WEST CALDWELL, N.J. — Del-Sano Contracting Corp. is currently constructing phases II and III of Crane’s Mill Continuing Care Retirement Community, a continuing care retirement facility in West Caldwell. Situated on 43 acres, a former lumber mill, Crane’s Mill offers independent living, assisted living and skilled nursing care. Upon completion of phases II and III in early 2010, the community will consist of 282 independent living units, 48 assisted living units, 18 dementia units, as well as 66 units for skilled nursing and rehabilitation services. Phase II construction, which is approximately 40 percent complete, is taking place alongside Passaic Avenue and includes the addition of 66 independent living apartments with 47 underground parking spaces, as well as 10 cottages, each featuring an attached garage. The independent living units will be located in a two-story building that will be connected to the existing central facility building to provide direct access to the community’s central amenities. Phase III comprises the assisted living component of Crane’s Mill, which consists of 20,000 square feet of new and renovated space. Specifically, Del-Sano is building a new wing that will house a memory support area, a dementia courtyard and renovated assisted living common areas. The project …
GLEN MILLS, PA. — Greensboro, N.C.-based grocer Fresh Market is opening a new location this month at 925 Baltimore Pike in Glen Mills. The 23,000-square-foot location will feature an in-house bakery, a full-service meat counter an a produce department that features more than 400 items and an organic produce section. This newest location marks the grocer’s entry into the greater Philadelphia market. A second store is scheduled to open later this year in Horsham, Pa.
WEST ORANGE, N.J. — Sheldon Gross Realty have arranged five leases at 80 Main Street, a five-story, Class A office building located in West Orange. These most recent lease brings occupancy in the 102,000-square-foot office building to more than 95 percent. Law firm Eschen, Frenkel, Weisman and Gordon LLP expanded its existing lease at the property to 7,700 square feet. Law firm Sachs Maitlin renewed its lease for 6,000 square feet. Sheldon Gross Realty itself renewed its lease for 3,430 square feet within the building. Accounting firm Aberbach Zolin & Co. signed a new lease for 2,000 square feet. Finally, law firm Mescall & Acosta expanded its existing lease to 1,200 square feet. Neil Gewirtzman and Barbara Gross of Sheldon Gross Realty are the exclusive leasing agents for the property.
HOPEWELL TOWNSHIP, N.J. — The Federal Housing Administration (FHA) has provided a $756 million loan to Capital Health for the construction of a new hospital. The 223-bed facility will replace the existing Mercer Medical Center and will also house two new medical-surgical units. The hospital is slated for completion in 2011. The loan is the largest transaction in FHA’s 75-year history.
SOUTH BRUNSWICK, N.J. — WP Realty has sold South Brunswick Square, a 260,981-square-foot grocery-anchored shopping center in South Brunswick, Middlesex County for $45.5 million. Located along U. S. Highway Route 1, the facility was purchased by 426 ROYAL, LLC. The property is anchored by Home Depot and Stop & Shop and features other tenants such as Bob’s Stores, Dollar Tree, Bandito’s Margarita Factory, Blockbuster Video and Friendly’s. The center is currently 100 percent occupied. WP Realty originally purchased the property for $24 million in 2003.
NEW YORK CITY — Several green projects are reaching completion at the Brooklyn Navy Yard in Brooklyn, New York City, and several more are slated to begin. The Perry Avenue Building, the nation’s first multi-story green industrial facility, is just one of the projects that was recently completed. The $25 million, 89,000-square-foot building features several green aspects, including building-mounted wind turbines, rooftop solar panels, reflective roofing, use of recycled rain water in toilets, recycled building materials, high-efficiency lighting fixtures, natural ventilation systems and special accommodation for bicyclists and low-emission vehicles. The facility is on track to receive LEED Gold certification. In addition, several new projects have been announced. Duggal Visual Solutions is converting a one-story, 30,000-square-foot building into a two-story, 60,000-square-foot LEED Platinum certified facility to manufacture eco-friendly products and become a laboratory for new sustainable products. Known as the Duggal Greenhouse, the $7 million project is slated to begin construction late spring. Duggal is funding $5 million for the project and the City is providing $2 million for basic building improvements, including a new roof and sprinkler system. Other projects include the B&H Photo-Video Distribution Center, a new 600,000-square-foot LEED Silver certified building. The $75 million project is expected …
TEWKSBURY, MASS — Cappy Daume, Scott Jamieson, and Mike Smith, and Nathaniel Heald of Jones Lang LaSalle have closed the $10 million sale of Ames Pond Corporate Center in Tewksbury. The two-building, 154,200-square-foot office park is set on 55 acres at the I-495 and Route 133 interchange. The property is currently 71 percent leased to seven tenants, with five new leases totaling 100,000 square feet closed since June 2007. The site can potentially accommodate upwards of 150,000 square feet of commercial development. A joint venture partnership between Leggat McCall Properties and Dead River Properties purchased the park. Jones Lang LaSalle represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Construction has topped out for The High Line Building, an 11-story office tower located at 450 W. 14th St. in the Meatpacking District of Manhattan, New York City. The building consists of a six-story glass tower built atop a five-story former meatpacking facility. The building contains 100,000 square feet of office space, as well as 7,636 square feet of ground-floor retail space and 4,308 square feet of lower level retail space. The High Line Park, a former elevated rail line that is being converted into a public park, runs 103 feet through the building. The project is applying for Gold-level LEED-Core & Shell certification. Fashion retailer Helmut Lang has already signed a lease for two full floors of office and showroom space at the project. Completion is scheduled for the fall. The High Line Building is being developed by CB Developers. It was designed by Morris Adjmi Architects. Newmark Knight Frank is marketing the office component of the project and Winick Realty Group is marketing the retail space.
ROSELAND, N.J. — CB Richard Ellis (CBRE) has arranged $12.25 million in permanent acquisition financing for 425 Eagle Rock Avenue, a 128,034-square-foot office property located in Roseland. The property consists of a four-story, Class A office building that was 90 percent occupied at the time of closing. The loan carries a 10-year term with a fixed interest rate. CBRE’s Debt & Equity Finance Group secured the financing on behalf of the borrower, Marcon Roseland. The lender was a Connecticut-based commercial bank. CBRE’s Tri-State Investment Group also represented the seller, Principal Financial Group, in the disposition of the property.
DORCHESTER, MASS. — Urban Strategy America Fund, an investment fund controlled by New Boston Real Estate, has closed on financing for the construction of Phase II of the residential component of Olmsted Green, a 42-acre mixed-use project located in Dorchester. The residential component focuses on affordable housing. Phase II will comprise seven new buildings containing 50 affordable rental units in a mix of one-, two- and three-bedroom units. Phase I, consisting of rental apartments and for-sale housing, was completed in late 2008. Once complete, the residential component of the project will also include 287 for-sale townhomes, 60 units of affordable senior housing and a 123-bed skilled nursing and mental health facility. Olmsted Green is being developed by Lena New Boston, a joint venture between New Boston Fund and Lena Park Community Development Corp. The Phase II housing project received funding from the various Massachusetts state sources, including the Department of Housing and Community Development, the Affordable Housing Trust Fund, HOME Funds and the Facilities Consolidation Fund. The city of Boston provided funding from its Neighborhood Housing Trust, as well as the Department of Neighborhood Development’s HOME Funds. The permanent lender is the Massachusetts Housing Partnership, and Bank of America is …