MOORESTOWN, N.J. — Roseland, N.J.-based The Gale Construction Company has commenced a 100,000-square-foot interior office renovation and build-out for the Shaw Group at 224 and 228 Strawbridge Rd. in Moorestown. Construction will comprise 75,000 square feet of 228 Strawbridge Rd. and 25,000 square feet of 224 Strawbridge Rd. Improvements will include a system network room, modular partitions and workstations, upgraded HVAC and energy management systems, a reproduction room and conference rooms. The two office buildings are owned by Mack-Cali Realty Corp., of which Gale Construction is a subsidiary. The construction timetable was not released.
BANGOR, PA. — The grand opening has been held for a new Snap Fitness, located within Capitol Plaza in Bangor. The 24-hour gym totals 3,774 square feet. Dale Mulartrick of Levin Management, who is also the leasing agent for the shopping center, negotiated the lease agreement.
NEW YORK CITY — Meridian Capital Group has secured a $65 million first mortgage for the refinancing of Knickerbocker Plaza, a 578-unit multifamily property located at Second Avenue and East 90th Street in New York City. Developed in 1975 by The DeMatteis Organization, the property is in the process of opting out of the Mitchell-Lama Housing Program. Knickerbocker Plaza also includes retail, office and parking space, including a bank and a pharmacy. Abe Hirsch and Zev Karpel of Meridian’s New York office secured the loan, which include a 5-year term, with a local lender.
NORTH KINGSTOWN, R.I. — The grand opening has been held for the new Lowe’s Home Improvement Warehouse, located within The Shops at Quonset in North Kingstown. The retailer will occupy a 117,000-square-foot store and an adjacent garden center. Lowe’s is the second retailer to open in the open-air, mixed-use center, the first being Kohl’s. Both stores will serve as anchors for the development. Local grocery store Dave’s Marketplace is expected to open within the center this spring. At full build-out, The Shops at Quonset will include retail and restaurant space, second-floor office space and a hotel. It is part of the first phase of The Quonset Gateway, a 72.5-acre mixed-use development located at the entry to Quonset Business Park. The $144 million project is being developed by New Boston Fund and is being funded by the company’s Urban Strategy America Fund.
PHILADELPHIA — Morristown, N.J.-based The Hampshire Companies has acquired a 39,702-square-foot industrial facility located at 8401 Escort St. in Philadelphia. The single-story, food-processing facility is currently leased to Sky Chefs, an airline catering company. The property features 5,700 square feet of office space and is situated adjacent to Philadelphia International Airport. The acquisition was made by Hampshire on behalf of the Hampshire Generational Fund, one of the company’s private equity real estate investment funds. The seller and the acquisition price were undisclosed.
CRANFORD, N.J. — CB Richard Ellis Debt & Equity Finance (CBRE) has arranged $6.5 million in first mortgage financing for a 20,000-square-foot retail development located at 40-50 South Ave. in Cranford. The property consists of a 16,000-square-foot, freestanding Walgreens pharmacy and a 4,000-square-foot Chase Bank. The loan carries a 6 percent fixed rate and a 10-year term; proceeds will be used to refinance the construction loan for the two properties. CBRE’s James Gunning and Donna Falzarano arranged the loan on behalf of Bradley Box Co. with the lender, Rockville Bank.
NEW YORK CITY — Meltzer/Mandl Architects has completed the design for The Smith, a 13-story mixed-use building located at 75 Smith St. in the Boerum Hill neighborhood of Brooklyn, New York City. The building will feature a 93-room hotel on floors one through four, 50 residential condominiums on floors five through 13, 1,100 square feet of medical office space, and retail space fronting Atlantic Avenue. The condos will be primarily two-bedroom units, but the 12th floor residences will comprise duplex units with rooftop terraces. The property will also feature 64 parking spaces and below-grade storage space. The building’s exterior is a brick and panelized façade, and the building steps down to four stories along its State Street frontage, in keeping with the look of the surrounding neighborhood of brownstones and townhome residences. The project’s developer is Boymelgreen, and general contracting services are being provided by Alisa Construction. The project’s timetable was not released.
NEW YORK CITY — Marcus & Millichap has completed two multifamily sales in Manhattan, New York City, for a total of $6.65 million. First, the firm completed the sale of a five-story property, located at 493 Second Ave., for $3.85 million. The building contains 16 residential units, two commercial units and 9,135 square feet of developable air rights. Rents for both types of units are currently below market levels. Peter Von Der Ahe and Joseph Koicim of Marcus & Millichap’s Manhattan office represented the seller, a Hong Kong-based family, as well as the buyer, a prominent New York City-based landlord. Additionally, Marcus & Millichap completed the sale of a nine-unit, brownstone apartment building, located at 131 W. 80th St. on the Upper West Side, for $2.8 million. The four-story building contains five rent-controlled units, three rent-stabilized units and one free-market unit. Koicim represented the buyer, a New Jersey-based family. Von Der Ahe and Scott Edelstein, also of Marcus & Millichap, represented the seller, a private investor.
NASHUA, N.H. — The Stubbledine Company/CORFAC International has brokered the sale of a 183,865-square-foot industrial facility, located at 8 Cotton Rd. in Nashua, for $5.5 million. Situated on 17.2 acres, the building contains warehouse and office space. It features 18-foot clear ceiling heights, 508 parking spaces and eight loading docks. The seller was Hewlett Packard, which has owned and operated the site since 2002. The property was acquired by Hudson-RPM, which plans to use the site to expand its national wholesale magazine distribution business. Cushman & Wakefield provided representation for Hewlett-Packard in the transaction; Hudson-RPM was represented by The Stubbledine Company.
NEWARK, N.J. — Tucker Development Corp. has acquired an 11-acre site, located at the northeast corner of Springfield Avenue and Jones Street in Newark, for the development of a new shopping center. Tentatively called Springfield Avenue Marketplace, the project will total approximately 200,000 square feet. It will feature a two-story parking deck, as well as up to 825 free storefront parking spaces. The site is located within Newark’s Urban Enterprise Zone, which entitles customers to a sales tax reduction, and reduces taxes on personal property and services for retailers. Tucker is partnering with local developer Wil Allen for the project. A construction timetable was not released.