WILKES-BARRE, PA. — Wilkes-Barre-based Mericle Commercial Real Estate Services is advancing construction for seven speculative industrial buildings totaling 1.1 million square feet, and is currently completing site work for three more projects totaling 700,000 square feet. Eight of the buildings are located within CenterPoint Commerce & Trade Park East in Pittston, Pa. Additionally, a 410,000-square-foot, rail-served facility in Hazelton, Pa., is ready for tenant occupancy; and a 41,344-square-foot office building in Wilkes-Barre will begin construction later this year. Rental rates for the properties start at $4 per square foot, triple net.
TENAFLY, N.J. — JMP Holdings has held the grand opening for The Plaza at Tenafly, a 145-unit condominium property located in Tenafly. Situated on 6 acres, the gated community comprises three four-story, elevator-served buildings and a 4,500-square-foot clubhouse. Individual units are sized up to 2,000 square feet. The clubhouse features amenities such as a game room, a café kitchen, a business center, a media room, a fitness center, an on-site concierge and an outdoor heated pool with a sundeck. The project was designed by Radnor, Pa.-based L&M Design.
NEW YORK CITY — GFI Realty Services has brokered the sale of Loehmann’s Seaport Plaza, a 63,000-square-foot retail property located at 2101 Emmons Ave. in Brooklyn, New York City, for $24 million. The three-story center is anchored by Loehmann’s, and includes a 186-space parking garage. Eric Yankelovich of GFI negotiated the transaction between the undisclosed buyer and the seller, Bayrock Group, which was represented in-house by Josh Bernstein.
HARRISBURG, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed $54 million in financing for Paxton Town Centre, a 703,000-square-foot shopping center located in Harrisburg. Developed by PREIT in 2001, the property is fully occupied by a tenant roster that includes Target, Kohl’s, Bed, Bath & Beyond, and Red Robin. The loan carries a 3-year term with two 1-year extension options. The loan’s previous variable interest rate was converted into a 5.83 percent fixed rate. The loan was provided by U.S. Bank National Association and Aareal Capital Corp.
NEW YORK CITY — Construction is advancing for a 15-story office tower located at 450 W. 14th St. in the Meatpacking District of Manhattan, New York City. The project consists of a 10-story glass tower that sits atop a five-story former cold storage warehouse. Additionally, the High Line, a former elevated rail track that is presently being redeveloped into a public park, travels through the former warehouse. Once the office project is complete in the first quarter of 2009, it will include 114,500 square feet of office space, as well as 8,022 square feet of ground-floor retail space and 6,000 square feet of lower-level retail space. The office tower is being developed by CB Developers, with Morris Adjami Architects serving as project architect. Kelly Gedinsky of Winick Realty is serving as exclusive leasing and marketing agent for the retail space.
NEW YORK CITY — Marcus & Millichap has completed the sale of a four-building multifamily portfolio in New York City for $16.65 million. Located in the Fashion Center and Hell’s Kitchen neighborhoods of Manhattan’s West Side, the portfolio totals 72 rental units. The properties include a five-story building located at 529 W. 48th St.; a five-story building located at 534 W. 50th St.; and two adjacent buildings located at 317 and 319 W. 25th St. The final two properties also include 31,941 square feet of air rights. Peter Von Der Ahe and Joe Koicim of Marcus & Millichap’s Manhattan office represented the locally based seller. Von Der Ahe and Said Boukhalfa of the firm’s Brooklyn office represented the Brooklyn-based buyer. The portfolio traded at a price of $231,250 per unit and a capitalization rate of 4.87 percent.
MALVERN, PA. — Outdoor retailer L.L. Bean has signed on as the newest tenant of Uptown Worthington, a 100-acre mixed-use project located in the Philadelphia suburb of Malvern. Plans are currently underway for the construction of a 33,000-square-foot store, which will also be LEED certified. Uptown Worthington is scheduled to open in fall 2009. Once complete, it will contain approximately 2 million square feet of retail, office, hotel and residential space. The project is being developed by King of Prussia, Pa.-based O’Neill Properties.
RAMSEY, N.J. — Monmouth Real Estate Investment Corp. has sold a 44,719-square-foot industrial property, located at 565 E. Crescent Ave. in Ramsey, for approximately $4 million. The building is presently occupied by Bogen Imaging. The property was acquired by a partnership that includes Delaware-based HSM Acquisition Partners. Monmouth first acquired the property nearly 40 years ago.
PHILADELPHIA — Starwood Hotels & Resorts Worldwide will hold the grand opening of its 136-room aloft Philadelphia Airport hotel in August. The hotel features loft-inspired guestrooms with 9-foot ceilings and oversized windows. Room amenities include a platform bed, large bathrooms, and a high-tech office and entertainment center featuring plug-and-play access to a flat-panel television. The hotel will feature a communal area and bar, a fitness center, and an indoor pool. The project was designed by David Rockwell of The Rockwell Group. Starwood is licensing the aloft brand from W Hotels.
MORRIS COUNTY, N.J. — Bedminster, N.J.-based Advance Realty Group has completed construction of the first building at Picatinny Applied Research Campus (PARC), a high-tech office/research park located on the grounds of the 6,500-acre Picatinny Arsenal in Morris County. The 27,500-square-foot, single-story flex building is part of the initial phase of PARC, which will feature 100,000 square feet of office and lab space. At full build-out, PARC will contain approximately 1.1 million square feet of office, laboratory and flex space. Additionally, Alliant Techsystems has signed on as the first tenant at the new building.