LYNDHURST, N.J. — Ridgewood, N.J.-based Poskanzer Skott Architects has completed renovations to Cityview Corporate Center, a 138,300-square-foot, Class A office building located in Lyndhurst. Construction consisted of seven tenant fit-up assignments, as well as the renovation of the building’s common space. Poskanzer Skott provided space planning services and construction documentation for the projects, in addition to designing the projects. Cityview Corporate Center is located within Meadowlands Corporate Center; it features Cityview Café, a computer-monitored access card system, a UPS/Fed Ex drop-off location and ample parking.
Northeast
NEW YORK CITY — The New York City School Construction Authority has awarded Hasbrouck Heights, N.J.-based DMR Architects an $8 million contract to perform design work for the renovation of several New York City public schools. The architecture firm is also in the process of completing a 2-year, $5 million contract for the public school system under a separate contract. The design and construction phases are under way for the projects in the first contract. Construction consists of the replacement of all of the windows and masonry repair work at Clara Cardwell School (P.S. 308) in Brooklyn, as well as an upgrade to the auditorium and extensive masonry work at Lorraine Hansberry School (P.S. 118) in Queens. The schools to be renovated under the new contract were not released.
PHILADELPHIA — NorthMarq Capital has arranged a $21.5 million loan for the refinancing of a 180,000-square-foot office condo unit within The Packard Building, a 26-story mixed-use tower located at the corner of 15th and Chestnut streets in the Center City neighborhood of Philadelphia. The condo unit consisted of the first 12 floors of the building, which contains office space on floors two through 12, and retail space on the basement, ground floor and mezzanine levels. Major tenants include The Defender’s Association of Philadelphia, Philadelphia Municipal Authority and a new Del Frisco’s Double Eagle Steakhouse that is presently under construction. Tom Graf and Bruce Whipple of NorthMarq’s New York City office arranged the financing on behalf of the borrower, Chest-Pac Associates, through the lender, CWCapital. Terms of the loan include a 5-year term with a 30-year amortization schedule. The Packard Building contains ground-level retail space, 11 floors of office space, and residential condominiums on floors 13 through 26.
ROBINSON, PA. — Chattanooga, Tenn.-based CBL & Associates and Charlotte, N.C.-based Faison Enterprises have announced that a 124-room Courtyard By Marriott will join the tenant roster at Settlers Ridge, a 600,000-square-foot, open-air shopping center that the two companies are developing in Robinson. The hotel will be developed by Concord Hospitality. It will feature a restaurant and lounge, meeting space, a central courtyard, an exercise room and a swimming pool. The project is scheduled for completion in November 2009. Settlers Ridge will be anchored by a 150,000-square-foot Giant Eagle Market District supermarket, a 16-screen Cinemark theater, LA Fitness, REI, a national bookstore and two clothing stores. The project also will feature 150,000 square feet of specialty retail stores and a roster of restaurants that will include P.F. Chang’s.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story office building located in New York City for $5.75 million. The building totals 6,468 square feet; it is fully occupied by a restaurant on the ground floor and three offices on the upper floors. All of the tenants are under gross leases, with an annual rent increase of 4 percent. Ben Sgambati and Jin Lee of Marcus & Millichap’s New Jersey office represented the seller, a locally based investor. Lee represented the buyer, a New Jersey-based investor. The property traded at a price of $889 per square foot.
ELIZABETH, N.J. — CB Richard Ellis (CBRE) has completed a lease for 102,000 square feet at 545 Dowd Ave. in Elizabeth. The space will be occupied by ACE, a global logistics provider. The industrial building includes 60 trailer parking spaces, 100 car parking spaces and is located just off Route 95 at its intersection with the New Jersey Turnpike. Mark Tannen of CBRE represented ACE, as well as the landlord, 553-565 Dowd LLC. Terms of the lease were not disclosed.
SHARON HILL, PA. — The Philadelphia office of U.S. Realty Capital has arranged $1.57 million in first-mortgage financing to refinance the existing debt for an industrial flex building located within Folcroft East Business Park in Sharon Hill. The loan features a 6.75 percent interest rate, a 10-year term and a 20-year amortization schedule. Bruce Coin of U.S. Realty Capital originated the loan. The borrower and lender were undisclosed.
BRIDGEPORT, N.J. — CB Richard Ellis has brokered the sale of Pureland VI, a 597,232-square-foot warehouse and distribution facility located at 200 Birch Creek Rd. in Bridgeport, for $28.5 million. Situated on more than 77 acres within the 10 million-square-foot Pureland Industrial Complex, Pureland VI was constructed in 1991 as a build-to-suit for the property’s sole tenant, Becton, Dickinson & Co. (BDC). It features 25-foot clear ceiling heights, 50 dock doors with two drive-in doors, 12,805 square feet of office space and storage for up to 91 trailers. Robert Fahey and Michael Hines of CBRE’s greater Philadelphia office represented the seller, Emory Hill Real Estate Services. It was acquired by Cornerstone Realty Advisors. BDC recently signed a lease extension through August 2013.
LINDEN, N.J. — Morristown, N.J.-based The Hampshire Companies has completed renovations to a 116,000-square-foot industrial property, located at 1050 Edward St. in Linden. Situated on 4.1 acres, the property boasts easy access to the New Jersey Turnpike and Garden State Parkway, as well as close proximity to Port Elizabeth, Port Newark and Newark Liberty International Airport. The facility features two drive-in doors, eight loading docks, and on-site trailer parking. Thomas Monahan, Andrew Houston and Robert Casagrande of Colliers Houston & Co. are serving as exclusive leasing agents for the property, which is available for warehouse, light assembly and distribution users. The building is part of Hampshire Partners Fund VII, Hampshire’s $350 million institutional real estate investment fund.
EAST SANDWICH, MASS. — Norwell, Mass.-based Acella Construction Corp. has completed construction of a new 16,000-square-foot dormitory for Riverview School in East Sandwich. Known as the Janse-Butler House, the facility will accommodate 36 middle and high school students, as well as six staff members. The dorm will also be handicap accessible. CMG Architects provided design services for the project. Riverview School is a coeducational, residential school situated on a 16-acre campus that houses 180 students with complex language, learning and cognitive disabilities.