WESTHAMPTON, N.Y. — Rechler Equity Partners has signed an agreement to redevelop a portion of the airport located in Westhampton. Rechler will lease approximately 55 acres for a 40-year term, with an option for an additional 40 years. The company will redevelop the property into a sustainable business and technology park totaling 510,000 square feet of new construction. The construction timetable has not yet been finalized.
Northeast
PELHAM MANOR, N.Y., AND WOODBRIDGE, N.J. — Renovations continue at two shopping centers located in New York and New Jersey. Post Road Plaza is a 268,000-square-foot center located in Pelham Manor. Renovations at the property include the gutting and redesign of existing buildings; the replacement of windows, façades and storefronts; new signage, lighting, paving and landscaping; and the reconfiguration of the shopping center’s second floor. At the beginning of construction, Fairway Market signed a new 75,000-square-foot lease for an anchor space at the property. In addition, current tenants Modell’s, Dress Barn and AJ Wright are using the renovation as an opportunity to renovate and expand their existing stores. St. Georges Crossing is a 317,471-square-foot shopping center located in Woodbridge. Construction here primarily consists of the repositioning of a freestanding building that had previously been occupied by a movie theater. The Shannon Rose signed a lease for the majority of the structure, but the rest is being renovated and marketed for additional tenants. A new landscaping plan is also being developed. Previous renovations at St. Georges Crossing included the repositioning of the two-story space previously occupied by Caldor. Both shopping centers are managed and leased by Levin Management.
SOMERDALE, N.J. — National Realty & Development Corp. has started construction on CooperTowne Center, a 385,000-square-foot greyfields redevelopment project in Somerdale. Located at the former Lions Head Plaza at 711 East Evesham Ave., the project is just 10 miles southeast of Philadelphia and easily accessible to Routes 30 and 544 as well as the Philadelphia Speedline, a rapid transit system that runs between Philadelphia and Camden County. The center will be anchored by a Wal-Mart Supercenter, Cinemark Theatres and L.A. Fitness. Plans also call for the development of pad sites along White Horse Pike and Evesham Avenue. The new shopping center will feature facades replicating a traditional Northeastern downtown and significant land use improvements such as a tree-lined grand entrance, gazebos, a public plaza to accommodate civic ceremonies, extended pedestrian friendly sidewalks for outdoor dining, landscaped garden beds outside of the storefronts and parallel parking to enhance the main street feel.
DANBURY, CONN. — Grubb & Ellis has completed the $72.4 million disposition of Danbury Corporate Center in Danbury. The facility was sold to an entity of The Matrix Realty Group Inc. The approximately $12.5 million in net proceeds from the sale will be used to pay down the company’s revolving credit facility.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has completed the $4.3 million sale of 26-01/26-15 4th St. in the Astoria neighborhood of Queens in New York City. The one-story warehouse features 50,000 square feet. Jeffrey Unger and Robert Klein of KDA represented both the buyer, AA Holding of Long Island City, LLC, and the seller, 26-01/26-15 4th Street LLC. The buyer purchased the building due to its proximity to the Robert F. Kennedy and Queensboro Bridges, the Midtown Tunnel, BQE, and the LIE.
FREEHOLD, N.J. — Onyx Equities has completed the sale of a 10,374-square-foot stand-alone office building located at 65 Gibson Place in Freehold. Gregg Nowell, John O'Hearn and Chris Santoro of Sitar represented the landlord in this transaction, while Timothy Kwok from RE/MAX Champions represented the buyer, the Chinese American Bible Church. The building was part of Onyx Equities' Freehold Executive Center, which includes 303 West Main Street, a recently renovated four-story, 59,257-square-foot office/professional building and pad sites that can accommodate two stand alone single-story buildings of 8,000 square feet and 15,000 square feet. Freehold Executive Center is situated in the western Monmouth County submarket within close proximity to Route 9, Route 33, Route 79, and Freehold Raceway Mall.
PATERSON, N.J. — Marcus & Millichap has brokered the $510,000 sale of Summer Street Apartments, a 10-unit apartment property located in Paterson. Summer Street Apartments, which was built in 1950, features 6,500 rentable square feet. Six of the 10 units have been renovated with new flooring, kitchen cabinets, bathroom vanities and appliances. Kevin McCrann and Thomas McConnell of Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a local investor/developer, was secured and represented by Urszula Zoltek and Greg Babaian, also of Marcus & Millichap.
New York City was the last major office market in the country to feel the effects of the national economic slowdown and a number of indicators already point to the market’s quick rebound. While demand for office space throughout the city was lackluster, over the past 2 months there have been signs of increased activity. For many space users, New York City is the most important business center in the world and a key location for their corporate headquarters. Also, tenants that had the luxury of sitting on the sidelines with a wait-and-see attitude are finally staring to kick the tires once again looking for quality space. In general, companies are shedding their doldrums and doing business again. Many of them now see more space opportunities than 2 or 3 years ago. Today, tenants are in an enviable position where they can negotiate favorable terms for space that best meet their current as well as future real estate space requirements. The healthcare industry has been one of the most active in terms leasing and buying commercial space. This market sector has traditionally been a strong player, defying economic downturns since people always need healthcare providers. Although this industry is not …
FISHKILL, N.Y. — LandWorks LLC is developing a new 37,000-square-foot office building called LandWorks Professional Center that will be located in Fishkill. The company will collaborate with Sweeny Sterling Finlayson & Co. Architects and Michael Gillespie & Associates to design the facility. It will feature sustainable initiatives such as a modern septic system, rainwater storage and stormwater management. The building will also feature a fully automated and integrated daylight harvesting system, shallow floor plates and a raised-floor system. This building will be the first LEED-Silver certified commercial building in New York’s Hudson Valley. LandWorks is a development company created by physicians Kenneth Hansraj and Marcia Griffin-Hansraj. The new facility will primarily house the practice of the two doctors.
NEW YORK CITY — Massey Knakal Realty Services has brokered two all-cash transactions in New York City that included a one-story garage located at 1341 Garrison Ave. and a 25,000-square-foot warehouse located at 585 Wales Ave. The garage sale was valued at $1.6 million and the warehouse sale was valued at $1.3 million. The garage is approximately 15,155 square feet and was renovated in the mid-1990s. It features 20-foot clear ceiling heights, two garage doors and 750 square feet of office space. The 25,000-square-foot warehouse contains five stories and a basement, which was formerly used as an office/warehouse space. Nick Burns of Massey Knakal was the sole broker in both transactions.