JACKSON TOWNSHIP, PA. — First Industrial Realty Trust has acquired 232 acres of industrial land, located at the intersection of Commerce Drive and Hidden Lane in Jackson Township, for $15 million. The company plans to develop a 1.1 million-square-foot manufacturing and distribution center for Church & Dwight Co. on the property. Construction is scheduled to begin this month, with completion expected by the end of 2009. First Industrial, which was represented by CB Richard Ellis, acquired the property from Jackson Holdings LLC, which was represented by ROCK Commercial Real Estate.
NEW YORK CITY — Cushman & Wakefield has completed the sale of 12 East 52nd Street, a 7-story office building located in New York City, for $24 million. The property comprises approximately 17,500 square feet, made up of office space and ground-floor retail space. Jon Epstein, Charles Kinglsey and Yoav Oelsner of Cushman & Wakefield represented the seller, Golden Tree Asset Management, as well as the buyer, Heritage Real Estate.
WINDHAM, N.H. — The Stubbledine Company (TSC) has arranged the sale of a 25,000-square-foot office/flex building, located at 1 Industrial Dr. in Windham, for $2.67 million. The property was formerly occupied by a major McDonald’s franchisor. The building systems and roof have also been renovated in the past 5 years. David Stubbledine, James Stubbledine and Micah Stubbledine of TSC represented the seller, Rock McCoy, and procured the buyer, Financial Destinations.
NEW YORK CITY — CBRE Capital Markets has secured $10.2 million for the refinancing of a retail condominium and a three-property retail condo portfolio located in New York City. The first retail condo is located at 170 Fifth Ave.; it totals 2,833 square feet and is occupied by Zales Jewelers. The Village Retail Portfolio totals 9,843 square feet; it comprises 355 and 361 Greenwich St., and 496 Laguardia Place. The properties are occupied by The Harrison, Flor de Sol, and Five Guys Burgers and Fries, respectively. Terms of the loan include a 5-year terms with a 30-year amortization schedule priced over the 5-year U.S. Treasury Security, as well as a 65 percent loan-to-value ratio. Keith Braddish and Jason Gaccione of CBRE Capital Markets arranged the loan on behalf of the undisclosed borrower through a commercial bank.
LINDEN, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Aviation Plaza, a grocery-anchored shopping center located in Linden, for $92.35 million. Included in the sale was approximately 443,101 square feet of the approximately 642,458-square-foot property. A recently constructed pad site that contains a theater, a bank and a restaurant was not included in the sale. Aviation Plaza is anchored by ShopRite; additional tenants include Target, The Home Depot, AMC Theatres, Marshalls, Staples, Old Navy and A.C. Moore. Jeffrey Dunne and Todd Newman of CBRE’s New York Institutional Group represented the seller, Aviation Tower LLC, and procured the buyer, Long Island, New York City-based Milbrook Properties, which was participating in a 1031 exchange. The team also joined with Jim Gunning of CBRE Melody to procure the acquisition financing through Principal Real Estate Investors. The same CBRE team had arranged the previous sale of Aviation Plaza to Aviation Tower LLC in 2003, as well as the sale of the pad site to Aviation Tower this year.
NEW HAVEN, CONN. — The New Haven office of Marcus & Millichap has completed the sale of Terrace Heights Apartments, located at 70 Terrace St. in New Haven, for $2.6 million. The 41-unit community consists of nine buildings, and is a mix of 33 one-bedroom units and eight two-bedroom units. One-bedroom units range between 600 and 712 square feet, and two-bedroom units average approximately 815 square feet. Steven Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the transaction between the buyer, Green Properties Management, and the seller, 84 Terrace Street LLC. The property traded at a price of $63,415 per unit.
NEW YORK CITY— The offering plan for Manhattan House, a 19-story residential tower located at 200 E. 66th St. on the Upper East Side of Manhattan, New York City, has been declared effective. The building was constructed in 1952, and was designed by architectural firm Skidmore, Owings & Merrill. The firm is also designing the conversion of the building into 575 residential units. Amenities include a rooftop residents-only club with a garden and a spa; indoor and outdoor play areas for children; a private garden that is being designed by Sasaki Associates; an in-house concierge; and valet parking. The project is owned by Jerry O’Connor of O’Connor Capital Partners. Closings will begin soon for units that are currently under contract.
NEW YORK CITY — The New York office of M Moser Associates has completed the office build-out for the new headquarters of Principal Global Investors, a subsidiary of The Principal Financial Group. The space occupies the entire 25th floor of 888 Seventh Avenue in Manhattan, New York City, totaling 19,800 square feet. The office was designed to achieve LEED certification; sustainable features include low-flow fixtures, a state-of-the-art HVAC system, and sensors that monitor the amount of natural light available and adjust the internal lighting to compensate. Principal’s headquarters is the first LEED-certified office space in the building.
BURLINGTON, MASS. — The Gutierrez Company has received all of the necessary local approvals for the development of Burlington Research Center, a 600,000-square-foot biotechnology research property located at 43-63 South Ave. in Burlington. Current plans for the 16-acre project call for three buildings containing research and development, office, retail and restaurant space. The project is also seeking LEED certification from the U.S. Green Building Council. Richards Barry Joyce & Partners has been named leasing agent for the project, with The Gutierrez Company serving as developer.
NEW YORK CITY — A joint venture between Manhattan, New York City-based Hidrock Realty and Meritage Properties has acquired the Mary McFadden Building, a 17-story, 162,000-square-foot office tower located at 240 W. 35th St. in New York City. The property is fully occupied by a roster of approximately 40 tenants, including Doubledown Media, First Funds and A Better Chance. The purchase marks Hidrock’s fourth acquisition in the Herald Square/Penn Station submarket. Acquisition financing was provided by HSH Nordbank, with Holliday Fenoglio Fowler serving as the financing broker. Hidrock will provide property management and leasing services for the tower. The seller and sale price were not disclosed.