LODI, N.J., AND ALDAN, PA. — Marcus & Millichap has completed two multifamily sales. In Lodi, the firm’s New Jersey office brokered the sale of a 24-unit apartment property for $2.7 million. Marcus & Millichap’s Kevin McCrann and Thomas McConnell represented the seller, a private investor whose family built the property and has operated it for three generations. In Aldan, Marcus & Millichap’s Philadelphia office brokered the $1.47 million sale of the Maryland Avenue Apartments, a 30-unit property located at 78 W. Maryland Ave. The property contains a mix of one- and two-bedroom units, and it was approximately 97 percent occupied at the time of sale. Mark Wolff of Marcus & Millichap represented the seller, a local partnership, and procured the buyer, another local partnership.
Northeast
SOUTH BRUNSWICK, N.J. — Hackensack, N.J.-based NAI James E. Hanson has brokered the subleasing of 208,899 square feet of distribution space at 1203 Cranbury South River Rd. in South Brunswick. The facility features 32-foot clear ceiling heights, 25 trailer parking stalls, 35 tailgates and ESFR sprinkler systems. NAI’s Kenneth Lundberg, along with Joel Hausman of Fairfield, Conn.-based Colonial Realty, represented the tenant, Melissa & Doug, a designer and manufacturer of educational toys and children’s products. Melissa & Doug will relocate from its current facility in Connecticut. Dennis McConnell of Jones Lang LaSalle represented the sub-landlord, Aeropharm Technology.
PITTSBURGH — CB Richard Ellis (CBRE) has been selected by Rugby Realty Co. to serve as exclusive leasing agent for its approximately 2 million-square-foot Pittsburgh office portfolio. The nine-property portfolio features five marquee office towers, including 11 Stanwix Street, The Frick Building, Gulf Tower, 4 Allegheny Center and 564 Forbes Avenue. The other four properties include 914-922, 925, 933 and 938-940 Penn Avenue. CBRE’s leasing team will be led by Jeremy Kronman and will include Andrew Miller, Christina Bucciero and Courtney Lynn. CBRE plans to roll out its new marketing and pricing information over the next 30 to 60 days.
NEVILLE TOWNSHIP, PA. — Redevelopment is under way for the former Dravo Engineering building, located at 4800 Grand Ave. in the Pittsburgh suburb of Neville Island. The property’s owner, JLS Land Company LLC, plans to demolish the building that currently sits on the 8.5-acre site and construct a single-story flex industrial park ranging from 80,000 to 120,000 square feet in size. The existing building is presently being demolished. A market study is being completed to determine the type of product to be built. Preconstruction services are expected to take 6 to 12 months to complete, with groundbreaking to follow soon after. Burns & Scalo Real Estate Services is serving as the owner’s construction representative in the project.
WOODCLIFF LAKE, N.J. — New York City-based Studley has completed two long-term leases for Eisai Medical Research (EMR) in Woodcliff Lake. EMR will be moving into a 118,000-square-foot office building located at 155 Tice Blvd. and an adjacent 41,000-square-foot building at 300 Tice Blvd. Studley’s Gregg Najarian, Daniel Foley and Chip Conklin represented EMR in lease negotiations. The landlord of 155 Tice, Hartz Mountain Industries, was represented in-house by Emanuel Stern, Gus Milano and Ernie Christoph. The landlord of 300 Tice, Mack-Cali, was represented in-house by Christopher DeLorenzo. With these most recent leases, Eisai Corporation of America, the parent company of EMR, has created a 369,000-square-foot headquarters campus on Tice Boulevard. Eisai Corp. and its commercial operation Eisai Inc. have occupied a 210,000-square-foot, build-to-suit office located at 100 Tice Blvd. for the past 2 years. The same Studley group of Najarian, Foley and Conklin represented Eisai in the original leases.
BOSTON — BioMed Realty Trust has received the Gold level of LEED-Core & Shell certification for The Center for Life Science | Boston, the company’s approximately 700,000-square-foot research center located in Boston. The campus contains laboratory and office space situated in the heart of the city’s Longwood Medical Area. The center is currently 91 percent leased to Beth Israel Deaconess Medical Center, Children’s Hospital Boston, Dana Farber Cancer Institute, Immune Disease Institute and Kowa Company Ltd. BioMed Realty Trust now has more than 1.2 million square feet of LEED-certified research space in the Boston and Cambridge, Mass., markets.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided $442,000 in funding for a vacant, three-story residential building located in the East Tremont neighborhood of the Bronx, New York City. Situated at 1688 Webster Ave., the property was recently renovated as part of the HPD’s Neighborhood Homes Program, which transfers city-owned properties to sponsors for rehabilitation and sale to new owners who live in a single unit and rent out the other units at an affordable rate. For this project, Bronx Shepherds Restoration Corp. renovated the property and sold it to 1688 Webster Realty LLC. Jeffrey Brown, the principal of 1688 Webster Realty LLC, will occupy one of the units on the top two floors and will rent out the remaining units. The building’s ground-floor commercial space will be leased to Joshua & Caleb Ministries. CPC provided a $320,949 permanent loan and HPD provided $126,667 in grant financing for the project.
WOODCLIFF LAKE, N.J. — Studley has negotiated two long-term leases totaling 160,000 square feet on behalf of Eisai Medical Research (EMR) in Woodcliff Lake. EMR will move its operation from a 210,000-square-foot build-to-suit at 100 Tice Blvd. to a 118,000-square-square-foot building at 155 Tice Blvd. and 41,000 square feet at 300 Tice Blvd. Gregg Najarian, Daniel Foley and Chip Conklin of Studley represented EMR in both transactions. Hartz Mountain Industries, landlord of 155 Tice Blvd., was represented by Emanuel Stern, Gus Milano and Ernie Christoph. The landlord of 300 Tice Blvd., Mack-Cali, was represented by Christopher DeLorenzo.
DANVERS, MASS. — Construction is nearing completion on two new residence halls at Lesley University in Danvers. The two facilities, which are located at the corner of Massachusetts Avenue and Wendell Street, are slated to house a total of 98 residential students. One building is a five-story residence hall with retail space on the front of the first floor. The second building is a three-story wood frame residence hall. The residences are being constructed by William A. Berry & and Son, Inc. Construction is slated for completion in August.
PHILADELPHIA — Marc Mandel of Fameco Real Estate has represented Wingstop in two of its first leases in the Philadelphia area. The retailer plans to expand across the region with an initial focus in urban locations. The first restaurant recently opened and is located at the intersection of Broad Street and Cecil B. Moore on Temple University’s campus. The second unit, set to open this summer, is located on Roosevelt Boulevard at Red Lion Road in the northeast section of Philadelphia. Plans for a third restaurant are underway.