JERSEY CITY, N.J. — Hasbrouck Height, N.J.-based DMR Architects has been selected to serve as project architect for the redevelopment of Jersey City’s historic Paramount Building, formerly known as Jersey City Medical Center. The building will be redesigned as part of Phase II of Metrovest Equities’ $350 million Beacon mixed-use project. The redeveloped building will include 208 residential units, a gym spanning the entire basement level and the preservation of the building’s existing art deco theater. Upon completion in 2010, Beacon will contain 1,200 residential units, parks, shops, screening rooms and a museum devoted to Jersey City Medical Center. Construction at Paramount is expected to begin in 2009.
BLOOMFIELD, CONN. — The Hartford, Conn., office of Chozick Realty has brokered the sale of Manor House Apartments, a 125-unit multifamily community located at the intersection of Revere Drive and Park Avenue in Bloomfield, for $15.77 million. Situated on 15.33 acres, the community contains a mix of 24 one-bedroom and 101 two-bedroom units in 11 buildings. Rick Chozick of Chozick Realty acted as sole broker in the transaction. The seller was an investment group led by J. Winkler, and the buyer was Windsor Castle LLC.
NEW BRITAIN, CONN. — iCap Realty Advisors of New York has arranged the sale of Hart Street Medical Center, a 53,000-square-foot medical office building located in New Britain, for $9 million. The complex is located directly across from the Hospital of Central Connecticut. Additionally, iCap secured $7 million in non-recourse, acquisition financing for the buyer to fund the purchase. The loan carries a 5-year term and a 78 percent loan-to-value ratio. Harout Ghazarian of iCap represented the seller, and Zeev Douek, also of iCap, represented the buyer in the sale. Both parties were undisclosed.
EASTON, PA. —Verus Partners and Cabot Properties have teamed up to develop a 358,375-square-foot, build-to-suit manufacturing and warehouse facility for Majestic Athletic, a division of VF Imagewear, in Easton. The new facility will be situated on 40 acres at 2320 Newlins Mill Rd. It will feature 30-foot clear ceiling heights, 28,000 square feet of office space, 16 loading docks and one drive-in door. The Norwood Company is serving as general contractor. CB Richard Ellis and Guilford Realty negotiated the build-to-suit transaction. Majestic Athletic will consolidate several of its existing operations into the new facility upon completion.
RAHWAY, N.J. — The grand opening has been held for the new Hotel Indigo Skyview Rahway, a 100-room boutique hotel located in Rahway. The hotel is part of a mixed-use development located in the city’s downtown area and arts district, and includes luxury condominiums and retail space, in addition to the hotel. The Hotel Indigo features fitness facilities, a casual restaurant, a full-service spa that will open in the fall, a 24-hour business center, two meeting rooms and high-speed Internet access throughout the hotel. The hotel is owned by Carriage City Hospitality, and will be managed by Atlanta-based InterContinental Hotels Group. The opening marks the first Hotel Indigo to open in New Jersey and the seventeenth worldwide.
BRIDGEPORT, CONN. — Westport, Conn.-based Vidal Wettenstein Real Estate has brokered the sale of part of the Coastline Terminal complex, consisting of a 60,000-square-foot industrial facility located at 315 Seaview Ave. in Bridgeport. The high-bay facility traded at a price of $2.6 million. Scott Zakos, Randy Vidal and Bruce Wettenstein of Vidal Wettenstein represented the seller, Coastline Terminal. The property was acquired by Gault Cos. The remaining 20 acres of the Coastline Terminal property is currently being marketed.
PISCATAWAY, N.J. — Eastern Consolidated has brokered the sale of two adjacent Class B office buildings located in Piscataway for $8.25 million. Situated on 10 acres, the two properties include a two-story, 68,156-square-foot building located at 200 Centennial Ave. and a single-story, 70,451-square-foot building located at 220 Centennial Ave. Eric Anton, Ronald Solarz and Paul Nigido of Eastern Consolidated represented the seller, New York City-based The Andalex Group. The buyer, locally based Ambiani Realty, was represented by Dan de Palma of Jones Lang LaSalle.
DANBURY, CONN. — The Hampshire Companies has acquired the Praxair Office Building, a 42,500-square-foot office building located at 55 Old Ridgebury Rd. in Danbury. The property is fully leased on a long-term basis by Praxair Inc. The seller in the transaction was Sunbelt Management Co., which was represented by Grubb & Ellis. Hampshire made the acquisition on behalf of Hampshire Generational Fund, the company’s commingled, discretionary real estate investment fund.
MT. VERNON, N.Y. — Meridian Capital Group has arranged $53.2 million in acquisition financing for Westchester Plaza, an 850,000-square-foot residential community located in Mt. Vernon. The community consists of four residential buildings spread out over 8.9 acres, as well as a 75,000-square-foot shopping center. The property contains 698 apartment units; tenants in the retail portion include Washington Mutual Bank, Radio Shack and Eckerd. Elliot Treitel of Meridian’s New Jersey office secured the loan on behalf of the borrower, Urban American Management. Terms of the financing include a 5.5 percent fixed rate with interest-only payments for the first 3 years.
WEST CALDWELL, N.J. — Union, N.J.-based Del-Sano Contracting Corp, has been selected to provide general contracting services for the construction of Phases II and III of Crane’s Mill, a 35-acre senior housing facility located in West Caldwell that is being developed by Lutheran Social Ministries of New Jersey. The project is expected to cost $27 million, and construction will begin this month. Phase II will include the construction of 70 independent units with 47 underground parking spaces, as well as 10 cottages with attached garages. The independent living units will be located in a two-story building attached to the existing central facility. Phase III of Crane’s Mill will encompass 20,000 square feet of new and existing space. A new wing will be added that will house the memory support area, a dementia courtyard and renovated common areas for the assisted living areas. Construction will also include the conversion of 18 of the facility’s 60 assisted living units into dementia units. Upon completion, Crane’s Mill will contain 286 independent living units, 48 assisted living units and 18 dementia units, with 66 of the units set aside for skilled nursing and rehabilitation services. The first phase of the community was completed in …