TUXEDO PARK, N.Y. — Miami-based Omega Commercial Finance Corp. will acquire the 30,654-square-foot Sterling Mine retail and office development for an undisclosed price through a share exchange agreement. Construction on the property, which is located in Tuxedo Park, is nearly 75 percent complete. Pre-leasing has hit the 84 percent mark, according to executed letters of intent shared with Omega.
JAMISON, PA. — Jamison-based DG Warwick has purchased a 14,850-square-foot Walgreens and a cell phone tower from Warwick Building Partnership for $5.85 million. The 2-year-old property spans 2.06 acres of land at 2319 Old York Rd. in Jamison. Walgreens holds a 25-year absolute net lease that carries 50 1-year options on the building. Mark Taylor, Dean Zang and Mark Thompson of Marcus & Millichap’s Philadelphia office brokered the transaction with help from Peter Soloff of Philadelphia-based Blank Rome.
NEW YORK CITY — Construction has commenced on New York City-based Rosen Johnson Architects’ renovation of the 42-story office property located at 515 Madison Ave. in New York City. The upgrades include a new glass roof on the wrought-iron entrance marquee, enhanced signage, a new reception desk and improved lighting. The lobby has also been enlarged. The property was built in 1931, and Rosen Johnson has blended its new design with the building’s historic features.
ENGLEWOOD, N.J. — Marcus & Millichap has brokered a local developer’s sale of a 16,500-square-foot mixed-use property in Englewood to a local investor for $1.6 million. Urszula Zoltek of Marcus & Millichap’s New Jersey office represented the seller, and the firm’s Greg Babaian represented both parties.
PROVIDENCE, R.I. — Boston-based Colliers Meredith & Grew has arranged $10.5 million in construction financing for 90 Plain Street, a four-story, 39,775-square-foot medical office building located in downtown Providence. At the time of closing, the property was fully leased to Women & Infants Hospital; it is located adjacent to the Women & Infants Hospital campus, as well as Rhode Island Hospital. David Douvadjian and Thomas Welch of Colliers’ Capital Markets Group originated the loan on behalf of an entity related to Atlantic Management. It carries a 10-year term and a fixed interest rate. The lender was Middlesex Savings Bank.
WETHERSFIELD, CONN. — Wethersfield-based New England Retail Properties (NERP) has brokered the sale of Goff Brook Shoppes, a 71,493-square-foot retail center located in Wethersfield, for $6.8 million. Constructed in 1988, the center is anchored by Office Depot. Additional tenants include Hometown Buffet, SuperCuts, HFC, Catherine’s Plus, Ace Beauty Supply and others. NERP’s Matt Halprin represented the buyer, Wallingford, Conn.-based Goff Brook Real Estate LLC. The seller, Centro Properties, was represented by Joe French of the White Plans, N.Y., office of Sperry Van Ness.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has negotiated the sale of 650 46th Street, a six-unit residential apartment building located in the Sunset Park neighborhood of Brooklyn, New York City, for $750,000. Adam Hess was the sole broker in the transaction between two undisclosed parties. The property traded at a 5.5 percent capitalization rate.
BOSTON — Children’s Hospital Boston recently notified the Boston Redevlopment Agency of its plans to add a 103,000-square-foot expansion to the campus. The project is estimated to cost more than $100 million. The proposed 14-story building will expand the hospital’s 369,000-square-foot main building on Binney Street in the Longwood Medical and Academic Area of Boston. The project will expand the emergency room, radiology department, create a larger operating floor and add three inpatient bedrooms. Construction will begin pending approval.
NEW YORK CITY — The New York City office of HOK has been chosen by the New York City School Construction Authority (SCA) to design a new school in Jamaica, Queens. Public School/Intermediate School 48Q will be a 93,400-square-foot school campus that will house pre-kindergarten through eighth grade students. The school will comprise a five-story, L-shaped “Learning Block” building that will house 32 classrooms and a library, as well as a four-story “Activities Block” building that will house an auditorium, a gymnasium and a cafeteria. The $52.5 million project will be one of the first schools in the city designed to meet the New York City Green Schools Rating System, a sustainable building guideline system created by the CSA. Completion of the project is scheduled for September 2011. The new school will be replacing an existing 1930s-era school, which will be preserved and converted into offices for the New York City Department of Education.
HARRISBURG AND LEMOYNE, PA. — Woodbridge, N.J.-based The Kislak Company has arranged the sales of two Pennsylvania multifamily properties. In Harrisburg, Kislak arranged the $4.07 million sale of Quail Run Apartments, an 89-unit property located at 4001 Rawleigh St. The property comprises nine buildings, and features a swimming pool, a basketball court, a children’s play area and a volleyball court. Occupancy was 95 percent at the time of closing. Kislak’s Robert Holland represented the seller, MBM Associates, as well as the buyer, Quail Run Limited Partnership. In Lemoyne, Kislak brokered the $1.4 million sale of Walnut Hills Apartments, a 26-unit residential community located on Walnut Street. The property was fully occupied at the time of closing. Christopher Cimino of Kislak represented the seller, Shirmor Co., as well as the buyer, LMB Investments.