Northeast

CAMPBELL NEGOTIATES 13,000-SQUARE-FOOT OFFICE SALE

by admin December 18, 2008

WORMLEYSBURG, PA. — Camp Hill, Pa.-based CAMPBELL Commercial Real Estate has negotiated the sale of a 13,000-square-foot office building located at 1007 Mumma Rd. in Wormleysburg. One floor of the two-story, Class A building is occupied by Global Data; the other floor is currently vacant. Art Campbell and Derek Bicksler of CAMPBELL Commercial Real Estate represented the seller, Duquesne University. The buyer, 1007 Mumma Road LLC, was represented by Jamie Pascotti and Todd Decker of Realty Management, Inc.

December 18, 2008

PNC ARCS ARRANGES $13.98 MILLION MULTIFAMILY LOAN

by admin December 18, 2008

HARRISBURG, PA. — The Princeton, N.J., office of PNC ARCS has arranged $13.98 million loan for Terraces at Springford Apartments, a 192-unit multifamily community located in Harrisburg. The garden-style apartment community is part of Heatherfield Community, the largest planned residential community in Pennsylvania. Terraces at Springford shares community amenities with nearby single-family and townhome residences, including a playground, several pools, a clubhouse, and basketball, volleyball and tennis courts. The loan carries a 10-year term, a 30-year amortization schedule and a 6.32 percent fixed interest rate. It was originated by PNC ARCS through Fannie Mae. The borrower was undisclosed.

December 18, 2008

Multifamily Northeast

ITZHAKI PROPERTIES NEGOTIATES APARTMENT BUILDING SALE

by admin December 18, 2008

NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a walk-up apartment building, located at 1149 Greene Ave. in the Bushwick neighborhood of Brooklyn, New York City, for $640,000. The three-story property was vacant at the time of closing. It totals 5,000 square feet and contains six two-bedroom units. Shay Zach and Itai Akabi of Itzhaki Properties represented both undisclosed part in the transaction.

December 18, 2008

Northeast Retail

PREIT COMPLETES TWO RETAIL LOANS TOTALING $118 MILLION

by admin December 17, 2008

EXTON AND SCRANTON, PA. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has completed two loans totaling $118 million for two Pennsylvania malls. In the first transaction, PREIT secured a $70 million, non-recourse mortgage loan for Exton Square Mall, a 1.1 million-square-foot, enclosed mall located in Exton. The mall was acquired by PREIT in 2003, and is anchored by Boscov’s, JCPenney, Macy’s and Sears. As of closing, non-anchor occupancy was 83.6 percent and 12-month same-store sales were $359 per square foot. The loan carries a 7.5 percent fixed interest rate and a 5-year term. The lender was undisclosed. In the second transaction, PREIT secured a $48 million, non-recourse mortgage loan for Viewpoint Mall, a 750,000-square-foot, enclosed mall located in Scranton. The mall was also acquired by the company in 2003. It is anchored by JCPenney, Macy’s and Sears; non-anchor occupancy as of closing was 92.5 percent. The mall had 12-month same-store sales of $375 per square foot. The interest-only loan, which was provided by a commercial bank, carries a variable interest rate of LIBOR plus 2.35 percent that was swapped to a 5.24 percent fixed interest rate for its 5-year term.

December 17, 2008

Northeast Office

DVA COMPLETES $8 MILLION OFFICE RENOVATION

by admin December 17, 2008

MONTVALE, N.J. — Gaithersburg, Md.-based DVA Architects, acting as project architect, has completed an $8 million renovation plan for an office building located at 225 Summit Ave. in Montvale. The 1960s-era building was the former divisional headquarters of Toys ‘R’ Us. Renovations included the addition of 15,000 square feet of office space, bringing the building to a total of 142,000 square feet. The building’s vertically ribbed, precast panel façade was replaced with a new skin consisting of rusticated, insulated, glass-fiber reinforced, concrete panels framed with 4-inch steel studs. The single-glazed, punched windows were replaced with high-performance, double-glazed windows. In addition, the lobby was converted to a two-story space, with the new glass and stainless steel staircase as the focal point. The building’s existing mechanical systems were upgraded, and overgrown exterior landscaping was removed to emphasize the new building façade. The upgrade elevated the office building from Class C to Class A status. As a result of the renovation, the building’s owner, Paragon/Ivy Realty JV, was able to lease the entire facility to Barr Pharmaceuticals on a long-term basis.

December 17, 2008

Industrial Northeast

CBRE BROKERS $10 MILLION INDUSTRIAL SALE

by admin December 17, 2008

BETHLEHEM, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of an approximately 450,000-square-foot warehouse/distribution facility, located in Bethlehem, for $10 million. The facility is situated on approximately 29.5 acres at 218 W. Yard Rd. Richard Sleasman and Don Noland of CBRE’s Albany, N.Y., office negotiated the transaction between the buyer, McNeary Inc. and the seller, NY Realty Partners.

December 17, 2008

Northeast Seniors Housing

CASA MARIA APARTMENTS HOLDS GRAND REOPENING

by admin December 17, 2008

BOSTON — The grand reopening has been held for Casa Maria Apartments, an 85-unit apartment building located at 130 Endicott St. in the North End neighborhood of Boston, after an extensive rehabilitation. The six-story building was originally constructed by The Community Builders (TCB) in 1979 to provide Section 8 subsidized housing to seniors; the company continues to operate the facility. Construction included renovations to the existing community kitchen and the construction of a second kitchen; the addition of stand-up, walk-in showers in unit bathrooms; new energy-efficient appliances; an expansion to the lobby; new windows, heating systems and elevators; a new community room; and the construction of a handicap-accessible rooftop deck. TCB’s limited partner investors in the renovation were Red Capital Group and Nationwide Insurance Co. Additional assistance was provided by MassHousing and low-income tax credits provided by the Massachusetts Department of Housing & Community Development. The general contractor for the project was CWC Builders; Tise Design Associates served as project architect.

December 17, 2008

Industrial Northeast

HAMPSHIRE ACQUIRES 91,388-SQUARE-FOOT FLEX BUILDING

by admin December 17, 2008

MAHWAH, N.J. — Morristown, N.J.-based The Hampshire Companies has acquired a 91,388-square-foot industrial flex building located within Mahwah Technical Park II at 10 Industrial Ave. in Mahwah. Fully occupied at the time of closing, the building is tenanted by Polytype America, Janome America, New Concept Press, LS Advertising Co. and Scanpan USA. The property was purchased from EWE Warehouse Investments for an undisclosed amount. Hampshire made the acquisition on behalf of The Hampshire Generational Fund, one of the company’s private equity real estate investment funds.

December 17, 2008

Northeast Office

ALEXANDRIA CENTER FOR SCIENCE AND TECHNOLOGY UNDER WAY

by admin December 16, 2008

NEW YORK CITY — Construction is under way for the first phase of the Alexandria Center for Science and Technology at East River Science Park, a 3.5-acre office and laboratory park located in New York City. Phase I construction will consist of a 16-story, 319,405-square-foot office/laboratory tower. The campus will ultimately contain 1.1 million square feet of office and lab space. The project will also feature one acre of green space with views of the East River. Alexandria Center is applying for LEED certification from the U.S. Green Building Council. The project is being developed by ARE-East River Science Park LLC. Cushman & Wakefield has been named exclusive leasing agent for the project.

December 16, 2008

Northeast Retail

IB REACHES MIDWAY POINT FOR THE SHOPS AT QUONSET POINT

by admin December 16, 2008

NORTH KINGSTOWN, R.I. — Integrated Builders (IB) has reached the mid-point of construction for the first phase of The Shops at Quonset Point, located in North Kingstown. The first phase of the $80 million master-planned project consists of 160,000 square feet of retail space and 40,000 square feet of office space. IB is currently completing the 75,000-square-foot Outside Air Center, which includes the shell for a 25,000-square-foot Dave’s grocery story. The project is scheduled for a spring 2009 completion. Upon full-build-out, the development will include a limited-service hotel, a visitor’s center, a local grocery story, a drug store, a coffee shop, restaurants, a bank, small shop space and two anchor stores. The Shops at Quonset Point is being developed by New Boston Fund. The project architect is Boston-based Bergmeyer Associates. IB is serving as general contractor.

December 16, 2008

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