WAWAYANDA, N.Y. — Sacramento, Calif.-based Panattoni Development Co. has acquired an approximately 100-acre land parcel located in Wawayanda. The site will be the home of Pine Lane Business Center; Panattoni has already received approvals for the construction of 505,000- and 241,000-square-foot buildings. The buildings will have space to accommodate a single or multiple users, and can be delivered for occupancy within 1 year of groundbreaking. Frank Tomasulo of CB Richard Ellis represented Panattoni in the land transaction.
WANAQUE, N.J. — Bloomfield Hills, Mich.-based Pulte Homes is advancing construction for Wanaque Reserve by Del Webb, a 436-acre active adult community located in Wanaque. Seven of the community’s 10 planned buildings are currently complete. Upon full build-out the project will comprise 755 two-bedroom carriage houses. The single-story units will contain up to 2,119 square feet of space, and will be priced from the mid $300,000s. Community amenities for Wanaque Reserve will include indoor and outdoor swimming pools with sundecks and patios; tennis and bocce courts; walking and hiking paths; and a 20,000-square-foot clubhouse that will contain a fitness center, card and billiards rooms, a computer center, arts and crafts rooms, a theater, and an entertainment hall. The community is situated at the base of Ramapo Mountain State Park, and is bordered by Wanaque River. Building 4, which contains 77 units, recently sold out; sales are under way for Building 3, which contains 58 homes. The construction timetable was not released.
TARRYTOWN, N.Y. — New York City-based SL Green Realty Corp. has disposed of a two-building, Class A office property, located at 100 and 120 White Plains Rd. in Tarrytown, for $48 million. The focal point of the 9-acre property is the Christiana Building, a six-story, 205,000-square-foot building located at 120 White Plains Rd. It features a circular driveway in front of the building, a fountain, a stainless steel sculpture and an enclosed parking garage. Building amenities include high-end marble finishes throughout the lobby, terraces with panoramic views and a 5,000-square-foot dining facility. The other building, located at 100 White Plains Rd., is a four-story, 1920s-era, colonial-style mansion that now contains 6,000 square feet of office space. The buyer was locally based Juster Development.
NEW YORK CITY — Yonkers, N.Y.-based NAI Friedland has brokered the $14 million sale of a 193,000-square-foot industrial property, located at 2338 Hermany Ave. in the Parkchester neighborhood of the Bronx, New York City. The site formerly served as a milk depot, and contains antiquated tanks and building. The buyer, Clarendon Holdings, plans to convert the property into a parking lot for school buses and other vehicles. Peter Cokin of NAI Friedland represented the seller, Atlantic Development. The buyer was represented by Queens, New York City-based Crosstown Realty. Acquisition financing was provided by Citigroup.
BOSTON — Boston-based Cabot Properties has secured a $65 million loan for the acquisition of a 2.4 million-square-foot industrial portfolio. The portfolio comprises 14 buildings located in major metropolitan markets across the country. Steve Roth and Steve Kundert of Chicago-based Cohen Financial arranged the financing, which includes a 70 percent loan-to-value ration and a fixed interest rate priced off of the 7-year U.S. Treasury. The lender was a national life insurance company. Details about the portfolio were not disclosed.
NEW YORK CITY — CB Richard Ellis (CBRE) has arranged the relocation of the Hunter College School of Social Work, located in New York City. The graduate school plans to sell its current building and land, located at 129 E. 79th St., to locally based The Brodsky Organization for $65 million. Brodksy will then construct a new facility for the school at Third Avenue, between 118th and 119th streets in East Harlem, at cost, receiving a lump-sum fee for administrative expenses. The new facility will rise eight stories and total 142,000 square feet, making it 32,000 square feet larger that the school’s current building. The building will be located on land currently owned by The Lois and Samuel J. Silberman Fund, in conjunction with the New York Community Trust. The state of New York has already appropriated $95 million to help complete the construction of the new building. CBRE’s Mary Ann Tighe, Stephen Siegel, Darcy Stacom and Joan Meixner represented Hunter College in the transaction. New York Community Trust was represented by Ira Schuman of Studley. Construction for the new facility will begin next summer, with completion expected in June 2011.
NEW YORK CITY — Manhattan, New York City-based Fifth Square Partners is advancing construction for The Steelworks Lofts, a residential loft conversion project located on North Fourth Street in the Williamsburg neighborhood of Brooklyn, New York City. The project comprises the conversion of the 130,000-square-foot Lewis Steel Products building into 88 residential loft units, ranging in size from 640 to 1,683 square feet. Units will range from studio to three bedroom lofts and penthouses, and will feature 7-foot tall factory windows and ceiling heights ranging from 11 to 20 feet. Living spaces will have white oak flooring, custom wood detailing made from recycled building joists, and a specially crafted light at each unit entrance made from an original Brookfield Insulator. Reclaimed lumber from the conversion will be used to create shelving and interior details throughout the building, as well as a rough-hewn wood reception desk in the lobby. Building amenities include an 8,500-square-foot, landscaped roof deck that will feature a skyline cinema, open air bungalows, outdoor communal kitchens, private rooftop cabanas, and stone fire pits. Other amenities include a two-story library, a mezzanine lounge, a fitness center, refrigerated storage for residents, and a secure parking garage. Units will be price …
NEW YORK CITY — Cohen Financial has secured $5 million in financing for a leased-fee interest in 557 Broadway, a 10-story, approximately 112,500-square-foot office building located near Washington Square Park in New York City. The building is currently owned by Scholastic Corp., which uses it as the company’s international headquarters. The ground lease is owned by a private family via a tenant-in-common structure. The ground floor of the property features 50 feet of frontage along Broadway and Mercer Street; the ground floor and mezzanine levels are occupied by a 6,700-square-foot Scholastic Company Store, which sells Scholastic products. The basement level contains a 299-seat auditorium, and floors three through 10 align with and expand the existing floors of the neighboring 555 Broadway building. Howard Taft and Charles Penan of Cohen Financial’s Miami office arranged the financing. The non-recourse loan carries a 6-year term with interest-only payments and an interest rate below 6.25 percent. The lender was Principal Global Investors.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 14,000-square-foot Walgreens pharmacy, located in Brooklyn, New York City, for $7.09 million. Ben Sgambati and Michael Lombardi of Marcus & Millichap represented the seller, an undisclosed Northeast-based developer. The duo also represented the Manhattan-based buyer in the transaction.
JERSEY CITY, N.J. — Sperry Van Ness (SVN) has completed the sale of 440 Commons, a 162,533-square-foot shopping center, located on Route 440 in Jersey City, for $24.6 million. Situated on 15 acres, the property is fully occupied by The Home Depot and Raymour & Flanigan. Both tenants are currently paying below-market rents, with 5-year rent escalations built into their leases. The shopping center is located on the west side of Jersey City, in an area that is poised to undergo a massive redevelopment. Joseph French and Thomas Dalzell of SVN’s White Plans, N.Y., office represented the seller, Beachwood, Ohio-based Developers Diversified Realty, as well as the undisclosed buyer. The property traded at a 6.76 percent cap rate.