Northeast

CBRE NEGOTIATES 236,944-SQUARE-FOOT INDUSTRIAL LEASE

by admin January 16, 2009

CRANBURY, N.J. — The New Jersey office of CB Richard Ellis (CBRE) has negotiated a lease for 236,944 square feet of industrial space at 324 Half Acre Rd. in Cranbury. The space will be occupied by Howard Berger Co., which is consolidating its distribution operations from two facilities in Monroe, N.J., to the new space. CBRE’s Scott Belfer, Stacey Weinberg, Mindy Lissner, Lou Belfer and Brittany Smith brokered the transaction. The distribution building Howard Berger Co. will be occupying totals 453,000 square feet. It is cross-docked and features 36-foot clear ceiling heights, 73 truck dock doors and one drive-up ramp.

January 16, 2009

$64 MILLION TUFTS DENTAL SCHOOL ADDITION REACHES HALFWAY POINT

by admin January 15, 2009

BOSTON — Construction has reached the halfway point for a five-story vertical addition to the existing, 10-story Tufts University School of Dental Medicine building, located at One Kneeland Street in the Chinatown neighborhood of Boston. The $64 million project will total 95,000 square feet; it will include two new clinical patient floors, an expanded simulation lab, teaching facilities, a continuing education conference center and administrative offices. It is also being constructed in anticipation of LEED certification. ARC/Architectural Resources Cambridge designed the project, and Boston-based Shawmut Design & Construction is serving as general contractor. Completion is scheduled for the end of the year.

January 15, 2009

Multifamily Northeast

TWO MULTIFAMILY PORTFOLIOS TRADE FOR $50.9 MILLION

by admin January 15, 2009

BOSTON, LAWRENCE AND CAMBRIDGE, MASS. — Two Massachusetts multifamily portfolios have been disposed of for a total of $50.9 million. The first portfolio, known as the Riverside Management Portfolio, traded for $44 million. It contains three properties, two of which are located in Boston and one that is located in Lawrence, totaling 414 units. Robert Griffin, Jr., Simon Butler and Biria St. John of the Capital Markets Group of Cushman & Wakefield of Massachusetts (C&W) represented the undisclosed seller and procured the buyer, OMNI America, which is an affiliate of OMNI New York. In the second transaction, the trio, along with C&W’s Chris Sower, completed the $6.9 million sale of the Charles River Portfolio, which comprises 38 units spread throughout 11 buildings in Cambridge. Of the units, 30 are located on seven contiguous parcels along Banks and Elmer Streets; five units are located in three separate buildings on Putnam Avenue and Andrew Street; and three units are located on Maple Avenue. C&W represented the undisclosed seller and procured the buyer, Longfellow Apartments LLC.

January 15, 2009

Northeast Retail

COHEN & CO. ARRANGES $30 MILLION RETAIL SALE

by admin January 15, 2009

SYRACUSE, N.Y. — The New York City office of Cohen & Company, Inc. Real Estate has arranged the sale of Shop City Shopping Center, a 240,000-square-foot community retail center located in Syracuse, for approximately $30 million. Anchors at the center include P&C Foods, A.J. Wright, Value Home Center, Dollar Tree, Advance Auto Parts and Eckerd. Other tenants include M&T Bank, HSBC Bank, McDonald’s, Rent-A-Center, Citizens Bank and Partners Trust Bank. Helen Putterman and Vera Thomas of Cohen & Co. represented the seller, a privately held company based in the Southeast, and procured the buyer, a New York City-based company completing a 1031 exchange.

January 15, 2009

Northeast Office

HAMPSHIRE, ONYX ACQUIRE 48,000-SQUARE-FOOT OFFICE BUILDING

by admin January 15, 2009

GLEN ROCK, N.J. — A joint venture between Morristown, N.J.-based The Hampshire Companies and Woodbridge, N.J.-based Onyx Equities has acquired a 48,000-square-foot office building located at 85 Harristown Rd. in Glen Rock. The property was acquired from Motorola, Inc. The joint venture plans to complete major renovations to the project throughout the year, including new façades, windows, lobbies, landscaping, HVAC systems, restrooms and a new roof — all with the intention of marketing the property to medical office users. Hampshire made the purchase on behalf of Hampshire Partners Fund VII, the company’s $350 million institutional real estate investment fund.

January 15, 2009

Multifamily Northeast

HIGHGROVE TOPS OUT

by admin January 14, 2009

STAMFORD, CONN. — Construction has topped out for Highgrove, an 18-story luxury condominium tower located at Forest and Grove streets in the central business district of Stamford. Upon completion, the building will contain 92 residences, three guest suites and 230 indoor, valet parking spaces. Units will be available with two, three or four bedrooms, and will average 2,558 square feet each. Amenities include private elevator access to each unit, a wine cellar, a 24-hour doorman, concierge services, an indoor swimming pool with a retractable roof, a spa and fitness center, a private screening room and valet parking service. Residences are priced from $1.2 million. Highgrove is a joint venture project between Ceebraid-Signal Corp. and the New York-based real estate investment arm of Investcorp International. The project was designed by A.M. Stern Architects. Completion is scheduled for fall 2009.

January 14, 2009

Industrial Northeast

KIMBERLY-CLARK SIGNS FOR 599,500-SQUARE-FOOT BTS AT LOGISTICENTER

by admin January 14, 2009

LOGAN, N.J. — Reno, Nev.-based DP Partners has signed a lease with Dallas-based Kimberly-Clark Corp. for a new 599,500-square-foot, build-to-suit distribution facility located within DP’s LogistiCenter at Logan, a 1,000-acre industrial park located in the Philadelphia suburb of Logan. Groundbreaking occurred in August 2008, and completion is scheduled for summer 2009. The new building will be situated on 60 acres fronting Commerce Boulevard. It will have a cross-docked design, and will include 32-foot clear ceiling heights, 50-foot by 53-foot bays, 60 truck docks, two drive-in doors, 7,000 square feet of office space, ESFR sprinkler systems, parking for 400 trailers and 100 cars, and expansion capability up to 800,000 square feet. The project is being developed as a joint venture between DP and Boston-based Great Point Investors. The project architect is York, Pa.-based TransSystems. Representing DP in-house was John Atwell, Michael Alderman and Stephen Bailey. The trio worked with LogistiCenter’s land listing agent, Mt. Laurel, N.J.-based NAI Mertz, whose team included Tony DiDio, Leroy Kardon and Scott Mertz. Kimberly-Clark was represented by Matthew Stauber of Rosemont, Ill.-based Colliers Bennett & Kahnweiler, and Marc Isdaner and Mark Chubb of the Philadelphia office of Colliers Lanard & Axilbund.

January 14, 2009

Civic Northeast

CONSTRUCTION BEGINS FOR NEW RASHI SCHOOL CAMPUS

by admin January 14, 2009

DEDHAM, MASS. — Construction had begun for the new campus of The Rashi School in Dedham. Rashi is a Reform Jewish day school currently located in Newton, Mass. Its new 82,000-square-foot building will be located on 17 acres along the Charles River, adjacent to Hebrew SeniorLife’s NewBridge on the Charles continuing care senior housing project, which is also currently under construction. The new school will be home to approximately 300 students in grades K-8. It will feature classrooms with smart boards, wireless Internet access throughout the school, a fully equipped science lab, a 10,000-volume library, an art studio, a dedicated music room, community spaces for prayer and holiday celebrations, a performing arts auditorium, a regulation-size gymnasium, sports fields, two playgrounds, a room dedicated to before- and after-school programs, and outdoor classrooms and assembly spaces. The project is applying for LEED certification, and is scheduled to open in fall 2010. The project was designed by HMFH Architects, and Suffolk Construction has been selected as general contractor. The Rashi School was able to secure $23 million in tax-exempt bond financing for the project, which was issued by MassDevelopment and purchased from Century Bank. Zions Bank structured the tax-exempt bond issue on the …

January 14, 2009

Northeast Office

HEALTHCARE COMPANY LEASES SPACE AT ATRIUM CORPORATE PARK

by admin January 14, 2009

SOMERSET, N.J. — inVentiv Health has signed a lease for 154,035 square feet of Class A space at Atrium Corporate Park, a four-building, 900,000-square-foot office park located in Somerset. The company will use the space, located at 500 Atrium Dr., to consolidate four of its New Jersey offices and to accommodate the further growth of the company. inVentiv Health plans to take occupancy in July. Walter Shoenberg and Christopher Kinum of Cushman & Wakefield represented inVentiv in lease negotiations. The landlord, LaSalle Investment Management, was represented by Susan Mason, Thomas Reilly and Brian Cass of Jones Lang LaSalle’s (JLL) Parsippany, N.J., office. JLL also serves as exclusive leasing agent and property manager for Atrium Corporate Park, which is owned by JLL’s LaSalle Income & Growth Fund IV.

January 14, 2009

Northeast Office

PLANS RELEASED FOR 2.0 UNIVERSITY PLACE

by admin January 13, 2009

PHILADELPHIA — University Place Associates has unveiled plans for 2.0 University Place, a 94,350-square-foot office building located at 41st Street along the West Market Street Corridor in West Philadelphia. The Class A building will be located at the foot of University City Science Center, which is currently undergoing a $600 million expansion. The 2.0 University Place project has been pre-certified LEED-Platinum. Sustainable features will include pollution prevention and recycling during the construction process; nearby public transit; on-site bicycle racks with changing rooms; car sharing facilities; a recycling system that uses rainwater to operate restroom fixtures; a green roof with a 20,000-square-foot rooftop park; high-efficiency HVAC systems; and abundant natural daylight. The construction timetable and construction team were not released.

January 13, 2009

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