Northeast

THREE LEASES SIGNED AT 80 BROAD STREET

by admin April 2, 2009

NEW YORK CITY — New York City-based Swig Equities has signed three leases at 80 Broad Street, a 36-story, 400,000-square-foot office tower located in the Financial District of Downtown Manhattan, New York City. The three new tenants include McGiveney & Kluger PC, which was represented by Fred Trump and John Moran of Newmark Knight Frank; Legal Solutions Group LLC, which was represented by Joshua Winslow and Patrick Nash of Winslow & Co.; and Map Financial Group Inc., which was represented by Alan Markowitz of RE Com Partners. The three leases total 8,500 square feet and bring the building, which was recently renovated by Swig Equities, to 97 percent occupancy.

April 2, 2009

THE LEAGUERS HEADQUARTERS BUILDING TOPS OUT

by admin April 2, 2009

NEWARK, N.J. — Construction has topped out on The Leaguers Headquarters and Head Start Building in Newark. In addition to housing the non-profit community organization’s headquarters office, the 48,000-square-foot building will contain a 22,000-square-foot Head Start and community services facility, commercial office space, and an underground parking garage for 75 cars. Located at 405-425 University Ave., the facility is being constructed by Mc Gowan Builders. The project team also includes architect/engineer EI Associates, architect Wilson Woodridge, and owner’s representative The TLM Group, LLC. The project, which is slated to cost $23.5 million in total development costs, was financed through the Federal New Market Tax Credit. The following organizations participated in the financing: Nationwide Insurance Company, Stonehenge Community Development, and Boston Community Capital. Lender consortium partners included New Jersey Community Capital, Prudential Financial’s Social Investment Unit, Partners for the Common Good, and TRF The Reinvestment Fund.

April 2, 2009

Northeast Office

JOHN HANCOCK TOWER SELLS AT AUCTION FOR $660.6 MILLION

by admin April 1, 2009

BOSTON — Boston’s iconic John Hancock Tower sold at an auction in New York City for $660.6 million to Normandy Real Estate Partners and Five Mile Capital Partners. The consortium was the only bidder for the 60-story skyscraper. The property, located in the Back Bay area at 200 Clarendon St., was purchased by Broadway Partners of New York in 2006 for $1.3 billion, but was foreclosed on after the company defaulted on some of its loans.

April 1, 2009

Hospitality Northeast

BUNGALOW HOTEL SET TO OPEN IN LONG BRANCH

by admin April 1, 2009

LONG BRANCH, N.J. — Bungalow, a new 26,000-square-foot boutique hotel is slated to open in May in Long Branch. The $5.5 million, four-story hotel is part of Pier Village, a mixed-use development designed by Minno & Wasko Architects and Planners and built by Applied Development Company. The Miami-inspired hotel will offer 24 rooms that feature custom hardwood flooring and millwork, 10-foot ceilings, unique interior designs, king-size beds, gas fireplaces, wet bars, high definition TVs, iPod players, and luxury baths with dual vanities. Three corner guestrooms will contain 1,100 square feet of space with all of the above amenities in addition to two bedrooms, two baths, a dining room and distant ocean views. Another corner unit will feature a private outdoor terrace. Hotel amenities include a bar and lounge area with antique pool and foosball tables, a fireplace, an outdoor terrace with a fireplace and a bakery. The exterior of the hotel is clad in an aluminum skin with wood accents while the interior is mostly white to provide bright, inviting spaces and a beach aesthetic. Sixx Design provided interior design services. The hotel also features several green aspects, including a white membrane roof to reduce the absorption of solar energy, …

April 1, 2009

Northeast Retail

MARCUS & MILLICHAP ARRANGES SALE OF TWELVE CORNERS SHOPPING CENTER

by admin April 1, 2009

BRIGHTON, N.Y. — Marcus & Millichap has completed the $9.13 million sale of Twelve Corners Shopping Center, a 96 percent occupied, 29,414-square-foot center located at the intersection of Monroe Avenue, Elmwood Avenue, and South Winton Road in Brighton. Tenants include Panera Bread, Starbucks, HSBC Bank, Federal Express, Super Cuts and Subway. Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller, GDC Randolph Crossing. The buyer, Brighton Corners, was represented by Steven Stoehrer of Marcus & Millichap’s Manhattan office. The center was sold for a 7.16 percent capitalization rate.

April 1, 2009

Northeast Office

WINOKER REALTY COMPLETES SALE OF OFFICE CONDO

by admin April 1, 2009

NEW YORK CITY — Winoker Realty Company has completed the sale of a 1,842-square-foot office condominium located at 820 Second Ave. in Manhattan, New York City. Jonata Dayan and Adam Ben-Dayan of Winoker represented Philips International, the seller, in the transaction. Andrew Aberham of Philips International worked closely with the Winoker team. The property was purchased by AJK Bureau of Consultants LLC. This is the fourth condo transaction that Winoker Realty has completed with Philips International over the past 2 years. The sale price was undisclosed.

April 1, 2009

Northeast Retail

CENTRO SELLS STOP & SHOP PLAZA

by admin March 31, 2009

ENFIELD, CONN. — Australia-based Centro Properties Group has disposed of Stop & Shop Plaza, a 122,718-square-foot community shopping center located at the interchange of Interstate 91 and State Route 190 in Enfield. Constructed in 1988, the Class A property is anchored by a 71,440-square-foot Stop & Shop grocery store. Additional tenants include 99 Restaurant, Advance Auto Parts, UPS and H&R Block. Occupancy was 86 percent at the time of closing. Representing Centro in the transaction was Cushman & Wakefield’s Capital Markets Group. The property was acquired by Katz Properties for an undisclosed amount.

March 31, 2009

Northeast Seniors Housing

DMR PICKED TO DESIGN 50-UNIT SENIOR HOUSING PROJECT

by admin March 31, 2009

LYNDHURST, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected to provide design and construction management services for the development of a 50-unit affordable senior housing project, located at the corner of Valley Brook Avenue and Warren Street in Lyndhurst. The project will total five stories with mostly one-bedroom units. Building amenities include a community room, administrative offices, an activities room, laundry facilities, a mailroom and 24 off-street parking spaces. Construction is expected to begin in 2010. The project is being developed by Domus Corp., which is leasing the site for a 40-year term from the nearby Sacred Heart Catholic Church. Domus will be working in conjunction with the Catholic Charities organization of the Archdiocese of Newark, N.J. Construction financing is being provided by the HUD Section 202 program.

March 31, 2009

Industrial Northeast

NORTHMARQ CAPITAL ARRANGES $2 MILLION INDUSTRIAL LOAN

by admin March 31, 2009

SUDBURY, MASS. — The Boston office of NorthMarq Capital has arranged $2 million for 33 Union Avenue, a 117,000-square-foot industrial building located in Sudbury. The property comprises 87,000 square feet of distribution space and 30,000 square feet of office space. It is currently leased to Staples Contract & Commercial. NorthMarq’s Joseph Hegenbart originated the loan, which was provided by Digital Federal Credit Union. The borrower was EB Realty. Terms of the loan were not disclosed.

March 31, 2009

Northeast Restaurant

FAMECO ASSISTS CHIPOTLE IN NEW JERSEY EXPANSION

by admin March 31, 2009

NEW JERSEY — Fameco Real Estate has represented Denver-based Chipotle Mexican Grill in its expansion efforts into New Jersey. The fast-casual Mexican restaurant recently opened three new locations in Paramus, East Hanover and Wayne. It also has two restaurants currently under construction in Eatontown and West Caldwell. Fameco originally represented Chipotle in its expansion into the Philadelphia market, and was asked to represent the restaurant in its New Jersey expansion, as well. Chipotle currently operates more than 800 restaurants nationwide.

March 31, 2009

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