Northeast

CENTRO SELLS STOP & SHOP PLAZA

by admin March 31, 2009

ENFIELD, CONN. — Australia-based Centro Properties Group has disposed of Stop & Shop Plaza, a 122,718-square-foot community shopping center located at the interchange of Interstate 91 and State Route 190 in Enfield. Constructed in 1988, the Class A property is anchored by a 71,440-square-foot Stop & Shop grocery store. Additional tenants include 99 Restaurant, Advance Auto Parts, UPS and H&R Block. Occupancy was 86 percent at the time of closing. Representing Centro in the transaction was Cushman & Wakefield’s Capital Markets Group. The property was acquired by Katz Properties for an undisclosed amount.

March 31, 2009

DMR PICKED TO DESIGN 50-UNIT SENIOR HOUSING PROJECT

by admin March 31, 2009

LYNDHURST, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected to provide design and construction management services for the development of a 50-unit affordable senior housing project, located at the corner of Valley Brook Avenue and Warren Street in Lyndhurst. The project will total five stories with mostly one-bedroom units. Building amenities include a community room, administrative offices, an activities room, laundry facilities, a mailroom and 24 off-street parking spaces. Construction is expected to begin in 2010. The project is being developed by Domus Corp., which is leasing the site for a 40-year term from the nearby Sacred Heart Catholic Church. Domus will be working in conjunction with the Catholic Charities organization of the Archdiocese of Newark, N.J. Construction financing is being provided by the HUD Section 202 program.

March 31, 2009

Industrial Northeast

NORTHMARQ CAPITAL ARRANGES $2 MILLION INDUSTRIAL LOAN

by admin March 31, 2009

SUDBURY, MASS. — The Boston office of NorthMarq Capital has arranged $2 million for 33 Union Avenue, a 117,000-square-foot industrial building located in Sudbury. The property comprises 87,000 square feet of distribution space and 30,000 square feet of office space. It is currently leased to Staples Contract & Commercial. NorthMarq’s Joseph Hegenbart originated the loan, which was provided by Digital Federal Credit Union. The borrower was EB Realty. Terms of the loan were not disclosed.

March 31, 2009

Northeast Restaurant

FAMECO ASSISTS CHIPOTLE IN NEW JERSEY EXPANSION

by admin March 31, 2009

NEW JERSEY — Fameco Real Estate has represented Denver-based Chipotle Mexican Grill in its expansion efforts into New Jersey. The fast-casual Mexican restaurant recently opened three new locations in Paramus, East Hanover and Wayne. It also has two restaurants currently under construction in Eatontown and West Caldwell. Fameco originally represented Chipotle in its expansion into the Philadelphia market, and was asked to represent the restaurant in its New Jersey expansion, as well. Chipotle currently operates more than 800 restaurants nationwide.

March 31, 2009

Hospitality Northeast

THE SMYTH HOTEL OPENS

by admin March 30, 2009

NEW YORK CITY — New York-based Tribeca Associates LLC has opened The Smyth, a 14-story boutique hotel located at 85 West Broadway in the Tribeca neighborhood of Manhattan, New York City. The hotel features 100 rooms and the Jour et Nuit restaurant, as well as a separate bar and lounge. The hotel is operated by Thompson Hotel.

March 30, 2009

Industrial Northeast

SCHULTZ ORGANIZATION BROKERS SALE OF 87,701-SQUARE-FOOT WAREHOUSE

by admin March 30, 2009

PISCATAWAY, N.J. — Woodbridge, N.J.-based The Schultz Organization has brokered the sale of an 87,701-square-foot warehouse located at 239 Old New Brunswick Rd. in Piscataway. Situated on approximately 5 acres, the building features 24-foot clear ceiling heights, one drive-in bay, seven loading docks, two floors of office space that total 15,584 square feet and a new roof. Steven Schultz and Tony Georgiev of The Schultz Organization represented the undisclosed seller. The buyer and the acquisition price were also not disclosed.

March 30, 2009

Healthcare Northeast

SWEETWATER COMPLETES SAINT PETER’S ADULT DAY CENTER EXPANSION

by admin March 30, 2009

MONROE TOWNSHIP, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed a expansion and renovation project at Saint Peter’s Adult Day Center, located at 200 Overlook Pass in Monroe Township. The center was expanded from 5,000 to 8,200 square feet. Additional construction consisted of a new parlor with a fireplace, an activity room, a theater, food service facilities, two dining areas, a treatment room, a quiet room, offices, an employee lounge, a hair salon, a game room, and bathrooms. The project architect was Philadelphia-based Lighthouse Architecture. The project is part of Saint Peter’s Healthcare System; its purpose is to provide nursing and medical care in a home-like setting for people that are physically or cognitively challenged.

March 30, 2009

Northeast Office

MKDA RELOCATES

by admin March 30, 2009

NEW YORK CITY — Interior design firm MKDA has relocated its offices to 12,500 square feet on the 17th floor of 902 Broadway, located in the Flatiron District of Manhattan, New York City. The firm had previously been located at 11 E. 26th St., also in Manhattan. The office, which was designed by MKDA, features a production area, an adjacent design room, a sample and reference library, a boardroom, a conference room, a lounge area, an executive pantry/food service bar that serves the main boardrooms and a communal lunchroom that features a food service bar and tables. The office was designed to meet LEED standards and utilizes sustainable wood materials, low-VOC upholstery, private offices with all-glass fronts to allow natural light into the main studio and a lighting system that adjusts electric lighting to compensate for natural light.

March 30, 2009

Industrial Northeast

MARCUS & MILLICHAP BROKERS SALE OF DISTRIBUTION CENTER

by admin March 27, 2009

JOHNSTON, R.I. — Marcus & Millichap has completed the $15 million sale of a 144,187-square-foot distribution center in Johnston. Located at Lakeside Commerce Center, directly off Interstate 295, the facility was built-to-suit for FedEx Ground in 2008. Situated on 22+ acres, the facility can be expanded up to 27,720 square feet. Glen Kunofsky and Jason Kauffman of Marcus & Millichap’s Manhattan office represented both the buyer and seller in the transaction. Steve Witten of Marcus & Millichap assisted locally. The property’s double-net lease commenced on June 1, 2008 and has a 10-year term that is set to expire in May 2018. FedEx has the option of extended the lease with two 5-year renewal options. The closing cap rate for the sale was 7.5 percent.

March 27, 2009

Industrial Northeast

LIBERTY PROPERTY TRUST SECURES $317 MILLION IN FINANCING

by admin March 27, 2009

MALVERN, PA. — Liberty Property Trust has closed six mortgages totaling $317 million for various properties. Five mortgages were secured for industrial properties and one for office properties. Approximately one-half of the mortgage proceeds are through 3-year floating rate loans, each of which has two 1-year renewal options. The other half of the mortgage proceeds are through fixed rate, 7-year loans. The weighted average interest rate is approximately 7.1 percent. The financing was secured through several major life insurance companies.

March 27, 2009

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