass.-based The Northbridge Companies has acquired The Isle at Emerald Court, a 94-unit assisted living community located in Tewksbury. The property is situated at 2000 Emerald Court within the Emerald Court active adult community. The Isle at Emerald Court, which has subsequently been renamed Bayberry at Emerald Court, contains studio, one- and two-bedroom apartments. Community amenities include lounge areas, main and private dining rooms, a music room, a fitness center, a library, beauty and barber shops, and a game room. The seller was Dallas-based South Bay Partners, which also developed the property in 2006. Apartment Realty Advisors' National Senior Housing Group in Dallas represented the seller in the sale. Acquisition financing was provided by Fundamental Advisors.
NEWARK, DEL. — NorthMarq Capital has arranged $24.72 million in first-mortgage financing for a 432-unit, garden-style apartment community located in Newark. The loan includes a 10-year term with interest-only payments for the first 2 years, then a 30-year amortization schedule thereafter. The lender was Freddie Mac, which utilized its Early Rate Lock program to secure the interest rate. The borrower was a Delaware limited liability corporation. Sam Berns of NorthMarq's Upstate New York office and Robert Ranieri of the firm's Capital Services East division arranged the financing.