PLYMOUTH MEETING AND WAYNE, PA. — Haverford, Pa.-based GPX Realty Partners has completed a $10 million capital improvements program for The Woods Office Center. The complex totals 77 acres, and is located on two land parcels at 521-531 Plymouth Rd. in Plymouth Meeting and 983-999 Old Eagle School Rd. in Wayne. It comprises 17 buildings and 570,000 square feet of office space. Upgrades to the office center include new landscaping and common area finishes, parking lot upgrades, sidewalk and curbing enhancements, exterior lighting upgrades, new park identification signage, and high-tech tenant services and amenities. GPX acquired the property last year for $60 million.
NEW YORK CITY — GFI Realty Services has arranged the sale of two walk-up residential buildings located in the Bronx, New York City, for $2.48 million. The five-story buildings are located at 1151 and 1155 E. 165th St. Each building is fully occupied and is comprised of three-bedroom apartments. Colin Rowen of GFI represented the undisclosed seller; Michael Kerwin, also of GFI, represented the buyer, a local investor. The property traded at a value of more than $112,000 per unit.
LINCOLN, MASS. — CB Richard Ellis (CBRE) has brokered the sale of Lincoln North, a three-story, Class A office building located in Lincoln, for $28.5 million. The building is situated at 55 Old Bedford Rd. and totals 128,163 square feet. Bill Moylan, Gary Lemire, Matt Pullen and Andy Majewski of CBRE’s Capital Markets Team represented the seller, IBUS Asset Management. Larry Smith of Cranberry Hill Associates represented the buyer, FFMS Lincoln North LLC, which is an affiliate of Cranberry Hill Associates. Smith is also the original developer of the property, and has continually served as property manager since its construction.
NEW YORK CITY — The Moinian Group has launched a $15 million capital improvement program for 295 Madison Avenue, a 47-story, 330,000-square-foot office tower located in Manhattan, New York City. Renovations will include a new grand lobby featuring Italian travertine stone flooring and walls, mirrored glass elevator walls, new digital turnstiles and elevator cabs. A new steel canopy will be built at the building’s entrance with the building’s signage prominently displayed in lights. The buildings ornate cast iron façade will be restored, and the exterior limestone surfaces will be power washed. The building will also see 2,000 new tilt-and-turn windows throughout the building. Finally, high-end retail space will be constructed along the building’s Madison Avenue front, and extending 180 feet along 41st Street. Gensler Architecture has been selected to design the retail space and the new grand lobby. Mitch Konsker, Matthew Astrachan, Mitchell Arkin and Mikael Nahmias of Cushman & Wakefield are serving as leasing agents for the property. Completion is scheduled for the first quarter of 2009.
NEW MILFORD, CONN. — Greenwich, Conn.-based Urstadt Biddle Properties has acquired Veteran’s Plaza Shopping Center, located in New Milford, for $10.3 million. The fully occupied property totals 78,609 square feet, and is anchored by a 50,650-square-foot Big Y Supermarket. Additional tenants include Rite Aid, Blockbuster Video and Danbury Savings Bank. Urstadt Biddle purchase the property from a family-owned investment fund. The company also assumed an existing $3.6 million first mortgage in conjunction with the purchase.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a five-story residential building, located at 424 W. 57th St. in New York City, for $5.41 million. The elevator-served building contains 20 units totaling 9,310 square feet. Also included in the sale was an additional 5,798 square feet of air rights. Donna Padula of Itzhaki represented the seller, Lee Family of California, and the buyer, Michael Sacchetti.
NEW YORK CITY — New York City-based Broad Street Development has sold 370 Lexington Avenue, a 27-story, 305,000-square-foot office property located in Midtown Manhattan, New York City. The property was acquired by Sherwood Equities and JPMorgan Chase for $155 million. Broad Street first acquired the property in 2006 for $97.2 million. The company has since completed a capital improvements plan that included a major lobby renovation, the addition of pre-built and build-to-suit office spaces, and numerous infrastructure improvements. The repositioning has brought occupancy to more than 90 percent as of closing.
NEW YORK CITY — Construction has topped out for 34 Leonard, a residential building located at the corner of Leonard Street and West Broadway in the Tribeca neighborhood of Manhattan, New York City. The building will feature 16 loft-style residences with industrial-scale windows, 10-foot ceilings and open layouts. Building amenities will include a hand-crafted, climate-controlled wine cellar; a landscaped roof deck with a grill and bar/prep area; a sunbathing area with an outdoor shower; a fitness center; a pet spa; and a 24-hour doorman. The $45 million project is being developed by R Squared Real Estate Partners.
SOUTH HACKENSACK, SOMERSET AND NEW PROVIDENCE, N.J. — Morristown, N.J.-based The Hampshire Companies has acquired three New Jersey properties on behalf of Hampshire Partners Fund VII, the company’s institutional real estate investment fund. In South Hackensack, Hampshire acquired a 107,730-square-foot industrial building located at 490 Huyler St. The seller was Huyler Realty. Stuart Alpert of Keller Realty represented Hampshire in the transaction. In Somerset, Hampshire acquired an 85,000-square-foot office building located at 19 Schoolhouse Rd. The sellers were Provident Partners and Provident Sunnyside NJ. Finally, in New Providence, Hampshire acquired a 51,000-square-foot industrial building in a joint venture with Tulfra Realty Co. The property is situated on more than 2 acres at 705 Central Ave. The seller was the borough of New Providence. The acquisition prices in all three transactions were undisclosed.
WEST WINDSOR, N.J. — Princeton-based Commercial Property Network (CPN) has negotiated the sale of a 49,000-square-foot office building located at 693 Alexander Rd. in West Windsor. The property was acquired by The Trustees of Princeton University for $8.42 million. Princeton is also preparing to move into another nearby building that totals approximately 120,000 square feet and is currently under construction. William Barish of CPN represented the undisclosed seller. Representing the buyer was Peter Dodds of Morford & Dodds.