BOSTON — Boston-based American Realty Capital has closed on the purchase of 39 of the more than 100 surplus bank branches it is set to acquire from Wachovia over the next year. The 39 vacant bank branches were purchased for more than $53 million. Of the properties already acquired, 15 have been sold, primarily to financial institutions, and four will be leased to banks.
LIMERICK, PA. — King of Prussia, Pa.-based O’Neill Properties Group has announced plans for Sanatoga Springs, a 66-acre mixed-use project located in Limerick. Phase I of the project will total 477,500 square feet and comprises one entertainment element, one anchor tenant and more than 200,000 square feet of restaurant, retail and hospitality space. Construction plans also include the extension of Lightcap Road, which serves as the access point for the project and Philadelphia Premium Outlets, a 555,000-square-foot outlet center located adjacent to Sanatoga Springs. Phase I is scheduled to open in the first quarter of 2010.
SUDBURY, MASS. — Woburn, Mass.-based Cummings Properties is developing a 63,000-square-foot speculative office building at 144 North Rd. in Sudbury. Situated within Cummings’ North Road campus, the building is situated adjacent to the Frost Farm conservation area. The project is striving for LEED certification from the U.S. Green Building Council. It is scheduled for occupancy in the fall, and can accommodate tenants from 600 square feet.
SCRANTON, PA. — Scranton-based The Commonwealth Medical College has broken ground for the development of its new 185,000-square-foot Medical Sciences Building. Designed by the New York office of HOK in association with Highland Associates, the building will house education and research facilities. Features include biomedical laboratories, a gross anatomy lab, simulation rooms, standardized patients’ rooms and a 250-seat auditorium. The west research wing and the east educational wing will surround a shared courtyard. The building also will contain additional student common areas, a café, and a bookstore. In addition, the project will include sustainable features such as rainwater collection, heat recovery systems, CO2 and occupancy sensors, high performance glazing, integrated daylight control, and the use of local stone and indigenous landscaping. Completion is scheduled for 2011.
LINDEN, N.J. — Construction has been completed for John T. Gregorio Towers, a seven-story, 78-unit senior housing project located in Linden. Amenities for the facility include a multi-purpose room, an outdoor area, tenant lounges on each floor, and activity rooms that include laundry facilities, visiting areas, physicians services, a beauty salon and a computer room. The project was designed by Gran Kriegal Associates for the developer, City of Linden Housing Corp. Funding was provided by the Housing and Urban Development Authority and Linden Housing Corp.
NORTHVALE, N.J. — New Jersey-based Whitman has completed environmental remediation and site work for a 6-acre land parcel located in Northvale. Formerly a television set, the site contained extensive contamination from underground storage tanks operated by a land development and construction business that had previously operated on the site. The site’s developer, Rio Vista, plans to redevelop the property into Rio Vista Greens, an 88-acre multifamily community. The project will include the construction of townhouse and apartment-style units, as well as a three-story clubhouse, a pool and other recreational facilities. The state of New Jersey provided technical and financial assistance for the remediation through its Brownfield Reimbursement Program. The construction timetable for the multifamily project was not disclosed.
TRENTON, N.J. — Meridian Capital Group has secured $4.91 million in acquisition financing for a three-story apartment building located at 507 Grand St. in Trenton. The elevator-served building contains 63 residential units. Russ Drebin of Meridian’s New Jersey office originated the loan, which contains a 5-year term and a 5.62 percent interest rate. The borrower is Connolly Properties. The lender was undisclosed.
NORTHBOROUGH, MASS. — Jones Lang LaSalle has completed the sale of I-290 Industrial Park, located in Northborough, for $39 million. The six-building industrial park totals 576,930 square feet; also included in the sale is a development parcel with the potential for 45,000 square feet of new development. The park is tenanted by a mixture of manufacturing, distribution, research and development, and warehouse tenants. Catherine Daume, Scott Jamieson, Mike Smith, Gail McDonough and Rick Schuhwerk of Jones Lang LaSalle represented the seller, an institutional investor. The property was acquired by Cabot Properties.
JERSEY CITY, N.J., AND NEW CASTLE, DEL. — KeyBank Real Estate Capital has arranged two multifamily loans totaling $47.6 million. The first loan totals $33.8 million and will finance the pre-stabilization of Cliffs at Jersey City, a Class A, mid-rise property located in Jersey City, The loan carries a 5-year term with interest-only payments. The borrower is Brass Works Urban Renewal Co., and the lender is Fannie Mae. The second loan totals $13.8 million and will be used primarily to finance the acquisition of Hampton Walk, a Class B, garden-style property located in New Castle. Loan proceeds will also be used to renovate the units, as well as finance the purchase of an additional property in the area. The borrower is KGL Holdings Hampton Walk LLC, and the lender is Fannie Mae. Terms of the financing were not disclosed.
SECAUCUS, N.J. — Secaucus-based Hartz Mountain Industries has leased 50,718 square feet of warehouse/distribution space in Secaucus. The property is located at 20 Enterprise Ave., and will be tenanted by Snatt USA, which will use the space as its North American headquarters. Snatt is an Italian third-party logistics provider. Representing Snatt USA in the lease transaction was Hasbrouck Heights, N.J.-based Chaus Realty. Terms of the lease were not disclosed.