Northeast

CBRE NEW ENGLAND BROKERS 204-UNIT APARTMENT SALE

by admin January 12, 2009

READING, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Archstone Reading, a 204-unit luxury apartment community located at 7 Archstone Circle in Reading. Situated on 11.5 acres, the property comprises 11 apartment buildings and a clubhouse/leasing office. The units are a mix of one-, two- and three-bedroom residences. CBRE’s Paul Donahue, Travis D’Amato, Bill Moylan and Gary Lemire represented the seller, Denver-based Archstone, and procured the buyer, an affiliate of Henderson Global Investors. The acquisition price was not disclosed. Archstone was responsible for building the property in 2006.

January 12, 2009

MARCUS & MILLICHAP ARRANGES $4.4 MILLION WACHOVIA SALE

by admin January 12, 2009

PHILADELPHIA — Marcus & Millichap has arranged the sale of a Wachovia branch, located at 2227 S. Broad St. in Philadelphia, for $4.4 million. Wachovia had recently signed a 20-year ground lease for the property. Matthew Gorrman and Thomas Gorman of Marcus & Millichap’s Philadelphia office represented the seller, a joint venture between local developers Pineville Properties and Pintzuk Brown Realty Group. The seller was represented by Stephen Weiss of Baltimore-based Colliers Pinkard. The property traded at a 6.16 percent capitalization rate.

January 12, 2009

Northeast Retail

TIME EQUITIES ACQUIRES $4.3 MILLION PARKING GARAGE

by admin January 12, 2009

NEW YORK CITY — New York City-based Time Equities has acquired a 40,000-square-foot, net-leased parking garage, located in Arris Lofts at 27-28 Thomson Ave. in the Long Island City neighborhood of Queens, New York City, for $4.3 million. The parking garage contains 200 spaces. Francis Greenberger provided in-house representation for Time Equities; Ronald Solarz and Eric Anton of Eastern Consolidated represented the seller, Tag Court Square LLC. The 237-unit Arris Lofts is a luxury condo conversion of the former Eagle Electric Factory that was completed in 2007.

January 12, 2009

Healthcare Northeast

POSKANZER SKOTT COMPLETES TWO PHASES OF EMERGENCY ROOM RENOVATION

by admin January 12, 2009

PARAMUS, N.J. — Ridgewood, N.J.-based Poskanzer Skott Architects has completed the first two phases of a multi-phase redesign and renovation of the 8,000-square-foot emergency department for Bergen Regional Medical Center in Paramus. The first phase consisted of a new entryway, waiting room, triage section and administrative space. The second phase included the construction of eight behavioral care rooms, which can also be used as isolation rooms in case of a major emergency. The final two phases will be complete in early 2009. Upon completion, the new emergency department will have 12 emergency bays and eight behavioral care bays. Bergen Regional Medical Center is situated on 65 acres at 230 Ridgewood Ave.; it is the largest hospital in the state, with more than 1,000 beds.

January 12, 2009

Civic Northeast

SWEETWATER COMPLETES LAKE HIAWATHA FIRE DEPT ADDITION

by admin January 12, 2009

LAKE HIAWATHA, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed a $1.1 million renovation and addition to the Lake Hiawatha Fire Department, located in Lake Hiawatha. The two-story addition included a conference room, office space and an additional truck bay. Other additions included a basement, an elevator and a new rear entrance. The existing building also received a new roof. The project architect was Rockaway, N.J.-based Parette Somjen Architects.

January 12, 2009

Hospitality Northeast

HOLIDAY INN LONG ISLAND CITY HOLDS GRAND OPENING

by admin January 9, 2009

NEW YORK CITY — The grand opening has been held for the new $31 million Holiday Inn Long Island City – Manhattan View, a 136-room hotel located at 39-05 29th St. in the Long Island City neighborhood of Queens, New York City. The hotel totals 75,000 square feet; amenities include an indoor swimming pool, a fitness center, and wireless Internet access throughout the hotel. Many of the rooms offer balconies with views of the Manhattan skyline. Dining options include the hotel’s dining facility, 39 Below, and Swirl, a lounge that includes an outdoor patio. The Holiday Inn also features 1,000 square feet of meeting space. The hotel is managed by InterContinental Hotels Group on behalf of Queens Plaza North.

January 9, 2009

Northeast Office

PHILIPS INTERNATIONAL ACQUIRES BUILDING FOR OFFICE CONDO CONVERSION

by admin January 9, 2009

NEW YORK CITY — New York City-based Philips International has acquired 110 E. 40th St., a nine-story building located at 40th Street and Park Avenue in New York City. The company plans to convert the building into Grand Park, a 99,368-square-foot office condominium project. Multi-million renovations will include a new lobby, elevator upgrades and energy-efficient windows. Condos will range in size from 2,364 square feet to 11,093-square-foot, full-floor units. Marketing efforts are being undertaken by Newmark Knight Frank.

January 9, 2009

Industrial Northeast

WCB COMPLETES 64,000-SQUARE-FOOT INDUSTRIAL SALE

by admin January 9, 2009

ORANGE, N.J. — Weichert Commercial Brokerage (WCB) has completed the sale of a 64,000-square-foot warehouse located in Orange. The facility is situated on 1.92 acres at 225 Scotland Rd. WCB was the sole broker in the transaction. The warehouse was acquired by 161 Properties LLC for an undisclosed amount.

January 9, 2009

Northeast Office

U.S. REALTY CAPITAL ARRANGES $2.88 MILLION OFFICE LOAN

by admin January 9, 2009

WALLKILL, N.Y. — Pittsford, N.Y.-based U.S. Realty Capital has arranged $2.88 million in permanent financing for a 17,000-square-foot office building located in Wallkill. The property was fully occupied at the time of closing. The loan carries a 10-year term with a 6.36 percent fixed interest rate, an 80 percent loan-to-value ratio and a 25-year amortization schedule. Rob Pisanelli of U.S. Realty Capital originated the funding.

January 9, 2009

Hospitality Northeast

SWEETWATER COMPLETES HOMEWOOD SUITES

by admin January 8, 2009

EAST RUTHERFORD, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed a new Homewood Suites by Hilton, located at 125 Route 17 South in East Rutherford. The seven-story hotel features 126 suites in a mix of studio, one-bedroom and two-bedroom units. Six of the suites are equipped with Jacuzzis; other room amenities include wireless Internet access, satellite television, fully equipped kitchens and 37-inch, hi-definition LCD televisions. Hotel amenities include an executive business center, a 24-hour pantry, an indoor swimming pool, a sports court, a fitness center, a sauna and more than 4,000 square feet of meeting space. The hotel is located within the New Jersey Meadowlands, close to the Meadowlands Sports Complex. The hotel is owned by East Rutherford Hotel LLC and managed by Allentown, Pa.-based HMB Management. The project architect was River Vale, N.J.-based Michels & Waldron Associates.

January 8, 2009

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