Northeast

KISLAK BROKERS $2.27 MILLION OFFICE SALE

by admin January 29, 2009

KEYPORT, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of Keyport Plaza, a two-building office complex located at 25 E. Front St. in Keyport, for $2.27 million. Situated on 1.5 acres, the property contains a total of 21,000 square feet of Class A space; it was fully occupied at the time of closing. Kislak’s Joe DeFeo represented the seller, a New Jersey-based developer and investor, and Barry Waisbrod, also of Kislak, represented the buyer, First Property Management Solutions. The property traded at a 9 percent capitalization rate.

January 29, 2009

CBRE/SYRACUSE BROKERS $3.45 MILLION OFFICE PURCHASE

by admin January 28, 2009

NEW HARTFORD, N.Y. — CB Richard Ellis/Syracuse (CBRE) has brokered the purchase of an 84,800-square-foot office building located in New Hartford for $3.45 million. The building is situated on 40 acres at 4401 Middle Settlement Rd. It was acquired by Utica, N.Y.-based St. Elizabeth’s Medical Center, which was represented by CBRE’s Peter Finn and Larry Van Der Bogart. The buyer plans to use the building to continue its expansion and will take occupancy in the spring or summer after an interior build-out is complete. The Utica office of Pyramid Brokerage Co. was the listing agent in the transaction; the seller was New Hartford Plaza LLC. The building was formerly occupied by The Hartford Insurance Companies; Finn and Van Der Bogart assisted the company in finding a new office within nearby New Hartford Office Park.

January 28, 2009

Northeast Office

MACK-CALI RECEIVES $64.5 MILLION IN LOANS FOR TWO OFFICE PROPERTIES

by admin January 28, 2009

RED BANK AND CLARK, N.J. — Edison, N.J.-based Mack-Cali Realty Corp. has received a total of $64.5 million in financing for two New Jersey office properties. In the first transaction, Mack-Cali secured $44.9 million for One River Centre, a three-building office complex located at 331 Newman Springs Rd. in Red Bank. The property contains approximately 480,000 square feet of Class A space. In the second transaction, Mack-Cali secured $19.6 million for a 182,555-square-foot, Class A office building located at 100 Walnut Ave. in Clark. Both loans carry 10-year terms and 7.25 percent interest rates. The lender was Guardian Life Insurance Company of America.

January 28, 2009

Industrial Northeast

JCP ARRANGES 55,000-SQUARE-FOOT INDUSTRIAL SALE

by admin January 28, 2009

BRIDGEPORT, N.J. — King of Prussia, Pa.-based Jackson Cross Partners – ONCOR International has arranged the sale of a 55,000-square-foot industrial building located in Bridgeport. The property is situated on 19 acres within the Pureland Industrial Complex. It features 6,400 square feet of two-story office space, 40-foot by 40-foot column spacing, tailgate and drive-in loading, 4,000 AMP electrical service, five cranes with 5-ton lift capacities and 125 car parking spaces. Lou Battagliese, Harry McKenna and Jim Young of Jackson Cross Partners represented the seller, Southco. Fran Mahoney of the Philadelphia office of Cushman & Wakefield represented the buyer, Philadelphia-based George Young Co.; the acquisition price was not disclosed.

January 28, 2009

Hospitality Northeast

JV PROCURES $12.8 MILLION FOR HOTEL PROJECT, OFFICE ACQUISITION

by admin January 28, 2009

CANONSBURG, PA. — A joint venture between Horizon Properties Group and Madison Realty Group has procured $12.8 million in acquisition and development financing from Indiana, Pa.-based S&T Bank. Part of the loan will be used for the construction of a new Cambria Suites hotel to be built on Racetrack Road in North Strabane Township, Canonsburg. The site is situated at the entrance to a Tanger Outlets retail center and across from the Meadows Racetrack & Casino. The other part of the loan will be used for the acquisition of an existing 27,500-square-foot office building located adjacent to the proposed hotel site. Terms of the financing, as well as the construction timetable, were not released.

January 28, 2009

Northeast Office

VBS TAKES THREE MORE FLOORS AT 560 LEXINGTON

by admin January 28, 2009

NEW YORK CITY — Rudin Management Co. has secured a lease for the expansion of Verizon Business Services at 560 Lexington Avenue, a 22-story office tower located in Manhattan, New York City. Verizon will lease an additional three floors totaling 49,815 square feet for a 7-year term. This brings its total space leased in the building to seven floors comprising approximately 116,000 square feet—making it the largest tenant in the tower. Thomas Keating of Rudin Management Co. represented the landlord, the Rudin Family. Cushman & Wakefield’s Jeffrey Heller represented Verizon.

January 28, 2009

Mixed-Use Northeast

THE PIAZZA AT SCHMIDT’S NEARS COMPLETION

by admin January 27, 2009

PHILADELPHIA — Tower Investments is nearing completion for The Piazza at Schmidt’s, a $150 million mixed-use project located in the Northern Liberties neighborhood of Philadelphia. The project consists of the brownfield redevelopment of the former Schmidt’s Brewery at Second Street and Girard Avenue. Upon completion, the project will comprise 500 residential units and 100,000 square feet of retail and restaurant space. In addition, the project will feature an 80,000-square-foot public space that will host events such as concerts, open-air markets, movie nights and private social events. The space will be able to hold up to 5,000 people and will include a permanent performance stage, as well as a 16-foot by 26-foot, hi-definition video screen. The grand opening is scheduled for May. The Piazza at Schmidt’s is the beginning of Tower Investments’ revitalization of Northern Liberties. Tower currently controls 28 acres of land in the neighborhood, which will eventually contain approximately 1,500 residential units and more than 400,000 square feet of office and retail space in a combination of redevelopment and new construction projects.

January 27, 2009

Industrial Northeast

BAKER PROPERTIES ACQUIRES INDUSTRIAL PORTFOLIO

by admin January 27, 2009

FRANKLIN TOWNSHIP AND ROCKAWAY, N.J. — Baker Properties has acquired a two-property, Class A industrial portfolio located in northern New Jersey. The two properties include 500 Memorial Drive, a 148,598-square-foot warehouse situated on 11.38 acres in Franklin Township; and 400 Commons Way, an 83,028-square-foot high-tech/flex building situated on 15.6 acres in Rockaway. Both properties were fully occupied at the time of closing. The portfolio was sold by RREEF, in a transaction arranged by Cushman & Wakefield of New Jersey. The acquisition price was not disclosed.

January 27, 2009

Hospitality Northeast

HOLIDAY INN SELECT SELLS FOR $8.5 MILLION

by admin January 27, 2009

WOBURN, MASS. — Hilltop 15 Middlesex LLC has acquired a 196-room Holiday Inn Select located in Woburn for $8.5 million. Amenities at the hotel include a 282-seat restaurant, a fitness center, an indoor pool, 9,000 square feet of meeting space and banquet facilities. The buyer plans to invest more than $1 million in capital improvements during the first quarter of the year. The hotel is currently operated by Park Lodge Hotel Group. Hilltop 15 Middlesex LLC is managed by David Masse, who is also the founder of Compass Realty Associates. The buyer in the transaction was not disclosed.

January 27, 2009

Northeast Retail

CROSSPOINT ASSOCIATES ACQUIRES $3.5 MILLION SUPERMARKET

by admin January 27, 2009

MORRISVILLE, VT. — Crosspoint Associates has acquired 80 Fairgrounds Plaza, a 46,844-square-foot retail property located in Morrisville, for $3.5 million. Situated on approximately 8.3 acres, the building was constructed in 2001. It is currently leased on a long-term basis by Hannaford Bros., one of the largest supermarket chains in the Northeast. Bill Moylan, Chris Angelone, Peter Stevens and Leslie Faraci of CBRE / New England represented the seller, LNR Property Corp., and procured Crosspoint Associates.

January 27, 2009

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