CANONSBURG, PA. — A joint venture between Horizon Properties Group and Madison Realty Group has procured $12.8 million in acquisition and development financing from Indiana, Pa.-based S&T Bank. Part of the loan will be used for the construction of a new Cambria Suites hotel to be built on Racetrack Road in North Strabane Township, Canonsburg. The site is situated at the entrance to a Tanger Outlets retail center and across from the Meadows Racetrack & Casino. The other part of the loan will be used for the acquisition of an existing 27,500-square-foot office building located adjacent to the proposed hotel site. Terms of the financing, as well as the construction timetable, were not released.
NEW YORK CITY — Rudin Management Co. has secured a lease for the expansion of Verizon Business Services at 560 Lexington Avenue, a 22-story office tower located in Manhattan, New York City. Verizon will lease an additional three floors totaling 49,815 square feet for a 7-year term. This brings its total space leased in the building to seven floors comprising approximately 116,000 square feet—making it the largest tenant in the tower. Thomas Keating of Rudin Management Co. represented the landlord, the Rudin Family. Cushman & Wakefield’s Jeffrey Heller represented Verizon.
PHILADELPHIA — Tower Investments is nearing completion for The Piazza at Schmidt’s, a $150 million mixed-use project located in the Northern Liberties neighborhood of Philadelphia. The project consists of the brownfield redevelopment of the former Schmidt’s Brewery at Second Street and Girard Avenue. Upon completion, the project will comprise 500 residential units and 100,000 square feet of retail and restaurant space. In addition, the project will feature an 80,000-square-foot public space that will host events such as concerts, open-air markets, movie nights and private social events. The space will be able to hold up to 5,000 people and will include a permanent performance stage, as well as a 16-foot by 26-foot, hi-definition video screen. The grand opening is scheduled for May. The Piazza at Schmidt’s is the beginning of Tower Investments’ revitalization of Northern Liberties. Tower currently controls 28 acres of land in the neighborhood, which will eventually contain approximately 1,500 residential units and more than 400,000 square feet of office and retail space in a combination of redevelopment and new construction projects.
FRANKLIN TOWNSHIP AND ROCKAWAY, N.J. — Baker Properties has acquired a two-property, Class A industrial portfolio located in northern New Jersey. The two properties include 500 Memorial Drive, a 148,598-square-foot warehouse situated on 11.38 acres in Franklin Township; and 400 Commons Way, an 83,028-square-foot high-tech/flex building situated on 15.6 acres in Rockaway. Both properties were fully occupied at the time of closing. The portfolio was sold by RREEF, in a transaction arranged by Cushman & Wakefield of New Jersey. The acquisition price was not disclosed.
WOBURN, MASS. — Hilltop 15 Middlesex LLC has acquired a 196-room Holiday Inn Select located in Woburn for $8.5 million. Amenities at the hotel include a 282-seat restaurant, a fitness center, an indoor pool, 9,000 square feet of meeting space and banquet facilities. The buyer plans to invest more than $1 million in capital improvements during the first quarter of the year. The hotel is currently operated by Park Lodge Hotel Group. Hilltop 15 Middlesex LLC is managed by David Masse, who is also the founder of Compass Realty Associates. The buyer in the transaction was not disclosed.
MORRISVILLE, VT. — Crosspoint Associates has acquired 80 Fairgrounds Plaza, a 46,844-square-foot retail property located in Morrisville, for $3.5 million. Situated on approximately 8.3 acres, the building was constructed in 2001. It is currently leased on a long-term basis by Hannaford Bros., one of the largest supermarket chains in the Northeast. Bill Moylan, Chris Angelone, Peter Stevens and Leslie Faraci of CBRE / New England represented the seller, LNR Property Corp., and procured Crosspoint Associates.
HAUPPAUGE, N.Y. — Rechler Equity Partners has leased a 104,000-square-foot industrial property, located at 85 Nicon Ct. in Hauppauge, to Global Freight Management (GFM). The new facility will be used by GFM to consolidate its Huntington, N.Y., and Hauppauge operations. Rechler Equity’s Harry Stavro represented building ownership in the lease transaction. Mario Asaro of United Realty represented GFM. Terms of the lease were not disclosed.
PLAINSBORO TOWNSHIP, N.J. — Turner Construction Co. has been selected to build a $441 million replacement hospital for University Medical Center at Princeton, located in Plainsboro Township. The 636,000-square-foot facility will be constructed over the next 3 years. It will contain 269 beds, 10 surgical suites, full-service diagnostics, cardiac labs and radiation oncology with linear accelerators, as well as ancillary and support space.
MEREDITH, N.H. — Natick, Mass.-based Crosspoint Associates has completed the redevelopment of Meredith Bay Shops, a 70,000-square-foot shopping center located in Meredith. Crosspoint first acquired the property in 2007 and set about completing a more than $10 million revitalization and expansion of the property, which included a 30,000-square-foot Hannaford Supermarket, which now anchors the property. Other tenants include Olympia Sports, which recently opened a 4,200-square-foot location, as well as Rite Aid, BarnZ’s Cinema, Dockside Florist, Meredith Cleaners and Lake Region Nutrition.
HACKENSACK, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has broken ground for the first phase of the new Bergen County Command Center in Hackensack. The two-story, 30,000-square-foot building will house Bergen County’s 911 Communications Center and the Office of Emergency Management and Emergency Operation Center. The center will have space for 34 operators. The offices had previously been located in separate buildings, with each town in Bergen County operating its own 911-call center. Completion is expected in early 2010.