Northeast

JV ACQUIRES $8 MILLION OFFICE COMPLEX

by admin January 21, 2009

NEW HAVEN, CONN. — A joint venture between an investment fund controlled by Jonathan Rose Cos. and an affiliate of The Hurley Group has acquired an approximately 130,000-square-foot office complex, located at 45-55 Church St. in New Haven, for $8 million. Situated on 1.29 acres, the complex comprises an eight-story, 105,522-square-foot office building located at 55 Church St.; a three-story, 24,126-square-foot, Greek revival-style bank building located at 45 Church St.; and an adjacent 76-space parking garage. The office tower, which was built in 1972 and renovated in 1999, is currently 71 percent occupied by 13 tenants; the vacant bank building, which was built in 1907, was most recently occupied by Wachovia Bank. Steven Inglese and Rob Montesi of The New Haven Group represented both parties in the transaction. The seller was ECP Church LLC. The buying entities were Rose Smart Growth Investment Fund I LP, Jonathan Rose’s fund, and 45-55 Church Street LLC, Hurley’s affiliate. The joint venture plans to undertake a $3 million capital improvements and leasing program; the partnership will seek LEED – Existing Buildings and Energy Star certifications for the project.

January 21, 2009

WEICHERT BROKERS SALE OF 41,000 SQUARE FEET OF OFFICE SPACE

by admin January 21, 2009

RAHWAY, N.J. — Weichert Commercial Brokerage has brokered the sale for approximately 41,000 square feet of office space at 2 City Hall Plaza, located in Rahway. The property rises three stories and contains 65,000 square feet of Class A office space. The first floor is currently occupied by The Rahway Public Library; the vacant second and third floors of the building, which contain 20,499 square feet of space each, were included in the sale. Weichert’s Beth Krinsky and Terry Kenny represented the seller, SD LLC, and the undisclosed buyer in the transaction. In addition, Weichert was retained by the buyer to market the 41,000 square feet of space for lease.

January 21, 2009

Northeast Retail

TEKTON ADVANCING CONSTRUCTION OF NEW JERSEY BOOKS

by admin January 21, 2009

NEW BRUNSWICK, N.J. — Tekton Development Corp. is advancing construction for a new two-story, approximately 18,000-square-foot location for New Jersey Books in New Brunswick. New Jersey Books, which serves the Rutgers University community, will be moving to a new $3.6 million store at 39 Easton Ave., which is just one-half black north of its present location at 108 Somerset St. Completion is scheduled for late February or early March. The new facility will be more than four times the size of New Jersey Books present location. The relocation came as a result of the of The Gateway, a high-density, mixed-use redevelopment project that is being developed, in part, at the book store’s old location.

January 21, 2009

Northeast Office

SUMMIT NEGOTIATES OFFICE SALE

by admin January 21, 2009

ALLENTOWN, PA. — Allentown-based Summit Management & Realty Co. has negotiated the purchase of a 7,100-square-foot office building located in Allentown. Situated at 1176 N. Irving St., the property traded for approximately $670,000. Summit’s Jennifer Gold represented the buyer, Cornerstone Consulting Engineer & Architectural, which will use the facility as its new corporate headquarters. The seller was not disclosed.

January 21, 2009

Civic Northeast

CONSTRUCTION BEGINS FOR $150 MILLION MEADOWLANDS RAIL STATION

by admin January 20, 2009

EAST RUTHERFORD, N.J. — Construction has commenced for the $150 million Meadowlands Rail Station located in East Rutherford. Designed by Hasbrouck Heights, N.J.-based DMR Architects, the project is part of The Meadowlands Railroad and Roadway Improvement Project, a multi-agency effort to provide better mass transportation access to the New Jersey Meadowlands Sports & Entertainment Complex, which is currently under construction. The train station will allow passengers to travel from northern New Jersey, Midtown Manhattan and Long Island through the Secaucus Junction Transfer Station to the new stadium, as well as Meadowlands Xanadu, a $1.3 billion entertainment and office complex also under construction in the area. The Port Authority of New York and New Jersey is overseeing the project, which is scheduled for a June 2009 completion.

January 20, 2009

Industrial Northeast

NORTHMARQ ARRANGES $2.92 MILLION IN JV FINANCING

by admin January 20, 2009

BILLERICA, MASS. — NorthMarq Capital has arranged $2.92 million in joint venture capital for the acquisition of two office/flex buildings located in Billerica. The properties are located at 261-267 Boston Rd.; they total 94,605 square feet and were constructed in 1985. Steve Bye of NorthMarq’s Denver regional office originated the financing on behalf of Hall Royce Investments.

January 20, 2009

Northeast Office

GALE BEGINS 100,000-SQUARE-FOOT OFFICE BUILD-OUT

by admin January 20, 2009

MOORESTOWN, N.J. — Roseland, N.J.-based The Gale Construction Company has commenced a 100,000-square-foot interior office renovation and build-out for the Shaw Group at 224 and 228 Strawbridge Rd. in Moorestown. Construction will comprise 75,000 square feet of 228 Strawbridge Rd. and 25,000 square feet of 224 Strawbridge Rd. Improvements will include a system network room, modular partitions and workstations, upgraded HVAC and energy management systems, a reproduction room and conference rooms. The two office buildings are owned by Mack-Cali Realty Corp., of which Gale Construction is a subsidiary. The construction timetable was not released.

January 20, 2009

Northeast Retail

SNAP FITNESS HOLDS GRAND OPENING

by admin January 20, 2009

BANGOR, PA. — The grand opening has been held for a new Snap Fitness, located within Capitol Plaza in Bangor. The 24-hour gym totals 3,774 square feet. Dale Mulartrick of Levin Management, who is also the leasing agent for the shopping center, negotiated the lease agreement.

January 20, 2009

Multifamily Northeast

MERIDIAN SECURES $65 MILLION FOR MULTIFAMILY REFINANCE

by admin January 19, 2009

NEW YORK CITY — Meridian Capital Group has secured a $65 million first mortgage for the refinancing of Knickerbocker Plaza, a 578-unit multifamily property located at Second Avenue and East 90th Street in New York City. Developed in 1975 by The DeMatteis Organization, the property is in the process of opting out of the Mitchell-Lama Housing Program. Knickerbocker Plaza also includes retail, office and parking space, including a bank and a pharmacy. Abe Hirsch and Zev Karpel of Meridian’s New York office secured the loan, which include a 5-year term, with a local lender.

January 19, 2009

Northeast Retail

LOWE’S OPENS AT QUONSET GATEWAY

by admin January 19, 2009

NORTH KINGSTOWN, R.I. — The grand opening has been held for the new Lowe’s Home Improvement Warehouse, located within The Shops at Quonset in North Kingstown. The retailer will occupy a 117,000-square-foot store and an adjacent garden center. Lowe’s is the second retailer to open in the open-air, mixed-use center, the first being Kohl’s. Both stores will serve as anchors for the development. Local grocery store Dave’s Marketplace is expected to open within the center this spring. At full build-out, The Shops at Quonset will include retail and restaurant space, second-floor office space and a hotel. It is part of the first phase of The Quonset Gateway, a 72.5-acre mixed-use development located at the entry to Quonset Business Park. The $144 million project is being developed by New Boston Fund and is being funded by the company’s Urban Strategy America Fund.

January 19, 2009

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