FLORHAM PARK, N.J. — Atlantic Health has announced plans to develop a four-story, 100,000-square-foot medical facility at The Green at Florham Park, a 268-acre master-planned project that is being developed in Florham Park by a joint venture between Rockefeller Group Development Corp. and Roseland, N.J.-based The Gale Real Estate Services Company. Called Atlantic Sports Health Institute, the facility will specialize in sports medicine. It is located adjacent to the training facility for the New York Jets and is located between Morristown Memorial Hospital in Morristown, N.J., and Overlook Hospital in Summit, N.J.—both of which are owned by Atlantic Health. Construction is scheduled to begin in mid-2009 with completion expected in mid-2010.
THOROFARE, N.J. — Jackson Cross Partners (JCP) has brokered the sale of a 183,570-square-foot, cross-docked distribution building located at 117 Crown Point Rd. in Thorofare. Situated on 16.2 acres, the building features 32-foot clear ceiling heights and 60-foot by 54-foot column spacing. JCP’s Lou Battagliese, Jim Young and Harry McKenna represented the seller, Exeter Property Group. The buyer was Albert Tire Co., which is fitting up the recently constructed property to accommodate its new headquarters and warehouse operations. The company is currently located in Pennsauken, N.J.
WASHINGTON, PA. — Adios Associates LP has signed a contract with franchisor Choice Hotels International for the development of a new Cambria Suites hotel in the Pittsburgh suburb of Washington. The 103-suite hotel will be located at 455 Racetrack Rd. It will feature a two-story lobby, a coffee bar that also serves breakfast and dinner, a fitness center, a 24-hour convenience store and more than 1,000 square feet of meeting space. Individual suites will include two flat-screen televisions, Media Hub technology and high-speed Internet access. The construction timetable was not released. Adios Associates is a joint venture between Horizon Properties Group and Pittsburgh-based Madison Realty Group. The new hotel will mark the fifth Cambria Suites in the state of Pennsylvania and the fourth one in the Pittsburgh area.
NEW YORK CITY — Eastern Consolidated has completed the sale of a two-building residential property located at 634 Hudson St. in the West Village neighborhood of Manhattan, New York City, for $7.25 million. The property consists of a front building containing six apartment units and ground-floor retail space, as well as a rear carriage house that contains the other 14 apartments. A courtyard separates the two buildings. The retail space is leased to Myers of Keswick, an English culinary shop that has occupied the space since 1985. Eastern Consolidated’s Sam Schneider and Daniel Glaser represented the seller, locally based 634 Hudson Street Corp.; Roberto Ortiz, also of Eastern Consolidated, procured the buyer, Westchester, N.Y.-based 634 Street LLC.
NEW HAVEN, CONN. — A joint venture between an investment fund controlled by Jonathan Rose Cos. and an affiliate of The Hurley Group has acquired an approximately 130,000-square-foot office complex, located at 45-55 Church St. in New Haven, for $8 million. Situated on 1.29 acres, the complex comprises an eight-story, 105,522-square-foot office building located at 55 Church St.; a three-story, 24,126-square-foot, Greek revival-style bank building located at 45 Church St.; and an adjacent 76-space parking garage. The office tower, which was built in 1972 and renovated in 1999, is currently 71 percent occupied by 13 tenants; the vacant bank building, which was built in 1907, was most recently occupied by Wachovia Bank. Steven Inglese and Rob Montesi of The New Haven Group represented both parties in the transaction. The seller was ECP Church LLC. The buying entities were Rose Smart Growth Investment Fund I LP, Jonathan Rose’s fund, and 45-55 Church Street LLC, Hurley’s affiliate. The joint venture plans to undertake a $3 million capital improvements and leasing program; the partnership will seek LEED – Existing Buildings and Energy Star certifications for the project.
RAHWAY, N.J. — Weichert Commercial Brokerage has brokered the sale for approximately 41,000 square feet of office space at 2 City Hall Plaza, located in Rahway. The property rises three stories and contains 65,000 square feet of Class A office space. The first floor is currently occupied by The Rahway Public Library; the vacant second and third floors of the building, which contain 20,499 square feet of space each, were included in the sale. Weichert’s Beth Krinsky and Terry Kenny represented the seller, SD LLC, and the undisclosed buyer in the transaction. In addition, Weichert was retained by the buyer to market the 41,000 square feet of space for lease.
NEW BRUNSWICK, N.J. — Tekton Development Corp. is advancing construction for a new two-story, approximately 18,000-square-foot location for New Jersey Books in New Brunswick. New Jersey Books, which serves the Rutgers University community, will be moving to a new $3.6 million store at 39 Easton Ave., which is just one-half black north of its present location at 108 Somerset St. Completion is scheduled for late February or early March. The new facility will be more than four times the size of New Jersey Books present location. The relocation came as a result of the of The Gateway, a high-density, mixed-use redevelopment project that is being developed, in part, at the book store’s old location.
ALLENTOWN, PA. — Allentown-based Summit Management & Realty Co. has negotiated the purchase of a 7,100-square-foot office building located in Allentown. Situated at 1176 N. Irving St., the property traded for approximately $670,000. Summit’s Jennifer Gold represented the buyer, Cornerstone Consulting Engineer & Architectural, which will use the facility as its new corporate headquarters. The seller was not disclosed.
EAST RUTHERFORD, N.J. — Construction has commenced for the $150 million Meadowlands Rail Station located in East Rutherford. Designed by Hasbrouck Heights, N.J.-based DMR Architects, the project is part of The Meadowlands Railroad and Roadway Improvement Project, a multi-agency effort to provide better mass transportation access to the New Jersey Meadowlands Sports & Entertainment Complex, which is currently under construction. The train station will allow passengers to travel from northern New Jersey, Midtown Manhattan and Long Island through the Secaucus Junction Transfer Station to the new stadium, as well as Meadowlands Xanadu, a $1.3 billion entertainment and office complex also under construction in the area. The Port Authority of New York and New Jersey is overseeing the project, which is scheduled for a June 2009 completion.
BILLERICA, MASS. — NorthMarq Capital has arranged $2.92 million in joint venture capital for the acquisition of two office/flex buildings located in Billerica. The properties are located at 261-267 Boston Rd.; they total 94,605 square feet and were constructed in 1985. Steve Bye of NorthMarq’s Denver regional office originated the financing on behalf of Hall Royce Investments.