PHILADELPHIA — Morristown, N.J.-based The Hampshire Companies has acquired a 39,702-square-foot industrial facility located at 8401 Escort St. in Philadelphia. The single-story, food-processing facility is currently leased to Sky Chefs, an airline catering company. The property features 5,700 square feet of office space and is situated adjacent to Philadelphia International Airport. The acquisition was made by Hampshire on behalf of the Hampshire Generational Fund, one of the company’s private equity real estate investment funds. The seller and the acquisition price were undisclosed.
CRANFORD, N.J. — CB Richard Ellis Debt & Equity Finance (CBRE) has arranged $6.5 million in first mortgage financing for a 20,000-square-foot retail development located at 40-50 South Ave. in Cranford. The property consists of a 16,000-square-foot, freestanding Walgreens pharmacy and a 4,000-square-foot Chase Bank. The loan carries a 6 percent fixed rate and a 10-year term; proceeds will be used to refinance the construction loan for the two properties. CBRE’s James Gunning and Donna Falzarano arranged the loan on behalf of Bradley Box Co. with the lender, Rockville Bank.
NEW YORK CITY — Meltzer/Mandl Architects has completed the design for The Smith, a 13-story mixed-use building located at 75 Smith St. in the Boerum Hill neighborhood of Brooklyn, New York City. The building will feature a 93-room hotel on floors one through four, 50 residential condominiums on floors five through 13, 1,100 square feet of medical office space, and retail space fronting Atlantic Avenue. The condos will be primarily two-bedroom units, but the 12th floor residences will comprise duplex units with rooftop terraces. The property will also feature 64 parking spaces and below-grade storage space. The building’s exterior is a brick and panelized façade, and the building steps down to four stories along its State Street frontage, in keeping with the look of the surrounding neighborhood of brownstones and townhome residences. The project’s developer is Boymelgreen, and general contracting services are being provided by Alisa Construction. The project’s timetable was not released.
NEW YORK CITY — Marcus & Millichap has completed two multifamily sales in Manhattan, New York City, for a total of $6.65 million. First, the firm completed the sale of a five-story property, located at 493 Second Ave., for $3.85 million. The building contains 16 residential units, two commercial units and 9,135 square feet of developable air rights. Rents for both types of units are currently below market levels. Peter Von Der Ahe and Joseph Koicim of Marcus & Millichap’s Manhattan office represented the seller, a Hong Kong-based family, as well as the buyer, a prominent New York City-based landlord. Additionally, Marcus & Millichap completed the sale of a nine-unit, brownstone apartment building, located at 131 W. 80th St. on the Upper West Side, for $2.8 million. The four-story building contains five rent-controlled units, three rent-stabilized units and one free-market unit. Koicim represented the buyer, a New Jersey-based family. Von Der Ahe and Scott Edelstein, also of Marcus & Millichap, represented the seller, a private investor.
NASHUA, N.H. — The Stubbledine Company/CORFAC International has brokered the sale of a 183,865-square-foot industrial facility, located at 8 Cotton Rd. in Nashua, for $5.5 million. Situated on 17.2 acres, the building contains warehouse and office space. It features 18-foot clear ceiling heights, 508 parking spaces and eight loading docks. The seller was Hewlett Packard, which has owned and operated the site since 2002. The property was acquired by Hudson-RPM, which plans to use the site to expand its national wholesale magazine distribution business. Cushman & Wakefield provided representation for Hewlett-Packard in the transaction; Hudson-RPM was represented by The Stubbledine Company.
NEWARK, N.J. — Tucker Development Corp. has acquired an 11-acre site, located at the northeast corner of Springfield Avenue and Jones Street in Newark, for the development of a new shopping center. Tentatively called Springfield Avenue Marketplace, the project will total approximately 200,000 square feet. It will feature a two-story parking deck, as well as up to 825 free storefront parking spaces. The site is located within Newark’s Urban Enterprise Zone, which entitles customers to a sales tax reduction, and reduces taxes on personal property and services for retailers. Tucker is partnering with local developer Wil Allen for the project. A construction timetable was not released.
CRANBURY, N.J. — The New Jersey office of CB Richard Ellis (CBRE) has negotiated a lease for 236,944 square feet of industrial space at 324 Half Acre Rd. in Cranbury. The space will be occupied by Howard Berger Co., which is consolidating its distribution operations from two facilities in Monroe, N.J., to the new space. CBRE’s Scott Belfer, Stacey Weinberg, Mindy Lissner, Lou Belfer and Brittany Smith brokered the transaction. The distribution building Howard Berger Co. will be occupying totals 453,000 square feet. It is cross-docked and features 36-foot clear ceiling heights, 73 truck dock doors and one drive-up ramp.
BOSTON — Construction has reached the halfway point for a five-story vertical addition to the existing, 10-story Tufts University School of Dental Medicine building, located at One Kneeland Street in the Chinatown neighborhood of Boston. The $64 million project will total 95,000 square feet; it will include two new clinical patient floors, an expanded simulation lab, teaching facilities, a continuing education conference center and administrative offices. It is also being constructed in anticipation of LEED certification. ARC/Architectural Resources Cambridge designed the project, and Boston-based Shawmut Design & Construction is serving as general contractor. Completion is scheduled for the end of the year.
BOSTON, LAWRENCE AND CAMBRIDGE, MASS. — Two Massachusetts multifamily portfolios have been disposed of for a total of $50.9 million. The first portfolio, known as the Riverside Management Portfolio, traded for $44 million. It contains three properties, two of which are located in Boston and one that is located in Lawrence, totaling 414 units. Robert Griffin, Jr., Simon Butler and Biria St. John of the Capital Markets Group of Cushman & Wakefield of Massachusetts (C&W) represented the undisclosed seller and procured the buyer, OMNI America, which is an affiliate of OMNI New York. In the second transaction, the trio, along with C&W’s Chris Sower, completed the $6.9 million sale of the Charles River Portfolio, which comprises 38 units spread throughout 11 buildings in Cambridge. Of the units, 30 are located on seven contiguous parcels along Banks and Elmer Streets; five units are located in three separate buildings on Putnam Avenue and Andrew Street; and three units are located on Maple Avenue. C&W represented the undisclosed seller and procured the buyer, Longfellow Apartments LLC.
SYRACUSE, N.Y. — The New York City office of Cohen & Company, Inc. Real Estate has arranged the sale of Shop City Shopping Center, a 240,000-square-foot community retail center located in Syracuse, for approximately $30 million. Anchors at the center include P&C Foods, A.J. Wright, Value Home Center, Dollar Tree, Advance Auto Parts and Eckerd. Other tenants include M&T Bank, HSBC Bank, McDonald’s, Rent-A-Center, Citizens Bank and Partners Trust Bank. Helen Putterman and Vera Thomas of Cohen & Co. represented the seller, a privately held company based in the Southeast, and procured the buyer, a New York City-based company completing a 1031 exchange.