Northeast

PEMBROKE NORTH COMPLETE

by admin September 11, 2008

WAYNE, PA. — Philadelphia-based Razak Co. has completed Pembroke North, a three-building, 54-unit residential condominium project located in the Philadelphia suburb of Wayne. The community features one-, two- and three-bedroom residences ranging in size from 1,273 to 2,632 square feet. Prices range from $500,000 to more than $1 million. The project has also registered for LEED certification; sustainable features include windows designed to maximize natural light, energy-efficient appliances, sustainable building materials, and geothermal heating and cooling systems. Pembroke North was designed by Philadelphia architect Robert Venturi.

September 11, 2008

DP PARTNERS ACQUIRES 100,000-SQUARE-FOOT FLEX FACILITY

by admin September 11, 2008

SWATARA, PA. — Reno, Nev.-based DP Partners has acquired a 100,000-square-foot warehouse/office flex property located at 7917 Derry St. in Swatara, a suburb of Harrisburg, Pa. Renamed LogistiCourt at Derry Street, the facility features 18-foot clear ceiling heights, 5-inch thick, reinforced concrete slabs, gas-fired heating units, one dock and one drive-in door for each 4,000 square feet, and 223 parking spaces. Julie Trogner of Lemoyne, Pa.-based RSR Realtors represented DP Partners in the transaction; the seller was Harrisburg-based Triple Crown Corp., which also constructed the facility. The acquisition price was not disclosed. Additionally, two tenants have already signed leases at the facility. Indianapolis-based Ace Mobility Products will occupy 8,000 square feet, including 3,000 square feet of office space, as its regional office, showroom and service facility. Enola, Pa.-based Pyramid Construction Services will occupy 4,000 square feet for its warehouse and shop.

September 11, 2008

Northeast Retail

CEDAR SHOPPING CENTERS TAKES OUT $21 MILLION RETAIL BRIDGE LOAN

by admin September 11, 2008

EGG HARBOR, N.J. — Port Washington, N.Y.-based Cedar Shopping Centers has taken out a $21 million bridge loan for Shore Mall, a 626,133-square-foot retail property located in Egg Harbor. Situated on 73.27 acres, Shore Mall consists of an enclosed regional shopping center anchored by Boscov’s Department Store and Burlington Coat Factory. The property also includes an adjacent 50-acre land parcel located at the intersection of The Garden State Parkway and Blackhorse Pike. The financing is for a 36-month term and carries an adjustable interest rate. The transaction was originated by John Taylor and Jim Cardranell with the New Jersey office of Holliday Fenoglio Fowler. The lender was Oritani Savings Bank, which was represented by David Garcia.

September 11, 2008

Northeast Office

LIBERTY PLAZA PLANS ANNOUNCED

by admin September 10, 2008

NEWARK, N.J. — Tucker Development Corp. has released the plans for Liberty Plaza, a $150 million office project located in Newark. Plans for Phase I call for the construction of a 22-story, 430,000-square-foot office tower. Amenities will include more than 750 parking spaces, dining areas, a rooftop garden, a fitness center, a banking facility and retail space. At full build-out, the project will have the capacity for more than 1 million square feet. Liberty Plaza will be situated on 3.5 acres adjacent to the New Jersey Transit Broad Street rail station. It will offer tenants an Urban Transit Hub Tax Credit, and is also located within Newark’s Urban Enterprise Zone. The project is being designed by RMJM Hillier.

September 10, 2008

Multifamily Northeast

ST. AMBROSE MAGNOLIA APARTMENTS RENOVATION NEARING COMPLETION

by admin September 10, 2008

NEW YORK CITY — Completion is nearing for major capital improvements at St. Ambrose Magnolia Apartments, a Section 8 housing community located at 686 Lafayette St. and 210 Kosciusko St. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The community consists of two identical buildings that contain 51 three- and four-bedroom units each. Upgrades include new lighting and painting throughout common areas; the redesign and renovation of an 800-square-foot community room at the Kosciusko Street building; new boilers, upgrades to the buildings’ plumbing and electrical systems; the installation of GFI outlets; new roofs; the restoration of parapets; and new asphalt and striping for the parking area. The project also aims to fix 177 building code violations for the community. The project is being designed and managed by Lester Evan Tour Architect; Manda International is serving as general contractor. Completion is scheduled for early fall.

September 10, 2008

Multifamily Northeast

NORTHMARQ ARRANGES $27.25 MILLION MULTIFAMILY LOAN

by admin September 10, 2008

PITTSBURGH — NorthMarq Capital has arranged a $27.25 million first-mortgage loan for Club at North Hills, a 372-unit multifamily property located in Pittsburgh. Terms of the financing include a 7-year term and a 30-year amortization schedule. Sam Berns of NorthMarq’s Upstate New York office arranged the financing on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance. The transaction represented an additional draw down on an established Fannie Mae credit facility.

September 10, 2008

Northeast Retail

L.L. BEAN AWARDED LEED-SILVER FOR HUNTING & FISHING STORE

by admin September 10, 2008

FREEPORT, MAINE — The L.L. Bean Hunting & Fishing Store, a specialty store located on the retailer’s Freeport campus adjacent to the L.L. Bean Flagship Store, has been awarded LEED-Silver certification from the U.S. Green Building Council. Sustainable features include recycled construction materials, stormwater management systems, energy-efficient windows and low-flow fixtures. In 2006, L.L. Bean committed to build all of its new projects to LEED standards; The Hunting & Fishing Store marks the retailer’s sixth LEED-registered project and the first to be awarded certification. The project is also the first LEED-certified retail project in the state of Maine.

September 10, 2008

Industrial Northeast

FIRST INDUSTRIAL ACQUIRES 232 ACRES FOR INDUSTRIAL BUILD-TO-SUIT

by admin September 9, 2008

JACKSON TOWNSHIP, PA. — First Industrial Realty Trust has acquired 232 acres of industrial land, located at the intersection of Commerce Drive and Hidden Lane in Jackson Township, for $15 million. The company plans to develop a 1.1 million-square-foot manufacturing and distribution center for Church & Dwight Co. on the property. Construction is scheduled to begin this month, with completion expected by the end of 2009. First Industrial, which was represented by CB Richard Ellis, acquired the property from Jackson Holdings LLC, which was represented by ROCK Commercial Real Estate.

September 9, 2008

Northeast Office

CUSHMAN & WAKEFIELD COMPLETES $24 MILLION OFFICE SALE

by admin September 9, 2008

NEW YORK CITY — Cushman & Wakefield has completed the sale of 12 East 52nd Street, a 7-story office building located in New York City, for $24 million. The property comprises approximately 17,500 square feet, made up of office space and ground-floor retail space. Jon Epstein, Charles Kinglsey and Yoav Oelsner of Cushman & Wakefield represented the seller, Golden Tree Asset Management, as well as the buyer, Heritage Real Estate.

September 9, 2008

Northeast Office

STUBBLEDINE CO. ARRANGES $2.67 MILLION OFFICE/FLEX SALE

by admin September 9, 2008

WINDHAM, N.H. — The Stubbledine Company (TSC) has arranged the sale of a 25,000-square-foot office/flex building, located at 1 Industrial Dr. in Windham, for $2.67 million. The property was formerly occupied by a major McDonald’s franchisor. The building systems and roof have also been renovated in the past 5 years. David Stubbledine, James Stubbledine and Micah Stubbledine of TSC represented the seller, Rock McCoy, and procured the buyer, Financial Destinations.

September 9, 2008

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