FREEHOLD, N.J. — Sperry Van Ness | Richter Grusd (SVN) has arranged four new leases totaling 25,000 square feet at 6 Paragon Way, a 70,000-square-foot warehouse/flex building located in Freehold. Zee Brothers International is leasing 10,000 square feet; Lorillard Tobacco Co. is leasing 5,000 square feet; AJM Sheet Metal is also leasing 5,000 square feet; and High Focus Centers is leasing 5,000 square feet. In the first three transactions, SVN’s Doug Richter and Ian Grusd represented both parties. In the fourth lease, Richter and Grusd represented the landlord, while Michael Staskiewicz of Newmark Knight Frank represented the tenant. The facility is owned by a local developer. It features 28-foot clear ceiling heights, 20 loading docks and available drive-ins. The remaining 45,000 square feet is divisible for a single or multiple tenants.
NEW YORK CITY — A partnership between Lincoln Equities Group and an affiliate of Grosvenor Investment Management has taken the first steps toward the creation of a new waterfront multifamily and retail project in the Astoria neighborhood of Queens, New York City. The partnership has submitted an application to begin the city’s uniform land use review process, which if successful, would re-zone an industrial area located along the East River known as Halletts Point for residential and commercial use. The new multi-use community would contain 2,000 units of market-rate housing, 500 units of affordable housing, a waterfront park, a neighborhood supermarket, additional retail and restaurants. The project would consist of seven buildings averaging 32 stories in height. The Halletts Point area, which is situated at the intersection of First Street and 26th Avenue, presently contains mostly vacant industrial buildings and storage yards, and is zoned for manufacturing use. Lincoln is developing the project, with GIM PA Partners LP, the Grosvenor affiliate, serving as capital partner. The project was master-planned by Studio V.
NEW YORK CITY — The National Basketball Association has renewed its lease for 153,405 square feet at Olympic Tower, a Class A office tower located at 645 Fifth Ave. in Manhattan, New York City. The NBA signed a lease for 10 years with a 5-year option. It will continue to occupy floors 14 through 20 of the building with an option to expand onto two additional floors. It originally took occupancy at the building more than three decades ago; the location contains its corporate offices. Harry Seherr-Thoss, Mark Jaccom, Robert Freedman, Richard Plehn Sr., and Christina Plakopita of FirstService Williams represented the landlord, Olympic Tower Associates. The tenant was represented by Barry Goson, Moshe Sukenik and Corey Borg of Newmark Knight Frank.
PATERSON, N.J. — CB Richard Ellis has (CBRE) brokered the sale of a 25,000-square-foot multi-use building, located at 33-43 Park Ave. in Paterson, for $1.75 million. The property is a three-story building that contains seven residential apartments over four retail units, all of which are occupied. Renovations are planned for the façade, the parking lot and the formerly vacant supermarket space. Dean Marchi and Charles Burger of CBRE represented the seller. Stephen D’Amato, also of CBRE, represented the buyer in the leasing component of the transaction. Both parties were undisclosed.
BLOOMFIELD, N.J. —Zeytinia Fresh Made has opened at the BroadAcres office park, located in Bloomfield. The restaurant will occupy 1,727 square feet of space on the ground floor of 200 Broadacres Dr. It will feature dining inside and outside on an adjacent patio, as well as catering for tenants of the office park. BroadAcres is a 20-acre office park situated near the Garden State Parkway. It comprises 360,000 square feet of Class A office space in a park-like setting. It is owned by Prism Capital Partners.
BURLINGTON, MASS. — New Boston Fund has completed the sale of 51 South Bedford St., a 100,000-square-foot telecom facility in Burlington. The building was sold for an undisclosed price to H.N. Gorin, Inc. The building, which is fully leased to long-term tenant Verizon Communications, is located directly off Route 128 and is adjacent to the Burlington Mall. Peter Joseph at Eastdil Secured represented New Boston in the transaction and procured the buyer.
WALINGFORD AND WATERBURY, CONN. — Fantini & Gorga has assisted Eastern Bank in arranging $6 million in acquisition financing for two self-storage facilities in Wallingford and Waterbury. The Wallingford facility contains 54,075 rentable square feet and 490 units in two buildings, along with several outdoor parking spaces. The Waterbury property, set on 4.97 acres, encompasses 54,875 square feet and 546 rental units within two buildings. The loan was arranged on behalf of Tarco Properties, which plans to convert the facilities from the Lock Tight brand to its flag, Value Store-It. Fantini & Gorga and Eastern Bank collaborated on the loan package.
NEW YORK CITY — NAI Global New York City has negotiated a 7-year office lease on behalf of Guidepoint Global, a leading primary research firm who provides customized information solutions in the healthcare, technology, media, telecommunications, energy, industrials, consumer goods and services, and financial services sectors. The tenant is taking 30,671 square feet of space on the 11th floor 730 Third Ave. in Manhattan, New York City. The tenant’s recent acquisition of S&Ps Vista Research division necessitated a move to larger premises. Andrew Simon and Logan Gurtman of NAI Global New York City represented the tenant, and Howard Fiddle of CBRE represented the building’s owner, TIAA-CREF.
PHILADELPHIA, WAYNE AND HORSHAM, PA. — Jim Egan and Jeff Tertel of Grubb & Ellis’ Philadelphia office have completed the sale of a 4,000-square-foot retail building at 7145 Frankford Ave. in Philadelphia. Police and Fire Federal Credit Union purchased the facility from Bio-Medical Applications of Pennsylvania for an undisclosed price. Also in Philadelphia, Nobel Learning Communities renewed its lease for 12,429 square feet of office space located at 510 Walnut St. Egan and Tertel represented the lessee in the transaction. The space was leased from Broadway Penn Mutual Office Fee LP. In Wayne, Jim Dugan and John Perkins of Grubb & Ellis’ King of Prussia office and Craig Scheuerle, Jack Soloff and Matt Guerrieri of Grubb & Ellis’ Philadelphia office represented Essent US Holdings Inc. in lease negotiations at 201 King of Prussia Rd. The lessee leased 15,759 square feet of office space from Brandywine Realty Trust. In addition, Matt Devine of Grubb & Ellis’ King of Prussia office represented the Mentholatum Company in a lease extension in Horsham. The tenant extended its lease of 12,786 square feet of office space at 111 Rock Road in Horsham. The property was leased from Liberty Property Trust.
WEST NEW YORK, N.J. — The Kislak Company has completed the sale of two apartment buildings comprising 49 units in West New York. The sales included a 25-unit property located at 401 53rd St. for $2.19 million and a 24-unit property located at 5111 Palisade Ave. for $2.25 million. Don Baxter and Jonathan Greenberg of Kislak represented both parties in the transactions. The buyer of each property intends to renovate the units and increase value. At the time of closing, both properties were 100 percent occupied. In each transaction, the buyer’s financing was arranged by Elliot Treitel of Meridian Capital. Feinstein, Raiss, Kelin & Booker, LLC also represented the buyer in each transaction.