NEW YORK CITY — New York City-based Massey Knakal Realty Services has negotiated the sale of 650 46th Street, a six-unit residential apartment building located in the Sunset Park neighborhood of Brooklyn, New York City, for $750,000. Adam Hess was the sole broker in the transaction between two undisclosed parties. The property traded at a 5.5 percent capitalization rate.
BOSTON — Children’s Hospital Boston recently notified the Boston Redevlopment Agency of its plans to add a 103,000-square-foot expansion to the campus. The project is estimated to cost more than $100 million. The proposed 14-story building will expand the hospital’s 369,000-square-foot main building on Binney Street in the Longwood Medical and Academic Area of Boston. The project will expand the emergency room, radiology department, create a larger operating floor and add three inpatient bedrooms. Construction will begin pending approval.
NEW YORK CITY — The New York City office of HOK has been chosen by the New York City School Construction Authority (SCA) to design a new school in Jamaica, Queens. Public School/Intermediate School 48Q will be a 93,400-square-foot school campus that will house pre-kindergarten through eighth grade students. The school will comprise a five-story, L-shaped “Learning Block” building that will house 32 classrooms and a library, as well as a four-story “Activities Block” building that will house an auditorium, a gymnasium and a cafeteria. The $52.5 million project will be one of the first schools in the city designed to meet the New York City Green Schools Rating System, a sustainable building guideline system created by the CSA. Completion of the project is scheduled for September 2011. The new school will be replacing an existing 1930s-era school, which will be preserved and converted into offices for the New York City Department of Education.
HARRISBURG AND LEMOYNE, PA. — Woodbridge, N.J.-based The Kislak Company has arranged the sales of two Pennsylvania multifamily properties. In Harrisburg, Kislak arranged the $4.07 million sale of Quail Run Apartments, an 89-unit property located at 4001 Rawleigh St. The property comprises nine buildings, and features a swimming pool, a basketball court, a children’s play area and a volleyball court. Occupancy was 95 percent at the time of closing. Kislak’s Robert Holland represented the seller, MBM Associates, as well as the buyer, Quail Run Limited Partnership. In Lemoyne, Kislak brokered the $1.4 million sale of Walnut Hills Apartments, a 26-unit residential community located on Walnut Street. The property was fully occupied at the time of closing. Christopher Cimino of Kislak represented the seller, Shirmor Co., as well as the buyer, LMB Investments.
EDISON, N.J. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has secured $35 million for the refinancing of 379 Thornall Street, a 15-story, Class A office building located in Edison. The property totals 331,053 square feet and was 93 percent leased at the time of closing. CBRE’s James Gunning and Donna Falzarano originated the loan on behalf of M. Alfieri Co. The loan includes a 3-year term and a fixed interest rate; the lender was a New Jersey-based commercial bank.
ELIZABETH, N.J. — Matrix Development Group has completed a 432,140 lease renewal within Bayway Industrial Center in Elizabeth. The space is occupied by Cory Furniture, a Jersey City, N.J.-based furniture warehousing, storage and home delivery provider. Terms of the lease were not disclosed. Bayway Industrial Center, which is owned by Matrix, comprises four standalone warehouse buildings total of more than 1 million square feet. The property is currently undergoing a redevelopment and was 75 percent occupied at the time of closing.
NEW YORK CITY — Satellite provider DIRECTV has expanded its offices at One Rockefeller Plaza, a 600,000-square-foot office building located in Manhattan, New York City. The company signed a 12,996-square-foot lease for a portion of the second floor. It now occupies 77,471 square feet of the building, comprising the entire fifth, sixth and seventh floors, as well as the new lease on the second floor. DIRECTV was represented in lease negotiations by Arthur Mirante and Adam Rappaport of Cushman & Wakefield’s New York office, along with C.L. Baskin of the firm’s Dallas office. The landlord, Tishman & Speyer, was represented in-house by Peter Brindley and Ted Koltis. Terms of the lease were not disclosed.
NEW YORK CITY — The New York Times Company has entered into a sale-leaseback transaction with W.P. Carey & Co. for a portion of its New York headquarters, located on Eighth Avenue between 40th and 41st streets in Manhattan, New York City. W.P. Carey and two of its publicly held, non-traded REIT affiliates, CPA:16 – Global and CPA:17 – Global, will acquire 21 floors, encompassing approximately 750,000 square feet, of the 52-story building for $225 million. The lease has a 15-year term with an option for The Times Company to repurchase the office condominium interest during the 10th year of the lease for $250 million. The initial year’s rental payment will be $24 million with escalations throughout the lease. Proceeds from the sale will be used by The Times Company to pay off long-term debt. Andrew Sachs and Michael Rotchford of Cushman & Wakefield advised The Times Company in the transaction.
MONROE TOWNSHIP, N.J. — The Cranbury, N.J., office of Matrix Development Group has acquired Mid-Atlantic Corporate Center, an 80-acre business park located in Monroe Township. The property, which was renamed Matrix Corporate Campus, comprises 13 buildings totaling more than 342,000 square feet of office, laboratory and flex space. Prominent tenants include Innophos Inc., a phosphate producer that operates its 48,000-square-foot worldwide headquarters out of the campus. The seller, was Pennsylvania-based Preferred Unlimited. Negotiating the transaction were Newmark Knight Frank and Fennelly & Associates. The acquisition price was not disclosed.
HARTFORD, CONN. — The Hartford office of CB Richard Ellis (CBRE) has secured $12 million in permanent construction financing for a new industrial project in Hartford. Known as 100 International Drive, the project will consist of a 304,200-square-foot, build-to-suit facility for TireRack Inc. with the ability to expand by an additional 148,800 square feet. It will be situated on a 58-acre site within the New England Tradeport, a 600-acre business park located between the townships of Windsor and East Granby. Mike Riccio of CBRE’s Capital Markets Debt & Equity Finance division originated the non-recourse loan, which includes an initial 12-month term with a rate based on LIBOR, followed by a fixed rate. The lender was Berkshire Bank and the borrower was Griffin Land.