Northeast

CRONHEIM MORTGAGE CORP. ARRANGES $42.85 MILLION SUPER WAL-MART SALE

by admin September 24, 2008

FARMINGDALE, N.Y. — Chatham, N.J.-based David Cronheim Mortgage Corp. has brokered the sale of a Super Wal-Mart, located on Route 110 in Farmingdale, for $42.85 million. The 216,519-square-foot store is located within the 25-acre Republic Plaza shopping center. Tenants include Panera Bread, GameStop, Maggie Moos, Chipotle, Sleepy’s, Chili’s, Houlihan’s and Bank of America. Only the Wal-Mart was included in the sale. Andrew Stewart of Cronheim negotiated the transaction. Both parties were undisclosed.

September 24, 2008

HARLEM HOSPITAL MODERNIZATION BREAKS GROUND

by admin September 24, 2008

NEW YORK CITY — Groundbreaking has occurred for the modernization of Harlem Hospital, located in Harlem, New York City. Designed by HOK NY in association with Studio/JTA, renovations will include 180,000 square feet of new construction and renovations to 120,000 square feet of existing space. All major clinical elements will be improved, a new patient pavilion will be built and key nursing clinical units in the Martin Luther King Pavilion will be renovated. Additionally, WPA murals from existing buildings that are set to be demolished will be preserved and restored; the images will be integrated within a sustainable, high-performance curtain wall on the building’s 80-foot tall façade.

September 24, 2008

Northeast Retail

STOP & SHOP TO ANCHOR WAYLAND TOWN CENTER

by admin September 24, 2008

WAYLAND, MASS. — Quincy, Mass.-based supermarket Stop & Shop will anchor Wayland Town Center, a $140 million mixed-use development located at the intersection of routes 20 and 27 in Wayland. Stop & Shop has signed a 20-year lease for 45,000 square feet, and will use the space to debut its new prototype store. Wayland Town Center is being developed by Twenty Wayland LLC, a partnership between Boston-based companies KGI Properties and Congress Group. The main street-style, pedestrian-friendly project will contain 155,000 square feet of retail space, 100 residential units and 10,000 square feet of office space. Stop & Shop will anchor one side of Wayland Town Center’s Main Street, while a 2-acre town green will anchor the other side. Additional plans call for a health club, casual dining restaurants, professional offices and other boutique retail tenants. The project has received initial site plan approvals, with the remaining approvals anticipated in the next month. The project will then break ground this fall; the first stores are slated to open near the end of 2009, with the grand opening of the project expected in spring 2010.

September 24, 2008

Hospitality Northeast

ROCKRESORTS PARTNERS WITH JV TO MANAGE NEW RESORT

by admin September 24, 2008

STOWE, VT. — Broomfield, Colo.-based RockResorts International has entered into an agreement with a joint venture between Stonewater Partners and CastleGrace Management for the management of a resort project currently under construction in Stowe. Known as The Mansfield Inn at Stowe, the project will include for-sale residences, as well as luxury tented accommodations. Amenities will include a three-meal restaurant with a fine dining element; a 6,000-square-foot spa with six standalone, spa-themed cabins; a warming hut; and an outdoor pool and hot tubs. The project is scheduled to open in time for the 2010/2011 ski season. RockResorts, which is a wholly owned subsidiary of Vail Resorts, will manage all resort operations, provide technical advisory services and provide marketing licensing services to assist in sales for the project.

September 24, 2008

Northeast Retail

MARCUS & MILLICHAP BROKERS $16.12 MILLION SHOPPING CENTER SALE

by admin September 23, 2008

ROCKAWAY, N.J. — The New Jersey office of Marcus & Millichap has brokered the sale of Rockaway Plaza, a 104,549-square-foot retail property located at 295 Route 46 in Rockaway, for $16.12 million. Situated on 6.78 acres, the property is anchored by Drug Fair; additional tenants include Ace Hardware, Kiddie Academy and Party Fair. The property has recently undergone a renovation that included a new façade and storefronts, as well as a resurfaced parking lot. Seth Pollack and Michael Kestin of Marcus & Millichap represented the seller, a regional developer. Kevin McCrann, also of Marcus & Millichap, represented the buyer, a regional investment group. The property traded at a price of $154 per square foot.

September 23, 2008

Northeast Retail

ACADIA SIGNS BJ’S TO ANCHOR SPACE

by admin September 23, 2008

PELHAM MANOR, N.Y. — White Plains, N.Y.-based Acadia Realty Trust, in partnership with PA Associates, has entered into an agreement with BJ’s Wholesale Club to anchor Pelham Manor Shopping Center, a 230,000-square-foot community shopping center located in Pelham Manor. BJ’s will occupy the space formerly leased by Home Depot, and is expected to open in the first half of 2009. Terms of the lease were not disclosed.

September 23, 2008

Northeast Retail

LINEAR ACQUIRES TWO RETAIL CONDOS FOR $4 MILLION

by admin September 23, 2008

BOSTON — Burlington, Mass.-based Linear Retail Properties has acquired two Boston retail condominiums in two separate transactions for a total of $4.04 million. The first property is a 7,339-square-foot unit located at 58 Summer St. in the city’s financial district. The vacant unit was previously occupied by McDonald’s, which sold the property to Linear for $2.37 million. John Butterworth of Boston-based CB Richard Ellis – New England Partners and Christopher Lawrence of Boston-based Colliers Meredith & Grew brokered the transaction. The second property is a 4,360-square-foot unit located within the Wilkes Passage condominium project at 1313 Washington St. Linear acquired the property from Red River Trading Co. for $1.67 million. Red River will be relocating to 577 Main St. in Hudson, Mass. Ken Girvin of Boston-based Chandler Co. brokered the transaction. The Dartmouth Company has been retained to lease the property.

September 23, 2008

Northeast Office

MRA SELLS OFFICE PROPERTY

by admin September 23, 2008

MINEOLA, N.Y. — Garden City, N.J.-based Metropolitan Realty Associates (MRA) has disposed of a 6,810-square-foot office property, located at 410 E. Jericho Turnpike in Mineola, for $1.41 million, or $207 per square foot. The two-story, Class A property is currently vacant; it was formerly the headquarters of Birchwood Associates, which has since liquidated its commercial property holdings. Ron Kleinberg of Tri-State Properties represented MRA in the transaction. The buyer, Stuart Finz, was represented by Ross Selinger of ITRA Realty Group/Selinger Enterprises. In January, Finz purchased an adjacent, 13,000-square-foot land parcel from MRA.

September 23, 2008

Industrial Northeast

CBRE CAPITAL MARKETS ARRANGES $7 MILLION INDUSTRIAL LOAN

by admin September 23, 2008

WINDSOR, CONN. — The Hartford, Conn., office of CBRE Capital Markets has arranged a $7 million loan for a 221,213-square-foot industrial building located at 550 Marshall Phelps Rd. in Windsor. Situated on approximately 29.75 acres, the building features approximately 84,000 square feet of office space, 6-inch reinforced concrete floors, and expansion capability for an additional 70,000 square feet. Michael Riccio and Christina Kubas of CBRE Capital Markets secured the loan on behalf of the borrower, 550K Marshall Phelps Road LLC, which is an affiliate of The DeMattia Companies. The lender was CIGNA Realty Investors. Terms of the financing include a 5-year term with a fixed interest rate.

September 23, 2008

Northeast Office

SWEETWATER BEGINS HISTORIC OFFICE REDEVELOPMENT

by admin September 22, 2008

SUMMIT, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has begun the redevelopment of the former Risk Building, located at 535 Springfield Ave. in Summit. The historic building will be redeveloped into Claremont Corporate Center, a two-story, Class A office building located above two levels of underground parking. The original brownstone and granite building will be preserved as much as possible, and a new addition will be added to it. While preserving the original stone façade, Sweetwater plans to add exterior limestone panels and a glass curtain wall. Inside, the building will include a two-story main lobby with a glass façade, and an atrium with glass and wood railing, as well as new elevators and a slate tile floor. The project owner is Claremont Corporate LLC, and Wesketch Architecture is serving as the architect of record. CB Richard Ellis is the exclusive leasing agent.

September 22, 2008

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