GLEN ROCK, N.J. — A joint venture between Morristown, N.J.-based The Hampshire Companies and Woodbridge, N.J.-based Onyx Equities has acquired a 48,000-square-foot office building located at 85 Harristown Rd. in Glen Rock. The property was acquired from Motorola, Inc. The joint venture plans to complete major renovations to the project throughout the year, including new façades, windows, lobbies, landscaping, HVAC systems, restrooms and a new roof — all with the intention of marketing the property to medical office users. Hampshire made the purchase on behalf of Hampshire Partners Fund VII, the company’s $350 million institutional real estate investment fund.
STAMFORD, CONN. — Construction has topped out for Highgrove, an 18-story luxury condominium tower located at Forest and Grove streets in the central business district of Stamford. Upon completion, the building will contain 92 residences, three guest suites and 230 indoor, valet parking spaces. Units will be available with two, three or four bedrooms, and will average 2,558 square feet each. Amenities include private elevator access to each unit, a wine cellar, a 24-hour doorman, concierge services, an indoor swimming pool with a retractable roof, a spa and fitness center, a private screening room and valet parking service. Residences are priced from $1.2 million. Highgrove is a joint venture project between Ceebraid-Signal Corp. and the New York-based real estate investment arm of Investcorp International. The project was designed by A.M. Stern Architects. Completion is scheduled for fall 2009.
LOGAN, N.J. — Reno, Nev.-based DP Partners has signed a lease with Dallas-based Kimberly-Clark Corp. for a new 599,500-square-foot, build-to-suit distribution facility located within DP’s LogistiCenter at Logan, a 1,000-acre industrial park located in the Philadelphia suburb of Logan. Groundbreaking occurred in August 2008, and completion is scheduled for summer 2009. The new building will be situated on 60 acres fronting Commerce Boulevard. It will have a cross-docked design, and will include 32-foot clear ceiling heights, 50-foot by 53-foot bays, 60 truck docks, two drive-in doors, 7,000 square feet of office space, ESFR sprinkler systems, parking for 400 trailers and 100 cars, and expansion capability up to 800,000 square feet. The project is being developed as a joint venture between DP and Boston-based Great Point Investors. The project architect is York, Pa.-based TransSystems. Representing DP in-house was John Atwell, Michael Alderman and Stephen Bailey. The trio worked with LogistiCenter’s land listing agent, Mt. Laurel, N.J.-based NAI Mertz, whose team included Tony DiDio, Leroy Kardon and Scott Mertz. Kimberly-Clark was represented by Matthew Stauber of Rosemont, Ill.-based Colliers Bennett & Kahnweiler, and Marc Isdaner and Mark Chubb of the Philadelphia office of Colliers Lanard & Axilbund.
DEDHAM, MASS. — Construction had begun for the new campus of The Rashi School in Dedham. Rashi is a Reform Jewish day school currently located in Newton, Mass. Its new 82,000-square-foot building will be located on 17 acres along the Charles River, adjacent to Hebrew SeniorLife’s NewBridge on the Charles continuing care senior housing project, which is also currently under construction. The new school will be home to approximately 300 students in grades K-8. It will feature classrooms with smart boards, wireless Internet access throughout the school, a fully equipped science lab, a 10,000-volume library, an art studio, a dedicated music room, community spaces for prayer and holiday celebrations, a performing arts auditorium, a regulation-size gymnasium, sports fields, two playgrounds, a room dedicated to before- and after-school programs, and outdoor classrooms and assembly spaces. The project is applying for LEED certification, and is scheduled to open in fall 2010. The project was designed by HMFH Architects, and Suffolk Construction has been selected as general contractor. The Rashi School was able to secure $23 million in tax-exempt bond financing for the project, which was issued by MassDevelopment and purchased from Century Bank. Zions Bank structured the tax-exempt bond issue on the …
SOMERSET, N.J. — inVentiv Health has signed a lease for 154,035 square feet of Class A space at Atrium Corporate Park, a four-building, 900,000-square-foot office park located in Somerset. The company will use the space, located at 500 Atrium Dr., to consolidate four of its New Jersey offices and to accommodate the further growth of the company. inVentiv Health plans to take occupancy in July. Walter Shoenberg and Christopher Kinum of Cushman & Wakefield represented inVentiv in lease negotiations. The landlord, LaSalle Investment Management, was represented by Susan Mason, Thomas Reilly and Brian Cass of Jones Lang LaSalle’s (JLL) Parsippany, N.J., office. JLL also serves as exclusive leasing agent and property manager for Atrium Corporate Park, which is owned by JLL’s LaSalle Income & Growth Fund IV.
PHILADELPHIA — University Place Associates has unveiled plans for 2.0 University Place, a 94,350-square-foot office building located at 41st Street along the West Market Street Corridor in West Philadelphia. The Class A building will be located at the foot of University City Science Center, which is currently undergoing a $600 million expansion. The 2.0 University Place project has been pre-certified LEED-Platinum. Sustainable features will include pollution prevention and recycling during the construction process; nearby public transit; on-site bicycle racks with changing rooms; car sharing facilities; a recycling system that uses rainwater to operate restroom fixtures; a green roof with a 20,000-square-foot rooftop park; high-efficiency HVAC systems; and abundant natural daylight. The construction timetable and construction team were not released.
NEW YORK CITY — The New York City and Hartford, Conn., offices of Holliday Fenoglio Fowler (HFF) have secured a $94 million loan for the refinancing of Riverbank West, a 44-story multifamily building located at 560 W. 43rd St. in the Midtown West neighborhood of Manhattan, New York City. The building contains 418 residential units, 25,738 square feet of retail space and an 84-space underground parking garage. Community amenities include a 24-hour doorman and concierge, a business center, and laundry facilities with a valet dry cleaning service. The property was 97 percent occupied at the time of closing. HFF’s Mike Tepedino, Dana Brome, Joe Morningstar and Andrew Scandalios originated the loan on behalf of the borrower, an undisclosed company advised by Cornerstone Real Estate Advisors. The loan carries a 4-year term, with a fixed interest rate and a 5-year extension option. Cornerstone is a subsidiary of Massachusetts Mutual Life Insurance Co.
FINDLAY TOWNSHIP, PA. — Pittsburgh-based Burns & Scalo Real Estate Services has announced preliminary plans for the construction of an office/flex building located at the intersection of Industry Drive and McClaren Road in Findlay Township, near Pittsburgh International Airport. The property is owned by Allegheny County and leased to the Allegheny County Airport Authority, which has leased the 8-acre property to Burns & Scalo. Tentative plans include the construction of an approximately 50,000-square-foot, LEED-certified building, which can either be one or three stories depending on the needs of the user. Early interest in the site has been for medical office, professional office, and research and development uses. Burns & Scalo will begin marketing the site in the first quarter, with construction commencing shortly thereafter.
BROCKTON, MASS. — Marcus & Millichap has completed the sale of Colonel Bell Apartments, a 27-unit apartment community located on Colonel Bell Drive in Brockton, for $2.15 million. Situated on 1.09 acres, the property contains three buildings with 11 one-bedroom units, 14 two-bedroom townhomes and two, two-bedroom units. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office were the sole brokers in the transaction between the buyer, Summit Properties LLC, and the seller, Colonel Bell Apartments LLC. The property traded at a price of $79,815 per unit.
CHICOPEE, MASS. — NorthMarq Capital has arranged $6.5 million in first-mortgage financing for Montcalm Heights Apartments, a 192-unit multifamily property located in Chicopee. The loan carries a 10-year term plus 1 year fixed to float with 5 years of interest-only payments and a 30-year amortization schedule. Robert Rainieri of NorthMarq’s Greater Westchester, New York/Connecticut office arranged the financing on behalf of the borrower, Montcalm Associates LP, through Freddie Mac.