NEWARK, N.J. — Two Gateway Center, an 832,000-square-foot office building located in Newark, has received the Energy Star designation from the Environmental Protection Agency. Originally constructed more than 35 years ago, the property has undergone significant renovations to increase energy efficiency. These include the replacement of all of the building’s lights and ballasts, the HVAC equipment, motors and elevators. New building automation systems were installed, motion sensors were installed in all offices and VFDs were built on the building’s HVAC systems. These steps have reduced the building’s annual operating expenses by 20 to 25 percent. Two Gateway Center is owned by Manhattan, New York City-based C&K Properties. CB Richard Ellis serves as exclusive leasing agent, with Cushman & Wakefield providing property management services.
HARTFORD, CONN. — CB Richard Ellis (CBRE) has brokered the sale of a 436-unit apartment portfolio located in suburban Hartford for $42.7 million. The portfolio consists of Glastonbury Center, a 105-unit community located in Glastonbury; Ribbon Mill, a 104-unit community located in Manchester; Colonial Village, a 104-unit community located in Plainville; and Loomis Manor and Brooksyde, two communities located in West Hartford that total 123 units. The properties consist of garden-style buildings constructed between 1945 and 1965, except for Ribbon Mill, which is a converted mill building originally constructed in 1908. Jeffrey Dunne and Matthew Innes of CB Richard Ellis’ New York Institutional Group, along with Michael Stone of CBRE’s Multi-Housing Group, represented the seller, Equity Residential. The trio also procured the buyer, The Kamson Corporation, and worked with Michael Riccio of the Hartford office of CBRE | Melody to arrange $34.25 million in Freddie Mac financing for the purchase.
NEW YORK CITY — Northside Development has selected Fifield Piaker Elman (FPE) Architects to design the residential redevelopment of three adjacent commercial buildings located at 11-15 Old Fulton St. in the Fulton Ferry Historic District of Brooklyn, New York City. FPE Architect’s design will combine the structures as a single building, as well as include the addition of a fifth floor to the four-story buildings. The project will contain ground-floor retail space, 15 one- and two-bedroom apartments on the second through fourth floors and a penthouse on the fifth floor. The penthouse will connect to the apartments on the fourth floor to create three duplex units, each with its own terrace. The middle building will contain the project’s residential elevator lobby and entrance. Exterior construction will include the restoration of the building’s brick and masonry façade and the moving in of the rear façade. Construction will begin in early 2009 with completion expected in early 2010. The historic buildings were first constructed from 1836 to 1839.
RED BANK AND TOMS RIVER, N.J. — Cronheim Mortgage has arranged $5.5 million in financing for a three-property portfolio located in Red Bank. The first property consists of two multi-tenant retail buildings, a single-tenant office building and two office and retail buildings that total 42,182 square feet and are located near the Garden State Parkway in Red Bank. The property’s largest tenant is SCS Red Bank Cinema. The second property is a 12,153-square-foot retail building located at 1726 Route 37 East in Toms River that is leased to Rite Aid. The final property is City Centre Plaza, a 34,668-square-foot retail center located along Water Street in Red Bank. The largest tenant here is also Rite Aid. Cronheim’s Bruce Theuerkauf and Lisa McMahon arranged the loan. The borrower and lender, a well as terms of the loan, were not disclosed.
FLORHAM PARK, N.J. —Saiber LLC has signed a lease for more than 54,000 square feet of office space at 18 Columbia Turnpike in Florham Park. The law firm was originally based in Newark. It will be relocating its headquarters to the Florham Park office, which is located within Westminster Corporate Campus, a five-building, 180,000-square-foot office property. The space Saiber is leasing was originally occupied by Kushner Companies, which recently relocated its corporate headquarters to New York City. The company still maintains control over the property. Saiber will take occupancy in November. Terms of the lease were not disclosed.
HAMILTON, N.J. — Meridian Capital Group has arranged a $2 million loan for an approximately 42,000-square-foot retail property located in Hamilton. The property comprises five one-story buildings and is located at 2021 Nottingham Way. Shimon Weiner of Meridian’s New Jersey office arranged the financing, which includes a 10-year term and a 6.25 percent interest rate. The borrower and lender were undisclosed.
SPRINGFIELD, N.J. — Larken Associates has acquired Echo Plaza, a mixed-use property located on Route 22 in Springfield, for $16.3 million. The property comprises a 66,568-square-foot neighborhood shopping center, as well as a three-story, 40,880-square-foot office building. The retail center is 71 percent leased to a tenant roster that includes Big Lots, Outback Steakhouse and Sherwin Williams. The office building is 91 percent leased to tenants that include financial, insurance and area service companies. David Bernhaut, Andrew Merin, Gary Gabriel and Jose Cruz of Cushman & Wakefield arranged the transaction, with John Garibaldi of GRC Management providing additional assistance for the seller, Paragano Development. The buyer plans to make significant capital improvements to the property in an effort to lease the vacant space.
EXTON, PA. — Hayden Real Estate Investments has acquired two Class A office buildings located in Exton for $9 million. The two properties are located within Whitelands Business Park at 748 and 855 Springdale Dr. The former building is a single-story, Class A office building that contains 13,844 square feet and the latter is a two-story, 52,714-square-foot building. Major tenants include Physiotherapy Corp. and Integrated Health & Wellness. Tony Hayden, Jr. provided in-house representation for Hayden Real Estate Investments. The seller, Brandywine Realty Trust, was represented by Brian Fiumara of The Flynn Company.
KEARNY, N.J. — Russo Development has acquired a 190,000-square-foot vacant warehouse, located at the intersection of Schuyler and Bergen avenues in Kearny. The 7.5-acre site will be redeveloped into Schuyler Crossing, a multifamily project that will contain 232 apartment units and 20,000 square feet of retail space. The structure has been demolished and site improvements are already under way. Vertical construction is scheduled to begin in mid-2009. The seller, as well as the sale price, was not disclosed.
CHESTNUT HILL, PA. — Conshohocken, Pa.-based Beacon Commercial Real Estate has brokered the sale of the former Caruso’s Market building, located at 8418-8424 Germantown Ave. in Chestnut Hill. The 6,700-square-foot building contains the retail store, as well as six residential apartments located above the storefront. Beacon Commercial’s Mike Flynn, Gene McHale and John O’Dea represented the owner, Wynnewood, Pa.-based CMS Cos. The seller, Weaver’s Way Co-op, was represented by Bill Elfant of Elfant Wissahickon Realtor. Weaver’s Way is a co-op grocery store that currently has a location in Mt. Airy. It will renovate the Chestnut Hill property and open an additional grocery store by mid-to-late summer. It is not known if the apartments were included in the sale.