EAST HARTFORD AND GLASTONBURY, CONN. — New Boston Fund has sold the East Portfolio, a four-building office portfolio totaling 294,262 square feet. Three of the buildings are located in East Hartford; Riverbend Executive Park comprises two four-story office buildings that total 154,629 square feet, and are located at 55 and 77 Hartland St. The third property is a four-story, 40,812-square-foot office building located at 60 Hartland St. The final building in the portfolio is a five-story, 98,821-square-foot office building located at 655 Winding Brook Dr. within Salmon Brook Corporate Park in Glastonbury. The portfolio was 98 percent leased at the time of closing to a tenant roster that includes Computer Sciences Corp., IKON Office Solutions, Wells Fargo Financial, Affiliated Computer Services and Mutual of Omaha Insurance Co. The portfolio was acquired by NPV/Direct Invest for an undisclosed amount. New Boston Fund was represented by Robert Griffin, Marci Loeber, David Pergola, Brian Doherty and Robert Kelly of Cushman & Wakefield.
POMONA, N.J. — Construction is underway for a new 153,000-square-foot campus center at The Richard Stockton College of New Jersey, located in Pomona. The new facility is part of the college’s 10-year master plan, and will be built in anticipation of LEED-Gold certification from the U.S. Green Building Council. Sustainable features will include use of the campus’ existing geothermal wellfield for heating and cooling, a roof that will collect stormwater for irrigation, and a digital building management system that will promote energy efficiency. Upon completion, the campus center will feature a food service market, a coffeehouse, a venue for large events, meeting rooms, a bookstore, lounge spaces and offices. Princeton, N.J.-based KSS Architects is serving as project architect, with Charlottesville, Va.-based VMDO Architects serving as associate architect. Completion is scheduled for early 2011.
BAYONNE, N.J. — Rendina Cos. has been selected to develop a new medical office building for Bayonne Medical Center in Bayonne. The five-story building will total 70,000 square feet, and will be located on the 278-bed hospital’s campus. It will include an ambulatory surgery center, an adult day care center, a pharmacy and various physician specialties. The construction timetable was not released.
NEW YORK CITY — New York City-based Savanna, along with a locally based hedge fund, has originated $45.75 million in full-recourse senior financing for 63 West 38th Street, a 12-story, Class B office building located in New York City. The first-mortgage financing for the 150,622-square-foot property carries a 65 percent loan-to-value ratio. The New Jersey-based borrower was advised by Meridian Capital Group.
LONG ISLAND, N.Y. — Blumenfeld Development Group has commenced development of Lake Grove Commons, a 140,000-square-foot shopping center located in the Lake Grove neighborhood of Long Island. Four tenants have already signed on at the center: Whole Foods Market will open a 48,000-square-foot location, with construction beginning in the fall. Also, LA Fitness will open a 65,000-square-foot location within Lake Grove Commons this summer. Finally, Jared Jewelers will begin construction this summer for a 6,000-square-foot outlot parcel, and Bank of America is in negotiations for a similar pad site. The Whole Foods and LA Fitness deals were brokered by Brian Schuster of Jericho, N.Y.-based Ripco Real Estate Corp.
SHERRILL, N.Y. — CB Richard Ellis (CBRE) has completed the sale of an approximately 206,000-square-foot warehouse/distribution center located in Sherrill. The property, which is situated on approximately 34 acres of land at 100 Highbridge Hwy, traded for $5.75 million. Don Noland and John MacAffer of the Albany, N.Y., office of CBRE represented the seller, Oneida Ltd. The buyer, Equity Industrial Partners Corp., was represented by Hart Corp.
PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of Pastorious Court Apartments, a 42-unit mid-rise apartment community located in the West Mount Airy neighborhood of Philadelphia, for $3.6 million. Located at 6600 Lincoln Dr., the property contains a four-story building with a mix of one-, two- and three-bedroom units. The property was fully occupied at the time of closing, and monthly rents range from $700 to $1,200. Eli Rose of Gebroe-Hammer represented the seller, Pastorious Court LP, and procured the buyer, PC Apartments LP. The property traded for a price of approximately $85,000 per unit.
CLIFFSIDE, N.J. — 24 Capital has provided a $27.5 million bridge loan for Aurora Over the Hudson, a 131-unit condominium project located in Cliffside. Situated on 3.32 acres, the project comprises twin condo towers with underground parking. Units range from 1,872 to 3,724 square feet, and include two parking spaces per unit. The borrower was Aurora Development Partners, a joint venture involving Brian Stolar of The Pinnacle Cos. and Alan Litt of Kohl Partners. Terms of the loan were not disclosed.
PAWCATUCK, CONN. — POKO Partners is planning to redevelop the former William Clark Threadmill located in Pawcatuck into a multifamily residential project. The three-building, 129,000-square-foot mill will be converted into Threadmill Apartments, which will comprise 58 rental units and 9,000 square feet of new retail construction. POKO has received preliminary approval for federal historic tax credits from the National Park Service for the redevelopment project. Construction is slated to begin this fall, with completion expected 15 to 18 months afterward.
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed the sale of The Wimbledon, a 230-unit apartment tower located at 200 E. 82nd St. on the Upper East Side of Manhattan, New York City, for $150.35 million. Located near Central Park, the 28-story building contains 6,203 square feet of ground-floor retail space, which is fully occupied by Citibank. The transaction was handled by Jubeen Vaghefi, Jeff Morris, Nat Rockett and Thomas Beneville of JLL. JP Morgan Investment Management purchased the building from P&H Associates.