Northeast

HACKETTSTOWN, N.J. — Final site plans have been approved for Willow Grove Medical Park, a 25,800-square-foot medical office facility in Hackettstown. The two-story facility, which is being developed by D6 Developments, is situated on 2.74 acres and will feature ten modern medical facilities the range from 1,500 to 2,500 square feet. Groundbreaking is slated for spring 2008. Jarmel Kizel Architects & Engineers is the architect of record for the project and Ron Numon of Weichert Realtors is the exclusive marketing agent for the development.

VOORHEES, N.J. — CD Realty Advisors has sold 1020 Laurel Oak Rd., a three-story Class A office building in Voorhees, for $7.93 million. The 56,499-square-foot facility was sold to Ironstone Village as part of a 1031 exchange transaction. Situated at the intersection of Haddonfield-Berlin and Laurel Oak roads, the property is 98 percent leased to tenants such as Exam One, the Food and Drug Administration and Cardiac Care Specialists. Michael Blunt, Michael Hines and Robert Fahey of CB Richard Ellis represented the seller in the transaction.

NEW YORK CITY — The CB Richard Ellis Capital Markets Group has arranged $39 million in financing for the acquisition of the Standard Motors Building in the Long Island City neighborhood of Queens, New York City. The seven-story facility is located at 37-18 N. Blvd. The borrower, a joint venture between a local developer and an institutional fund, plan to utilize a portion of the fund to redevelop the building. Upon redevelopment, the building will contain 43,000-square-foot floor plates, high ceilings, large windows and 24-hour access. Keith Braddish, Jason Gaccione and Maury Zanoff of CBRE arranged the financing.