Northeast

CONSTRUCTION COMPLETE FOR SISTER THOMAS APARTMENTS

by admin November 3, 2008

NEW YORK CITY — Construction has been completed for Sister Thomas Apartments, a seven-story affordable housing property located at 870 Southern Blvd. in the Hunts Point neighborhood of the South Bronx, New York City. The 114,000-square-foot building, which was designed by New York City-based Meltzer/Mandl Architects, features 105 two-bedroom units with hardwood floors. Rents range from $739 to $899 per month, depending on household income. Building amenities include a first-floor laundry facility, community rooms, outdoor space and gated parking for 24 vehicles. Galaxy Contracting served as general contractor for the project.

November 3, 2008

MARCUS & MILLICHAP BROKERS $2.45 MILLION RETAIL SALE

by admin November 3, 2008

DEPTFORD, N.J. — The Philadelphia office of Marcus & Millichap has brokered the sale of a 5,000-square-foot retail building, located at 1188 Hurfville Rd. in Deptford, for $2.45 million. The two-tenant property, which was completed in late 2007, is occupied by FedEx/Kinko’s and The Vitamin Shoppe. At the time of occupancy, FedEx/Kinko’s signed a 5-year triple net lease with two 5-year extension options, and The Vitamin Shoppe signed a 10-year triple net lease with two 5-year extension options and scheduled rent escalations every 5 years. Mark Taylor, Dean Zang and Chris Munley of Marcus & Millichap represented the seller, 1188 Hurfville Associates LLC, which is an affiliate of EDEN Property Co. The trio also procured the private, out-of-market buyer. The property traded at a capitalization rate of 7.51 percent.

November 3, 2008

Northeast Retail

FANTINI & GORGA ARRANGES $11.1 MILLION INTERIM LOAN

by admin November 3, 2008

MALDEN, MASS. — Boston-based Fantini & Gorga has arranged $11.1 million in interim financing for Plaza 188, a 71,500-square-foot retail center located in Malden. Situated on 5.55 acres along Commercial Street, the property is anchored by grocer Super 88; other tenants include Ace Hardware, Brookline Bank, Dunkin Donuts and CitiFinancial. Additionally, the Social Security Administration will soon move its local offices into the center. There is currently 3,400 square feet of space still vacant within the center. Terms of the financing, as well as the borrower and lender, were undisclosed.

November 3, 2008

Northeast Office

SL GREEN LEASES 153,000 SQUARE FEET OF OFFICE SPACE

by admin November 3, 2008

NEW YORK CITY — SL Green Realty Corp. has completed three office leases in Midtown Manhattan, New York City, that total more than 153,000 square feet. At 1515 Broadway, Wurk Environments has signed a 10-year lease for 64,788 square feet. The company will occupy the previously vacant 11th and 12th floors of the 54-story building. The Times Square tower is currently undergoing an extensive redevelopment. David Kaufman of SL Green, along with Frank Doyle, Cynthia Wasserberger, Edward DiTolla and David Kleiner of Jones Lang LaSalle, represented SL Green. At 1185 Avenue of the Americas, News America Inc., an affiliate of News Corp., has expanded its space by 54,472 square feet, taking the 22nd and 23rd floors of the tower in a 12-year lease. The new lease brings the company’s total space in the building to 138,284 square feet, and keeps the building at full occupancy once the new space becomes vacant in 2009. David Levinson and David Berkey of L&L Holding Co. represented the tenant. SL Green was represented in-house by Howard Tenenbaum and Gary Rosen. At 750 Third Avenue, Eisner LLP has also expanded, leasing 33,981 square feet under an 8-year term. The company will expand into the entire …

November 3, 2008

Northeast

LEXINGTON, VORNADO, WINTHROP ACQUIRE 15 MILLION SHARES OF LEXINGTON STOCK

by admin October 30, 2008

NEW YORK CITY, PARAMUS, N.J. AND BOSTON — New York City-based Lexington Realty Trust has agreed to the forward purchase of 3.5 million shares of its own common stock, in addition to the sale of 11.5 million additional shares to two Northeast REITs. Paramus-based Vornado Realty Trust will acquire 8 million common shares of Lexington’s stock, bringing its total number of Lexington common shares owned to 16.1 million. Boston-based Winthrop Realty Trust also agreed to purchase 3.5 million shares of Lexington’s common stock. All of the shares purchased in the transaction were traded at a price of $5.60 per share. The shares were previously held by AP LXP Holdings LLC, an affiliate of Apollo Real Estate Advisors III LP. In connection with Lexington’s forward purchase of its shares, the company has prepaid 50 percent of the purchase price and will make floating payments during the 3-year term of the forward purchase at an interest rate of LIBOR plus 250 basis points per annum. Vornado and Winthrop have also arranged 3-year, non-recourse financing at 50 percent of the purchase price for their commons shares purchased. The interest rate is also LIBOR plus 250 basis points.

October 30, 2008

Multifamily Northeast

TWENTY9TH PARK MADISON READY FOR OCCUPANCY

by admin October 30, 2008

NEW YORK CITY — Residences are ready for occupancy at Twenty9th Park Madison, a 34-story residential condo building located at 39 E. 29th St. in the Park Avenue South neighborhood of Manhattan, New York City. The building contains 142 residences in a mix of studio, one-bedroom, two-bedroom and two-bedroom penthouse units. Residences range in size from 536 to 2,070 square feet and are priced from $635,000 to $4.4 million. Penthouse units are located on the top four floors of the building. Amenities at Twenty9th Park Madison include a rooftop deck with outdoor barbecue grills and a sunbathing deck; a fitness center with a yoga room; refrigerated storage; on-site parking; optional tenant storage units; and concierge service. The project is being developed by Barcelona, Spain-based Espais Promocions Immobiliàries. H. Thomas O’Hara Architects served as project architect, with Gustavo Martinez serving as interior designer and M. Paul Friedberg & Partners serving as landscape architect for the rooftop deck. Coldwell Banker Hunt Kennedy’s New Development Division is serving as exclusive marketing and sales agent, and is also providing residents with its own signature concierge service. The project is presently 70 percent sold.

October 30, 2008

Industrial Northeast

CSG PARTNERS BEGINS CONSTRUCTION FOR 45,000-SQUARE-FOOT WAREHOUSE

by admin October 30, 2008

FOLCROFT, PA. — White Marsh, Md.-based CSG Partners has begun construction for a 45,000-square-foot warehouse building located in Folcroft. Situated on 10 acres on Kaiser Drive within Folcroft West Business Park, the building will feature 24-foot clear ceiling heights, 16 dock doors, office space and approximately 60 surface parking spaces. Completion is scheduled for January 2009, and The Flynn Company will handle leasing of the property. The new facility will be located adjacent to a 125,000-square-foot warehouse that was recently renovated by CSG. Formerly a manufacturing facility occupied by ConAgra Foods, the renovated building includes 22-foot clear ceiling heights, a truck court and 20 dock doors. It is currently 25 percent leased. CSG Partners is the real estate development and investment arm of a joint venture between The Creaney & Smith Group and the Global Merchant Bank Group of Prudential Real Estate Investors.

October 30, 2008

Industrial Northeast

GRUBB & ELLIS|COLDSTREAM BROKERS $2 MILLION INDUSTRIAL SALE

by admin October 30, 2008

AMHERST, N.H. — The Bedford, N.H., office of Grubb & Ellis|Coldstream Real Estate Advisors has brokered the sale of an approximately 38,380-square-foot warehouse facility, located at 9 Columbia Dr. in Amherst, for $2 million. The approximately 5-acre property formerly served as the sales and distribution facility for Atomic Ski USA. Future plans include a majority of the facility serving as the new headquarters of Skillings & Sons, which will consolidate its existing Hollis and Brookline, N.H., operations. The company plans to take occupancy in early 2009. Jacob Akers, Jim DeStefano and Neal Barrett of Grubb & Ellis|Coldstream represented the seller, Ogden, Utah-based Atomic Realty Corp. The trio also procured the buyer, 9 Columbia Drive Realty Holdings LLC. In addition, Grubb & Ellis also arranged the leasing of an additional 18,182 square feet within the warehouse. Grubb & Ellis|Coldstream represented the new ownership in leasing the space to locally based Preforms Plus. Terms of the lease were not disclosed.

October 30, 2008

Northeast Office

MARCUS & MILLICHAP CAPITAL CORP. ARRANGES OFFICE LOAN

by admin October 30, 2008

NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $1.8 million loan for the refinancing of a 12,000-square-foot, multi-tenant office building located at 1713 Eighth Ave. in the Park Slop neighborhood of Brooklyn, New York City. Sean Mooney of the firm’s Brooklyn office originated the loan, which includes a 6.12 percent fixed interest rate, a 75 percent loan-to-value ratio, a 5-year term and a 30-year amortization schedule. The lender was a commercial bank.

October 30, 2008

Northeast Office

JLL BROKERS 160,000-SQUARE-FOOT OFFICE SALE

by admin October 29, 2008

WORCESTER, MASS. — Jones Lang LaSalle (JLL) has brokered the sale of a five-story, 160,000-square-foot office building, located at 55-57 Union St. in Worcester. The building includes 20,000 square feet of wet lab space, as well as a vivarium. The buyer, TDG Union Street LLC, plans to reposition the property in an effort to attract life sciences tenants. Planned improvements include the renovation of the building’s lobby, the construction of a café and tenant fit-ups. The building will be renamed Redstone Center. Brendan Callahan of JLL represented the seller, Charles River Laboratories, and procured the buyer. Callahan and JLL’s Daniel Cordeau were retained to lease the property on behalf of the buyer. The acquisition price was not disclosed.

October 29, 2008

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