ORANGE, CONN. — Orange-based Fischer Real Estate has brokered a 40-year ground lease for 22 acres located at the interchange of Interstate 95 and Marsh Hill Road in Orange. The tenant, United Illuminating Co., plans to construct a new 140,000-square-foot corporate headquarters on the site. Alan Fischer of Fischer Real Estate represented the landlord, the Foyer family, while Les Cranmer of the Philadelphia office of Studley represented United Illuminating. In addition to the initial 40-year term, the lease contains a 40-year extension option, as well as a limited-condition purchase option. United Illuminating recently purchased the 34-acre former Showcase Cinema site located adjacent to the 22-acre parcel. Both sites will be used to consolidate the company’s operations.
WETHERSFIELD, CONN. — The White Plains, N.Y., office of Sperry Van Ness (SVN) has brokered the sale of Goff Brook Shops, a 71,493-square-foot community shopping center located in Wethersfield, for $6.8 million. The property, which is located at 1267-1309 Silas Deane Highway, is currently 84 percent leased to 12 tenants, including Office Depot, Home Town Buffet and Catherine’s Plus Sizes. Joseph French and Neil Golub of SVN represented the seller, New York-based Centro Properties. The buyer, a Connecticut-based private investor, was represented by New England Retail Properties.
COLUMBIA, PA. — The Boston office of Love Funding has arranged a $4.81 million loan for the refinancing of St. Peter Apartments, a 127-unit multifamily property located in Columbia. Love Funding’s Leonard Lucas originated the loan on behalf of the undisclosed borrower. The loan was secured through the HUD 202/223(f) loan program. It includes a 6.03 percent fixed interest rate and a 26-year amortization schedule.
PHILADELPHIA — Raymour & Flanigan Furniture has signed a lease for 35,308 square feet at Columbus Commons, a 643,810-square-foot retail center located at the corner of Columbus Boulevard and Snyder Avenue in the Center City submarket of Philadelphia. The furniture store plans to open it newest location in June. It marks the retailer’s third location in Philadelphia and its 88th store nationwide. Raymour & Flanigan operated in seven states located in the Northeast. Columbus Commons was developed by Blue Bell, Pa.-based The Goldenberg Group and opened in summer 2004. Additional tenants include IKEA, Lowe’s Home Improvement Warehouse and Champps Americana.
NEWARK, N.J. — Two Gateway Center, an 832,000-square-foot office building located in Newark, has received the Energy Star designation from the Environmental Protection Agency. Originally constructed more than 35 years ago, the property has undergone significant renovations to increase energy efficiency. These include the replacement of all of the building’s lights and ballasts, the HVAC equipment, motors and elevators. New building automation systems were installed, motion sensors were installed in all offices and VFDs were built on the building’s HVAC systems. These steps have reduced the building’s annual operating expenses by 20 to 25 percent. Two Gateway Center is owned by Manhattan, New York City-based C&K Properties. CB Richard Ellis serves as exclusive leasing agent, with Cushman & Wakefield providing property management services.
HARTFORD, CONN. — CB Richard Ellis (CBRE) has brokered the sale of a 436-unit apartment portfolio located in suburban Hartford for $42.7 million. The portfolio consists of Glastonbury Center, a 105-unit community located in Glastonbury; Ribbon Mill, a 104-unit community located in Manchester; Colonial Village, a 104-unit community located in Plainville; and Loomis Manor and Brooksyde, two communities located in West Hartford that total 123 units. The properties consist of garden-style buildings constructed between 1945 and 1965, except for Ribbon Mill, which is a converted mill building originally constructed in 1908. Jeffrey Dunne and Matthew Innes of CB Richard Ellis’ New York Institutional Group, along with Michael Stone of CBRE’s Multi-Housing Group, represented the seller, Equity Residential. The trio also procured the buyer, The Kamson Corporation, and worked with Michael Riccio of the Hartford office of CBRE | Melody to arrange $34.25 million in Freddie Mac financing for the purchase.
NEW YORK CITY — Northside Development has selected Fifield Piaker Elman (FPE) Architects to design the residential redevelopment of three adjacent commercial buildings located at 11-15 Old Fulton St. in the Fulton Ferry Historic District of Brooklyn, New York City. FPE Architect’s design will combine the structures as a single building, as well as include the addition of a fifth floor to the four-story buildings. The project will contain ground-floor retail space, 15 one- and two-bedroom apartments on the second through fourth floors and a penthouse on the fifth floor. The penthouse will connect to the apartments on the fourth floor to create three duplex units, each with its own terrace. The middle building will contain the project’s residential elevator lobby and entrance. Exterior construction will include the restoration of the building’s brick and masonry façade and the moving in of the rear façade. Construction will begin in early 2009 with completion expected in early 2010. The historic buildings were first constructed from 1836 to 1839.
RED BANK AND TOMS RIVER, N.J. — Cronheim Mortgage has arranged $5.5 million in financing for a three-property portfolio located in Red Bank. The first property consists of two multi-tenant retail buildings, a single-tenant office building and two office and retail buildings that total 42,182 square feet and are located near the Garden State Parkway in Red Bank. The property’s largest tenant is SCS Red Bank Cinema. The second property is a 12,153-square-foot retail building located at 1726 Route 37 East in Toms River that is leased to Rite Aid. The final property is City Centre Plaza, a 34,668-square-foot retail center located along Water Street in Red Bank. The largest tenant here is also Rite Aid. Cronheim’s Bruce Theuerkauf and Lisa McMahon arranged the loan. The borrower and lender, a well as terms of the loan, were not disclosed.
FLORHAM PARK, N.J. —Saiber LLC has signed a lease for more than 54,000 square feet of office space at 18 Columbia Turnpike in Florham Park. The law firm was originally based in Newark. It will be relocating its headquarters to the Florham Park office, which is located within Westminster Corporate Campus, a five-building, 180,000-square-foot office property. The space Saiber is leasing was originally occupied by Kushner Companies, which recently relocated its corporate headquarters to New York City. The company still maintains control over the property. Saiber will take occupancy in November. Terms of the lease were not disclosed.
HAMILTON, N.J. — Meridian Capital Group has arranged a $2 million loan for an approximately 42,000-square-foot retail property located in Hamilton. The property comprises five one-story buildings and is located at 2021 Nottingham Way. Shimon Weiner of Meridian’s New Jersey office arranged the financing, which includes a 10-year term and a 6.25 percent interest rate. The borrower and lender were undisclosed.