WEST NEW YORK, N.J. — The Kislak Company has completed the $7.725 million sale of a four-building portfolio consisting of 97 apartments and two retail spaces in West New York. The sale included a 37-unit property at 6611 Broadway, a 17-unit property with one retail space at 5902 Madison St., a 19-unit property with one retail space at 6120 Monroe Place, and a 24-unit property at 6204 – 6210 Palisade Ave. Donald Baxter and Jonathan Greenberg of Kislak represented both parties, private investors, in the transaction. 6611 Broadway is a five-story brick walk-up building with studio and one-bedroom apartments. 5902 Madison Street is a four-story brick walk-up building with studio, one and two bedroom apartments. 6120 Monroe Place and 6204 – 6210 Palisade Avenue are four-story walk-up buildings with one- and two-bedroom apartments. The seller completed a number of utility and other upgrades over the past several years. The buyer's financing was arranged by Elliot Treitel of Meridian Capital. The buyer was represented by Larry Raiss, Esq. of Feinstein Raiss Kelin & Booker of West Orange, New Jersey, and the seller was represented by Jonathan R. Mehl, Esq. of Rutherford, New Jersey.
EXETER, N.H. — The Kane Company has completed the sale of a 2-acre lot located in the Garrison Glen Corporate Park at 7 Continental Dr. in Exeter. The land was purchased by Holding Court, LLC from Garrison Glen, LLC. The new owner plans to develop the property into an indoor tennis facility. Peter Billipp and Lisa Kane of The Kane Company represented the seller and Florence Ruffner of Ruffner Real Estate represented the buyer. The sale price was not disclosed.
SPRINGFIELD, N.J. — Joel Schwartz and Avi Oren of Gebroe-Hammer Associates have completed the $1.7 million sale of an 18-unit garden-style apartment complex in Springfield. Located at 45 – 51 Morris Ave., the two-and-half story facility features a mix of one- and two-bedroom apartments, as well as on-site laundry and parking facilities. Planned upgrades include new windows, an enhanced electrical system, new heating and air conditioning and exterior landscaping. The property was sold by an undisclosed seller to Walker Estates, Inc. Legal counsel was provided by Clara Harelik, Esq., of Springfield, and Ray Londa, Esq., of Elizabeth, on behalf of the seller and buyer, respectively.
PARSIPPANY, N.J. — The Gale Construction Company, a subsidiary of Mack-Cali Realty Corp., has completed construction management services for the new build-to-suit headquarters of Wyndham Worlwide Corp., located in Parsippany. The three-story, 250,000-square-foot, Class A office building is situated at 22 Sylvan Way within the Mack-Cali Business Campus. The building contains executive and administrative offices, a credit union, a 1,600-square-foot data center, a boardroom, training rooms, a conference center, a company store, a cafeteria with outdoor seating and a fitness center. The project is expected to achieve LEED – Commercial Interiors certification.
LONG ISLAND, N.Y. — The Long Island office of NorthMarq Capital has arranged $77.42 million in first-mortgage financing for a portfolio of Fairhaven Apartments properties located throughout Nassau and Suffolk counties on Long Island. The portfolio totals 1,188 units and includes five apartment communities located in Carle Place, Mineola, Nesconset, Woodbury and Hicksville. The loan carries a 7-year term with a 30-year amortization schedule. The adjustable interest rate has a floor of 4 percent and a lifetime cap of 7.25 percent. NorthMarq’s Charles Cotsalas and Ernest DesRochers arranged the loan on behalf of the undisclosed borrower through Freddie Mac.
FALMOUTH AND FAIRHAVEN, MASS. — Storage Opportunity Partners (StorageOp) has acquired two self-storage facilities in Massachusetts. The first property is located on State Route 28 in Falmouth. It contains five two-story buildings with 79,495 rentable square feet, 30,000 of which are climate controlled. The second facility is located on State Route 240 in Fairhaven. It contains 41,500 rentable square feet in six single-story buildings. StorageOp plans to update the Fairhaven facility, including the renovation of one of the buildings to climate-controlled space and the addition of a Budget Truck Rental. The properties will be re-branded Storage Pros Self Storage and will be operated by Storage Pros Management LLC, a wholly owned subsidiary of StorageOp. Terms of the deal were not disclosed.
ROWLEY, MASS. — GVA Thompson Hennessey & Partners has brokered the sale of 19 Turcotte Memorial Drive in Rowley for $2.28 million. The property is a 30,600-square-foot, Class A warehouse property that is fully leased to Robert N. Karpp Co. and Black Cow Restaurants. Lowell Peabody, James Bartholomew and Connor Barnes of GVA represented the seller, Joseph Leone of Business Park Realty Trust. Ralph Leonard of Ralph Leonard Associates represented the undisclosed buyer.
ARDSLEY, N.Y. — Biotech firm OSI Pharmaceuticals has acquired Ardsley Park Science & Technology Center, located at 410-460 Saw Mill Rd. in Ardsley, for $27 million. The 43-acre campus contains six buildings with 400,000 square feet of office, laboratory and manufacturing space, as well as specialty pharmaceutical installations. It was constructed in 1956 and was most recently occupied by Purdue Pharma, which vacated the property in 2005. OSI plans to use the campus as its new corporate headquarters and will consolidate its operations in Melville and Farmingdale, N.Y.; Cedar Knolls, N.J.; and Boulder, Colo., into the new campus. Tom Giannone, Chris, Kinum, Ron Ganter and John Cahill of Cushman & Wakefield’s Global Life Science Practice Group, along with Andrew Mervin, David Bernhaut, Gary Gabriel and Jose Cruz of the firm’s Metropolitan Area Capital Markets Group, represented the seller, Purdue Pharma.
TILDEN TOWNSHIP, PA. — Groundbreaking has occurred for Tilden Ridge Shopping Center, located at the intersection of routes 61 and 78 in Tilden Township. Wal-Mart Supercenter and Lowe’s Home Improvement Warehouse will anchor the center, which will contain an additional 100,000 square feet of retail space. Project completion is slated for fall 2010 or spring 2011. The shopping center is situated adjacent to an already-opened Cabela’s. West Conshohocken, Pa.-based Ironwood Property Group is the developer of Tilden Ridge and Metro Commercial Real Estate is its leasing agent.
SPRINGFIELD, N.J. — Hillsborough, N.J.-based Larken Associates has commenced the renovation of Echo Executive Plaza and Echo Plaza Shopping Center, a 107,448-square-foot office and retail development located at 899 and 901 Mountain Ave. in Springfield. Renovations to Echo Executive Office Building, a three-story, 40,880-square-foot professional office building, include a new lobby, and new common bathrooms and corridors. Renovations to Echo Plaza, the 66,000-square-foot retail component, will include a new façade and roof, new tenant and marquee signage, and new landscaping. The center will be anchored by health club No Body Denied, which recently signed a lease at the center. Other current tenants include Outback Steakhouse, Sherwin Williams, Echoqua Italian Bistro and Chen’s 22 Chinese Restaurant. The construction timetable was not released.