LANCASTER, PA. — Marcus & Millichap has brokered the sale of a 70,724-square-foot industrial building located in Lancaster for $5.65 million. Situated on 18 acres at 1811 Rohrerstown Rd., the property contains manufacturing space with room for future expansion. David Thurston of Marcus & Millichap’s New Jersey office represented the buyer, a New Jersey-based limited liability corporation. The seller was not disclosed. The property traded at a capitalization rate of 7.4 percent.
CARLSTADT, N.J. — Garden Street Plaza, a 17,000-square-foot neighborhood retail center located at the corner of Paterson Avenue and Garden Street in Carlstadt, has been completed. Developed by Clifton, N.J.-based ARC Properties, the center already has less than 4,000 square feet of space remaining. Tenants at the center include Edible Arrangements, Planet Wings, Tropical Tanning, Philly Pretzels, Carlstadt Pizza, Dollar Wave, Eddie’s Dry Cleaners, Carlstadt Bagels and Sim Nim Nails. The Goldstein Group is providing leasing services for the property.
NEW YORK — Needham, Mass.-based Potomac Realty Capital has arranged a $20 million bridge loan for the conversion of a seven-property military housing portfolio into market-rate apartment communities. The portfolio, which was constructed in 1987, consists of seven, Class B military housing communities located near Fort Drum in Upstate New York. The borrower plans to use the proceeds to acquire the portfolio and undertake a $2 million renovation program. Terms of the loan were not disclosed.
CARLSTADT. N.J. — Consolidated Carpet has acquired an 80,000-square-foot office/warehouse facility located in Carlstadt, and will relocate its Brooklyn, New York City, operations to the new facility. The building will serve as a corporate operations center and sales office, providing showroom and warehouse space. The company had previously been located in Brooklyn for almost 30 years. Consolidated Carpet’s headquarters will remain in Manhattan, New York City. The seller and the acquisition price were undisclosed.
NEWARK, DEL., AND WARRINGTON, PA. — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) has completed a total of $65 million in financing for two retail centers in Delaware and Pennsylvania. In Newark, PREIT completed a $45 million loan for Christiana Center, a 300,000-square-foot power center developed by the company in 1998. The center is fully occupied by a tenant roster that includes Costco, Dick’s Sporting Goods, Circuit City and Michael’s. The loan, provided by Citizens Bank of Pennsylvania, carries a 3-year term with two 1-year extension options and a 5.86 percent fixed interest rate for the initial term of the loan. In Warrington, PREIT completed $20 million in financing for Creekview Center, a 425,000-square-foot shopping center developed by the company in 2001. Tenants at the fully occupied property include Lowe’s Home Improvement Warehouse, Target and Genuardi’s. The loan, which was provided by Wilmington Trust of Pennsylvania, carries a 2-year term with three 1-year extension options and a 5.56 percent fixed interest rate.
TEWKSBURY, MASS. — The Washington D.C. metro office of Molinaro Koger (MK) has negotiated the sale of the Residence Inn Boston Tewksbury/Andover, a 130-suite extended stay hotel located in the Boston suburb of Tewksbury. Andy Kern of MK represented the seller, Lion ES Hotels II. The property was acquired by Tewksbury Residence Inn Hotel Associates for an undisclosed amount. The buyer subsequently signed a long-term franchise agreement with Marriott International to continue operation of the hotel as a Residence Inn. Lighthouse Point, Fla.-based Pinnacle Hotel Management was signed to provide management services.
WESTERLY, R.I. — Acella Construction Corp. has completed shell construction of Westerly Crossing, a 28,000-square-foot retail center located in Westerly. Current plans call for five tenants, including an Olympia Sports. Westerly Crossing is owned by Johnston, R.I.-based Carpionato Properties. Design services were provided by RGB Architecture.
FAIRFIELD, N.J. — Teaneck, N.J.-based Colliers Houston & Co. has brokered the sale of a 33,280-square-foot flex industrial building located at 161 Dwight Place in Fairfield. Situated near Interstate 80 and Route 46, the building features 8,000 square feet of office space on two floors, as well as three loading docks. Frank Kobola and James Costanzo of Colliers represented the seller, Kobrun Investments. The buyer, Fabbian USA Corp., plans to occupy the building as its headquarters. It was represented by Gene Baldechhi of Lerman Sanders. The acquisition price was not disclosed.
GREAT RIVER, N.Y. — Garden City, N.Y.-based Metropolitan Realty Associates has broken ground for the construction of the 300 Building, located at 3500 Sunrise Hwy. within Sunrise Business Center in Great River. Construction will consist of the redevelopment of the former Grumman Corp. warehouse into a 161,000-square-foot office building. The corrugated metal warehouse will be re-skinned with a glass curtain wall, and metal and glass panels. A second floor and a two-story atrium entrance will also be added. The new office building is being designed by Salvatore Ferrara of Combined Resources Consulting & Design. Upon completion of the 300 Building, Sunrise Business Center will contain 388,500 square feet of space within three buildings. Tenants currently occupying the 100 and 200 Buildings include A-C Tel, Aetna Life Insurance Co., Citizen’s Bank, Hearst Business Media, Lessings Inc., Metro Door, Netsmart Technologies, Schoenfeld Securities, T-Mobile and Verizon Communications.
PHILADELPHIA — Dranoff Properties has broken ground for the construction of 777 South Broad, a five-story residential building located in Philadelphia. The development will comprise 146 loft residences and 18,000 square feet of retail space. Individual units will feature 10-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances, marble baths and bamboo hardwood flooring. Community amenities include 24-hour concierge service, a fitness center, a conference center, a clubroom, a library/meditation room and a rooftop deck. The project is also the first residential development in Philadelphia to register for LEED certification. Sustainable features will include a high-efficiency heating and cooling system, a roof that will dissipate summertime heat, low-emitting carpeting and paints, locally produced construction materials, and the recycling of construction waste. The development is being designed by JK Roller Architects.