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Northeast

MultifamilyNortheast

CONSTRUCTION CONTINUES AT 500 FOURTH AVENUE CONDOS

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NEW YORK CITY – Matri Holdings and Prudential Douglas Elliman are continuing construction for the new 500 Fourth Avenue condominiums, located in the Park Slope neighborhood of Brooklyn, New York City. Scheduled for completion in the late fall, the 12-story tower will feature 156 studio-, one-, two- and three-bedroom residences ranging in size from 539 to 1,456 square feet. The condos will be priced from $342,000 to approximately $1.07 million. The building will also feature an approximately 3,000-square-foot duplex townhouse priced at $1.42 million. The building will also feature 5,000 square feet of amenity space, a Club 500 lounge and a 2,500-square-foot terrace. Amenities include a fitness area, a solarium for yoga and a children’s playroom. Sales have commenced on the property.

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NortheastRetail

HFF ARRANGES $17 MILLION RETAIL LOAN

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PHILADELPHIA — The New Jersey office of Holliday Fenoglio Fowler (HFF) has arranged a $17 million loan for Columbus Crossing, a 142,166-square-foot, grocery-anchored shopping center located in Philadelphia. The shopping center is situated on 11.33 acres at 1851 S. Christopher Columbus Blvd. It is currently 97 percent leased by a tenant roster that includes SuperFresh, Old Navy, A.C. Moore, Famous Footwear, Bath & Body Works and Lane Bryant. The center is shadow anchored by The Home Depot and Walmart. The loan carries a 5-year term with a 6.75 percent interest rate and was provided by Susquehanna Bank. The borrower is Cedar Shopping Centers. The transaction was arranged by Jim Cadranell and John Taylor, both of HFF.

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NortheastOffice

TREMONT SECURES $4.74 MILLION OFFICE LOAN

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BEDFORD, MASS. —Tremont Realty Capital has secured a $4.74 million loan for the refinancing of 54 Middlesex Turnpike, a two-story, 42,500-square-foot office building located in Bedford. The 6.7-acre property also contains a newly constructed, 8,000-square-foot daycare center. The borrower funded the construction of the new daycare out of pocket and was looking for a permanent loan to refinance its existing loan on the office building, in order to recoup some of its investment in the new property. The new loan carries a 20-year term, a 5.75 percent interest rate and an approximately 70 percent loan-to-value ratio. The lender was a local bank. The transaction was arranged by David Ross of Tremont’s Boston office.

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IndustrialNortheast

CBRE BROKERS SALE OF INDUSTRIAL FACILITY

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TAMAQUA, PA. — CB Richard Ellis has completed the sale of a 469,000-square-foot industrial facility located at 143 Mahanoy Ave. in Tamaqua. The facility is situated on 46.83 acres and is in close proximity to the Lehigh Valley and Hazleton. Joseph McDermott and Vincent Ranalli of CBRE represented the seller, HanesBrands, Inc. The buyer and sale price were undisclosed.

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IndustrialNortheast

HFF COMPLETES SALE OF SELF-STORAGE FACILITIES

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PARSIPPANY AND FAIRFIELD, N.J. —The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of two United Stor-All self-storage facilities in Parsippany and Fairfield. Aaron Swerdlin, Doug McCarron and Michael Klein of HFF led the investment sales team exclusively on behalf of the seller, a joint venture between United Stor-All and the Fidelity Real Estate Group. An unrelated third party purchased both properties for an undisclosed price. Completed in 2004, the two United Stor-All properties total approximately 1,406 units in 139,850 square feet and feature climate-controlled space, individual unit alarms and digital camera security monitoring.

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IndustrialNortheast

SECOND PART OF RAIA STORAGE PORTFOLIO SALE CLOSES

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DENVILLE AND HILLSBOROUGH, N.J. — The second part of the Raia Self Storage Portfolio sale has closed. This portion of the transaction consists of two self-storage development sites located in Denville and Hillsborough that total approximately 168,000 square feet. Jeffrey Dunne of CB Richard Ellis’ (CBRE) New York Institutional Group and Steve Hryszko of CBRE’s Self Storage Advisory Group represented the seller, Raia Self Storage, and procured the buyer, Hampshire Cos., which made the acquisition through its Hampshire Fund VII. The first part of the transaction, which closed in late 2008, consisted of five existing self-storage facilities located in New Jersey and New York that total approximately 410,334 square feet. The facilities will operate under the Hampshire Self Storage Brand.

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HealthcareNortheast

FIRSTSERVICE WILLIAMS COMPLETES MEDICAL OFFICE CONDO SALE

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WEST ORANGE, N.J. — The New Jersey office of FirstService Williams has completed the sale of a 22,524-square-foot medical office condominium, located at 375 Mt. Pleasant Ave. in West Orange. The condo is situated within the 11-acre former headquarters of Organon, which is in the process of being redeveloped into a 106,000-square-foot medical office project. It was purchased by New Jersey Cardiology Associates (NJCA), which will use the space for its cardiology practice. NJCA is the project’s first tenant. The seller was 375 Mt. Pleasant Avenue LLC, a joint venture between Paragon Realty Group and Hampshire Cos. FirstService Williams represented both parties in the transaction.

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MultifamilyNortheast

GFI BROKERS $1.05 MILLION APARTMENT SALE

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NEW YORK CITY — GFI Realty Services has brokered the sale of a walk-up apartment building, located in Brooklyn, New York City, for $1.05 million. The four-story building, which is situated at 1150 President St., contains 16 rent-stabilized units. GFI’s Joseph Landau and Steven Vegh represented the seller, a locally based investor. The undisclosed buyer was represented Steven Vegh and Yisroel Pershin, also of GFI.

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NortheastOffice

CBRE, RBJ COMPLETES 41,200-SQUARE-FOOT OFFICE LEASE

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NORTH READING, MASS. — CB Richard Ellis/New England (CBRE) and Richards Barry Joyce & Partners (RBJ) have completed a lease for 41,2000 square feet of Class A office space in North Reading. The tenant, Crowe Paradis Services Corp., will occupy the fourth floor of 400 Riverpark Drive, a seven-story,150,000-square-foot office building located within the 1 million-square-foot Riverpark Office Park. CBRE’s David Pergola, Mark Reardon and Jason Levendusky represented the ownership, a joint venture between Taurus Investment Holdings and DivcoWest, in lease negotiations. The tenant was represented by RBJP’s Brian McKenzie and James Lipscomb.

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