NEWPORT, DEL. — Philadelphia-based Colliers Lanard & Axilbund (CLA) has brokered the sale of the former Sears distribution center located at 200 Sears Blvd. in Newport. The property comprises an approximately 251,912-square-foot warehouse and distribution facility situated on 12.5 acres within First State Industrial Park. The facility has been vacant since 2006. Mark Chubb and Larry Bergen of CLA represented the seller, Sears, and Andy McGhee, also of CLA, represented the buyer, J&J Langhorne Properties, which has already pre-leased the property to a third party. The acquisition price was undisclosed.
NEW YORK CITY — New York City-based Aragon Construction had been selected to build out a four-floor, 55,000-square-foot office suite for Royce Funds. The office will be located on floors 21 through 24 at 745 Fifth Ave. in Manhattan, New York City. Construction will include conference rooms, private offices, open work areas, a large trading desk, a main reception area on the 23rd floor, lobbies on the other floors, a gym on the 21st floor and a wood-clad internal staircase that will join the floors together, as well as lead to two terraces. Additional features include a bicycle storage facility, LAN room and pantries on each floor. Ted Moudis Associates is serving as project architect. Royce Funds previously occupied 30,000 square feet at 1414 Avenue of the Americas, also in New York City. It will sublet the old space when it expands into its new office. Completion is scheduled for March.
MOUNT LAUREL, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has arranged a $7.3 million loan for the Hampton Inn located at 500 Crawford Place in Mount Laurel. Situated on 2.36 acres, the four-story hotel contains 126 guestrooms, approximately 500 square feet of meeting space, a business center and an outdoor swimming pool. It is currently operated under a long-term franchise agreement with Hampton, which is a subsidiary of Hilton Hotels Corp. The loan carries a 10-year term and was originated by Cronheim’s David Turley, Frank Sullivan and Anna McGivaren. The borrower and lender were not disclosed.
NEW YORK CITY — Capstone Equities is advancing a $7 million capital improvements program at 156 William Street, a Class A office building located in the Financial District of Manhattan, New York City. Construction will include lobby renovations, new windows, HVAC upgrades, new lighting, upgraded finishes and mechanical systems, and the installation of a modern security system. The office tower offers 3,000 square feet of pre-built space, 25,000-square-foot floor plates, 10,000 square feet of ground-floor retail space and 100,000 square feet of renovated space that will be available by February 2010. Gensler is providing construction services for the project. In addition, three new tenants have recently signed at the property, including Earthjustice, Judlau Contracting and Chrysler Borg. CB Richard Ellis is serving as leasing agent.
RYE BROOK, N.Y. — Cleveland-based Forest City Enterprises has disposed of Sterling Glen of Rye Brook, a supported-living senior housing facility located in Rye Brook. The 168-unit community traded at a price of $70 million. It was acquired by Atria Senior Living Group as part of a larger transaction, agreed upon in 2007, in which Atria has agreed to acquire a majority of Forest City’s supported living portfolio.
TROY AND ELYSBURG, PA. — King of Prussia, Pa.-based Jackson Cross Partners – ONCOR International (JCP) has represented CSS Industries in the sales of two of the company’s Pennsylvania manufacturing facilities. The first property is a 211,000-square-foot plant, located on 13 acres in Troy, which was formerly utilized by CSS to manufacture decorative and woven ribbons. The second property, the former Arrow Shirt Co. building, is a 64,000-square-foot manufacturing plant located on 12.35 acres in Elysburg. It was formerly used by CSS’ Paper Magic Group for the production of seasonal holiday products. JCP’s Lou Battagliese and Nick Adams, along with Jeff Bower of Mericle Commercial Real Estate, represented CSS in both transactions. The buyer of the Troy facility was Cummings Lumber Co. and the buyer of the Elysburg facility was Toy Factory. The acquisition prices were not disclosed.
EDISON, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected to design a new academic building at Middlesex County College in Edison. The building will be located on Blue Colt Drive at one of the college’s main entrances. It will total two stories and 36,000 square feet; it will feature classrooms, computer labs, administrative offices, a culinary demonstration lab, kitchen facilities and meeting rooms. The $11 million project is also applying for LEED-Silver certification. The project is expected to go out for bidding in June, with construction expected to begin in August.
NEWARK, N.J. — Marcus & Millichap has arranged the sale of a 24,000-square-foot medical office building located in Newark. The single-tenant property traded for a price of $3.4 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented both undisclosed parties in the transaction.
NEW YORK CITY — Community Preservation Corp. (CPC) has provided a $1.26 million permanent loan for the refinancing of an apartment building located at 37 S. Third St. in the Williamsburg neighborhood of Brooklyn, New York City. The property received a CPC construction loan 8 years ago, which helped fund its renovation into eight loft apartments with ground-floor retail space. Rents currently average $2,450 per month. Terms of the loan, as well as the borrower, were not disclosed.
NEW BEDFORD, MASS. — Boston-based Fantini & Gorga (F&G) has arranged $2 million in acquisition financing for an 18,100-square-foot office building located in New Bedford. George Fantini and Mark Whelan of F&G placed the loan through StanCorp Mortgage Investors. Terms of the loan were not disclosed. The undisclosed borrower is acquiring the property as part of a 1031 exchange.