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.
EVANS MILLS, N.Y. — A new Candlewood Suites extended-stay hotel is set to open in Evans Mills on August 24. The four-story, 112-suite hotel is located at 26513 Herrick Dr., less than 1 mile from Fort Drum. It features studio and one-bedroom suites with full kitchens. Amenities include high-speed Internet access, LCD televisions in guestrooms, laundry facilities, a fitness center, a business center, a convenience store and an outdoor grilling area. The new Candlewood Suites is owned by Savera Hospitality and is managed by Hemisphere Management under a license agreement with InterContinental Hotels Group.
HARTFORD, CONN. — Buchanan Street Partners has provided a $10 million, non-recourse mezzanine loan for City Place I, a Class A office building located in Hartford. The tower rises 38 stories and contains 885,000 square feet of space. United Healthcare recently signed a new lease at the building and several existing tenants renewed or expanded their leases, which will bring occupancy up to 93 percent. The mezzanine loan was taken out by the borrower to help fund tenant improvements, leasing commissions and operating expenses while occupancy stabilizes. Terms of the loan were not released.
MILLSBORO, DEL. — Marcus & Millichap has brokered the $8.2 million sale of Bayshore Plaza in Millsboro. The 38,744-square-foot center, which is located on Route 24 (John J. Williams Highway), consists of two separate buildings with in-line space. Bayshore Plaza is shadow anchored by a new Super G and includes other tenants such as Sleepy’s, Verizon, Regis Corporation, Dunkin Donuts, Wings-to-Go and Four Seasons Restaurant. The sale also included a car wash pad site and a WSFS Bank pad. The sales price of $8.2 million or $208.84 per square foot represents a 9.1 percent capitalization rate on current income. The purchaser also secured an option to purchase two neighboring undeveloped pad sites at anytime during the next 2 years at specific prices. Dean Zang and Mark Taylor of the Philadelphia office of Marcus & Millichap, represented the seller, Bayshore Plaza IV, LLC, a Sussex County based development group. The buyer, a Wilmington, Delaware based 1031 exchange buyer, Skyliner Enterprises, LLC, was represented by Jordan Muchnick and Brad Nathanson, who are also based in the Philadelphia office of Marcus & Millichap.
NEW YORK CITY — Max Herzog and Michael Diaz of CB Richard Ellis (CBRE) Capital Markets in New York City has arranged $6.16 million in financing for 321 Bedford Park Blvd., 2969-73 Briggs Ave., and 1302-04 Rosedale Ave. in the Bronx in New York City. The three multifamily walk-up rentals total 147 units and are part of a larger portfolio. The financing extended to the borrower consists of $4.6 million in permanent mortgages and a $1.56 million line of credit. The non-recourse permanent financing was arranged by a local New York Bank at 5.875 percent fixed rate for a 7-year term with interest-only for 3 years followed by a 30-year amortization schedule. The line of credit was structured at rate of Prime plus 0.5 percent and is collateralized by all three properties allowing the borrower flexibility in using these funds.
ALBANY, N.Y. — Charles Cotsalas of NorthMarq Capital’s Long Island regional office and Ernest DesRochers of NorthMarq Capital’s New York Metro regional office have arranged $2.8 million in first mortgage financing for the Campus View Apartments in Albany. The multifamily property contains 114 units. Financing was based on a 10-year term with a 5-year rate review and a 30-year amortization schedule. The loan was arranged for the borrower, Campus View II Apts., LLC.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed a lease for 64,788 square feet of office space at One Astor Plaza, a 1.9 million-square-foot office tower located at 1515 Broadway in Manhattan, New York City. Engineering firm Syska Hennessey Group will occupy the space, which represents the entire 14th and 15th floors, for a 15-year term under a direct lease. It is relocating from its previous offices at 11 W. 42nd St. Peter Riguardi and Cynthia Wasserberger of JLL represented the tenant in lease negotiations. Frank Doyle and David Kleiner, also of JLL, represented the landlord, SL Green Realty Corp. Syska Hennessey plans to pursue LEED certification for the new office space.
