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.
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.
RARITAN, N.J. — Short Hills, N.J.-based Garden Commercial Properties will hold the grand opening this month for the first retail tenants at Raritan Town Square, a 500,000-square-foot mixed-use project located at the intersection of State Route 31 and County Route 523 in Raritan. Set to open are Lowe’s Home Improvement Warehouse, which will serve as one of the center’s anchors, and Longhorn Steakhouse. Construction will also begin this fall for a second anchor tenant, a 145,000-square-foot Wal-Mart, with completion scheduled for mid-2009. Once construction is fully complete, Raritan Town Square will comprise 12 buildings, as well as a landscaped central green space that will provide walking paths and space for outdoor events. In addition to a community shopping center component, the project will include an entertainment and civic center.
UNION CITY, N.J. — Livingston, N.J.-based Jarmel Kizel Architects & Engineers has been selected by Lakewood, N.J.-based W Developers to provide architectural and engineering services for the construction of The Thread, a 15-story luxury residential condominium project located at 3312 Hudson Ave. in Union City. The building features 151 one-, two- and three-bedrooms residences. Building amenities include a recreation room, a fitness center, a children’s playroom, an onsite parking garage, a doorman, and a landscaped outdoor plaza with barbecues, a putting green and a children’s play area. Upon completion, the project will be the city’s first luxury high-rise condominium.
NEW YORK CITY — Construction is advancing for SJP Properties’ 11 Times Square, a 40-story, 1.1 million-square-foot commercial tower located on Eighth Avenue between 41st and 42nd streets in Manhattan, New York City. The project is on schedule for a 2010 completion, with steel currently erected to the 30th floor and the building’s unique concrete core completed up to the 39th floor. The building is presently the largest speculative office building under construction in Midtown Manhattan. SJP will be seeking LEED-Gold certification for the project.
BALDWIN, N.Y. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has arranged $11.2 million in acquisition financing for Baldwin Plaza Shopping Center, a 77,804-square-foot retail property located at 660 Sunrise Highway in Baldwin. Situated on 6.5 acres, the center was 95 percent occupied at the time of closing; anchor tenants include Best Buy and CVS/pharmacy. James Gunning and Donna Falzarano of CBRE arranged the loan on behalf of Millbrook Properties with Principal Real Estate Investors. Terms of the financing were not disclosed.
STAMFORD, CONN. — The New York Institutional Group of CB Richard Ellis (CBRE) has brokered the sale of a 154,533-square-foot flex warehouse building located at 88 Hamilton Ave. in Stamford. The fully occupied building comprises 58,340 square feet of flex space, 56,534 square feet of warehouse space and 39,659 square feet of office space. It is fully occupied, with AmeriCares Foundation leasing all of the office space and most of the warehouse space until 2023. Additional tenants include Carolee and World Wrestling Entertainment, which occupy their spaces until 2017 and 2012, respectively. CBRE’s Jeffrey Dunne, Patrick Bisceglia and Todd Newman represented the seller, Poplar Pointe Partners Ltd. The trio also procured the buyer, 88 Hamilton Avenue Associates LLC, which is an affiliate of Seaboard Properties. The acquisition price was not disclosed.
NEW YORK CITY — Construction is nearing an end for The St. Claire on Fifth, a seven-story residential condominium building located at the corner of Fifth Avenue and 128th Street in Harlem, New York City. Upon completion, the building will include 13 two- and three-bedroom residences ranging in size from 1,125 to 1,625 square feet. Each unit includes a balcony and/or terrace, as well as white oak flooring, double casement windows, gas-burning fireplaces and 8.5- to 9.5-foot ceilings. Building amenities include a 1,500-square-foot common roof deck with a clubroom; a fitness center with a sauna; a massage room with a shower room; and an on-site parking garage. Prices for the residences start at $700,000. Five of the units are already under contract, and occupancy is scheduled for this fall. Griffin Real Estate Group is serving as exclusive marketing and sales agent.
NEW YORK CITY — Chatham, N.J.-based Cronheim Mortgage has arranged a total of $18 million in financing for three office buildings located in Manhattan, New York City. Bruce Theuerkauf of Cronheim secured an $11 million loan for a 14-story, 100,165-square-foot office building located at 1270 Broadway Ave. The Class B building also includes ground-level retail space. The loan carries a 5-year term with a 30-year amortization schedule. Andrew Stewart of Cronheim secured a $4 million loan for a six-story, 74,425-square-foot office building located at 45 W. 21st St. The building is currently occupied by 20 tenants, one of which is leasing the first floor of the building as retail space. The loan carries an 8-year term with a 25-year amortization schedule and a 6.24 percent interest rate. Stewart also arranged a $3 million loan for a 12-story, 52,000-square-foot office building located at 32 E. 31st St. The building also includes ground-floor and second-story retail space. The loan carries a 15-year term with a 25-year amortization schedule and a 6.26 percent interest rate. The lenders and borrowers in each transaction were not disclosed.
HAZELTON AND CAMP HILL, PA. — Lemoyne, Pa.-based Landmark Commercial Realty has brokered the sale of two Pennsylvania industrial facilities. The first is a 240,000-square-foot, Class A distribution facility located within Humboldt Industrial Park in Hazelton. The property was acquired by Exeter 490 Forest LP, an affiliate of Exeter Property Group, for $10.5 million from an affiliate of Philadelphia-based Equilibrium Equities. Jason Grace of Landmark negotiated the transaction. The second property is a 165,000-square-foot warehouse facility located at 801 Spangler Rd. in Camp Hill. It was acquired by 801 Spangler Road Associates LP, which was represented by Grace. He was also subsequently named exclusive leasing agent for the property. The seller, as well as the sale price, was not disclosed.