HAVERHILL, MASS. — Winchester, Mass.-based Klemmer Associates has brokered the lease of 91,550-square-foot of manufacturing space at 20 Computer Dr. in Haverhill. The facility will be occupied by Southwick Clothing, which was recently purchased by Retail Brand Alliance, the owner of the Brooks Brothers brand. Greg Klemmer and Ted Geary of Klemmer represented the landlord, Suffolk Advisors. The tenant was represented by Brad Spencer of Grubb & Ellis. Terms of the lease were not disclosed.
Northeast
CHEEKTOWAGA, N.Y. — Boston-based STAG Capital Partners has acquired a 121,760-square-foot industrial property in Cheektowaga. Situated on 8.47 acres at 60 Industrial Pkwy., the facility is occupied by two tenants, The Mentholatum Company and UPS Supply Chain Solutions. The seller was 60 IP LLC, which disposed of the property for an undisclosed amount.
CRANBERRY TOWNSHIP, PA. — Choice Hotels International has announced that a new Cambria Suites hotel will be constructed at 1740 Route 228 in Cranberry Township. Owned by Pittsburgh-based Templar Development, the hotel will feature 129 suites. Room amenities include two flat-screen LCD televisions, media hub technology, a CD/DVD player, mp3 jacks, and complimentary wired and wireless Internet access throughout the hotel. Hotel amenities will include a casual dining restaurant and coffee bar; a fitness center with an indoor pool and spa; a 24-hour convenience store; and more than 1,000 square feet of meeting space. The construction timetable was not disclosed.
PHILADELPHIA — Marcus & Millichap has brokered the sale of Oxford Terrace Apartments, a 77-unit multifamily community located in the Lawndale neighborhood of Philadelphia. The property contains five buildings of one-bedroom units. Fred Paisley of Marcus & Millichap’s Philadelphia office represented both undisclosed parties in the transaction. The acquisition price was not disclosed.
NORTH HAVEN, CONN. — New York City-based Meridian Capital Group has arranged $39.5 million in development financing for North Haven Commons, a retail project located at the intersection of Interstate 91 and Universal Drive North in North Haven. Terms of the financing include interest-only payments, a LIBOR-based rate and a 24-month term during the construction period. Once the project is completed and stabilized, the borrower, Irvine, Calif.-based Eclipse Development Group, has the option to convert the loan into a 3-year mini-permanent loan. Allan Lieberman and Tal Savariego of Meridian’s New York office originated the financing. Eclipse has selected Connecticut-based Konover Construction Corp. to build the project, which is within Greater New Haven’s regional power center.
PHILADELPHIA — Footbridge Capital will proceed with the foreclosure sale of two development sites totaling 2.2 acres that are located at the northwest corner of North Delaware Avenue and Poplar Street in the River District neighborhood of Philadelphia. The properties were zoned and approved for the development of a 2.1 million-square-foot, high-rise, mixed-use project. They were acquired by 2945 Poplar Development LLC in January 2007, but the company defaulted on its mortgage loan with Footbridge Capital. The development parcel is located adjacent to SugarHouse, a 1.3 million-square-foot casino project currently under development, and is located less than 2 miles from Foxwoods Casino, a 3.7 million-square-foot casino project that is also under development. Foreclosure proceedings for the land parcel will be conducted by the U.S. Marshal in Philadelphia’s Federal Courthouse.
NEW YORK CITY – Construction has topped out for a 30,000-square-foot, boutique medical office condominium building, located at 429 E. 75th St. on the Upper East Side of Manhattan, New York City. The art deco building was originally a carriage house before later being turned into a parking garage. Current construction involved gutting the interior and adding three stories to the building, bringing it to a height of six stories. The project will be able to accommodate high-tech imaging and lab facilities, and will include a back-up power generator and two passenger elevators, one of which will be able to accommodate gurneys. The project is also seeking LEED certification from the U.S. Green Building Council. Completion is expected in December. Taconic Investment Partners and ABR Partners are developing the project. Murphy Burnham & Buttrick designed the project, with Ball Construction serving as construction manager. Paul Wexler of Corcoran Wexler Healthcare Properties is serving as exclusive sales agent.
NIAGARA FALLS, N.Y. — Wien & Malkin Strategic Capital V has participated in a $28 million, preferred-equity investment that recapitalizes Fashion Outlets of Niagara Falls, a 530,000-square-foot shopping center located in Niagara Falls. The property is anchored by Marshall’s and Saks; additional tenants include Polo Ralph Lauren, Brooks Brothers, Nike, Ann Taylor, Tommy Hilfiger, Coach, Old Navy, Burberry, Geoffrey Beene and Revlon. The investment, of which Wien & Malkin contributed $14 million, is for a 2-year term with a 1-year extension option. The funds, combined with new senior financing, are being used to retire a senior loan balance and to complete tenant improvements. The property is owned and operated by Talisman Cos., which purchased it out of receivership 3 years ago and has re-tenanted and renovated it during that time.
WESTBORO, MASS. — Integrated Builders has completed construction of a 4,300-square-foot clean room for GE Healthcare Bioscience at 14 Walkup Dr. in Westboro. The Class 10,000 clean room was built within the existing space GE occupies at the property. Providence, R.I.-based Vision III Architects provided design services.
What area is your expertise? Connecticut — Fairfield County. What trends do you see presently in office development in your area? Slow to moderate growth in office demand. An adequate supply of product is available but not many “lookers.” Who are the active office developers in your area? Very little new development. Mostly local developers without national recognition e.g. Building and Land Technology of Norwalk and The Davis Company, also of Norwalk. Please name one or two significant office developments in your area. What impact will these projects have on the market? Blackrock Realty’s new railroad station project is underway in Fairfield that will become Fairfield Metro Center office park. The 100 Fairfield Metro Center building will encompass the first phase of the development and contain 200,000 square feet of Class A office space. A pavilion building on-site will add another 70,000 square feet to the overall development. Phase I is scheduled for completion in 2009. Where is the majority of development taking place? Why is this area doing well? Lower Fairfield County. It’s located along the commuter route to New York City. What area do you expect to be the next big development market? Why? The 33-acre Wilton Corporate …