Northeast

SECOND PART OF RAIA STORAGE PORTFOLIO SALE CLOSES

by admin June 23, 2009

DENVILLE AND HILLSBOROUGH, N.J. — The second part of the Raia Self Storage Portfolio sale has closed. This portion of the transaction consists of two self-storage development sites located in Denville and Hillsborough that total approximately 168,000 square feet. Jeffrey Dunne of CB Richard Ellis’ (CBRE) New York Institutional Group and Steve Hryszko of CBRE’s Self Storage Advisory Group represented the seller, Raia Self Storage, and procured the buyer, Hampshire Cos., which made the acquisition through its Hampshire Fund VII. The first part of the transaction, which closed in late 2008, consisted of five existing self-storage facilities located in New Jersey and New York that total approximately 410,334 square feet. The facilities will operate under the Hampshire Self Storage Brand.

June 23, 2009

FIRSTSERVICE WILLIAMS COMPLETES MEDICAL OFFICE CONDO SALE

by admin June 23, 2009

WEST ORANGE, N.J. — The New Jersey office of FirstService Williams has completed the sale of a 22,524-square-foot medical office condominium, located at 375 Mt. Pleasant Ave. in West Orange. The condo is situated within the 11-acre former headquarters of Organon, which is in the process of being redeveloped into a 106,000-square-foot medical office project. It was purchased by New Jersey Cardiology Associates (NJCA), which will use the space for its cardiology practice. NJCA is the project’s first tenant. The seller was 375 Mt. Pleasant Avenue LLC, a joint venture between Paragon Realty Group and Hampshire Cos. FirstService Williams represented both parties in the transaction.

June 23, 2009

Multifamily Northeast

GFI BROKERS $1.05 MILLION APARTMENT SALE

by admin June 23, 2009

NEW YORK CITY — GFI Realty Services has brokered the sale of a walk-up apartment building, located in Brooklyn, New York City, for $1.05 million. The four-story building, which is situated at 1150 President St., contains 16 rent-stabilized units. GFI’s Joseph Landau and Steven Vegh represented the seller, a locally based investor. The undisclosed buyer was represented Steven Vegh and Yisroel Pershin, also of GFI.

June 23, 2009

Northeast Office

CBRE, RBJ COMPLETES 41,200-SQUARE-FOOT OFFICE LEASE

by admin June 23, 2009

NORTH READING, MASS. — CB Richard Ellis/New England (CBRE) and Richards Barry Joyce & Partners (RBJ) have completed a lease for 41,2000 square feet of Class A office space in North Reading. The tenant, Crowe Paradis Services Corp., will occupy the fourth floor of 400 Riverpark Drive, a seven-story,150,000-square-foot office building located within the 1 million-square-foot Riverpark Office Park. CBRE’s David Pergola, Mark Reardon and Jason Levendusky represented the ownership, a joint venture between Taurus Investment Holdings and DivcoWest, in lease negotiations. The tenant was represented by RBJP’s Brian McKenzie and James Lipscomb.

June 23, 2009

Industrial Northeast

SPERRY VAN NESS ARRANGES 25,000 SQUARE FEET IN INDUSTRIAL LEASES

by admin June 23, 2009

FREEHOLD, N.J. — Sperry Van Ness | Richter Grusd (SVN) has arranged four new leases totaling 25,000 square feet at 6 Paragon Way, a 70,000-square-foot warehouse/flex building located in Freehold. Zee Brothers International is leasing 10,000 square feet; Lorillard Tobacco Co. is leasing 5,000 square feet; AJM Sheet Metal is also leasing 5,000 square feet; and High Focus Centers is leasing 5,000 square feet. In the first three transactions, SVN’s Doug Richter and Ian Grusd represented both parties. In the fourth lease, Richter and Grusd represented the landlord, while Michael Staskiewicz of Newmark Knight Frank represented the tenant. The facility is owned by a local developer. It features 28-foot clear ceiling heights, 20 loading docks and available drive-ins. The remaining 45,000 square feet is divisible for a single or multiple tenants.

June 23, 2009

Mixed-Use Northeast

PARTNERSHIP STARTS ZONING PROCESS FOR NEW MULTI-USE PROJECT

by admin June 22, 2009

NEW YORK CITY — A partnership between Lincoln Equities Group and an affiliate of Grosvenor Investment Management has taken the first steps toward the creation of a new waterfront multifamily and retail project in the Astoria neighborhood of Queens, New York City. The partnership has submitted an application to begin the city’s uniform land use review process, which if successful, would re-zone an industrial area located along the East River known as Halletts Point for residential and commercial use. The new multi-use community would contain 2,000 units of market-rate housing, 500 units of affordable housing, a waterfront park, a neighborhood supermarket, additional retail and restaurants. The project would consist of seven buildings averaging 32 stories in height. The Halletts Point area, which is situated at the intersection of First Street and 26th Avenue, presently contains mostly vacant industrial buildings and storage yards, and is zoned for manufacturing use. Lincoln is developing the project, with GIM PA Partners LP, the Grosvenor affiliate, serving as capital partner. The project was master-planned by Studio V.

June 22, 2009

Northeast Office

NBA RENEWS CORPORATE LEASE

by admin June 22, 2009

NEW YORK CITY — The National Basketball Association has renewed its lease for 153,405 square feet at Olympic Tower, a Class A office tower located at 645 Fifth Ave. in Manhattan, New York City. The NBA signed a lease for 10 years with a 5-year option. It will continue to occupy floors 14 through 20 of the building with an option to expand onto two additional floors. It originally took occupancy at the building more than three decades ago; the location contains its corporate offices. Harry Seherr-Thoss, Mark Jaccom, Robert Freedman, Richard Plehn Sr., and Christina Plakopita of FirstService Williams represented the landlord, Olympic Tower Associates. The tenant was represented by Barry Goson, Moshe Sukenik and Corey Borg of Newmark Knight Frank.

June 22, 2009

Multifamily Northeast

CBRE BROKERS $1.75 MILLION APARTMENT BUILDING SALE

by admin June 22, 2009

PATERSON, N.J. — CB Richard Ellis has (CBRE) brokered the sale of a 25,000-square-foot multi-use building, located at 33-43 Park Ave. in Paterson, for $1.75 million. The property is a three-story building that contains seven residential apartments over four retail units, all of which are occupied. Renovations are planned for the façade, the parking lot and the formerly vacant supermarket space. Dean Marchi and Charles Burger of CBRE represented the seller. Stephen D’Amato, also of CBRE, represented the buyer in the leasing component of the transaction. Both parties were undisclosed.

June 22, 2009

Northeast Restaurant

RESTAURANT OPENS AT BROADACRES

by admin June 22, 2009

BLOOMFIELD, N.J. —Zeytinia Fresh Made has opened at the BroadAcres office park, located in Bloomfield. The restaurant will occupy 1,727 square feet of space on the ground floor of 200 Broadacres Dr. It will feature dining inside and outside on an adjacent patio, as well as catering for tenants of the office park. BroadAcres is a 20-acre office park situated near the Garden State Parkway. It comprises 360,000 square feet of Class A office space in a park-like setting. It is owned by Prism Capital Partners.

June 22, 2009

Northeast Office

NEW BOSTON FUND SELLS TELECOM FACILITY

by admin June 19, 2009

BURLINGTON, MASS. — New Boston Fund has completed the sale of 51 South Bedford St., a 100,000-square-foot telecom facility in Burlington. The building was sold for an undisclosed price to H.N. Gorin, Inc. The building, which is fully leased to long-term tenant Verizon Communications, is located directly off Route 128 and is adjacent to the Burlington Mall. Peter Joseph at Eastdil Secured represented New Boston in the transaction and procured the buyer.

June 19, 2009

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