MECHANICSBURG, PA. — Lemoyne, Pa.-based Landmark Commercial Realty has completed the sale of a 13,000-square-foot office property located at 6 Kacey Court in Mechanicsburg. The property traded at a price of $1.63 million. Thomas Posavec of Landmark arranged the sale between the buyers, David and Sally Ann Young, and the seller, Jolene Cocciardi.
MATAWAN, N.J. — CB Richard Ellis (CBRE) has secured $3.5 million in permanent financing for the acquisition of Town Square Shopping Center, a 38,836-square-foot retail property located at 343-351 Matawan Rd. in Matawan. Town Square is a retail strip center located opposite a 212,000-square-foot, Class A office building. Major tenants include Party & Play, Pizza Hut and Dunkin’ Donuts. James Gunning and Donna Falzarano of CBRE Debt & Equity Finance arranged the loan on behalf of the borrower, T & JK Associates. The lender and the terms of the loan were not disclosed.
NEW YORK CITY — Gemini Real Estate Advisors has acquired the Wyndham Garden Chelsea Hotel, located at 37 W. 24th St. in the Chelsea neighborhood of Manhattan, New York City. The 124-room, select-service hotel is situated within the city’s Flatiron District, in close proximity to Madison Square Park, Union Square Park, the Flatiron Building and the Metropolitan Life Building. The seller, as well as the sale price, were not disclosed.
MANAHAWKIN, N.J. — Marcus & Millichap has brokered the sale of a 14-acre ground lease to a BJ’s Wholesale Club located in Manahawkin for $14.9 million. Situated at the corner of Route 72 and Doc Cramer Boulevard, the site neighbors a power center anchored by Kohl’s, TJ Maxx and Staples, as well as a grocery-anchored shopping center. The BJ’s Wholesale Club building, which was constructed in 2007, is subject to a 20-year, triple-net, unsubordinated ground lease with rent escalations every 5 years. Mark Taylor, Dean Zang and Christopher Munley of Marcus & Millichap’s Philadelphia office represented the seller, New Jersey-based SP 72 LLC. The buyer, New York City-based Shubert and Booth Theatre LLC, was represented by Bayard Street Capital and Real Estate Foundations Inc. The BJ’s parcel is part of a larger retail development, which the seller will retain ownership over for the purposes of constructing additional retail buildings in the future. The buyer was participating in a 1031 exchange.
SARDINIA, N.Y. — Development is continuing for Tri-County Business Park, a 210-acre, mixed-use project located along Route 16 in Sardinia. Mark 1 LLC, the project’s developer, intends to construct more than 1.5 million square feet of retail, office, hotel, light manufacturing and warehouse space. The project’s first building, a 20,000-square-foot office building, is complete and has two suites remaining. In addition, the first of four shovel-ready outparcel locations is complete and occupied by Tim Hortons. A 45,000-square-foot retail building will break ground in the spring. The project is located within a New York State Community Renewal Zone and a Federal HUB Zone, and has 30 acres that have been designated a New York State Economic Development Zone. Mark 1 is constructing build-to-suit projects, as well as leasing and selling sites for development.
NEW GALILEE, PA. — Grubb & Ellis has completed the long-term lease of 168,924 square feet of industrial space at Turnpike Distribution Center, a warehouse-distribution facility located at 1750 Shanango Rd. in New Galilee. Constructed in 2007, the property is located at the intersection of Interstate 76 and Route 60. Louis Oliva and Rick O’Brien of Grubb & Ellis facilitated the transaction on behalf of the tenant, Boston-based Iron Mountain Inc., and the landlord, Turnpike Distribution LP, which consists of a joint venture between Pittsburgh-based Castlebrook Development, Cincinnati-based Al. Neyer Inc., and Pittsburgh-based The Erect Fund. Terms of the lease were not disclosed.
NEWTON, MASS. — Quincy, Mass.-based Marcone Capital has arranged a $10.75 million loan for University Business Center, a 66,175-square-foot retail/office/flex industrial property located at 19-33 Needham St. in Newton. Situated on 2.51 acres, the property comprises three buildings, including a freestanding National Tire & Battery store, a single-story office building, and a two-story, office and industrial flex building. Mike Marcone of Marcone Capital arranged the financing on behalf of the borrower, KSKIM UBC Equity Partners LLC, which is an entity controlled by the owner of KS Partners, Kambiz Shahbazi. The borrower plans to use the financing to redevelopment a portion of the property. Tenants on the first floor of the flex building will be relocated, and the space will be converted for retail use. The lender was a regional bank. Terms of the financing include a floating interest rate below 5 percent.
WHITE PLAINS, N.Y. — URDANG has disposed of a 320,000-square-foot office building, located at 1311 Mamaroneck Ave. in White Plains, for $81.77 million. Situated on 25 acres, the building includes a full-service cafeteria, a fitness center, a parking garage and concierge services. Tenants at the fully occupied building include Acadia Realty and OrthoNet. Jonathan Davis, John Saraceno, Vincent Sanfilippo and David Spoont of Onyx Equities negotiated the sale on behalf of URDANG. Matthew Keefe of HK Group represented the undisclosed buyer.
HARRISON, N.J. — Bedminster, N.J.-based Advance Realty, in partnership with the township of Harrison, has completed environmental site remediation for Riverbend District, a transit-oriented, mixed-use project located in Harrison. The brownfield site will be ready for infrastructure work following the removal of 48,000 cubic yards of contaminated soil from the project site. Once this occurs, construction will begin for site utilities and roadways, which is expected to be complete in time for the October 2009 opening of the new, 25,000-seat Red Bull Arena. Vertical construction for Phase I of the project is expected to begin in early 2010. The first phase will comprise 1.5 million square feet of office space, 800,000 square feet of retail and restaurant space, approximately 1,800 for-sale and rental residential units, a 200-room hotel, another 350-room, full-service hotel with 25,000 square feet of conference space, a wellness center, and a 16-screen cinema. The project is located in close proximity to multiple mass transit options, including N.J. Transit, Amtrak, and an onsite PATH station that is receiving $180 million in upgrades. Riverbend District was formerly known as Harrison MetroCentre, before Advance Realty decided to change the project name.
WATERTOWN, N.Y. — Newton Square, Pa.-based GMH Capital Partners had brokered the sale of Woodcreek Apartments, a 104-unit multifamily community located in Watertown, for $4.25 million. Fully occupied at the time of closing, the community is situated adjacent to Fort Drum Military Reservation. It consists of 13 two-story, garden-style buildings. Each unit totals 900 square feet. Dave Forrest and Tom Haak of GMH represented the undisclosed seller. The buyer was Rochester, N.Y.-based Conifer Realty.
