EXETER, PA. — Construction is advancing ahead of schedule on Exeter Commons, a 490,000-square-foot retail center in Exeter. Located at the intersection of Business Route 422, Bypass Route 422 and 47th street, Exeter Commons will feature a 132,000-square-foot Target and an 81,000-square-foot Giant Foods, which are both slated to open in late July, as well as a 171,000-square-foot Lowe’s Home Improvement Store, which is slated to open its doors in August. Other tenants include Wells Fargo/Wachovia, Red Robin, Chick-Fil-A, Affinity Bank and a 1,600-square-foot SONIC Drive-In, which will open in late August. Upon completion, the project will be the largest shopping center in Exeter Township. The new center is being developed by Exeter JV Associates, LP, a partnership of The Goldenberg Group and Ironwood Property Group.
NEW YORK CITY — Marcus & Millichap has completed the $4.95 million sale of 1969 Amsterdam Avenue, a 35-unit apartment facility in Manhattan, New York City. The six-story property was built in 1920 and is located on Amsterdam Avenue between 157th Street and 158th Street. The sales price represents $229.42 per square foot and a 6.98 percent cap rate on the property’s net operating income. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office, represented the seller, an undisclosed private investor, and the buyer, a limited liability company.
POTTSTOWN, PA. — A $1.5 million renovation has been completed on the Comfort Inn & Suites hotel located at 99 Robinson St. in Pottstown. Formerly a Comfort Inn, the hotel underwent the renovation to convert to a Comfort Inn & Suites hotel, completely renovating all guestrooms and public spaces including the lobby, breakfast bar and meeting room. Owned by Pottstown Lodging Partners, LP and operated by Infinity Asset Management (a division of Infinity Hotel Group), the Comfort Inn and Suites hotel features 119 guestrooms and suites. The guestroom upgrades include the addition of king suites and one-bedroom executive suites. Several new amenities that were added include flexible meeting space that can accommodate up to 100 people, a 24-hour business center and a fitness center. The hotel also offers a seasonal outdoor swimming pool.
LEXINGTON, MASS. — Rick Robinson of GVA Thompson Hennessey & Partners represented BTS Asset Management, in their recent 10,858-square-foot lease at 420 Bedford St. in Lexington. The landlord, Boston Properties, was represented by Stacey Baker. The lessee, a long-term tenant of 420 Bedford Street, is relocating in July from its current office space to a new suite, expanding its space by 2,500 square feet. The suite is located in one of two buildings in the Class A Lexington Office Park, which totals 166,000 square feet. The office park is located at the junction of Route 4 and I-95.
Multifamily investment activity in Connecticut is expected to gain some additional momentum this year after a reasonably strong 2008. Last year, investors’ fears of the added risks associated with lower-tier assets limited transactions to mostly Class A and B+ properties in the state’s urban areas. While reduced investor demand for properties in secondary and tertiary locations will continue, buyers are expected to target Class B/C apartments in stable CBD markets. Buyers will likely target lower-tier properties in the New Haven and Hartford core, Hamden and the Fairfield/Bridgeport/Trumbull Triangle, where students drive demand for properties. Fewer Class A transactions and the presence of low-leverage opportunistic buyer funds will likely result in a shift in pricing trends, causing cap rates to increase to the mid-7 to 9 percent range. Apartment properties are trading and being financed in the region, thanks largely to agency lenders and still-active local and regional commercial banks. With the fall of the CMBS market, a financing void has emerged in the local and national markets. In 2006 and 2007 CMBS originations nationwide totaled more than $400 billion. Our research suggests that more than $80 billion in CMBS loans will come due in 2009-2010 and recapitalizing those loans will …
ASTON, PA. — Colliers Lanard & Axilbund (CLA) has brokered the sale of the former Greif Inc. property, an approximately 145,000-square-foot industrial property located at 3033 Market St. in Aston. The building is situated on a 17-acre site and was vacated by Delaware, Ohio-based Greif in the third quarter of 2008 following a consolidation of facilities. It was purchased by XP Properties, which plans to lease the entire facility to Priority Archives, Priority Shred and Priority Express Courier. CLA, along with the Columbus, Ohio, office of Colliers Turley Martin Tucker, represented the seller. The buyer was represented by Chadds Ford, Pa.-based Brandywine Financial. The acquisition price was not disclosed.
NEW ROCHELLE, N.Y. — New York City-based Massey Knakal Realty Services has arranged the sale of a six-story apartment building, located at 126 Franklin Ave. in New Rochelle, for $4.75 million. The elevator-served building contains 44 residences comprising 25 one-bedroom units, 18 two-bedroom units and one studio. The property features ground-floor laundry facilities, as well as 41 indoor and outdoor parking spaces. Massey Knakal’s John Barrett represented the seller, 126 Franklin Avenue Partners, and procured the buyer, Echo Bay Properties. The building traded at a 6.3 percent capitalization rate.
LONG ISLAND, N.Y. — Saratoga Springs, N.Y.-based Atlantic Energy Solutions has been awarded a $12 million contract from the Long Island, New York, School District. The project entails installing energy efficient systems in various schools in the district, including a new 200kW solar photovoltaic system, a 300kW cogeneration system, an IT network management system, weatherization improvements, major HVAC renovations, and boiler and lighting system replacements. The project is estimated to save the school district $700,000 in energy costs per year. The construction timetable was not released.
NEW YORK CITY — Law firm Duval & Stachenfeld has signed a 33,000-square-foot sublease to occupy the entire 11th and 12th floor of 101 Park Avenue, located in midtown Manhattan, New York City. Paul Revson and Zev Holzman of Studley represented the Duval & Stachenfeld in negotiating the 4-year sublease. The firm is set to take occupancy this summer. The 101 Park Avenue building totals 49 stories and 1.3 million square feet. It is owned by Kalikow.
NEW YORK CITY — Ground was recently broken for a new 103-unit affordable housing project in the Brownsville section of Brooklyn in New York City. Situated on land that fronts Watkins Street between Newport and Lott Avenue, the new community will consist of 13 four-story apartment buildings comprised of 35 one-bedroom, 57 two-bedroom, and 11 three-bedroom units with an additional unit set aside for the superintendent. There will also be on-site laundry facilities, outdoor recreation space and 22 on-site parking spaces. The development arm of The Community Preservation Corporation, CPC Resources, will oversee all aspects of the development and construction of the project until the apartments are fully leased at which point East Brooklyn Congregation will assume control. The New York City Housing Development Corporation (HDC) will finance the construction of the Watkins Street buildings by issuing $14.5 million in tax-exempt bonds and lending $5.9 million in low-interest subsidy from its corporate reserves. The total development cost is projected to be $28.5 million. In addition to HDC financing, Housing Preservation and Development will provide $6.3 million in City Capital and HOME funds subsidy through the Low Income Rental Program. During construction, the bonds will be backed by a letter of …