PASSAIC, N.J. — Robert Squires of The Kislak Company has completed the $4.11 million sale of 37-47 Westervelt Place, a 43-unit apartment complex in Passaic. The five-story facility is located off Main Ave, and includes newly renovated units. Squires represented the seller, OSBF LLC, and the buyer, 37-47 Westervelt Place LLC, in the disposition.
SECAUCUS, N.J. — Kerasotes ShowPlace Theatres is set to open a 14-screen multiplex in Hartz Mountain’s Harmon Meadow development in Secaucus. The theater will feature 2,752 seats for moviegoers. Construction on the project is slated to begin this July with completion scheduled for summer 2009. Harmon Meadow is a 175-acre mixed-use development.
NEW YORK CITY — The Metropolitan Transit Authority (MTA), along with Governor David Paterson and Mayor Michael Bloomberg, have announced the conditional selection of the Related Cos. and Goldman Sachs to develop the $1 billion Hudson Yards project in New York City. Comprised of the Western Rail Yard and the Eastern Rail Yard, the development team plans to turn the area into a dynamic mixed-use neighborhood that will feature affordable housing, retail stores, restaurants, office space, an expansive public space as well as galleries, arts and culture. The extension of the #7 line is expected to make the area a thriving transit oriented community. The joint venture was selected after Tishman Speyer withdrew its bid for the project.
PHILADELPHIA — BDB Co., a private partnership affiliated with Brooks Provisions, has sold 3445 and 3535 S. Front St. in Philadelphia to Ashforth Paradigm Capital Advisors for $7.65 million. Located on 3.26 acres within the Food Distribution Center of the city, the 86,315-square-foot cold storage food warehouse and distribution facility comprises a one-story facility and three stories of office space. Brooks Division, the sole tenant, will continue to lease the facility in its entirety. Stephen Marzullo of CB Richard Ellis and the firm’s Investment Properties Group represented the seller in the transaction. Patrick Green and Michael Mullin of CB Richard Ellis’ Industrial Properties team assisted in the disposition as well.
BUFFALO, N.Y. — The Rose Hill Group has arranged $6.6 million in permanent financing for a multi-tenant office building located on the waterfront in downtown Buffalo. The 139,844-square-foot project is part of the Waterfront Village Center, which overlooks the Erie Basin Marina/Lake Erie. Tenants include Travelers Insurance and M/E Engineering. Financing was arranged by Daniel Monte of the Rose Hill Group for the undisclosed borrower. Funding was provided by Delaware Investments, a correspondent life insurance company.
FARMINGTON, CONN. — TRUMPF, one of the world’s largest producers of fabricating machinery and a leader in laser production technology, has completed its new 83,000-square-foot Laser Innovation & Technical Excellence building in Farmington. The new $20 million facility features research labs, a 6,000-square-foot class 10,000 cleanroom, and a 55,200-square-foot production hall. TRUMPF will use the facility to develop new lasers and expand the production of laser resonators. Diversified Project Management provided project management services for the development.
RENSSELAER, N.Y. — Marx Properties has commenced construction of de Laet’s Landing, a new waterfront development in Rensselaer. Set on 24 acres on the Hudson River, the initial construction will feature 200 residential units, 90,000 square feet of retail and a 360-space parking area. Occupancy for this phase is slated for fall 2009. The entire project is expected to be developed in stages over the next 8 to 10 years. Plans include 250,000 square feet of Class A office space, 165,000 square feet of retail space, 236,000 square feet for a hotel site and 630,000 square feet of residential space that will include mid-rise, water-view condominiums and townhomes. RealtyUSA is the exclusive commercial and residential broker for the development.
HAMILTON TOWNSHIP, N.J. — The Fruscione Company has completed construction of 300 Clocktower Dr., a 64,750-square-foot office building in the Hamilton Clocktower Corporate Center in Hamilton Township. The new facility is the first building to be completed within the three-building, 27-acre office complex. Upon completion, the center will offer 172,000 square feet of office space. Milt Charbonneau of Colliers Houston has completed the first lease within the new building — an 18,000-square-foot lease by Princeton Healthcare Systems.
BOSTON — Abbey Road Back Bay has acquired two buildings for approximately $10 million in the Back Bay retail district in Boston. The firm purchased 131 Newbury St. for $6.2 million and 569 Boylston St. for $3.8 million. Tim Breda of Goedecke & Co. arranged financing from TD Banknorth for the acquisition. The seller was undisclosed.
MEDFORD, MASS. — Wells Fargo has provided $25 million for the construction of greater Boston’s first precertified LEED Gold office building, 200 River’s Edge. The four-story facility will feature 115,700 square feet of space along the Malden River’s west bank in the Wellington area of Medford. Susan Leff of Wells Fargo originated the deal for the borrower, Preotle, Lane & Associates.