DOVER, DEL. — Baltimore-based Vanguard Equities is developing Dover Crossroads, a 215,000-square-foot regional shopping center located in Dover. Situated on 25 acres adjacent to Dover International Speedway and Dover Downs Hotel & Casino, the shopping center will be anchored by Bed Bath & Beyond and The Christmas Tree Shops. Site preparation and construction are expected to begin in August, with completion slated for summer 2009.
WARMINSTER, PA. — Allstate Real Estate Investment Group has provided a $20 million loan for the refinancing of Center Point Place, a 267,000-square-foot community shopping center located in Warminster. The property was 92 percent occupied at the time of closing, and is anchored by Giant Foods. The loan carries a 10-year term with a fixed interest rate. Financing was arranged through Allstate by Thompson Maher of Wachovia Maher Partners on behalf of Westover Cos.
PISCATAWAY, N.J. — Trammell Crow Co. has received approval from the township of Piscataway for the construction of Piscataway Business Center, two-building industrial development located in Piscataway. Situated on 44 acres at the intersection of South Washington Avenue and Centennial Avenue, the industrial project will contain two buildings totaling 538,800 square feet. Piscataway Business Center 1 will contain 307,800 square feet and Piscataway Business Center 2 will contain 231,000 square feet. Each building will feature 36-foot clear ceiling heights, ESFR sprinkler systems, wide truck courts with trailer storage and more than 550 parking spaces. Construction is expected to begin in spring 2009. Mindy Lissner, Lou Belfer and Stacey Weinberg of CB Richard Ellis’ New Jersey office will handle leasing for the park.
TURNERSVILLE, N.J. — Marcus & Millichap has brokered the sale of Peppercorn Plaza, a 22,930-square-foot retail center located at 5501 Black Horse Pike in Turnersville, for $4 million. The property is anchored by Sherwin-Williams. Dean Zang, Chris Munley and Mark Taylor of the Philadelphia office of Marcus & Millichap represented the seller, Streamwood Associates/Turnersville LLC. Marcus & Millichap, along with Ronald McGee of Robson Goldberg Real Estate, represented the 1031 buyer, Primo Properties LLC. The shopping center traded at a 6.58 percent cap rate and a price of $174.44 per square foot.
SECAUCUS, N.J. — Prism Capital Partners has begun a $4.5 million repositioning of One Harmon Plaza, a 10-story office building located in Secaucus. The 187,113-square-foot property is part of a mixed-use complex that also contains a Crowne Plaza Hotel and a shopping mall. Renovations to the center will include a new grand entrance plaza and canopy, major lobby and elevator upgrades, a new café and substantial parking garage renovations. Prism has also signed Jones Lang LaSalle to lease the more than 21,000 square feet of vacant space inside the building. Tom Reilly and Dino Mattessich of the firm’s New Jersey office and James Quinn of the firm’s New York office will handle leasing efforts.
NEW YORK CITY — The Sapir Organization has arranged a lease for 98,175 square feet at 11 Madison Avenue, a 28-story office building located in Manhattan, New York City. The tenant, Enfatico, signed a lease for 10 years and 6 months, and will use the space as its world headquarters. Howard Fiddle, Brad Gerla and Stephen Siegel of CB Richard Ellis represented the landlord, The Sapir Organization. The tenant was represented by Gregory Tosko, also of CB Richard Ellis. Occupancy at 11 Madison Avenue is currently at 100 percent and rents are averaging $75 per square foot.
MANCHESTER, CONN. — The New Haven, Conn., office of Marcus & Millichap has completed the sale of Waterford Commons, a 303-unit multifamily community located in Manchester, for $42.77 million. Situated on 34.3 acres at 669 Tolland Turnpike, the property comprises 13 two- and three-story buildings with a mix of one-, two- and three-bedroom apartment and townhome units. Individual units include vaulted ceilings with skylights, fireplaces, and in-unit washers and dryers. Community amenities include, a Jacuzzi, a sauna and steam room, a business center, a fitness center, lighted tennis and volleyball courts, walking trails, valet dry cleaning service, a playground, and an indoor, heated swimming pool with a deck. Steve Witten and Victor Nolletti of Marcus & Millichap represented both undisclosed parties in the transaction. The property traded at a price of $141,172 per unit.
BILLERICA, MASS. — Quincy, Mass.-based Dickinson Development Corp. has sold an 87,200-square-foot office building located at 159 Rangeway Rd. in Billerica for $6 million. The building serves as the headquarters of Hyster New England, which sold the building to Dickinson in 2000 in a sale/leaseback transaction. In this transaction, the building was acquired by 159 Rangeway Road – Billerica LLC. Gary Lemire of CB Richard Ellis brokered the transaction.
NEW YORK CITY — New York City-based Meridian Capital Group has arranged $35 million for two Manhattan office buildings. First, Meridian secured $25 million for the refinancing of the St. James Building, a historic 16-story office building located at 1133 Broadway. The building totals 154,660 square feet of rentable space and includes ground-floor retail space. Allan Lieberman of Meridian originated the financing on behalf of the undisclosed borrower. The loan carries a 5.75 percent fixed interest rate. Additionally, Meridian secured $10 million in financing for 58 and 60-62 E. 11th St. The property totals 48,000 square feet and consists of two adjacent office/loft buildings with ground-floor retail space. Lieberman and Seth Grossman arranged the financing on behalf of the borrower. The loan also carries a 5.75 percent fixed interest rate.
JERSEY CITY, N.J. — Mack-Cali Realty Corp. has completed a lease for 100,759 square feet at 101 Hudson St., a 1.25 million-square-foot office tower located in Jersey City. Tullett Prebon Holdings Corp. (TPHC) will lease the space, consisting of a 12-year extension of the 63,372 square feet it currently occupies in the building and a 37,387-square-foot expansion for 15 years, as its North American headquarters. The Class A office tower is currently 100 percent leased. John Cefaly, Robert Lowe and Ed Duenas of Cushman & Wakefield represented the tenant in the transaction. Mack-Cali was represented in-house by Thomas Savoca.