Northeast

JKAE DESIGNS 15-STORY LUXURY CONDO PROJECT

by admin September 17, 2008

UNION CITY, N.J. — Livingston, N.J.-based Jarmel Kizel Architects & Engineers has been selected by Lakewood, N.J.-based W Developers to provide architectural and engineering services for the construction of The Thread, a 15-story luxury residential condominium project located at 3312 Hudson Ave. in Union City. The building features 151 one-, two- and three-bedrooms residences. Building amenities include a recreation room, a fitness center, a children’s playroom, an onsite parking garage, a doorman, and a landscaped outdoor plaza with barbecues, a putting green and a children’s play area. Upon completion, the project will be the city’s first luxury high-rise condominium.

September 17, 2008

CONSTRUCTION ADVANCING FOR 11 TIMES SQUARE

by admin September 17, 2008

NEW YORK CITY — Construction is advancing for SJP Properties’ 11 Times Square, a 40-story, 1.1 million-square-foot commercial tower located on Eighth Avenue between 41st and 42nd streets in Manhattan, New York City. The project is on schedule for a 2010 completion, with steel currently erected to the 30th floor and the building’s unique concrete core completed up to the 39th floor. The building is presently the largest speculative office building under construction in Midtown Manhattan. SJP will be seeking LEED-Gold certification for the project.

September 17, 2008

Northeast Retail

CBRE ARRANGES $11.2 MILLION LOAN FOR BALDWIN PLAZA PURCHASE

by admin September 17, 2008

BALDWIN, N.Y. — The Debt & Equity Finance Group of CB Richard Ellis (CBRE) has arranged $11.2 million in acquisition financing for Baldwin Plaza Shopping Center, a 77,804-square-foot retail property located at 660 Sunrise Highway in Baldwin. Situated on 6.5 acres, the center was 95 percent occupied at the time of closing; anchor tenants include Best Buy and CVS/pharmacy. James Gunning and Donna Falzarano of CBRE arranged the loan on behalf of Millbrook Properties with Principal Real Estate Investors. Terms of the financing were not disclosed.

September 17, 2008

Industrial Northeast

CBRE BROKERS 154,533-SQUARE-FOOT FLEX SALE

by admin September 16, 2008

STAMFORD, CONN. — The New York Institutional Group of CB Richard Ellis (CBRE) has brokered the sale of a 154,533-square-foot flex warehouse building located at 88 Hamilton Ave. in Stamford. The fully occupied building comprises 58,340 square feet of flex space, 56,534 square feet of warehouse space and 39,659 square feet of office space. It is fully occupied, with AmeriCares Foundation leasing all of the office space and most of the warehouse space until 2023. Additional tenants include Carolee and World Wrestling Entertainment, which occupy their spaces until 2017 and 2012, respectively. CBRE’s Jeffrey Dunne, Patrick Bisceglia and Todd Newman represented the seller, Poplar Pointe Partners Ltd. The trio also procured the buyer, 88 Hamilton Avenue Associates LLC, which is an affiliate of Seaboard Properties. The acquisition price was not disclosed.

September 16, 2008

Multifamily Northeast

FALL COMPLETION SET FOR ST. CLAIRE ON FIFTH

by admin September 16, 2008

NEW YORK CITY — Construction is nearing an end for The St. Claire on Fifth, a seven-story residential condominium building located at the corner of Fifth Avenue and 128th Street in Harlem, New York City. Upon completion, the building will include 13 two- and three-bedroom residences ranging in size from 1,125 to 1,625 square feet. Each unit includes a balcony and/or terrace, as well as white oak flooring, double casement windows, gas-burning fireplaces and 8.5- to 9.5-foot ceilings. Building amenities include a 1,500-square-foot common roof deck with a clubroom; a fitness center with a sauna; a massage room with a shower room; and an on-site parking garage. Prices for the residences start at $700,000. Five of the units are already under contract, and occupancy is scheduled for this fall. Griffin Real Estate Group is serving as exclusive marketing and sales agent.

September 16, 2008

Northeast Office

CRONHEIM MORTGAGE ARRANGES THREE OFFICE LOANS TOTALING $18 MILLION

by admin September 16, 2008

NEW YORK CITY — Chatham, N.J.-based Cronheim Mortgage has arranged a total of $18 million in financing for three office buildings located in Manhattan, New York City. Bruce Theuerkauf of Cronheim secured an $11 million loan for a 14-story, 100,165-square-foot office building located at 1270 Broadway Ave. The Class B building also includes ground-level retail space. The loan carries a 5-year term with a 30-year amortization schedule. Andrew Stewart of Cronheim secured a $4 million loan for a six-story, 74,425-square-foot office building located at 45 W. 21st St. The building is currently occupied by 20 tenants, one of which is leasing the first floor of the building as retail space. The loan carries an 8-year term with a 25-year amortization schedule and a 6.24 percent interest rate. Stewart also arranged a $3 million loan for a 12-story, 52,000-square-foot office building located at 32 E. 31st St. The building also includes ground-floor and second-story retail space. The loan carries a 15-year term with a 25-year amortization schedule and a 6.26 percent interest rate. The lenders and borrowers in each transaction were not disclosed.

September 16, 2008

Industrial Northeast

LANDMARK BROKERS TWO INDUSTRIAL SALES TOTALING 405,000 SQUARE FEET

by admin September 15, 2008

HAZELTON AND CAMP HILL, PA. — Lemoyne, Pa.-based Landmark Commercial Realty has brokered the sale of two Pennsylvania industrial facilities. The first is a 240,000-square-foot, Class A distribution facility located within Humboldt Industrial Park in Hazelton. The property was acquired by Exeter 490 Forest LP, an affiliate of Exeter Property Group, for $10.5 million from an affiliate of Philadelphia-based Equilibrium Equities. Jason Grace of Landmark negotiated the transaction. The second property is a 165,000-square-foot warehouse facility located at 801 Spangler Rd. in Camp Hill. It was acquired by 801 Spangler Road Associates LP, which was represented by Grace. He was also subsequently named exclusive leasing agent for the property. The seller, as well as the sale price, was not disclosed.

September 15, 2008

Northeast Retail

JLL COMPLETES TWO RETAIL SALES TOTALING $27.88 MILLION

by admin September 15, 2008

WEBSTER AND HUDSON, MASS. — Jones Lang LaSalle (JLL) has completed the sale of a two-property retail portfolio in two separate transactions totaling $27.88 million. The first property is Price Chopper Plaza, a 101,000-square-foot shopping center located in Webster. The property is anchored by Price Chopper Supermarket, with additional tenants including Papa Gino’s, D’Angelo’s, and freestanding CVS/pharmacy and Burger King locations. It was acquired by Cedar-Webster LLC for $17.58 million. The brokers were not disclosed. The second property is Washington Square Plaza, a 46,512-square-foot strip center located in Hudson. The center was 98 percent occupied at the time of closing; tenants include CVS/pharmacy, Family Dollar, Applebee’s, Dominos Pizza, and Dunkin’ Donuts. Jim Koury and Nathaniel Heald of JLL represented the undisclosed seller and the buyer, RK Associates, in the $10.3 million transaction. The property traded at a price of $222 per square foot.

September 15, 2008

Multifamily Northeast

THE ORBACH GROUP SELLS RESIDENTIAL BUILDINGS FOR $12 MILLION

by admin September 15, 2008

HACKENSACK, LITTLE FERRY AND MIDDLESEX, N.J. — New Jersey-based The Orbach Group has sold three New Jersey residential buildings in a $12 million transaction. Totaling 106 rental units, the three buildings are located at 107 Hudson St. in Hackensack, 440 Liberty St. in Little Ferry and 57 Park Brook Gardens in Middlesex. Occupancy was more than 98 percent at the time of closing, and rents range from $800 to $1,250 per month for the studio, one- and two-bedroom units. The buyer was Fort Lee, N.J.-based Lenox Real Estate Partners. Orbach originally acquired the buildings last year as part of a $45 million, 13-building transaction. The remaining buildings in the portfolio will remain under Orbach’s management.

September 15, 2008

Northeast Office

CBRE NEGOTIATES $2.48 MILLION MEDICAL OFFICE SALE

by admin September 15, 2008

LANCASTER, PA. — CB Richard Ellis (CBRE) has negotiated the sale of Imaging Center of Lancaster, a 12,630-square-foot, Class A medical office building located at 924 Red Rose Ct. in Lancaster, for $2.48 million. Situated on 2.2 acres within close proximity to Lancaster General Hospital Health Campus, the single-tenant property is occupied on a long-term basis by Lancaster Outpatient Imaging. Stephen Marzullo of CBRE’s Greater Philadelphia office, along with Kevin Fry of the firm’s Harrisburg, Pa., office represented the seller, RAIT Financial Trust. The buyer was not disclosed.

September 15, 2008

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