OLD BRIDGE, N.J. — New York-based The Lighthouse Group has started on a multi-million dollar renovation on Browntown Shopping Center in Old Bridge. Located on Route 516, the renovation will include a building facelift, interior and exterior improvements, and lighting, parking and landscape upgrades. New York Sports Club, Drug Fair and Wendy’s currently anchor the property.
NEW YORK CITY — Houlihan-Parnes/iCap Realty Advisors has brokered the sale of a 70,000-square-foot office building in the Bronx, New York City. A Brooklyn-based investor acquired the 3-story building, which is situated on 1 acre at 4770 White Plains Rd. The first floor features a loading dock and parking; the second and third floors are exclusively office space. The acquisition price was undisclosed.
OCEAN COUNTY, N.J. — The Walters Group has completed a 19,500-square-foot building within Stafford Business Park in Ocean County. Tenants include the Ocean County Board of Social Services and the Ocean County Health Department. The property is located at 333 Haywood Rd.
HUNTINGTON, N.Y. — The Advantage Group has begun a renovation project at its headquarters in Huntington. The project will expand its corporate building from 20,000 square feet to approximately 34,000 square feet. Originally built in 1929, the building will feature a brick façade, a glass lobby, limestone columns, windows, and exposed ducts and brickwork. Project partners include Plainview, N.Y.-based Darren Construction. Construction is expected to take one year.
PHILADELPHIA — GPX Realty Partners has acquired Fairmount Terrace Apartments in Philadelphia from ASI Management for $15.37 million. The 162-unit complex, located at 3601 Conshohocken Ave., features studio units and one-, and two-bedroom units. GPX plans a multi-million renovation to the exterior and interior common areas, complex amenities and individual units. GPX was represented in-house by Matt Lukof, and Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented the seller in the transaction.
PENNSYLVANIA AND NEVADA — Allstate Real Estate Investment Group has provided an $80 million fixed-rate loan to ProLogis North American Industrial Fund III for a portfolio of industrial properties in Reno and Las Vegas, Nev., and Harrisburg, Pa. The portfolio, totaling more than 3.8 million square feet, consists of 13 warehouse and distribution buildings. Dave Tomfohrde of Draper and Kramer arranged the financing on Allstate’s behalf.
CHESHIRE, CONN. — Press/Cuozzo Commercial Services has brokered the $1.35 million sale of an 11,500-square-foot retail building in Cheshire. The single-story building is situated on 1.36 acres at 882 S. Main St. The buyer, Whitney Cheshire, was represented in-house by Stephen Press. Lou Proto of The Proto Group represented the seller, Delaware-based seller Home Fabric Mills, in the transaction.
NEW YORK CITY — Construction on The Absolute, a 35-unit boutique condominium in the Clinton Hill neighborhood in Brooklyn, New York City, is underway. Located at 111 Steuben St., the facility will feature 684-square-foot one-bedrooms and 1,877-square-foot three-bedroom units. The residences start at $410,000. The building is scheduled for completion spring 2008.
ALLENDALE, FRANKLIN TOWNSHIP AND EDISON, N.J. — Cushman & Wakefield have brokered the sale of an 11-building industrial portfolio in Allendale, Franklin Township and Edison. The portfolio includes seven buildings totaling 368,863 square feet in Allendale, two buildings totaling 176,459 square feet in Franklin Township and one building in Edison totaling 204,440 square feet. The portfolio was purchased by High Street Equity Advisors for an undisclosed price from an undisclosed seller.
NEW YORK CITY — A new 100-suite Homewood Suites by Hilton is slated for construction in Brooklyn, New York City. The hotel, located at 313 Gold Street, is scheduled to break ground this September with completion slated for September 2009. The hotel will be the first Homewood Suites in New York City.