NEW LONDON, CONN. — New York-based Savills has brokered the sale of New London Shopping Center, a 260,000-square-foot retail property located in New London, for $40.7 million. The center was 99 percent occupied a the time of closing. It is anchored by ShopRite Supermarket, Marshalls, HomeGoods, PetSmart and A.C. Moore. Additional tenants include Guitar Center, West Marine, Famous Footwear, Hallmark, Sally Beauty Supply and Chili’s Grill & Bar. Savills represented the seller, a joint venture between JPMorgan Investment Management and Centro Properties. The buyer was Cedar Shopping Centers. The shopping center traded at a 7.7 percent cap rate.
BOSTON — Construction had topped out for an 86,000-square-foot addition to Genzyme’s Allston Landing biomanufacturing facility, located along the Charles River in Boston. The addition, which was designed by ARC/Architectural Resources Cambridge, will add space for manufacturing and support functions. It will also include the construction of a new 26,000-square-foot underground cogeneration plant that will generate steam for plans operations, as well as generate electricity. ARC served as project architect for the plant’s original construction in 1991 and, since then, has designed more than 1 million square feet of new construction and renovation projects for Genzyme since then. Completion is scheduled for spring 2010. General contracting services are being provided by Turner Construction Co.
SMITHTOWN, N.Y. — Meridian Capital Group has arranged a $55.1 million first-mortgage loan for the refinancing of Avalon Commons, a 312-unit multifamily community located in Smithtown. The garden-style community comprises 13 buildings, an outdoor swimming pool and a luxury clubhouse with a fitness center. The loan carries a fixed interest rate over a 5-year term and was placed with a local lender. Abe Hirsch of Meridian’s New York office originated the loan on behalf of AvalonBay Communities.
WEST ORANGE, N.J. — The Gale Construction Company has completed a 13,000-square-foot addition and renovation at Solomon Schechter Day School of Essex & Union, located at 118 Pleasant Valley Way in West Orange. Construction consisted of a new addition at the school’s entrance that includes offices and a three-story glass tower. Interior renovations included a new security station, administrative office spaces and science labs. Construction had previously been completed, but a garbage truck collided into the facility soon afterward, causing the need to repair the exterior and the new science labs before the start of the fall term. The project architect was Livingston, N.J.-based Rotwein & Blake Associated Architects. Gale Construction is a subsidiary of Mack-Cali Realty Corp.
NEW YORK CITY — CB Richard Ellis Capital Markets Group (CBRE) has secured $1.4 million in acquisition for a 14,000-square-foot gas station located at 456-60 Bushwick Ave. in New York City. The loan carries an 8.5 percent fixed rate, a 5-year term with a 25-year amortization schedule and a 67 percent loan-to-value ratio. The borrower, 456 Bushwick LLC, used the proceeds to help acquire the property at a price of $2.1 million and a 9.1 percent cap rate. The property is currently subject to a 15-year lease, with BP as the fuel provider. CBRE’s Efrat Sharon originated the loan on behalf of the borrower through a local credit union.
NEW YORK CITY — Tishman Construction Corp. has completed the redevelopment of 407 E. 61st St. in Manhattan, New York City. The seven-story, 70,000-square-foot building will now house laboratory and office space for Weill Cornell Medical College. It had previously served as a city parking garage in the mid-1990s and a showroom for Rolls Royce when it was originally built in the early 1900s. The basement, which was enlarged from 500 square feet to 7,500 square feet, will house mechanical support space for the labs, a staff lounge and a locker area. The rest of the building will contain three research labs with cold rooms, fume hoods and support spaces, as well as two floors of administration offices. Stonehill & Taylor Architects served as project architect.
NEWPORT, DEL. — Philadelphia-based Colliers Lanard & Axilbund (CLA) has brokered the sale of the former Sears distribution center located at 200 Sears Blvd. in Newport. The property comprises an approximately 251,912-square-foot warehouse and distribution facility situated on 12.5 acres within First State Industrial Park. The facility has been vacant since 2006. Mark Chubb and Larry Bergen of CLA represented the seller, Sears, and Andy McGhee, also of CLA, represented the buyer, J&J Langhorne Properties, which has already pre-leased the property to a third party. The acquisition price was undisclosed.
NEW YORK CITY — New York City-based Aragon Construction had been selected to build out a four-floor, 55,000-square-foot office suite for Royce Funds. The office will be located on floors 21 through 24 at 745 Fifth Ave. in Manhattan, New York City. Construction will include conference rooms, private offices, open work areas, a large trading desk, a main reception area on the 23rd floor, lobbies on the other floors, a gym on the 21st floor and a wood-clad internal staircase that will join the floors together, as well as lead to two terraces. Additional features include a bicycle storage facility, LAN room and pantries on each floor. Ted Moudis Associates is serving as project architect. Royce Funds previously occupied 30,000 square feet at 1414 Avenue of the Americas, also in New York City. It will sublet the old space when it expands into its new office. Completion is scheduled for March.
MOUNT LAUREL, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has arranged a $7.3 million loan for the Hampton Inn located at 500 Crawford Place in Mount Laurel. Situated on 2.36 acres, the four-story hotel contains 126 guestrooms, approximately 500 square feet of meeting space, a business center and an outdoor swimming pool. It is currently operated under a long-term franchise agreement with Hampton, which is a subsidiary of Hilton Hotels Corp. The loan carries a 10-year term and was originated by Cronheim’s David Turley, Frank Sullivan and Anna McGivaren. The borrower and lender were not disclosed.
NEW YORK CITY — Capstone Equities is advancing a $7 million capital improvements program at 156 William Street, a Class A office building located in the Financial District of Manhattan, New York City. Construction will include lobby renovations, new windows, HVAC upgrades, new lighting, upgraded finishes and mechanical systems, and the installation of a modern security system. The office tower offers 3,000 square feet of pre-built space, 25,000-square-foot floor plates, 10,000 square feet of ground-floor retail space and 100,000 square feet of renovated space that will be available by February 2010. Gensler is providing construction services for the project. In addition, three new tenants have recently signed at the property, including Earthjustice, Judlau Contracting and Chrysler Borg. CB Richard Ellis is serving as leasing agent.