SUSSEX COUNTY, N.J. — The Pegasus Group has been selected to complete a Sussex County stalled residential project, Ridgefield Commons. The townhome community will consist of 313 residences, 100 of which are already complete and occupied. Sussex Bank took over the failed project, and the court appointed Pegasus on the bank’s behalf.
WESTWOOD, N.J. — Cushman & Wakefield have completed the $45 million sale of a 20-acre former hospital site in Westwood. Hackensack University Medical Center and Touro University College of Medicine purchased the facility. The new owners plan to construct a medial school, which is slated for occupancy in 2009. The site was formerly occupied by the 251-bed Pascack Valley Hospital, which filed for bankruptcy fall 2007. Andrew Merin, Jose Cruz, David Bernhaut and Gary Gabriel of Cushman & Wakefield orchestrated the sale.
BOSTON — Richard Barry Joyce & Partners (RBJ) has completed the $8.7 million sale of 121 Brookline Ave. in Boston. The facility is slated to be the future home of the Longwood Research Center, a proposed six-story, 130,000-square-foot laboratory building. The project is pre-certified LEED compliant and is set to break ground this summer. Robert Richards of RBJ represented the seller, 121 Brookline Ave., LLC, and procured the buyer, Boylston Properties Co., in the transaction. Richards and Chris McCauley, also of RBJ, will lead the leasing team assigned to the project.
BARNEGAT, N.J. — The Walters Group has broken ground on Whispering Hills, an eco friendly residential community in Barnegat. The new 258-unit development is situated on 85 acres on Rose Hill Road, and upon completion will feature 107 townhouses, 52 rental apartments and 99 single-family homes. The first phase, which is expected to be ready for occupancy late fall 2008, will include the construction of the townhomes. The development is anticipated to achieve silver LEED certification.
PHILADELPHIA — Gebroe-Hammer Associates has completed the $22.35 million sale of The Courts, a 167-unit multifamily facility in Philadelphia. Located in the University Center area at 35000-3540 Powelton Ave., the complex consists of three restored Victorian-era apartment buildings. Units range from studios to three-bedroom residences with more than 30 different floor plans. Joseph Brecher and Eli Rosen of Gebroe-Hammer represented the seller, Powelton Avenue, and procured the buyer, The Courts LP, in the transaction.
MERCHANTVILLE, N.J. — Construction has begun on the Renaissance Building, an 8,000-square-foot building in Merchantville. The $3 million redevelopment project is being developed by RLC III, LLC. Situated on a .8-acre lot on the corner of Maple and Chapel avenues, the site was formerly home to a gas station, nursing home and dentist’s office. PNC is set to occupy the building early next year and the facility has approximately 4,000 square feet available for one to three more retailers. Metro Commercial is the exclusive leasing agent for the project.
POTTSTOWN, PA. — Jackson Cross Partners has negotiated a long-term, 120,000-square-foot lease for Bushwick Metals at the Pottstown Industrial Complex in Pottstown. The 1.2 million-square-foot industrial facility sits on 45 acres and is owned by Industrial Investments Inc. Lou Battagliese and Nick Adams of Jackson Cross and Steve Becht of the Becht Co. represented Bushwick Metals in the negotiations.
PELHAM MANOR, N.Y. — Fairway Market is set to occupy 75,000 square feet at Post Road Plaza in Pelham Manor. The 268,000-square-foot retail center is centrally located at the intersection of Pelham Parkway and Boston Post Road adjacent to the Hutchinson River Parkway. The center is currently undergoing a complete renovation in keeping with the resurgence of the neighborhood. The first phase of the renovation is set to be complete later this year. Harry Malakoff of Levin Management represented Fairway Market in the lease negotiations.
CARLE PLACE, N.Y. — CB Richard Ellis has completed the $65 million sale of One Old Country Road, a 315,750-square-foot office building in Carle Place. At the time of the sale, the five-story facility was 95 percent leased by 49 diversified tenants. Located within .5 miles from Exit M1 of the Meadowbrook Parkway, the property features a full-service cafeteria, a barber shop and covered parking. Jeffrey Dunne, Steven Bardsley, Rikki Lawrence and Bruce Nelson of CB Richard Ellis represented the owner, Treeline 1 OCR, an entity controlled by The Treeline Companies, and procured the buyer, CLK/HP One Old Country LLC, in the transaction.
PHILADELPHIA — Stockton Real Estate Advisors and the Girard Estate have acquired an 85,000-square-foot light manufacturing warehouse in Philadelphia. Located at 3501 Island Ave., the facility features 19,000 square feet of office space, 15,000 square feet of conditioned manufacturing floor area, 51,000 square feet of warehouse area, 10 loading docks and a drive in bay. The property can also be expanded by another 45,000 square feet. The acquisition price was undisclosed.