MEDFORD, MALDEN AND EVERETT, MASS. — Preotle, Lane & Associates has broken ground on the first of three office buildings in the River’s Edge master planned development in Medford, Malden and Everett. Located at 200 River’s Edge Dr., the building will comprise 115,000 square feet on four levels. The facility, which is precertified Gold LEED core and shell is slated for completion January 2009. Phase I of River’s Edge will feature three office buildings totaling 410,000 square feet, a 220-unit luxury rental building and a 10-acre riverfront park.
Northeast
ROYERSFORD, PA. — A new Staybridge Suites in Royersford is set to break ground this summer. The 104-room hotel features 65 studios, 31 one-bedrooms and eight two-bedrooms. All suites feature fully equipped kitchens and separate work areas. Amenities include an outdoor pool, a 1,000-square-foot meeting room and in-room video check-out. The hotel is slated for completion spring 2009. The hotel is owned by Latitude Hotels Group Royersford and will be managed by Ocean Hospitalities under a license agreement with InterContinental Hotels Group.
NEW YORK CITY — CB Richard Ellis has arranged a 160,335-square-foot lease for Mediaedge at 825 7th Ave. in Manhattan, New York City. The media firm extended its 129,620-square-foot lease on floors two through seven and acquired an additional 30,715 square feet on floors eight and nine through a sublease from International Marketing Group. Gregory Tosko, Bruce MacAffer and Mary Ann Tighe of CB Richard Ellis negotiated the lease for Mediaedge. Jeffrey Sussman of Edward Minskoff Properties represented the building owners, Edward J. Minskoff Equities and Vornado Realty Trust.
NEW YORK CITY — BMC Capital has originated a $2.9 million loan for the refinancing of the President Apartments in Brooklyn, New York City. Located in the Crown Heights South neighborhood, the complex contains three multifamily buildings. The loan has a 65 percent loan-to-value with a 5-year fixed rate interest. The borrower was undisclosed.
SECAUCUS, N.J. — AXA Equitable has leased 100,000 square feet of office space at Hartz Mountain Industries’ Harmon Meadow Complex in Secaucus. Located at 500 Plaza Dr., Harmon Meadow contains 3.5 million square feet of commercial space, more than 10 restaurants, seven hotels, the Meadowlands Exposition Center, an office park and retail.
NEWARK, N.J. — Urstadt Biddle Properties has acquired a 60 percent interest in a new limited partnership that purchased Ferry Plaza Shopping Center in Newark. The 100,491-square-foot retail center is anchored by a 63,433-square-foot Pathmark Supermarket and includes tenants such as Blockbuster Video, GNC, Carvel and Subway.
HARRISBURG, PA. — Glimcher Realty Trust has completed a $42.25 million mortgage loan financing for Colonial Park Mall in Harrisburg. The loan was originated by U.S. Bank National. The loan has a 3-year maturity and a floating interest rate of LIBOR plus 1.65 percent per year with no principal amortization.
NEW YORK CITY — SL Green Realty Corp. has negotiated an 83,822-square-foot lease at 1185 Avenue of the Americas in Manhattan, New York City. News America Inc. will occupy floors 25 through 27 as part of the 12-year lease. The lease brings the 42-story, 1.1 million-square-foot tower to a 99 percent occupancy level. David Levinson and David Berkey of L&L Holding Co. represented the tenant, and Howard Tenenbaum and Gary Rosen of SL Green represented the REIT in-house.
PITTSBURGH — CBL & Associates Properties and Faison Enterprises have broken ground on a 600,000-square-foot open-air lifestyle center in Pittsburgh. Settlers Ridge, located in Robinson Township, will feature a Giant Eagle Market District supermarket, a 16-screen Cinemark theatre, an LA Fitness and REI. The center will also feature approximately 150,000 square feet of specialty stores including a national bookstore, apparel stores and restaurants. Project partners include Cleveland-based architect ka and Chattanooga, Tenn.-based general contractor EMJ Corp. Completion is slated for summer 2009.
STAMFORD AND GREENWICH, CONN. — Summit Development has acquired two buildings in Stamford and Greenwich from the Tribune Co. for $30 million. The first property is a 3-story, 90,000-square-foot building situated on 3.2 acres at 75 Tresser Blvd. in downtown Stamford. The second property is a 20,000-square-foot building situated on 0.37 acres at 20 E. Elm St. Greg Frisoli, Betcy Vincent, Michael DeSantis and Jim Fagan of Cushman & Wakefield represented the seller and procured the buyer in the transaction.