Northeast

CBRE ARRANGES $17.37 MILLION MULTIFAMILY SALE

by admin March 6, 2009

NORWICH, CONN. — The Hartford, Conn., office of CB Richard Ellis – New England (CBRE) has arranged the sale of two multifamily properties located in Norwich for $17.37 million. The properties include Meadow Ridge Apartments, a 120-unit community located on Plumtree Drive, and Cambridge Estates Apartments, a 92-unit community located on Oxford Drive. Amenities include outdoor pools, townhouse-style units and private decks. CBRE’s Michael Stone and Jessa Kurzman represented the seller, Equity Residential Properties Trust, and procured the undisclosed buyer. In addition, Michael Riccio and Christine Kubas of CBRE Capital Markets secured more than $14 million in acquisition financing for the transaction.

March 6, 2009

LARKEN ACQUIRES 106,880-SQUARE-FOOT OFFICE/RETAIL PROPERTY

by admin March 6, 2009

SPRINGFIELD, N.J. — Hillsborough, N.J.-based Larken Associates has acquired a 106,880-square-foot retail and office property located at 899 and 901 Mountain Ave. in Springfield. The first building, Echo Plaza Shopping Center, is a 66,000-square-foot retail complex. The other building, Echo Executive Plaza Office Building, is a three-story, 40,880-square-foot professional office building. Larken Associates plans to undertake significant renovations and upgrades to the property. Construction at Echo Plaza Shopping Center will include a new exterior façade and roof, new tenant signage, a new marquee sign and exterior landscaping. Improvements at Echo Executive Office Building will include a new lobby, common bathrooms and corridors. Victor Kelly of Raider Realty represented the buyer in the transaction. The seller, as well as the purchase price, was not disclosed.

March 6, 2009

Multifamily Northeast

MARCUS & MILLICHAP COMPLETES SALE OF MULTIFAMILY BUILDING

by admin March 6, 2009

NEW YORK CITY — Marcus & Millichap has completed the sale of an eight-unit multifamily building located at 237 Troy Ave. in Brooklyn, New York City. Daniel O’Brien with the firm’s Brooklyn office represented the seller, a private investor. The undisclosed buyer was secured and represented by an outside broker. The property traded at a price of $645,000 and a 6.59 percent capitalization rate.

March 6, 2009

Northeast Office

179 LINCOLN RECEIVES PRESERVATION AWARD

by admin March 6, 2009

BOSTON — Millennium Partners – Boston has received the 2009 Preservation Achievement Award for its restoration and redevelopment of the historic 179 Lincoln Street building, located in Boston’s Leather District. The former industrial building, which was constructed in 1899 and originally known as the Albany Building, was redeveloped into a five-story, 220,000-square-foot office building. The project received the award for Best Adaptive Use of a Historic Industrial Space in the City of Boston from the Boston Preservation Alliance. It also achieved LEED certification. The project was designed by locally based CBT Architects. New tenants that have signed at the building include Bovis Lend Lease LMB, Power Advocate and The TriZetto Group. CB Richard Ellis – New England is serving as leasing agent for the remaining space.

March 6, 2009

Northeast Retail

MARCUS & MILLICHAP BROKERS $6.27 MILLION RETAIL SALE

by admin March 5, 2009

CHERRY HILL, N.J. — Marcus & Millichap has brokered the sale of a two-building retail property, located at 104-106 Route 70 East in Cherry Hill, for $6.27 million. The property comprises two freestanding buildings situated on 5.24 acres that are occupied by CitiBank and Famous Dave’s BBQ. Chris Munley, Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller, Pennsylvania-based Cherry Hill Realty Associates. The trio also procured the buyer, a family partnership completing a 1031 exchange. The property traded at a 6.88 percent capitalization rate.

March 5, 2009

Northeast Retail

TWO RETAIL PROPERTIES TRADE FOR $4.52 MILLION

by admin March 5, 2009

NEW YORK CITY — Massey Knakal Realty Services (MK) has brokered two New York City sales totaling $4.52 million. In Long Island City, Queens, MK’s Al Holloman represented both undisclosed parties in the disposition of a vacant 1,830-square-foot gas station/repair shop, located at the entrance to the Queensboro Bridge, for $3.32 million. The Sunoco-branded gas station is situated on an approximately 9,200-square-foot footprint and is zoned for 18,400 square feet of commercial or retail development. In Bensonhurst, Brooklyn, MK’s Jeffrey Shalom represented the seller in the disposition of a two-story retail property, located at 2174 86th St., for $1.2 million. Zoning allows for an expansion of the first floor and an increased building height. The property traded at a price of $574.16 per square foot.

March 5, 2009

Industrial Northeast

ROCK COMMERCIAL ARRANGES 40,000-SQUARE-FOOT INDUSTRIAL SALE

by admin March 5, 2009

YORK, PA. — York-based ROCK Commercial Real Estate has arranged the sale of a 40,000-square-foot industrial property located on approximately 4 acres at 3350 Farmtrail Rd. in Manchester Township, York. ROCK represented the buyer, Tekgard. The seller, Key Plastics Technology, was represented by Hart Corp. The acquisition price was not disclosed.

March 5, 2009

Industrial Northeast

COLLIERS MEREDITH & GREW NEGOTIATES $2.1 MILLION FLEX SALE

by admin March 5, 2009

MARLBOROUGH, MASS. — Colliers Meredith & Grew has negotiated the sale of a 28,000-square-foot flex industrial building, located at 85 Hayes Memorial Dr. in Marlborough, for $2.1 million. The property was constructed in 1974 and expanded in 1998. It contains office and warehouse space, and was fully leased to Diamond Machining Technology at the time of closing. Wayne Spiegel, William Lynch and Timothy O’Brien of Colliers Meredith & Grew represented the seller, EPP Real Estate. Joel Aho of O’Brien Commercial Properties represented the undisclosed buyer.

March 5, 2009

Northeast Office

L&L HOLDING COMPLETES 370,000-SQUARE-FOOT OFFICE BUILD-OUT

by admin March 4, 2009

NEW YORK CITY — L&L Holding Co. has completed the interior build-out for Grey Group’s new 370,000-square-foot world headquarters, located at 200 Fifth Ave. in Manhattan, New York City. The new office encompasses six floors of the 800,000-square-foot office building. Construction included new elevators, bathrooms and windows, as well as a modernization of the electrical systems and other infrastructure. Grey Group will be relocating in the fall from its current Midtown offices at 777 Third Ave. L&L is currently undertaking a $120 million redevelopment of 200 Fifth Avenue. The project is being designed by Studios Architecture, with assistance from Landscape Designs. Upon completion, it is expected to achieve LEED-Gold certification.

March 4, 2009

Civic Northeast

DMR ARCHITECTS COMPLETES ELEMENTARY SCHOOL RENOVATION

by admin March 4, 2009

LYNDHURST, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has completed the $2 million renovation of the Jefferson Elementary School annex, located on New York Avenue in Lyndhurst. The building, which was formerly occupied by the Knights of Columbus, will now house kindergarten, first grade and second grade students for the school. The renovation will also allow for the accommodation of children with special needs, including the installation of an elevator for ADA access. In addition, the building’s existing kitchen was upgraded, as were the nurse’s office, the main office and the building’s façade. The project was funded by a joint venture between the town and the school district.

March 4, 2009

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