Northeast

THE JEFFERSON TO HOLD GRAND OPENING

by admin June 11, 2009

EWING, N.J. — The grand opening will be held this weekend for The Jefferson, 235-unit residential condominium project located in Ewing. Developed by Iselin, N.J.-based American Properties Realty, The Jefferson comprises 10 three-story buildings. All of the units contain two bedrooms and include up to 1,635 square feet of living space. Prices start at $209,990. Amenities at the Jefferson include a 3,500-square-foot clubhouse with a fitness center, a clubroom, a meeting room, a library, a conference room and a business center. Other amenities include an outdoor pool, a playground and a bocce court. Phase I of the project, consisting of 49 homes, is more than 40 percent sold and the first residents are expected to move in this summer. The clubhouse opened in March. At the grand opening, three model units will be unveiled, which were designed by Atlanta-based Design Environments, the same interior architect that designed the clubhouse.

June 11, 2009

ROCK COMMERCIAL COMPLETES THREE SALES

by admin June 11, 2009

YORK AND WILKES-BARRE, PA. — York-based ROCK Commercial Real Estate has completed three sales in eastern Pennsylvania. In York, ROCK represented both parties in the sale of the historic Rosenmiller mixed-use building, located at 33-41 W. Market St. The building contains 25,762 square feet. The buyer was 33-41 West Market Street LP. In Wilkes-Barre, ROCK again represented both parties in the sale of a 14,548-square-foot warehouse located at 705 Casey Ave. The buyer was Post Family LP. Finally, ROCK represented both parties in the sale of a 4,888-square-foot warehouse, located at 300 Shady Lane in York. The buyer was Shady Lane Partners LLC. The sellers in all three transactions were not disclosed.

June 11, 2009

Multifamily Northeast

NORTHMARQ CAPITAL ARRANGES $4.6 MILLION MULTIFAMILY LOAN

by admin June 11, 2009

ROCHESTER, N.Y. — NorthMarq Capital has arranged $4.6 million in first-mortgage financing for Creek Hill Apartments, a 126-unit multifamily property located in Rochester. The loan includes a 5-year term and a 20-year amortization schedule. It was arranged by Sam Berns of NorthMarq’s Upstate New York regional office on behalf of the undisclosed borrower. The lender was a regional bank.

June 11, 2009

Northeast Retail

CONSTRUCTION IS UNDERWAY ON ROWAN BOULEVARD

by admin June 10, 2009

GLASSBORO, N.J. — Construction is underway on Glassboro’s new, $300 million Rowan Boulevard retail corridor. The Rowan Boulevard project is the heart of a downtown revitalization, which is forming a new 26-acre, 100-foot wide corridor stretching a third of a mile from the foot of the Rowan University campus to the center of downtown. The new boulevard will feature broad tree-lined sidewalks, dozens of stores, restaurants featuring café-style sidewalk dining, residential condos and town homes, a new student housing campus, a hotel-conference center, pedestrian plazas and a town square. The new corridor will feature several mixed-use buildings that will offer 185,000 square feet of retail space, 307,000 square feet of residential space and 40,000 square feet of office space. The project will also include a 107-room Holiday Inn Express & Suites hotel/conference center, with an adjacent 5,000-square-foot restaurant. Construction is set to begin in July on a 36,000-square-foot Barnes & Noble self-standing bookstore, complete with a Starbucks Café. The first phase of a new apartment-style housing complex for 884 Rowan University students is slated for completion in September, and site work for the second phase is already underway. Completion of the entire project is set for 2012. The project is …

June 10, 2009

Multifamily Northeast

NAI BLUESTONE SECURES $36.5 MILLION LOAN

by admin June 10, 2009

PHILADELPHIA — NAI Bluestone Real Estate Capital has secured $36.5 million in senior debt for the Glen at Shawmont Station, a Class A, 202-unit multifamily complex located in Philadelphia. The Glen at Shawmont Station is a garden style apartment community consisting of 10, three-story buildings situated over 18 acres. The property is nearly 100 percent occupied with amenities such as a combination leasing office/clubhouse, which includes a full size kitchen, a leasing office, a sample apartment unit, an exercise facility and a cyber café with wireless Internet access. The loan was structured and secured on behalf of Hunters Pointe Associates, an affiliate of the Andorra Group. Freddie Mac provided $30 million in senior permanent financing and an additional $6.5 million was secured from local banks and collateralized by additional real estate assets. The 10-year, senior permanent loan is fixed at 6.2 percent and amortized over 30 years.

June 10, 2009

Industrial Northeast

NAI FRIEDLAND BROKERS $20 MILLION WAREHOUSE SALE

by admin June 10, 2009

NEW YORK CITY — NAI Friedland Realty has completed the $20 million sale of a 144,000-square-foot warehouse. Located at 1080 Leggett Ave. in the Hunts Point area of the Bronx in New York City, the warehouse was purchased from Paradise Foods by Manhattan Beer Distributors. Situated on 4.9 acres, the 1950s warehouse features 22-foot high ceilings and is in close proximity to area highways and transportation, and it is adjacent to an active rail site. Steve Kornspun of Friedland represented Manhattan Beer in the transaction.

June 10, 2009

Industrial Northeast

THE SILVER GROUP COMPLETES SALE OF 45.9 ACRES

by admin June 10, 2009

ISLIP, N.Y. — The Silver Group has completed the sale of a 45.9-acre tract of land with 575,000 square feet of buildings in Central Islip. The seller first acquired the property in 2001, which was used as a distribution facility for all Waldbaum Supermarkets on Long Island. The property was purchased by Sysco Foods for $34 million.

June 10, 2009

Industrial Northeast

WEICHERT COMMERCIAL NEGOTIATES OFFICE/FLEX LEASE

by admin June 10, 2009

EATONTOWN, N.J. — Peter Ricker of Weichert Commercial Brokerage has negotiated a 29,000-square-foot lease for office/flex space located at 246 West Industrial Way in Eatontown. Ricker represented the tenant, Empire Technologies, who was looking to relocate and expand its operations. The landlord, Industrial Way Complex, LLC, represented himself. The 5-year lease features a 5-year renewal option.

June 10, 2009

Industrial Northeast

CANDY MAKER ACQUIRES 600,710-SQUARE-FOOT DISTRIBUTION FACILITY

by admin June 9, 2009

BETHLEHEM, PA. — Candy manufacturer Just Born Inc. has acquired a 600,710-square-foot distribution building located in Bethlehem. Situated within Lehigh Valley Industrial Park V at 4000 Township Line Rd., the facility will be used as the company’s finished goods distribution center. Just Born plans to relocate its distribution center from Scranton, Pa., to the new facility to be closer to its manufacturing plant. The candy maker will upgrade the building to a food-grade, EPA-certified facility. The company will also be seeking LEED certification. The new distribution center will open in late 2009. Jerry Moore and Michael Bartolacci of The Garibaldi Group represented Just Born in the transaction. The seller, Delaware-based CC – Investors 1995-96, was represented by Michael Hines, Michael Blunt and Bill Wolf of CB Richard Ellis. The acquisition price was not disclosed.

June 9, 2009

Northeast Retail

FILENE’S BASEMENT PURCHASED BY K&G ACQUISITION CORP. FOR $67 MILLION

by admin June 9, 2009

BURLINGTON, MASS. — Burlington, Mass.-based retailer Filene’s Basement has been purchased at a bankruptcy auction by K&G Acquisition Corp., an affiliate of retailer Men’s Wearhouse, for $67 million. K&G will acquire 17 of the retailer’s 20 store leases; inventory from all 25 existing Filene’s Basement locations; the leases for the company’s Burlington headquarters and Auburn, Mass., distribution center; and the Filene’s Basement trade name. The purchase price also includes approximately $5 million for potential litigation associated with the retailer’s lease at Downtown Crossing, a currently inactive redevelopment project located in Boston. Stores that were not acquired as part of the auction are expected to be closed by mid-June.

June 9, 2009

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