ESSEX, VT. — David G. White & Associates has arranged a ground lease on behalf of Lowe’s Cos. for the 18-acre Essex Town Plaza Shopping Center located on Susie Wilson Road in Essex. The vacant shopping center, which was formerly occupied by an Ames department store and a Grand Union supermarket, will be demolished to make way for a new 154,000-square-foot Lowe’s Home Improvement Warehouse. Construction is set to begin in July. The new store will mark Lowe’s second location in the state. Tim Burke of David G. White & Associates represented Lowe’s in the ground lease transaction. Don Mace of KeyPoint Partners represented the landlord, Cobloka Trust.
NEW YORK CITY — Vornado Realty Trust has acquired two adjacent retail/office properties located at 148-150 Spring St. in the Soho neighborhood of Manhattan, New York City. The properties total 11,621 square feet; the ground-floor retail space at 148 Spring St. is occupied by Italian watchmaker Breil, and the retail space at 150 Spring St. is occupied by Treetorn Sneakers. Eric Anton, Ronald Solarz and Jared Toothman of Eastern Consolidated represented the seller, Cape Advisors. The group also represented the undisclosed buyer.
NEW YORK CITY — Groundbreaking has occurred for 50 West Street, a 65-story residential and hotel tower located in Lower Manhattan, New York City. Developed by New York-based Time Equities, the $600 million project will feature 280 residential units, and 155 hotel and retail units totaling 580,000 square feet. The project is expected to achieve LEED-Gold certification, with sustainable features including a green roof, an energy-efficient glass façade, sustainable and rapidly renewable construction materials, the recycling of demolition waste, water-efficient fixtures, and automated blinds and energy control systems. Completion is scheduled for 2011. The tower was designed by Helmut Jahn, with New York-based Gruzen Sampton serving as architect of record.
NEW YORK CITY — Manhattan, New York City-based FLAnk has topped out construction of 385 West 12th Street, a seven-story condominium tower located between Washington and West streets in the West Village neighborhood of Manhattan. The building will contain 12 residences, seven of which are already under contract. The remaining five comprise two penthouse units and three triplex townhomes, which are priced from $8.3 million to $13.5 million. Each unit features 10- to 18-foot ceilings, luxury finishes and a home automation system to control the unit’s lighting and temperature. Building amenities include a 2,700-square-foot, two-tier rooftop common area; it features a 50-foot, outdoor heated lap pool, an oversized hot tub and an outdoor shower on the upper tier, as well as a built-in dining area with two gas grills and a refrigeration unit, an exercise area, and a meditation deck on the lower tier. The building also contains a 24-hour concierge, a dedicated storage area for residents and cellar storage units. Completion is scheduled for early 2009.
NEW YORK CITY — Shorenstein Properties has acquired a $250 million senior mezzanine loan back by 450 Lexington Ave., a 910,000-square-foot office building located in the Grand Central neighborhood of Manhattan, New York City. The purchase was made by Shorenstein on behalf of Shorenstein Realty Investors Nine, the firm’s private, commingled fund. It was part of a 5-year, fixed-rate package made to Lexington Operating Partners, the building’s owner, in August 2007. The property is currently fully occupied, with major tenants including Davis Polk & Wardwell, Warburg Pincus and Citigroup.
PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has leased 224,000 square feet of office space at the historic Strawbridge & Clothier building, located at the corner of 8th and Market streets in Philadelphia. The Commonwealth of Pennsylvania will occupy the fourth, fifth and sixth floors of the building. The lease is for a term of 20 years with two 5-year renewal options. The tenant plans to occupy the space in the summer of 2009.
CANAAN, CONN. — Love Finding has secured a $21.9 million HUD loan for Greer Senior Housing Complex in Canaan. The complex includes Greer Woods, a 118-unit assisted living facility, and the 120-bed Greer Skilled Nursing and Rehabilitation Center. A portion of the loan will also be used for upgrades and improvements. Leonard Lucas of the Boston office of Love Funding arranged the financing.
NEW YORK CITY – Completion is nearing for the construction of Queensbridge Theater located at 37-31 10th St. in the Long Island City neighborhood of Queens, New York City. The 5,000-square-foot venue will contain performance space, as well as Queensbridge Café, which will serve breakfast, lunch, and dinner, and have a bakery on the premises. The theater will function as a nightclub, day club, café, and entertainment and catering hall. Queensbridge Theater will occupy the ground floor and mezzanine level of the five-story warehouse. The loft space above the theater will be rented out for commercial use. North Manhattan Construction Corp. is currently renovating the upper floors and adding a sixth floor to the building. The theater is scheduled to open in the fall.
NEW YORK CITY — West 37th Street Owner LLC and Stonebridge Realty Advisors have formed a joint venture for the development of a 220-room hotel in New York City. The project will be located on West 37th Street between 8th and 9th avenues. Current plans call for either a boutique hotel or a primary brand of select service hotel. The project cost is expected to be $90 million. HREC Investment Advisors negotiated the joint venture agreement.
BILLERICA, MASS. — CB Richard Ellis (CBRE) has negotiated the sale of an 87,200-square-foot warehouse facility located at 159 Rangeway Rd. in Billerica. Situated on 6.95 acres, the facility contains 12,000 square feet of office space, with the remaining space devoted to warehousing. It is currently fully leased to Hyster New England, which occupies the building on a long-term basis. Gary Lemire and Patrick Cavanagh of the CBRE Capital Markets team represented the seller, Billerica Rangeway LLC, and procured the buyer, The Hampshire Companies. The acquisition price was not disclosed.