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.
BREINIGSVILLE, PA. — Philadelphia-based MRA Group has signed a 228,600-square-foot lease at the developer’s TEK Park office campus in Breinigsville. DBSi will construct and occupy a 228,600-square-foot, build-to-suit data center within the campus. Construction us currently underway, with completion of the first phase scheduled for late fall. TEK Park has the capacity to support Tier III and Tier IV data center operations, and features six 2,000-kilowatt generators that can provide 5 days worth of back-up power to the campus in case of an outage.
NEW YORK CITY — A joint venture led by New York City-based The Clarett Group has acquired 180 Madison Avenue, a 23-story, 274,000-square-foot office building located in New York City, for $146 million. Clarett and its joint venture partner, Prudential Real Estate Investors, plan to implement a capital improvement plan. The JV acquired the property from Sitt Asset Management, which was represented by Doug Harmon and Adam Spies of Eastdil Secured. CB Richard Ellis has been brought on as leasing agent for the building.
NASHUA, N.H. — Deutsche Bank Berkshire Mortgage (DBBM) has refinanced a $19.6 million Fannie Mae bond credit enhancement for Pheasant Run Apartments, a 341-unit multifamily property located in Nashua. Situated on 15.3 acres, the property contains 24 buildings, as well as two swimming pools, tennis and basketball courts, a fitness room, and a children’s play area. The original loan for the property had a fully amortizing structure, but was converted by DBBM to provide 10 years of interest-only payments. The borrower was undisclosed.
EXPORT, PA. — Marcus & Millichap has completed the sale of Fresnius Medical Care Center, a 7,554-square-foot medical property located in Export, for $1.2 million. Fresnius Medical Care is the sole occupant of the building. Peter Nisbet of Marcus & Millichap’s Seattle office represented the undisclosed seller, and Frank Roti of Marcus & Millichap’s Chicago office represented the buyer, a Wisconsin-based party participating in a 1031 exchange.
NEWARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associated has completed the acquisition of an eight-building multifamily portfolio in Newark for $14 million. The properties comprise 256 rental units, and cover a full city block between 624 and 784 Martin Luther King Blvd. David Oropeza and David Jurvis of Gebroe-Hammer represented the buyer, TreeTop Development. Meridian Capital Group arranged the acquisition financing through NY Community Bank and Signature Bank. The seller was undisclosed.
NEW YORK CITY — New York City-based SL Green Realty Corp. has begun multi-million dollar renovations to three of its New York City office properties. A $7 million renovation is currently underway at 711 Third Ave. in Manhattan. Renovations to the 20-story, 553,000-square-foot office building include an upgraded lobby and elevator cabs, a state-of-the-art security system, an expansion of the building’s Third Avenue entrance and the restoration of the mosaic mural that surrounds the elevator banks. TPG Architecture is managing the renovation process. Also in Manhattan, a $10 million improvement program is underway at 810 Seventh Ave. The 41-story, 694,000-square-foot property will receive renovations to the lobby, elevator cabs, fire alarm system, common corridors and bathrooms. A façade restoration and electrical system upgrade will also be completed. A+I Design is serving as the project’s design architect. Finally, a $16 million renovation is underway at 16 Court St., a 38-story, 284,000-square-foot office building located in Brooklyn. Renovations will include a new lobby and elevator cabs; a modernization of the elevator equipment; new windows; a façade restoration and upgrades to the restrooms and common corridors. TPG will also be overseeing this project.
NEW YORK CITY — New York City-based Winoker Realty has arranged the acquisition of a 5,000-square-foot office condominium, located on the third floor of 134 West 29th Street in Midtown Manhattan, New York City, for $2.9 million. The condo was purchased by DNT Enterprises, which will be relocating from its previous office at 60 E. 42nd St. Jonata Dayan and Adam Ben-Dayan of Winoker represented DNT Enterprises. The owner, PADAM LLC, was represented by Dan Segal of Newmark Knight Frank and Russell Miller of Brown Harris Stevens.
BRANCHBURG, N.J. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has arranged a $9.8 million bridge loan for Branchburg Centre, a 91,719-square-foot office building located at 3040 Route 22 West in Branchburg. The two-story property is currently 85 percent occupied by a tenant roster that includes Hewlett Packard and Ortho Biotech. James Gunning and Donna Falzarano of CBRE secured the loan on behalf of Normandy Realty Partners through a New England-based commercial bank.
PHILADELPHIA — Girard Square Partners LLC has entered into an agreement with TCA Girard LP to acquire the leasehold interest in Girard Square, an 830,000-square-foot mixed-use complex located in Philadelphia. The complex spans an entire city block, and is bounded by Market, Chestnut, 11th and 12th streets. It comprises four buildings and a parking garage that contains 721,279 square feet of office and retail space, and 500 spaces of parking, respectively. The four buildings include the 13-story Stephen Girard Building, located at 21 S. 12th St.; the two-story 1100 Market Street building; the eight-story 34 South 11th Street building; and the four-story 1101 Chestnut Street building. The interest was acquired from the estate of Stephen Girard for an undisclosed amount. Girard Square Partners is a private partnership between PJSC – Joss Real Estate Partners I LLC, Philadelphia-based Young Capital and Philadelphia-based SSH Real Estate. The property will be leased and managed by SSH.