MILLSBORO, DEL. — Construction has commenced for Peninsula Crossing, a 600,000-square-foot power center located on U.S. Highway 113 in Millsboro. The retail property will comprise 400,000 square feet of big box and junior box space, 50,000 square feet of specialty store and restaurant space, and eight highway-fronted outparcels. Lowe’s Home Improvement Warehouse and BJ’s Wholesale Club will co-anchor the new center; additional tenants already signed include Royal Farms and WSFS Bank. Completion is scheduled for late 2008 or early 2009. The project is being developed by Millsboro Town Centre LLC.
WEST CARTERET, N.J. — A joint venture between Stamford, Conn.-based RiverOak Investment Corp. and Cofinance has acquired the former Pathmark headquarters building in West Carteret for $14.7 million. Situated on 12.24 acres at 200 Milik St., the property contains a two-story, 150,000-square-foot, Class B office building. Pathmark has vacated the property, but its lease runs until the end of 2011. In the meantime, Pathmark has signed an agreement with the new owners that permits them to sublease the space for the duration of Pathmark’s term. The buyers also plan to invest in a capital improvements program to lease up the property. The joint venture acquired the property from entities controlled by Lexington Property Investors. The acquisition of the former Pathmark building marks the fourth acquisition made on behalf of RiverOak Investment Fund IV, a $26 million, value-added real estate fund started by RiverOak in 2007.
WEST ORANGE, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of three office buildings for $2.62 million. The properties are located at 95-99 Northfield Ave. in West Orange and total 14,000 square feet. As of closing, the buildings were 91 percent occupied, with only one vacant space remaining. Joni Sweetwood of Kislak represented the seller, Chrisdon LLC, as well as the undisclosed buyer.
CHERRY HILL, N.J. — CB Richard Ellis (CBRE) has brokered the sale of the Cherry Hill Business Park portfolio in Cherry Hill. The portfolio contains 15 properties located along Springdale Road within Cherry Hill Business Park that total 737,392 square feet of warehouse, flex and retail/showroom space, as well as two land parcels totaling 25 acres. The park’s tenants include B. Braun Medical, Avalon Carpet & Tile, Commerce Bank, Dal-Tile Corp., Cooper Lighting, International Paper and Aquahab. The undisclosed seller was represented by Michael Hines and Michael Blunt of CBRE’s Philadelphia office. The buyer was a partnership between Bala-Cynwynd, Pa.-based Endurance RE Group and Assurant. The acquisition price was undisclosed.
PRINCETON, N.J. — RexCorp Realty has completed construction of University Square, a 313,000-square-foot office building located at the intersection of U.S. Highway 1 and Alexander Road in Princeton. The five-story building features a two-story atrium lobby, concierge service, a health club with locker rooms and saunas, a full-service cafeteria and reserved parking for hybrid vehicles. David Simson of GVA Williams is handling leasing for the property.
DOVER, DEL. — Baltimore-based Vanguard Equities is developing Dover Crossroads, a 215,000-square-foot regional shopping center located in Dover. Situated on 25 acres adjacent to Dover International Speedway and Dover Downs Hotel & Casino, the shopping center will be anchored by Bed Bath & Beyond and The Christmas Tree Shops. Site preparation and construction are expected to begin in August, with completion slated for summer 2009.
WARMINSTER, PA. — Allstate Real Estate Investment Group has provided a $20 million loan for the refinancing of Center Point Place, a 267,000-square-foot community shopping center located in Warminster. The property was 92 percent occupied at the time of closing, and is anchored by Giant Foods. The loan carries a 10-year term with a fixed interest rate. Financing was arranged through Allstate by Thompson Maher of Wachovia Maher Partners on behalf of Westover Cos.
PISCATAWAY, N.J. — Trammell Crow Co. has received approval from the township of Piscataway for the construction of Piscataway Business Center, two-building industrial development located in Piscataway. Situated on 44 acres at the intersection of South Washington Avenue and Centennial Avenue, the industrial project will contain two buildings totaling 538,800 square feet. Piscataway Business Center 1 will contain 307,800 square feet and Piscataway Business Center 2 will contain 231,000 square feet. Each building will feature 36-foot clear ceiling heights, ESFR sprinkler systems, wide truck courts with trailer storage and more than 550 parking spaces. Construction is expected to begin in spring 2009. Mindy Lissner, Lou Belfer and Stacey Weinberg of CB Richard Ellis’ New Jersey office will handle leasing for the park.
TURNERSVILLE, N.J. — Marcus & Millichap has brokered the sale of Peppercorn Plaza, a 22,930-square-foot retail center located at 5501 Black Horse Pike in Turnersville, for $4 million. The property is anchored by Sherwin-Williams. Dean Zang, Chris Munley and Mark Taylor of the Philadelphia office of Marcus & Millichap represented the seller, Streamwood Associates/Turnersville LLC. Marcus & Millichap, along with Ronald McGee of Robson Goldberg Real Estate, represented the 1031 buyer, Primo Properties LLC. The shopping center traded at a 6.58 percent cap rate and a price of $174.44 per square foot.
SECAUCUS, N.J. — Prism Capital Partners has begun a $4.5 million repositioning of One Harmon Plaza, a 10-story office building located in Secaucus. The 187,113-square-foot property is part of a mixed-use complex that also contains a Crowne Plaza Hotel and a shopping mall. Renovations to the center will include a new grand entrance plaza and canopy, major lobby and elevator upgrades, a new café and substantial parking garage renovations. Prism has also signed Jones Lang LaSalle to lease the more than 21,000 square feet of vacant space inside the building. Tom Reilly and Dino Mattessich of the firm’s New Jersey office and James Quinn of the firm’s New York office will handle leasing efforts.