HAMILTON, N.J. — New Jersey-based the Orbach Group has acquired Miry Run Apartments, a 144-unit multifamily community located in Hamilton, for $11.5 million. The property contains nine buildings with a mix of one- and two-bedroom units. Rents range from $875 to $1,100, and the community was fully occupied at the time of closing. The seller was not disclosed.
HAMILTON, N.J. — Gebroe-Hammer Associates has negotiated the sale of White Horse Gardens, a 48-unit, mid-rise apartment community located at 60-66 White Horse Pike in Hamilton, for $3.6 million. The property comprises three three-story buildings with 12 one-bedroom units and 36 two-bedroom units. It was 95 percent occupied at the time of closing. Steven Follman, Elliot Schechter and Joel Schwartz of Gebroe-Hammer represented the seller and procured the buyer. Both parties were undisclosed.
LOWER MERION, PA. — The state of Pennsylvania has awarded $6 million in grant funding to Lower Merion Township to assist in the development of the Ardmore Station mixed-use redevelopment project. The township is working with Dranoff Properties to master plan the redevelopment and revitalization of the Ardmore Transit Center and central business district. Initial plans for the $180 million, transit-oriented development call for a new train station, 335 residences, 30,000 square feet of retail and restaurant space, 8,500 square feet of office space, and approximately 750 parking spaces. The project is expected to take 5 years to complete.
ALLENTOWN, PA. — Meridian Capital Group has secured a $13 million loan for Village West, a 133,611-square-foot shopping center located in Allentown. The property is occupied by a tenant mix that includes Giant Supermarket, CVS/pharmacy, Outback Steakhouse, GNC and Wachovia Bank. Seth Grossman of Meridian’s New York office originated the financing, which consists of a first lien mortgage with interest-only payments for the full term of the loan. The borrower and lender were not disclosed.
JEFFERSON, N.J. — Woodbridge, N.J.-based The Kislak Company has arranged the sale of 29 Brady Boulevard, a 12-unit, garden-style apartment community located in Jefferson, for $1.27 million. Recently renovated, the property was fully occupied at the time of closing. Joseph Keenan of Kislak represented the seller, JC Property Management, and Don Baxter, also of Kislak, represented the undisclosed buyer. The community traded at a price of more than $100,000 per unit.
PHILADELPHIA — Iron Stone Real Estate has leased 36,500 square feet of space at the Falls Center mixed-use development to The Visiting Nurse Association of Greater Philadelphia (VNA). The VNA, which is scheduled to take occupancy in spring 2009, will use 29,000 square feet as its administrative headquarters and the remaining 7,500 square feet as a 14-bed hospice. Anthony Falcone of M.S. Fox Realty Group represented Iron Stone. Wayne Fisher and Steve Gendler of Grubb & Ellis represented the tenant. Falls Center, which is being developed by Iron Stone Real Estate Fund I LP, is a 15-acre, 700,000-square-foot redevelopment of the former Women’s Medical College of Pennsylvania. Upon completion, it will contain 250,000 square feet of commercial, retail and office space; 300,000 square feet of apartments; and a 120,000-square-foot senior living facility.
ENGLEWOOD, N.J. — Poskanzer Scott Architects has completed the architectural and interior design work for an 8,000-square-foot oncology center for Englewood Hospital and Medical Center in Englewood. The new center is located on the first floor of the Russell and Angelica Berrie Center for Humanistic Care. It includes a reception area, waiting room, doctor’s offices, a work area, nurse stations and laboratory facilities. The oncology center is the first phase of two new facilities Poskanzer Scott is designing for the hospital.
JERSEY CITY, N.J. — Fisher Development Associates will hold the grand opening next month for Crystal Point, a 42-story residential tower located in Jersey City. Designed by Gruzen Samton LLP, the project will comprise 269 residences in a mix of one- two- and three-bedroom units. Residences will range from 800 to 1,817 square feet, and will feature floor-to-ceiling windows, balconies in most units and views of the Hudson River waterfront from all units. Community amenities will include a spa, a fitness center, a game room, a lounge, a screening room, a concierge, valet parking and a lobby-level restaurant. The building will also include an outdoor deck that contains a lap pool, a hot tub, a barbecue and dining area, fire pits and a children’s play area. Crystal Point will also feature access to the new marina that the city of Jersey City is currently planning. The Marketing Directors is serving as marketing and sales agent for the property.
STAMFORD, CONN. — The New York office of Jones Lang LaSalle has negotiated a 310,000-square-foot direct lease at the Long Ridge Corporate Center campus in Stamford. Located at 120 Long Ridge Rd., the office building will be fully occupied by General Reinsurance Corp. (GRC), which signed a 20-year agreement. GRC is set to occupy the building in late 2009, when it will relocate from its current headquarters in the Financial Centre building at 695 E. Main St. in Stamford. The Long Ridge Road property will be renovated and modernized once the lease expires in December for the building’s current tenant, General Electric Corp. The tenant was represented by Brian Higgins, Jay Koster and Chris Kraus of Jones Lang LaSalle. The landlord, Building & Land Technology, was represented in-house by Carl Kuehner and Paul Kuehner.
NEW YORK CITY — New York City-based Time Equities has sold a 4,865-square-foot office condominium, located at 125 Maiden Lane in New York City, for $2.4 million. NY Commercial Press acquired the property, and plans to relocate there from its current Midtown, Manhattan, location this month. Michael Rudder provided in-house representation for Time Equities. The buyer was represented by Patrick Dugan and Vincent LaManna of CB Richard Ellis.