NORWAY, MAINE —Marcus & Millichap has brokered the sale of a 14,700-square-foot Walgreens pharmacy located in Norway. The property is situated on 1.63 acres and was constructed in 2008. The transaction was negotiated by Bob Horvath and Todd Temblay of Marcus & Millichap’s Boston office, along with Mike Lombardi and Darren Griffith of the firm’s New Jersey office. The buyer was a New York-based investor and the seller was a regional developer. The property traded at a price of $5.3 million.
BEVERLY, MASS. — Cummings Properties has received the Environmental Protection Agency’s Energy Star designation for 900 Cummings Center, a 200,000-square-foot office building located in Beverly that is owned and managed by Cummings Properties. The facility is the first of its kind in Beverly to receive the Energy Star label and the fifth property in Cumming’s portfolio to do so.
CAMBRIDGE, MASS. — Jones Lang LaSalle has completed NorthPoint Residences, two residential condominium towers located within the NorthPoint master-planned community in Cambridge. The buildings comprise 1 Earhart Way, which rises eight floors and contains 99 one-bedroom lofts, and 2 Earhart Way, a 12-story building that contains 230 one- to three-bedroom flats and duplexes. The former building also contains one level of underground parking and the latter building contains two levels of underground parking. The community includes an interior courtyard with a bamboo garden. The 1 Earhart Way building was designed by CBT Architects; 2 Earhart Way was designed by Architects Alliance. The project is being developed by Pan Am Systems.
SHORT HILLS, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of a 15,027-square-foot retail property, located at 36-46 Chatham Rd. in Short Hills, for $3.78 million. The property, which is almost fully occupied, includes the primary retail space for downtown Short Hills, as well as additional office and other commercial space. Kislak’s Jeffrey Wiener represented the seller and Matt Weilheimer, also of Kislak, represented the buyer. Both parties were undisclosed.
EXETER, N.H. — Bedford, N.H.-based Eckman Construction has completed the $7.3 million renovation of Seacoast School of Technology in Exeter. Located on Linden Street, the school serves the seven area high schools and provides 12 programs of study. Renovations included a new building for the Automotive Service Technology program that contains two classrooms and a 12-bat auto repair facility, a new main entrance, a new space for the on-site teaching pre-school, a new air conditioning system, and upgrades to the building’s mechanical and electrical systems. The project was designed by Lebanon, N.H.-based Banwell Architects.
WEBSTER AND PINELLAS PARK, N.Y. — NorthMarq Capital has arranged two loans in New York totaling approximately $25 million. NorthMarq’s Upstate New York office secured approximately $18 million in first-mortgage financing for Webster Manor Apartments, a 308-unit multifamily community located in Webster. Sam Berns of NorthMarq originated the loan, which carries a 7-year term and a 30-year amortization schedule. The lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Additionally, NorthMarq’s New York Metro office arranged $7 million in first-mortgage financing for a 46,817-square-foot Wal-Mart located in Pinellas Park. Craig Bjornsund of NorthMarq, along with Carl Amorosino of Estreich & Co., secured the loan, which also carries a 7-year term and a 30-year amortization schedule. The borrowers in both transactions were undisclosed.
FLORHAM PARK, N.J. — Atlantic Health has announced plans to develop a four-story, 100,000-square-foot medical facility at The Green at Florham Park, a 268-acre master-planned project that is being developed in Florham Park by a joint venture between Rockefeller Group Development Corp. and Roseland, N.J.-based The Gale Real Estate Services Company. Called Atlantic Sports Health Institute, the facility will specialize in sports medicine. It is located adjacent to the training facility for the New York Jets and is located between Morristown Memorial Hospital in Morristown, N.J., and Overlook Hospital in Summit, N.J.—both of which are owned by Atlantic Health. Construction is scheduled to begin in mid-2009 with completion expected in mid-2010.
THOROFARE, N.J. — Jackson Cross Partners (JCP) has brokered the sale of a 183,570-square-foot, cross-docked distribution building located at 117 Crown Point Rd. in Thorofare. Situated on 16.2 acres, the building features 32-foot clear ceiling heights and 60-foot by 54-foot column spacing. JCP’s Lou Battagliese, Jim Young and Harry McKenna represented the seller, Exeter Property Group. The buyer was Albert Tire Co., which is fitting up the recently constructed property to accommodate its new headquarters and warehouse operations. The company is currently located in Pennsauken, N.J.
WASHINGTON, PA. — Adios Associates LP has signed a contract with franchisor Choice Hotels International for the development of a new Cambria Suites hotel in the Pittsburgh suburb of Washington. The 103-suite hotel will be located at 455 Racetrack Rd. It will feature a two-story lobby, a coffee bar that also serves breakfast and dinner, a fitness center, a 24-hour convenience store and more than 1,000 square feet of meeting space. Individual suites will include two flat-screen televisions, Media Hub technology and high-speed Internet access. The construction timetable was not released. Adios Associates is a joint venture between Horizon Properties Group and Pittsburgh-based Madison Realty Group. The new hotel will mark the fifth Cambria Suites in the state of Pennsylvania and the fourth one in the Pittsburgh area.
NEW YORK CITY — Eastern Consolidated has completed the sale of a two-building residential property located at 634 Hudson St. in the West Village neighborhood of Manhattan, New York City, for $7.25 million. The property consists of a front building containing six apartment units and ground-floor retail space, as well as a rear carriage house that contains the other 14 apartments. A courtyard separates the two buildings. The retail space is leased to Myers of Keswick, an English culinary shop that has occupied the space since 1985. Eastern Consolidated’s Sam Schneider and Daniel Glaser represented the seller, locally based 634 Hudson Street Corp.; Roberto Ortiz, also of Eastern Consolidated, procured the buyer, Westchester, N.Y.-based 634 Street LLC.
