LAWRENCEVILLE, N.J. — Simon Property Group and Kravco Simon Co. are set to begin the expansion and renovation of Quaker Bridge Mall in Lawrenceville. Plans call for a lifestyle center component that will include restaurants and two new high-end retail anchors, Neiman Marcus and Nordstrom. Cooper Carry is designing the project. The 1.63 million-square-foot renovation and expansion is slated to begin this fall and is scheduled for completion in 2011.
NEW YORK CITY — Carlton Advisory Services has secured $215 million in acquisition and mezzanine financing for 1250 Broadway in Manhattan, New York City. The 39-story, 770,000 square-foot office tower is located on Broadway between W. 31st and 32nd streets. Carlton secured $175 million from a German lender and $40 million from a prominent REIT. The acquisition was closed on behalf of Norman Sturner of Murray Hill Properties and a large German opportunistic equity fund. Howard Michaels, Michael Campbell and Damien Wilson of Carlton arranged the financing.
OLD BRIDGE, N.J. — GE Real Estate has provided $30.65 million for the refinancing of Parkway 120, a five-story, Class A office building in Old Bridge. The 211,871-square-foot facility is located 10 miles south of the intersection of Interstate 287. The building is 79 percent leased to tenants such as Del Rey, Healthnet and VSNL. Vision Equities acquired Parkway 120 in 2001.
TUXEDO, N.Y. — Ron Mahr of Weichert Commercial Brokerage has completed the $1.8 million sale of the former Duck Cedar Inn banquet facility and inn in Tuxedo. The 25,300-square-foot building is situated on 9 acres on Route 17. The buyer, James Lantini, plans to renovate the facility into a new 15,000-square-foot retail center and move his electronics business into 10,000 square feet in the rear of the building. The new retail center, which is slated for completion September 2008, will feature units ranging from 750 to 7,200 square feet. Mahr represented the undisclosed seller in the transaction and was also retained by the buyer to market the new facility.
WALTHAM, MASS. — Adobe Systems has entered into a purchase and sale agreement with Normandy Real Estate Partners to purchase Overlook Center in Waltham upon substantial completion. Located at 21-61 Hickory Dr., the approximately 108,500-square-foot building is slated for completion May 2009. The transaction, valued at $44.7 million, is subject to the agreement’s closing conditions.
NEW YORK CITY — Roe Development has begun construction on Star Tower, a 25-story residential condominium located in the Long Island City area of Queens, New York City. The 180-unit tower, which is located at 28-02 42nd Rd., will offer one- and two-bedroom residences ranging from 617 to 1,213 square feet. Amenities include The SkyDeck, a 2,700-square-foot residents-only rooftop deck; and The SkyLounge, a 1,000-square-foot club room. The project will also include the Great Lawn, a 7,500-square-foot mezzanine-level lawn. Prices for the units range from $425,000 to more than $1 million.
EAST HARTFORD, CONN. — The Urban Strategy America Fund, a New Boston real estate investment fund, has acquired a seven-building industrial portfolio from BKM Enterprises for an undisclosed price. Totaling 389,876 square feet, the portfolio is located within three locations in East Hartford. Located within Founders Plaza, 300 E. River Dr. is a single-story flex building, and 60 and 71 Meadow Rd. is a contemporary manufacturing building. A fourth manufacturing building is located at 71 George St., and two warehouse/distribution high-bay buildings are located at 33 and 47 Leggett Rd. The final two shallow-bay flex buildings are located at 59 Leggett Rd. and 22 Rumsey Rd. in an established industrial area. BKM Enterprises will lease back six of the buildings on 10-year terms. Sean Duffy of Cushman & Wakefield represented BKM Enterprises in the transaction.
TRENTON, N.J. — CB Richard Ellis has brokered the sale of two multifamily facilities in Trenton. The Beechwood Garden apartment complex sold for $3.1 million to an undisclosed buyer. The 62-unit facility sits on 1.15 acres in the Hillcrest area and was 48 percent occupied at the time of the sale. The Greenwood Avenue Gardens facility is located at 1020 Greenwood Ave. and consists of 18 units set within three stories. Situated on .32 acres, the facility sold for just under $1 million to an undisclosed buyer. The property was 95 percent occupied at the time of the sale. Mark Duszak, Robert Miller, John McFadden and Corey Lonberger of the Miller/McFadden Multi-Housing Group of CB Richard Ellis represented both undisclosed sellers in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $60 million in financing for a mixed-use warehouse/office complex in the Long Island City area of Queens, New York City. The 500,000-square-foot facility is located at 33-00 Northern Blvd. and is currently leased to several city agencies and other tenants. Avi Weinstock and Seth Grossman of Meridian’s New York office arranged the loan on behalf of the undisclosed borrower. The loan was secured as a fixed-term loan with 2 years of interest only payments.
NEW YORK CITY — Savills Granite has completed the approximately $100 million sale of 47 Citibank branches and offices located throughout the New York City metro area. The portfolio totals 157,312 square feet with properties ranging in size from 2,000 square feet to 8,000 square feet. The properties are located in Manhattan, Queens, the Bronx, Brooklyn, Staten Island, Westchester, Suffolk and Nassau counties. All properties are leased back to Citibank for 15-year terms.