BETHLEHEM, PA. — Adler Place Partners has purchased a 27,000-square-foot office building in the Bethlehem Business Park in Bethlehem from an undisclosed party for an undisclosed amount. Adler plans to renovate the property, which formerly housed the executive offices of National Penn Bank. One tenant has already signed a $1 million lease for 10,000 square feet of the space. Allentown, Pa.-based Dietrick Group represented Adler Place in the transaction.
Northeast
HARRISON, N.J. — New York-based Kingsland 138 Realty has purchased a 25,000-square-foot flex building from 501 Bergen LLC for an undisclosed amount. Due to the current lending climate, the transaction almost fell through. With the deal almost finished, Kingsland’s credit lines were frozen, forcing the seller to take a short-term mortgage out on the purchase price. Kingsland paid the difference from its own capital. Michael Weiss of Studley represented the buyer. The property is located at 501 Bergen St. in Harrison.
PARSIPPANY, N.J. — Wockhardt USA has relocated its regional headquarters to Parsippany, signing a 12,000-square-foot sublease with Clifton, N.J.-based Cortega for turnkey space. The property is located at 20 Waterview Blvd. in the 13-acre Waterview Corporate Center. The 4.5-year lease covers the remainder of Cortega’s existing lease term. John Feeney of Studley represented the tenant in the transaction.
MIDDLESEX COUNTY, N.J. — Mark Scott of NorthMarq Capital’s Parsippany, N.J., office has secured a $20 million loan for a 244-unit apartment complex in Middlesex County. The 10-year loan carries a 5.66 percent interest rate and a 30-year amortization schedule. AmeriSphere Multifamily Finance provided funding for the loan.
TUXEDO PARK, N.Y. — Miami-based Omega Commercial Finance Corp. will acquire the 30,654-square-foot Sterling Mine retail and office development for an undisclosed price through a share exchange agreement. Construction on the property, which is located in Tuxedo Park, is nearly 75 percent complete. Pre-leasing has hit the 84 percent mark, according to executed letters of intent shared with Omega.
JAMISON, PA. — Jamison-based DG Warwick has purchased a 14,850-square-foot Walgreens and a cell phone tower from Warwick Building Partnership for $5.85 million. The 2-year-old property spans 2.06 acres of land at 2319 Old York Rd. in Jamison. Walgreens holds a 25-year absolute net lease that carries 50 1-year options on the building. Mark Taylor, Dean Zang and Mark Thompson of Marcus & Millichap’s Philadelphia office brokered the transaction with help from Peter Soloff of Philadelphia-based Blank Rome.
NEW YORK CITY — Construction has commenced on New York City-based Rosen Johnson Architects’ renovation of the 42-story office property located at 515 Madison Ave. in New York City. The upgrades include a new glass roof on the wrought-iron entrance marquee, enhanced signage, a new reception desk and improved lighting. The lobby has also been enlarged. The property was built in 1931, and Rosen Johnson has blended its new design with the building’s historic features.
ENGLEWOOD, N.J. — Marcus & Millichap has brokered a local developer’s sale of a 16,500-square-foot mixed-use property in Englewood to a local investor for $1.6 million. Urszula Zoltek of Marcus & Millichap’s New Jersey office represented the seller, and the firm’s Greg Babaian represented both parties.
PROVIDENCE, R.I. — Boston-based Colliers Meredith & Grew has arranged $10.5 million in construction financing for 90 Plain Street, a four-story, 39,775-square-foot medical office building located in downtown Providence. At the time of closing, the property was fully leased to Women & Infants Hospital; it is located adjacent to the Women & Infants Hospital campus, as well as Rhode Island Hospital. David Douvadjian and Thomas Welch of Colliers’ Capital Markets Group originated the loan on behalf of an entity related to Atlantic Management. It carries a 10-year term and a fixed interest rate. The lender was Middlesex Savings Bank.
WETHERSFIELD, CONN. — Wethersfield-based New England Retail Properties (NERP) has brokered the sale of Goff Brook Shoppes, a 71,493-square-foot retail center located in Wethersfield, for $6.8 million. Constructed in 1988, the center is anchored by Office Depot. Additional tenants include Hometown Buffet, SuperCuts, HFC, Catherine’s Plus, Ace Beauty Supply and others. NERP’s Matt Halprin represented the buyer, Wallingford, Conn.-based Goff Brook Real Estate LLC. The seller, Centro Properties, was represented by Joe French of the White Plans, N.Y., office of Sperry Van Ness.