WAWAYANDA, N.Y. — CB Richard Ellis (CBRE) has completed the sale of an approximately 62-acre, shovel-ready development site located at Pine Lane Business Center in Wawayanda. The parcel was acquired by Medline Industries, a medical supplies manufacturer, which plans to develop an approximately 500,000-square-foot building at the site. Frank Tomasulo of CBRE’s Stamford, Conn., office represented the seller, Sacramento, Calif.-based Panattoni Development. Tomasulo is also the exclusive sales agent for the remaining parcel at Pine Lane Business Center, which can accommodate a second building of up to 241,000 square feet.
PLAINVIEW, N.Y. — Williams Real Estate has brokered a $35 million lease that will relocate defense contractor Cox & Co. from Manhattan to a 250,000-square-foot facility located on Long Island at 1650 Old Country Rd. in Plainview. Cox will occupy 90,000 square feet of the single-story building. The tenant build-out for the new space will be completed by Long Island-based Steel Equities. Robert Tunis and Richard Warshauer of Williams Real Estate represented Cox in lease negotiations. The brokerage firm also arranged a deal where the landlord for Cox’s old office space will buy out the last two years of the tenant’s lease. Steel Equities also located a user for the remainder of the space in the. Plainview building. Sales and property tax relief, as well as reduced energy costs, were provided by the Nassau County Industrial Development Agency and the Long Island Power Authority. Williams Real Estate is the New York-area hub of FirstService Commercial Real Estate.
STOUGHTON, MASS. — Norwell, Mass.-based Acella Construction Corp. has been selected by Venice, Calif.-based Gold’s Gym to build a new location for the fitness chain at 525 Washington St. in Stoughton. The building will total 45,000 square feet; one section will contain an Olympic-size swimming pool and a splash pool. The two-story center section of the building will include an indoor track, exercise rooms, a juice bar, tanning facilities, physical therapy services and a children’s activity area. The third section of the project will contain basketball and racquetball courts. Construction is expected to be complete by late 2009. Architecture services are being provided by Pando Associates Architects.
AYER, MASS. — Integrated Builders has completed interior improvements for a 200,000-square-foot flex facility for L-3 Communications, located at 2 Nemco Way in Ayer. Construction consisted of the conversion of the warehouse building into 135,000 square feet of manufacturing space and 65,000 square feet of office space. In addition to the build-out, Integrated Builders installed new mechanical and electrical systems, as well as a new compressed air and vacuum system. L-3 will consolidate several of its locations into the new facility. The project architect was Harvard, Mass.-based Maugel Architects.
PHILADELPHIA — Marcus & Millichap has completed the sale of two multifamily buildings, located at 912 and 1118 Pine St. in Philadelphia, for $1.49 million. The Class C properties comprise a 10-unit building and a five-unit building with ground-floor retail space. The storefront is the only vacancy between the two buildings. Andrew Janick of Marcus & Millichap’s Philadelphia office represented the seller, a private investor, and the buyer, a limited liability company. The property traded at a 4.5 percent capitalization rate. The buyer’s long-term plans for the properties include capital improvements, which will be made in an effort to increase rents.
WILTON, CONN. — Deloitte LLP, an affiliate of Deloitte Touche Tohmatsu, has renewed its lease for 106,000 square feet at 10 Westport Rd. in Wilton. Deloitte occupies space within an approximately 539,000-square-foot office park that comprises five connected, Class A, office buildings on 57 wooded acres. Building amenities include a greenhouse corridor, walking trails, executive dining rooms and a full-service cafeteria. Jodi Pulice and Greg Smith of JRT Realty Group and Kevin Foley of the Stamford, Conn., office of Cushman & Wakefield represented the landlord, New York City-based TIAA-CREF, in lease negotiations.
NEW YORK CITY — The Brooklyn, New York City, office of Community Preservation Corp. (CPC) has provided a $1.09 million construction loan for the rehabilitation of a Brooklyn affordable housing property. The loan was financed under CPC’s Small Building loan program. The funds will provide for the gut rehabilitation of two three-story rental apartment buildings located at 1384 and 1386 Flatbush Ave. in the borough’s Flatbush neighborhood. Both buildings contain ground-floor commercial space. They were acquired out of foreclosure in 2007 by the borrower, NIOKA Estates. Terms of the financing were not disclosed.
PHILADELPHIA — Media, Pa.-based Sperry Van Ness/Location333 Realty (SVN) has brokered the sale of Erie Plaza, a 34,422-square-foot retail center located at 1240 E. Erie Ave. in Philadelphia, for $3.46 million. The property is currently 100 percent occupied by a tenant roster that includes Pa Liquor Store, City Thrift Store, a Chinese restaurant and a Mensic group. Mark Berk of SVN represented the seller, Erie Plaza Partners. The property was acquired by a New Jersey-based private investor.
LANCASTER, PA. — High Associates, Ltd., an affiliate of Lancaster-based High Real Estate Group, has completed a lease for a 147,235-square-foot industrial flex facility located in Lancaster. The nearly completed facility is located on William Penn Way within the 600-acre Greenfield Corporate Center master-planned business park. It features modern high-bay warehouse space, as well as potential office space. It contains 28- to 33-foot clear ceiling heights, 20 docks and two on-grade doors. The building was leased by children’s toys and products distributor Chicco USA, which is relocating its corporate headquarters to the facility in February. Ruth Devenney of High Associates negotiated the transaction.
MIDDLETOWN, R.I. — Storage Opportunity Partners (SOP) has acquired Aquidneck Island Self Storage, a 531-unit self storage property located in Middletown. The property totals 62,700 square feet in four two-story buildings. Almost all of the storage units are either climate controlled or direct drive-up. SOP plans to rebrand the property Storage Pros Self Storage, as well as add a Budget Truck Rental to the facility. The property will be managed by Storage Pros Management, a subsidiary of SOP. This most recent acquisition brings SOP’s portfolio to 11 properties totaling 5,700 units and 840 outdoor storage spaces, all of which were acquired in the last 19 months.