Northeast

CUSHMAN & WAKEFIELD BROKERS OFFICE CONDO SALE

by admin September 22, 2008

FREEHOLD, N.J. — The East Rutherford, N.J., office of Cushman & Wakefield has negotiated the sale of a 25,000-square-foot office condominium within Pond View Professional Park in Freehold. Situated on 12.2 acres at 1011 W. Main St., Pond View comprises two 25,000-square-foot, two-story office buildings and one 50,000-square-foot, two-story building. Condos within the project are designed for medical or professional office uses, and the project is located less than a quarter-mile from CentraState Hospital. Advanced Orthopedic Sports Medicine Institute was the buyer of the office condo, which is located on the entire first floor of the larger building. It marks the first sale within the project. Pond View Professional Park is owned by a joint venture between Pyramid Property Partners, Hampshire Real Estate Companies and Triad Development. Cushman & Wakefield is marketing the property, with individual units available for sale or lease.

September 22, 2008

CPC FUNDS $15.9 MILLION FOR AFFORDABLE HOUSING PROJECTS

by admin September 22, 2008

NEW YORK CITY — The Bronx/Manhattan, New York City, office of Community Preservation Corporation (CPC), in partnership with the New York City Department of Housing Preservation (HPD), has financed $15.9 million in construction loans for three Harlem affordable housing project. CPC and HPD are providing a $9.2 million loan for the rehabilitation of two seven-story buildings located at 3603-3605 Broadway in the borough’s Hamilton Heights neighborhood. The properties will be reconfigured to include 24 one-bedroom units and 13 two-bedroom units. A $4.5 million construction loan is being provided to Malcolm Shabazz Development Corp. for the renovation of a six-story building located at 2512 Adam Clayton Powell Blvd. After construction is complete, the buildings will comprise 15 limited equity co-ops — made up of two studios, six one-bedroom, four two-bedroom and three three-bedroom units — as well as two commercial spaces. Finally, a $2.2 million loan will provide for the rehabilitation of a five-story building located at 131 E. 101st St. The building currently contains 10 rental units, which will be converted into co-ops upon completion.

September 22, 2008

Multifamily Northeast

MELTZER/MANDL COMPLETES RESIDENTIAL PROJECT DESIGN

by admin September 19, 2008

NEW YORK CITY — Meltzer/Mandl Architects has completed the design for a seven-building residential project located at 781-791 DeKalb Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The four-story, townhome-style buildings will each contain seven residences in a mix of studio, one-bedroom, two-bedroom and duplex units. Building amenities include hardwood floors, and low-e windows and glass doors. First-floor units in the rear of the buildings will have direct access to landscaped outdoor space and below-level recreation space, while residences above them will contain balconies overlooking the area. Top-floor units will have access to an outdoor terrace. Construction is slated to begin in early 2009. YME Construction is serving as general contractor.

September 19, 2008

Northeast Office

GE REAL ESTATE PROVIDES $70 MILLION LOAN FOR OFFICE PORTFOLIO

by admin September 19, 2008

LEXINGTON, MASS. — GE Real Estate has provided a $70 million loan for the refinancing of the Lexington Tech Park portfolio in Lexington. The portfolio comprises three Class A office and research properties — located at 125 Spring St., 300 Patriot Way and 500 Patriot Way — that total 278,905 square feet. The properties are situated on a 96.5-acre campus and are 89.4 percent leased to two major life sciences tenants. Two of the properties are fully occupied until 2023. The largest tenant is Shire, which is using the space as the global headquarters of its Human Genetic Therapies division. GE led a syndicate that included Worcester, Mass.-based Commerce Bank and Danvers, Mass.-based Danversbank to provide the funding, which also includes a $7.8 million line of credit for additional improvements and lease-up. Other terms of the loan include a 3-year term and a flexible fixed interest rate. David Douvadjian and Tom Welch of Colliers Meredith & Grew brokered the transaction. The borrower is Boston-based Patriot Partners.

September 19, 2008

Northeast Retail

CROWN ACQUISITIONS PURCHASES $6 MILLION RETAIL PROPERTY

by admin September 19, 2008

NEW YORK CITY — Crown Acquisitions has acquired 1553 Westchester Avenue, a newly constructed, 10,000-square-foot retail property located in the Bronx, New York City, in a $6 million transaction. AT&T has already signed a lease for 2,500 square feet at the property, and will anchor the Ward Avenue corner of the property. The lease transaction was negotiated by Winick Realty. Crown Acquisitions will direct the leasing of the remaining 7,500 square feet. The seller was not disclosed.

September 19, 2008

Multifamily Northeast

GEBROE-HAMMER ARRANGES SALE OF APARTMENT BUILDING

by admin September 19, 2008

PATERSON, N.J. — Livingston, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of an 18-unit garden-apartment property, located at 122-132 N. 7th St. in Paterson, for $1.47 million. The two-story building is composed of 14 one-bedroom units and four two-bedroom units. It was fully occupied at the time of closing. Jay Lombardo and Michael Petrak of GHA represented the seller, a private investor, and procured the buyer, 122-132 North 7th Street LLC. The property traded at a price of $82,000 per unit.

September 19, 2008

Industrial Northeast

FR BREAKS GROUND FOR 1.1 MILLION-SQUARE-FOOT INDUSTRIAL PROJECT

by admin September 18, 2008

YORK, PA. — Chicago-based First Industrial Realty Trust has broken ground for the development of Commerce Park in York. The 1.1 million-square-foot manufacturing plant and distribution center is being developed as a build-to-suit project for Church & Dwight Co. (C&D). The household products manufacturer will consolidate the company’s central New Jersey operations into the new location. The building is situated on 232 acres, and has expansion capability of up to 1.9 million square feet. The project is also seeking LEED certification. First Industrial, which is developing the project, also sold the site to C&D. Joseph McDermott and James Carter of CB Richard Ellis’ Wayne, Pa., office and Mindy Lissner of the company’s East Brunswick, N.J., office negotiated the build-to-suit transaction. The total project cost is expected to exceed $170 million.

September 18, 2008

Northeast Office

SL GREEN BEGINS $160 MILLION RENOVATION TO 1515 BROADWAY

by admin September 18, 2008

NEW YORK CITY — New York City-based SL Green Realty Corp. is undertaking a $160 million renovation of 1515 Broadway, a 54-story office tower located on Times Square in Manhattan, New York City. The most notable improvements to the approximately 2 million-square-foot tower include a 42-foot vertical extension of the building’s curtain wall, as well as the re-cladding of all of the exterior limestone surfaces with brushed aluminum panels. Other renovations include a redesign of the lobby with 5,000 square feet of custom art glass wrapping the walls; new elevator cabs; new common corridors and bathrooms; increased electrical capacity; HVAC upgrades; plumbing and fire protection improvements; and the addition of a new freight elevator. The project is applying for LEED-Silver certification from the U.S. Green Building Council. SL Green is aiming to upgrade the building to “best in class” status with the project. Completion is expected in late 2009.

September 18, 2008

Industrial Northeast

GRUBB & ELLIS BROKERS $7 MILLION INDUSTRIAL SALE

by admin September 18, 2008

MILLBURY, MASS. — Grubb & Ellis has brokered the sale of a 101,500-square-foot industrial property, located at 12 Latti Farm Rd. in Millbury, for $7 million. The property contains office, manufacturing and warehouse space. It is leased on a long-term basis to Cameron International, a manufacturer and service provider for the oil and gas industry. Bradford Spencer and Anthony Biette of Grubb & Ellis represented the seller, Latti Farm Realty LLC. The buyer was First American Realty.

September 18, 2008

Northeast Retail

EAGLEBRIDGE CAPITAL ARRANGES $11 MILLION RETAIL LOAN

by admin September 18, 2008

BROOKLINE, MASS. — Boston-based EagleBridge Capital has arranged an $11 million loan for a 21,226-square-foot retail property located at 1285 Beacon St. in the Coolidge Corner district of Brookline. The newly constructed property consists of the two-story shopping center and two levels of underground parking; tenants include Staples Express and Bodyscapes. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing, which includes a sub-5 percent, floating interest rate with the option to convert it into a fixed rate. The loan was placed with a national commercial bank.

September 18, 2008

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