FAIR LAWN, N.J. — Mark Tannen and Dorothy Chuang of CB Richard Ellis have completed the sale of an industrial building in Fair Lawn. The facility is located at 4-01 Banta Place and encompasses 18,000 square feet. The building was vacant at the time of the sale. Chuang represented the buyer, an undisclosed Chinese firm, and Tannen represented the seller, the Weidner Family Partnership, in the transaction. The price was undisclosed.
TEANECK, N.J. — Greg Pine of Gebroe-Hammer Associates has completed the $3.15 million sale of a garden apartment complex in Teaneck. The 24-unit facility is comprised of four two-story buildings with eight one-bedroom and 16 two-bedroom apartments. Located at 171-183 Ft. Lee Rd. between Beech and Woodbine streets, the facility was 99 percent occupied at the time of the sale. Pine represented the seller, Beech Lee Associates, and procured the buyer in the transaction.
READING, PA. — NorthMarq Capital has provided a $9.1 million in first mortgage financing for Exeter Plaza in Reading. The 128,000-square-foot neighborhood shopping center includes tenants such as Blockbuster and is anchored by a Giant Grocery Store. David Henrich of NorthMarq Capital’s Philadelphia office arranged the financing for the borrower, Exeter Plaza Associates. The loan was base done a 10-year term with a 30-year amortization schedule.
NEW YORK CITY — Jerry Houlihan of Houlihan-Parnes/iCap Realty Advisors has brokered the $1.9 million sale of a retail building in the Bronx, New York City. The supermarket features 8,300 square feet of selling space and a full basement for refrigerated and dry food storage. Situated on the corner of 183rd and Jerome Avenue at 2262 Jerome Avenue, the facility is under a 45-year lease with A&P until July 2015. The undisclosed buyers, local grocers based in Manhattan and the Bronx, are subleasing the store from A&P under the Pioneer supermarket flag.
SOUTH BRUNSWICK, N.J. — An undisclosed major fashion retailer has leased a 418,000-square-foot industrial building in South Brunswick. Located within the Exit 8A submarket at 329 Herrod Blvd., the industrial facility includes 52 exterior cross-dock and two drive-in loading doors, 100 trailer parking positions and 28-foot clear ceilings. JRT Realty Group and Cushman & Wakefield represented the property owner, TIAA-CREFF in the lease, and David Cantor of Team Resources represented the new tenant.
ROCKY HILL, CONN. — Renovations have begun on The Glenbrook at Rocky Hill, a garden-style apartment community in Rocky Hill. The community includes 400 one-, two- and three-bedroom residents set on 40-plus acres within close proximity to Interstate 91. Renovations include new kitchens, bathrooms, balconies and common areas, as well as new landscaping, walking paths, exterior siding and energy-efficient windows and sliders.
PHILADELPHIA — Wachovia Bank has provided $50 million in financing for the redevelopment of the Architect’s Building located in Center City Philadelphia. Klimpton Hotels & Restaurants is redeveloping the building into The Hotel Palomar, a luxury 230-room boutique hotel. The hotel will feature amenities such as a ground-floor restaurant and bar, 6,500 square feet of meeting space and a 650-square-foot fitness center. The hotel is set within the Rittenhouse Square neighborhood at 117 S. 17th St., which offers a wide variety of shopping, dining and cultural activities for tourists. The hotel is scheduled for completion in late 2009.
BOSTON — Turner Construction Co. has begun construction on ONE Marina Park Drive, a new $125 million Class A office building that is part of the Fan Pier development in Boston. Situated along the waterfront, the 18-story, approximately 500,000-square-foot office building is part of the first phase of construction for the 21-acre master planned project. Developed by The Fallon Company, Fan Pier is set to include 3 million square feet of first-class office space, a hotel and spa, luxury residences and a 6-acre marina.
NEW YORK CITY — The GLC Group is constructing Nforth, a ground-up residential community in the Williamsburg neighborhood of Brooklyn, New York City. Designed by Karl Fisher with interior design by Andres Escobar, the four-story building contains 37 units. Units range in size from a 480-square-foot studio to a 1,286-square-foot two-bedroom unit. Prices for the residences begin at $375,000. Occupancy is slated for this fall. The Developers Group is the exclusive marketing and sales agent for the project.
KING OF PRUSSIA, PA. — U.S. Realty Capital (USRC) has arranged a $14 million first mortgage for the refinancing of a multi-tenant office facility in suburban King of Prussia. The facility is located off North Gulf Road. The loan has a 15-year fixed rate term with a 20-year amortization schedule. The loan was funded by a life insurance company. The borrower was undisclosed.