WESTPORT, CONN. — Westport-based Vidal Wettenstein has brokered the sale of an approximately 4,000-square-foot retail building, located at 139-141 Main St. in Westport, for $4.34 million. Robert Lewis of Vidal Wettenstein represented the seller, D&J Main Street LLC. The buyer, United Realty of Connecticut, was represented by Stephen Westerberg of First Service Williams.
PITTSBURGH — Raleigh, N.C.-based Concord Hospitality Enterprises has received $13.4 million in financing for the construction of a 124-room Courtyard by Marriott hotel in Pittsburgh. Known as Courtyard by Marriott Settlers Ridge, the hotel will be located within the new Settlers Ridge retail development. Both are currently under construction, with completion of the hotel scheduled for spring 2010, in conjunction with the completion of Settlers Ridge. Financing was provided by S&T Bank. Terms of the loan were not disclosed.
OLDMANS TOWNSHIP, N.J. — Cranbury, N.J.-based Matrix Development Group has sold a 1 million-square-foot development parcel, located within Gateway Business Park in Oldmans Township, to National Freight Industries for the development of new industrial space for the logistics provider. Development plans were not released at the time of the sale. Gateway Business Park is being developed by Matrix as a public-private partnership. Upon completion, it will contain 3.5 million square feet of manufacturing, warehouse and distribution space. Tenants already located within the park include Goya Foods, JE Berkowitz Glass, Garden State Freezers and Manfredi Cold Storage. Three development parcels remain for sale at Gateway: one approved for 100,000 square feet of construction, a second approved for 263,000 square feet and a third approved for up to 705,901 square feet.
SECAUCUS, N.J. — Major League Baseball has held the grand opening for its new television network studio in Secaucus. Known as the MLB Network, the all-baseball channel will operate out of MLB Network Studios, which is located within locally based Hartz Mountain Indutstries’ Harmon Cove industrial/flex development. The MLB leased 142,271 square feet from Hartz Mountain in 2008, and spent the year renovating the space to accommodate television production. Construction included two new studios and the conversion of the entire facility for hi-definition broadcasts. In addition, the street leading to the studio was recently designated MLB Network Plaza. The MLB Network officially launched on January 1 in 50 million homes.
NEW LONDON, CONN. — New York-based Savills has brokered the sale of New London Shopping Center, a 260,000-square-foot retail property located in New London, for $40.7 million. The center was 99 percent occupied a the time of closing. It is anchored by ShopRite Supermarket, Marshalls, HomeGoods, PetSmart and A.C. Moore. Additional tenants include Guitar Center, West Marine, Famous Footwear, Hallmark, Sally Beauty Supply and Chili’s Grill & Bar. Savills represented the seller, a joint venture between JPMorgan Investment Management and Centro Properties. The buyer was Cedar Shopping Centers. The shopping center traded at a 7.7 percent cap rate.
BOSTON — Construction had topped out for an 86,000-square-foot addition to Genzyme’s Allston Landing biomanufacturing facility, located along the Charles River in Boston. The addition, which was designed by ARC/Architectural Resources Cambridge, will add space for manufacturing and support functions. It will also include the construction of a new 26,000-square-foot underground cogeneration plant that will generate steam for plans operations, as well as generate electricity. ARC served as project architect for the plant’s original construction in 1991 and, since then, has designed more than 1 million square feet of new construction and renovation projects for Genzyme since then. Completion is scheduled for spring 2010. General contracting services are being provided by Turner Construction Co.
SMITHTOWN, N.Y. — Meridian Capital Group has arranged a $55.1 million first-mortgage loan for the refinancing of Avalon Commons, a 312-unit multifamily community located in Smithtown. The garden-style community comprises 13 buildings, an outdoor swimming pool and a luxury clubhouse with a fitness center. The loan carries a fixed interest rate over a 5-year term and was placed with a local lender. Abe Hirsch of Meridian’s New York office originated the loan on behalf of AvalonBay Communities.
WEST ORANGE, N.J. — The Gale Construction Company has completed a 13,000-square-foot addition and renovation at Solomon Schechter Day School of Essex & Union, located at 118 Pleasant Valley Way in West Orange. Construction consisted of a new addition at the school’s entrance that includes offices and a three-story glass tower. Interior renovations included a new security station, administrative office spaces and science labs. Construction had previously been completed, but a garbage truck collided into the facility soon afterward, causing the need to repair the exterior and the new science labs before the start of the fall term. The project architect was Livingston, N.J.-based Rotwein & Blake Associated Architects. Gale Construction is a subsidiary of Mack-Cali Realty Corp.
NEW YORK CITY — CB Richard Ellis Capital Markets Group (CBRE) has secured $1.4 million in acquisition for a 14,000-square-foot gas station located at 456-60 Bushwick Ave. in New York City. The loan carries an 8.5 percent fixed rate, a 5-year term with a 25-year amortization schedule and a 67 percent loan-to-value ratio. The borrower, 456 Bushwick LLC, used the proceeds to help acquire the property at a price of $2.1 million and a 9.1 percent cap rate. The property is currently subject to a 15-year lease, with BP as the fuel provider. CBRE’s Efrat Sharon originated the loan on behalf of the borrower through a local credit union.
NEW YORK CITY — Tishman Construction Corp. has completed the redevelopment of 407 E. 61st St. in Manhattan, New York City. The seven-story, 70,000-square-foot building will now house laboratory and office space for Weill Cornell Medical College. It had previously served as a city parking garage in the mid-1990s and a showroom for Rolls Royce when it was originally built in the early 1900s. The basement, which was enlarged from 500 square feet to 7,500 square feet, will house mechanical support space for the labs, a staff lounge and a locker area. The rest of the building will contain three research labs with cold rooms, fume hoods and support spaces, as well as two floors of administration offices. Stonehill & Taylor Architects served as project architect.
