PITTSBURGH — Auditor General Jack Wagner will be reviewing the Pennsylvania’s Department of General Service’s agreement to sell the State Office Building for $4.6 million. According to Wagner, the sale price will put undue burden on the state’s taxpayers and since it will not produce enough of a profit to offset the costs of moving expenses and leasing fees for the new locations in downtown Pittsburgh. Situated on 1.3 acres in downtown Pittsburgh, the State Office Building features 274,000 square feet at the entrance of Point State Park. The 16-story structure is slated to be sold to River Vue Associates of Canonsburg, Pa.
LOWELL, MASS — Fantini & Gorga has arranged $3 million in permanent financing for Sutton Place, a multifamily property in Lowell. The property contains five three-story buildings with 12 units in each building. The units range from one to two bedrooms. The loan was made on behalf of Bicknell Associates and was used to pay off a local bank, which resulted in a long-term fixed rate accommodation. The lender was a national life insurance company.
NEW YORK CITY — New York-based Clipper Equity has completed an approximately $20 million renovation to Flatbush Gardens, a rent-stabilized apartment community located in the East Flatbush section of Brooklyn, New York City. Situated on 30 acres bounded by Newkirk, Nostrand, Farragut and Brooklyn avenues, Flatbush Gardens consists of 59 six-story brick buildings containing 2,469 units. The apartments range from studio to three-bedroom and rents range from $900 to $1,550 per month. Capital improvements to the property included new elevators in each building, updated boiler systems, new roofs for 40 percent of the buildings, repairs to the exterior masonry, the installation of a new laundry facility, the replacement of the mail room with a 24-hour center, new interior and exterior cameras, repairs to front-door intercoms, and the addition of a 24-hour, on-site security staff. In addition, a new courtyard designed by GreenbergFarrow will be complete this spring. Clipper Equity first acquired the community in 2005.
NEW YORK CITY — Massey Knakal Realty Services has completed two sales in New York City. First, the company negotiated the $1.35 million sale of a one-story, 8,315-square-foot industrial property located at 855 Humboldt St. in Brooklyn. The property is fully occupied by Calyer Street Metal, G.W. Works and Gate Master Corp. Massey Knakal’s Mark Lively represented the undisclosed seller. Massey Knakal also negotiated the $1.02 million sale of two six-unit apartment buildings located at 3520 and 3522 102nd St. in Corona, Queens. The units had been recently renovated. Massey Knakal’s Swain Weiner represented the undisclosed seller.
HARTFORD, CONN. — S.H. Smith & Co. has signed a lease for 21,000 square feet at 20 Church Street, a Class A office building located in downtown Hartford. The insurance broker will relocate its company headquarters to the new office from its previous location in West Hartford. John McCormick, Patrick Mulready and Alexis Augsberger of CB Richard Ellis represented the landlord, Morristown, N.J.-based The Hampshire Companies, in lease negotiations. Hampshire acquired the property in 2006 as part of its Hampshire Partners Fund VI and has since completed significant capital improvements to it.
UNION CITY, N.J. — Construction is nearing completion for Altessa, a 15-story residential condominium building located in Union City. The project is owned and is being developed by locally based Rocha Construction & Development. It features 100 units; a rooftop recreation space with an elevated pool and a running track; a residents-only gym; and a lounge with a flat-screen television. The one-, two- and three-bedroom homes range in size from 812 to more than 1,400 square feet and prices start at $310,000. Construction of a model unit on the top floor is expected to be completed in May. Initial occupancies are slated for this fall. Patina Realty is the marketing and sales agent for the project.
ELMWOOD PARK, N.J. — NAI James E. Hanson has arranged the sale of a 16,000-square-foot industrial building located at 20 Bushes Lane in Elmwood Park. The freestanding, single-story facility includes 18-foot clear ceiling heights, two loading docks and more than 30 parking spaces. The buyer, R.N. Foster Associates, was represented by NAI’s Joshua Levering, Robert Borny and Gregory Reid. The buyer plans to complete a full interior renovation of the building and take occupancy this summer. The seller, Interstate Realty, was represented by Scott Deutchman of Hasbrouck Heights, N.J.-based SBWE Inc. The acquisition price was not disclosed.
BEDMINSTER, N.J. — Three new tenants have opened at The Hills Village Center, a 109,800-square-foot shopping center located on Route 206 in Bedminster. Pedigree Pet Supplies has opened at 4,184-square-foot location, Somerset Valley Urgent Care has opened at 3,892-square-foot location, and Big East Wireless has opened a 1,000-square-foot location. Other tenants to recently open at the center include Starbucks Coffee, Yamamomo Japanese Restaurant, Cold Stone Creamery and Beadluxe. The center is anchored by a Kings supermarket. Dale Mulartrick of Levin Management Corp., the leasing and management agent for the property, negotiated each of the transactions. The Hills Village Center is the retail component of The Hills, a 5,200-residence, master-planned community.
CARMEL, N.Y. — The grand opening has been held for the first building at The Retreat at Carmel, a 215-unit residential condominium project currently under construction in Carmel. Developed by Bloomfield, Mich.-based Pulte Homes, the community comprises eight buildings with two levels of single-story residences over a garage. The community is being targeted to seniors. Prices range from $319,990 to $449,990. Community amenities include a 7,100-square-foot clubhouse that contains an outdoor heated pool and sundeck, a putting green, a ballroom with a catering kitchen, a fitness center, an arts and crafts room, a game room with billiards tables, a lounge with a fireplace, and locker rooms. The Retreat at Carmel also includes single-family residences priced from the mid $400,000s.
MARLBOROUGH, MASS. — Richards Barry Joyce & Partners (RBJP) has negotiated four leases totaling 140,466 square feet within Solomon Pond Park in Marlborough. John Lashar, Brian McKenzie and Paul Leone of RBJP represented the landlord, DGI Holdings III LLC, in each of the transactions. AREVA signed a lease for 43,709 square feet of office space at 400 Donald Lynch Blvd. Blue Cod Technologies renewed and expanded its lease to occupy the entire 40,019-square-foot office building located at 295 Donald Lynch Blvd. In addition, it signed a new lease for 29,763 square feet of space at 500 Donald Lynch Blvd. Finally, Park Place International signed a lease for 26,975 square feet of office and light industrial space at 500 Donald Lynch Blvd. Solomon Pond Park is owned by a joint venture between Great Point Investors and Nordic Properties. The 163-acre, master-planned business park includes more than 700,000 square feet of office, research and development and flex industrial space. The park also contains Solomon Pond Mall, a Marriott Residence Inn hotel, an in-park childcare center, a 2-mile jogging trail, an on-site cafeteria and outdoor meeting areas.