DUNELLEN, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Station Plaza, a 27,200-square-foot retail strip center located in Dunellen, for $6.75 million. The property features nine tenant spaces, and is anchored by Family Dollar and The UPS Store. Barry Waisbrod of Kislak represented the seller, Valstir LLC; Matt Weilheimer, also of Kislak, represented the undisclosed buyer.
NORWALK, CONN. — CB Richard Ellis (CBRE) Capital Markets has arranged $22 million in acquisition financing for the DoubleTree Hotel located at 789 Connecticut Ave. in Norwalk. The eight-story, 265-room hotel features a full-service restaurant and lounge, a ballroom with 6,200 square feet of meeting space, a 24-hour fitness center with an indoor pool, a shuttle service, on-site car rental, valet dry cleaning and laundry service, and a three-story parking garage. Additional amenities include wireless Internet access, rooms with standard king or double queen beds, and suites with Jacuzzi tubs. The loan carries a 7.07 percent fixed interest rate, a 5-year term with a 25-year amortization schedule, and a 70 percent loan-to-value ratio. Financing was arranged by Keith Braddish and Jason Gaccione of the New York City office of CBRE Capital Markets through a life insurance company.
WILKINS, PA. — The Regus Group has acquired a 12,000-square-foot office condo located within Penn Center East in Wilkins. The condo is located on the fourth floor of 201 Penn Center Blvd., and features 33 offices, as well as three conference rooms. The seller and the acquisition price were undisclosed. Penn Center East is a mixed-use development containing seven Class A office buildings totaling 625,000 square feet and more than 300,000 square feet of retail space.
TARRYTOWN, N.Y. — White Plains, N.Y.-based Houlihan Parnes/iCap Realty Advisors has brokered the sale of Fordham University’s Marymount Campus, located in Tarrytown. The property comprises three adjacent, non-contiguous parcels of land totaling 25.33 acres. The parcels contain 11 buildings totaling more than 500,000 square feet. James Houlihan, Andrew Greenspan and Jamie Schwartz of Houlihan Parnes represented the seller, Fordham University. The buyer, international education company EF Education, plans to relocate to the campus. The acquisition price was not disclosed.
VALLEY FORGE, PA. — CB Richard Ellis (CBRE) has brokered the sale of a 251,751-square-foot office/industrial building located in Valley Forge for $24 million. The facility is situated on 15.29 acres at 2621 Van Buren Ave., within the 250-acre Valley Forge Corporate Center. It features Class A office space, as well as warehouse and light manufacturing space. At the time of closing, it was 96 percent occupied by a tenant roster that includes Comcast Corp., PayChex, Texas Instruments and PJM Interconnection. Michael Hines and Lizann McGowan of CBRE’s Philadelphia office represented the seller, BPG Properties. The property was acquired by New Jersey-based Lingwood Partners.
KEENE, N.H. — Cambridge, Mass.-based Architectural Resources Cambridge has been selected by the Keene Family YMCA to design a new 60,000-square-foot community recreation center to replace the existing YMCA located at 38 Roxbury St. in Keene. The new facility will include a swimming pool, a therapy pool, a basketball court, an indoor track, gymnastics facilities, a climbing wall, adult and youth fitness areas, a childcare center and community meeting spaces. The new YMCA will be designed in a style similar to the region’s rural architecture, with gabled roofs, red corrugated siding, a heavy timber canopy and a metal roof.
EAST RUTHERFORD, N.J. — AMB Property Corp. has leased AMB Franklin Commerce Center, a 239,000-square-foot industrial facility located in East Rutherford, to Quebecor World Logistics. The facility is situated in a business park off of Exit 12 of Interstate 287, a major thoroughfare that forms a partial beltway around New York City. Quebecor is using the facility to expand its Northeast operations. Joel Rubin and Rob Kossar of Jones Lang LaSalle represented AMB. Jon Tesser of Colliers Houston & Co. and Steve Levitas of Colliers Bennett & Kahnweiler represented Quebecor World Logistics. Terms of the lease were not disclosed.
NEWARK, N.J. — McGowan Builders has broken ground for the construction of the two-story, 44,000-square-foot Leaguers Headquarters and Head Start Building located at 405-425 University Ave. in Newark. The first floor of the $23.5 million project will house The Leaguers’ Head Start program, after-school activities and community services for adults. The second floor will contain The Leaguers’ administrative offices, as well as commercial office spaces. The building features the capability for a third-floor expansion. The building will also contain a 75-space underground parking garage. The facility is scheduled for completion in 2009. McGowan is providing general contracting services for the project. EI Associates is serving as architect and engineer, with Wilson Woodridge also providing architectural services.
NEW YORK CITY — The Barcel Group has brokered the sale of a 15-story office tower located at 202 W. 40th St. in New York City for $22.8 million. The building totals 38,000 square feet and has recently undergone renovations. A retail unit in the building is occupied by Fashion 40 Lounge. Marcel Fridman of Barcel represented both undisclosed parties in the transaction. The property traded at a price of $600 per square foot and a capitalization rate of 5.5 percent. Acquisition financing was arranged by Joseph Taub of Meridian Capital.
WOBURN, MASS. – A joint venture between Campanelli Cos. and Richards Barry Joyce & Partners has announced plans to redevelop Presidential Woods Corporate Center, a two-story, 104,000-square-foot office/laboratory building located in Woburn. A three-story, 62,000-square-foot addition will be constructed, which will be linked to the existing building via a two-and-a-half story, glass-enclosed lobby. The project has been pre-certified for LEED-Silver designation by the U.S. Green Building Council. A joint venture between Campanelli and Commonfund Realty purchased Presidential Woods Corporate Center in 2007, changing the name of it from 8 Presidential Way.