PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has leased 224,000 square feet of office space at the historic Strawbridge & Clothier building, located at the corner of 8th and Market streets in Philadelphia. The Commonwealth of Pennsylvania will occupy the fourth, fifth and sixth floors of the building. The lease is for a term of 20 years with two 5-year renewal options. The tenant plans to occupy the space in the summer of 2009.
CANAAN, CONN. — Love Finding has secured a $21.9 million HUD loan for Greer Senior Housing Complex in Canaan. The complex includes Greer Woods, a 118-unit assisted living facility, and the 120-bed Greer Skilled Nursing and Rehabilitation Center. A portion of the loan will also be used for upgrades and improvements. Leonard Lucas of the Boston office of Love Funding arranged the financing.
NEW YORK CITY – Completion is nearing for the construction of Queensbridge Theater located at 37-31 10th St. in the Long Island City neighborhood of Queens, New York City. The 5,000-square-foot venue will contain performance space, as well as Queensbridge Café, which will serve breakfast, lunch, and dinner, and have a bakery on the premises. The theater will function as a nightclub, day club, café, and entertainment and catering hall. Queensbridge Theater will occupy the ground floor and mezzanine level of the five-story warehouse. The loft space above the theater will be rented out for commercial use. North Manhattan Construction Corp. is currently renovating the upper floors and adding a sixth floor to the building. The theater is scheduled to open in the fall.
NEW YORK CITY — West 37th Street Owner LLC and Stonebridge Realty Advisors have formed a joint venture for the development of a 220-room hotel in New York City. The project will be located on West 37th Street between 8th and 9th avenues. Current plans call for either a boutique hotel or a primary brand of select service hotel. The project cost is expected to be $90 million. HREC Investment Advisors negotiated the joint venture agreement.
BILLERICA, MASS. — CB Richard Ellis (CBRE) has negotiated the sale of an 87,200-square-foot warehouse facility located at 159 Rangeway Rd. in Billerica. Situated on 6.95 acres, the facility contains 12,000 square feet of office space, with the remaining space devoted to warehousing. It is currently fully leased to Hyster New England, which occupies the building on a long-term basis. Gary Lemire and Patrick Cavanagh of the CBRE Capital Markets team represented the seller, Billerica Rangeway LLC, and procured the buyer, The Hampshire Companies. The acquisition price was not disclosed.
CHATHAM, N.J. — Marcus & Millichap has arranged the sale of a 31-unit apartment community located in Chatham for $4.8 million. Kevin McCrann and Tom McConnell of Marcus & Millichap’s New Jersey office represented the seller, BP Enterprises, as well as the buyer, Quad Realty. The property traded at a capitalization rate of 5.8 percent.
EAST ORANGE, N.J. — Gebroe-Hammer Associates had completed the sale of New Grove Manor, a 205-bed skilled nursing facility and rehabilitation center located at 101 N. Grove St. in East Orange, for $3.1 million. The property was formerly a luxury hotel, until it was sold to the current seller and converted into a long-term and sub-acute care facility. David Oropeza of Gebroe-Hammer represented the seller, a family-owned investment group, and procured the buyer, 55 Holding LLC.
NEW YORK CITY — New design renderings have been unveiled for the first two sections of the High Line, a new city park currently under construction on Manhattan’s West Side. The $170 million park will sit on top of a former elevated rail structure that sits 29 feet in the air and spans 22 city blocks above the West Chelsea and Meatpacking District neighborhoods. Section 1 of the park, located from Gansevoort Street to 20th Street, is set to open by the end of the year. Section 2, located from 20th Street to 30th Street, is expected to open by the end of 2009. Field Operations is serving as landscape architect, with Diller Scofidion + Renfro serving as project architect.
.NEW YORK CITY — Construction is advancing for 34 Leonard Street, a 16-unit condominium building located in the Tribeca neighborhood of Manhattan, New York City. The project features 16 loft-style residences in a mix of one-, two- and three-bedroom units. Residences range from 1,541 to 2,792 square feet. The penthouse unit totals 3,086 square feet with a 2,215-square-foot wraparound terrace and two fireplaces. Building amenities include a landscaped rooftop deck with a grill, a bar prep area and a sunbathing area with an outdoor shower; a pet spa; a climate-controlled wine cellar; and a 24-hour doorman. Completion is expected later this year. The project was designed by Beyer Blinder Belle.
CARTERET, N.J. — Cushman & Wakefield (C&W) has brokered the sale of 200 Milk Street, a 150,000-square-foot office building located in Carteret, for $14.7 million. The building is currently fully occupied by Pathmark Stores, which has an absolute net lease on the building until December 2011. Jose Cruz, Andrew Merin, David Bernhaut and Gary Gabriel of C&W’s Metropolitan Area Capital Markets Group brokered the transaction for the buyer, Cofinance Inc., and the seller, Lexington Realty Trust.