Northeast

DVA COMPLETES $8 MILLION OFFICE RENOVATION

by admin December 17, 2008

MONTVALE, N.J. — Gaithersburg, Md.-based DVA Architects, acting as project architect, has completed an $8 million renovation plan for an office building located at 225 Summit Ave. in Montvale. The 1960s-era building was the former divisional headquarters of Toys ‘R’ Us. Renovations included the addition of 15,000 square feet of office space, bringing the building to a total of 142,000 square feet. The building’s vertically ribbed, precast panel façade was replaced with a new skin consisting of rusticated, insulated, glass-fiber reinforced, concrete panels framed with 4-inch steel studs. The single-glazed, punched windows were replaced with high-performance, double-glazed windows. In addition, the lobby was converted to a two-story space, with the new glass and stainless steel staircase as the focal point. The building’s existing mechanical systems were upgraded, and overgrown exterior landscaping was removed to emphasize the new building façade. The upgrade elevated the office building from Class C to Class A status. As a result of the renovation, the building’s owner, Paragon/Ivy Realty JV, was able to lease the entire facility to Barr Pharmaceuticals on a long-term basis.

December 17, 2008

CBRE BROKERS $10 MILLION INDUSTRIAL SALE

by admin December 17, 2008

BETHLEHEM, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of an approximately 450,000-square-foot warehouse/distribution facility, located in Bethlehem, for $10 million. The facility is situated on approximately 29.5 acres at 218 W. Yard Rd. Richard Sleasman and Don Noland of CBRE’s Albany, N.Y., office negotiated the transaction between the buyer, McNeary Inc. and the seller, NY Realty Partners.

December 17, 2008

Northeast Seniors Housing

CASA MARIA APARTMENTS HOLDS GRAND REOPENING

by admin December 17, 2008

BOSTON — The grand reopening has been held for Casa Maria Apartments, an 85-unit apartment building located at 130 Endicott St. in the North End neighborhood of Boston, after an extensive rehabilitation. The six-story building was originally constructed by The Community Builders (TCB) in 1979 to provide Section 8 subsidized housing to seniors; the company continues to operate the facility. Construction included renovations to the existing community kitchen and the construction of a second kitchen; the addition of stand-up, walk-in showers in unit bathrooms; new energy-efficient appliances; an expansion to the lobby; new windows, heating systems and elevators; a new community room; and the construction of a handicap-accessible rooftop deck. TCB’s limited partner investors in the renovation were Red Capital Group and Nationwide Insurance Co. Additional assistance was provided by MassHousing and low-income tax credits provided by the Massachusetts Department of Housing & Community Development. The general contractor for the project was CWC Builders; Tise Design Associates served as project architect.

December 17, 2008

Industrial Northeast

HAMPSHIRE ACQUIRES 91,388-SQUARE-FOOT FLEX BUILDING

by admin December 17, 2008

MAHWAH, N.J. — Morristown, N.J.-based The Hampshire Companies has acquired a 91,388-square-foot industrial flex building located within Mahwah Technical Park II at 10 Industrial Ave. in Mahwah. Fully occupied at the time of closing, the building is tenanted by Polytype America, Janome America, New Concept Press, LS Advertising Co. and Scanpan USA. The property was purchased from EWE Warehouse Investments for an undisclosed amount. Hampshire made the acquisition on behalf of The Hampshire Generational Fund, one of the company’s private equity real estate investment funds.

December 17, 2008

Northeast Office

ALEXANDRIA CENTER FOR SCIENCE AND TECHNOLOGY UNDER WAY

by admin December 16, 2008

NEW YORK CITY — Construction is under way for the first phase of the Alexandria Center for Science and Technology at East River Science Park, a 3.5-acre office and laboratory park located in New York City. Phase I construction will consist of a 16-story, 319,405-square-foot office/laboratory tower. The campus will ultimately contain 1.1 million square feet of office and lab space. The project will also feature one acre of green space with views of the East River. Alexandria Center is applying for LEED certification from the U.S. Green Building Council. The project is being developed by ARE-East River Science Park LLC. Cushman & Wakefield has been named exclusive leasing agent for the project.

December 16, 2008

Northeast Retail

IB REACHES MIDWAY POINT FOR THE SHOPS AT QUONSET POINT

by admin December 16, 2008

NORTH KINGSTOWN, R.I. — Integrated Builders (IB) has reached the mid-point of construction for the first phase of The Shops at Quonset Point, located in North Kingstown. The first phase of the $80 million master-planned project consists of 160,000 square feet of retail space and 40,000 square feet of office space. IB is currently completing the 75,000-square-foot Outside Air Center, which includes the shell for a 25,000-square-foot Dave’s grocery story. The project is scheduled for a spring 2009 completion. Upon full-build-out, the development will include a limited-service hotel, a visitor’s center, a local grocery story, a drug store, a coffee shop, restaurants, a bank, small shop space and two anchor stores. The Shops at Quonset Point is being developed by New Boston Fund. The project architect is Boston-based Bergmeyer Associates. IB is serving as general contractor.

December 16, 2008

Multifamily Northeast

CROTON HEIGHTS APARTMENTS OPENS

by admin December 16, 2008

YONKERS, N.Y. — The grand opening has been held for Croton Heights Apartments, a 60-unit affordable housing community located at 193 Ashburton Ave. in Yonkers. The community comprises one-, two- and three-bedroom units, and includes an exercise facility, a community room and on-site parking. It was developed by Richman Group Development Corp. and Landex Development. It is part of the HOPE VI Revitalization Plan that also includes the demolition and redevelopment of the nearby Mulford Gardens public housing community.

December 16, 2008

Civic Northeast

CONSTRUCTION UNDER WAY FOR NEW PRE-SCHOOL

by admin December 16, 2008

NEW YORK CITY — Construction is under way for Green Beginnings Academy & Arts Center, an 8,000-square-foot pre-school located within the Clinton Greens luxury multifamily development at 515 W. 51st St. in Manhattan. The project is being developed by Wonder Works Construction & Development Corp., and marks the developer’s fourth Manhattan pre-school in a little more than 3 years. The project will encompass ground-level and second-floor space within the building. It will be able to accommodate up to 100 students, ages 6 months to 5 years. It will be complete in time for the spring 2009 semester. The project is owned by the Manhattan Jewish Education Network. The project architect is DIA/WRKS.

December 16, 2008

Northeast Retail

FANTINI & GORGA ARRANGES $4.4 MILLION LOAN FOR WALGREENS

by admin December 16, 2008

BANGOR, MAINE — Boston-based Fantini & Gorga has arranged $4.4 million in permanent financing for a recently completed Walgreens pharmacy located in Bangor. The 14,550-square-foot, freestanding building is situated on approximately 2 acres at 706 Broadway, opposite the intersection of Broadway and School Street in downtown Bangor. The loan was originated by Tim O’Donnell and Joseph Eddy of Fantini & Gorga. The lender and borrower were not disclosed.

December 16, 2008

Multifamily Northeast

MARCUS & MILLICHAP BROKERS $13 MILLION APARTMENT BUILDING SALE

by admin December 15, 2008

NEW YORK CITY — Marcus & Millichap has brokered the $13 million sale of Kent Arms Apartments, an 80-unit multifamily property located at 85-02 139th St. in the Briarwood neighborhood of Jamaica, Queens. The six-story apartment building contains one- and two-bedroom units, as well as indoor parking. The property features two commercial spaces, one of which is currently vacant and the other that is leased until 2011. Peter Vassiliou and John Stewart of Marcus & Millichap’s Manhattan office represented the seller, Kent Properties Co., as well as the buyer, 85-02 139th Realty LLC. The property traded at a per unit price of $162,500.

December 15, 2008

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