BOSTON — Boston-based retailer Filene’s Basement has filed for Chapter 11 bankruptcy protection. Concurrently, the company has entered into an agreement to sell 17 of its 25 locations to an affiliate of New York-based Crown Acquisitions, including its flagship stores in Boston and New York City’s Union Square. Crown plans to continue normal operations at the locations. The sale is subject to an auction by the U.S. Bankruptcy Court, under which additional offers for the 17 stores, the remaining Filene’s Basement stores and the retailer’s other assets must be solicited.
EDGEWATER, N.J. — CVS/pharmacy has signed a lease for 11,000 square feet of space at Edgewater Square, a new mixed-use development currently under construction in Edgewater. CVS is the first retail tenant to sign at the project, which will ultimately include 100,000 square feet of retail and restaurant space. The pharmacy will be constructed on a pad site visible from River Road; groundbreaking is expected to occur this month. Edgewater Square is being developed by Levin Management Corp. In addition to the retail component, the project will feature 480 loft and townhome residences, a hotel, the new Edgewater Borough Hall and a 1,900-foot long river walk along the Hudson River.
NEW YORK CITY — Chinese company Vantone Industrial Co. has signed the first lease for One World Trade Center, a 102-story office tower currently under construction in Lower Manhattan, New York City. The company will lease 190,810 square feet over five floors of the building for a 20-year term. The space will be used as the China Center, which will provide business incubator space for Chinese companies. The space will feature a private club, event space, a cultural center and office space. Vantone also has the option to lease two more contiguous floors under the current lease terms — an option that expires at the end of the year. Jones Lang LaSalle’s Peter Riguardi, John Ryan and Paul Mas represented the tenant in lease negotiations. The building’s owner, the Port Authority of New York and New Jersey, utilized in-house representation. One World Trade Center is scheduled for completion in 2013. The Port Authority is finalizing leases with the U.S. General Services Administration and the New York Office of General Services that would total more than 1 million square feet of the tower’s 2.6 million total square feet of space.
JENKINTOWN, PA. — Philadelphia-based Michael Salove Company Commercial Real Estate has arranged a lease for 2,489 square feet in Jenkintown on behalf of Qdoba Mexican Grill. The fast-casual Mexican restaurant will occupy space at 261 Old York Rd. within Jenkintown Pavilion, a development of The Galman Group. The new location is expected to open this summer. Douglas Green of Michael Salove Co. represented the tenant in lease negotiations. Qdoba currently has 11 restaurants in the Philadelphia market, with an additional seven restaurants under development throughout the region.
WILLIAMSTOWN, MASS. — Boston-based EagleBridge Capital has arranged $825,000 in construction and permanent mortgage financing for Williamstown Plaza, an 8,900-square-foot retail project located at 384 Main St. in Williamstown. The project consists of the renovation of a 2,600-square-foot, former Alcaro Car & Leasing, as well as the addition of 6,300 square feet of retail and professional space. Tenants signed include Subway, Royal Cleaners and Wash & WiFi Laundry. EagleBridge’s Ted Sidel and Brian Sheehan arranged the loan on behalf of the undisclosed borrower with a regional thrift institution. The loan includes a 10-year term and a 25-year amortization schedule. The construction timetable was not released.
GREAT RIVER, N.Y. — Garden City, N.Y.-based Metropolitan Realty Associates has leased 13,600 square feet of office space within the 300 Building of Sunrise Business Center in Great River, Long Island. The space, located within a 161,500-square-foot building currently under construction, will be occupied by the Suffolk County Department of Social Services Medical Assistance Division. The agency will use the space, which is located at 3500 Sunrise Highway, for a Medicaid claim-processing center. Brian Lee and Dan Oliver of Newmark Knight Frank represented the tenant in lease negotiations. Metropolitan was represented by Raymond Ruiz, Marianne Dugan, Brian Cruz and Ryan Blaney of CB Richard Ellis. The 300 Building consists of the redevelopment of a former warehouse building into office space. Once it is complete, the business center will contain a total of 388,500 square feet.
EXETER, PA. — Construction is advancing ahead of schedule on Exeter Commons, a 490,000-square-foot retail center in Exeter. Located at the intersection of Business Route 422, Bypass Route 422 and 47th street, Exeter Commons will feature a 132,000-square-foot Target and an 81,000-square-foot Giant Foods, which are both slated to open in late July, as well as a 171,000-square-foot Lowe’s Home Improvement Store, which is slated to open its doors in August. Other tenants include Wells Fargo/Wachovia, Red Robin, Chick-Fil-A, Affinity Bank and a 1,600-square-foot SONIC Drive-In, which will open in late August. Upon completion, the project will be the largest shopping center in Exeter Township. The new center is being developed by Exeter JV Associates, LP, a partnership of The Goldenberg Group and Ironwood Property Group.
NEW YORK CITY — Marcus & Millichap has completed the $4.95 million sale of 1969 Amsterdam Avenue, a 35-unit apartment facility in Manhattan, New York City. The six-story property was built in 1920 and is located on Amsterdam Avenue between 157th Street and 158th Street. The sales price represents $229.42 per square foot and a 6.98 percent cap rate on the property’s net operating income. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office, represented the seller, an undisclosed private investor, and the buyer, a limited liability company.
POTTSTOWN, PA. — A $1.5 million renovation has been completed on the Comfort Inn & Suites hotel located at 99 Robinson St. in Pottstown. Formerly a Comfort Inn, the hotel underwent the renovation to convert to a Comfort Inn & Suites hotel, completely renovating all guestrooms and public spaces including the lobby, breakfast bar and meeting room. Owned by Pottstown Lodging Partners, LP and operated by Infinity Asset Management (a division of Infinity Hotel Group), the Comfort Inn and Suites hotel features 119 guestrooms and suites. The guestroom upgrades include the addition of king suites and one-bedroom executive suites. Several new amenities that were added include flexible meeting space that can accommodate up to 100 people, a 24-hour business center and a fitness center. The hotel also offers a seasonal outdoor swimming pool.
LEXINGTON, MASS. — Rick Robinson of GVA Thompson Hennessey & Partners represented BTS Asset Management, in their recent 10,858-square-foot lease at 420 Bedford St. in Lexington. The landlord, Boston Properties, was represented by Stacey Baker. The lessee, a long-term tenant of 420 Bedford Street, is relocating in July from its current office space to a new suite, expanding its space by 2,500 square feet. The suite is located in one of two buildings in the Class A Lexington Office Park, which totals 166,000 square feet. The office park is located at the junction of Route 4 and I-95.