NIAGARA FALLS, N.Y. — Wien & Malkin Strategic Capital V has participated in a $28 million, preferred-equity investment that recapitalizes Fashion Outlets of Niagara Falls, a 530,000-square-foot shopping center located in Niagara Falls. The property is anchored by Marshall’s and Saks; additional tenants include Polo Ralph Lauren, Brooks Brothers, Nike, Ann Taylor, Tommy Hilfiger, Coach, Old Navy, Burberry, Geoffrey Beene and Revlon. The investment, of which Wien & Malkin contributed $14 million, is for a 2-year term with a 1-year extension option. The funds, combined with new senior financing, are being used to retire a senior loan balance and to complete tenant improvements. The property is owned and operated by Talisman Cos., which purchased it out of receivership 3 years ago and has re-tenanted and renovated it during that time.
WESTBORO, MASS. — Integrated Builders has completed construction of a 4,300-square-foot clean room for GE Healthcare Bioscience at 14 Walkup Dr. in Westboro. The Class 10,000 clean room was built within the existing space GE occupies at the property. Providence, R.I.-based Vision III Architects provided design services.
What area is your expertise? Connecticut — Fairfield County. What trends do you see presently in office development in your area? Slow to moderate growth in office demand. An adequate supply of product is available but not many “lookers.” Who are the active office developers in your area? Very little new development. Mostly local developers without national recognition e.g. Building and Land Technology of Norwalk and The Davis Company, also of Norwalk. Please name one or two significant office developments in your area. What impact will these projects have on the market? Blackrock Realty’s new railroad station project is underway in Fairfield that will become Fairfield Metro Center office park. The 100 Fairfield Metro Center building will encompass the first phase of the development and contain 200,000 square feet of Class A office space. A pavilion building on-site will add another 70,000 square feet to the overall development. Phase I is scheduled for completion in 2009. Where is the majority of development taking place? Why is this area doing well? Lower Fairfield County. It’s located along the commuter route to New York City. What area do you expect to be the next big development market? Why? The 33-acre Wilton Corporate …
BOSTON — Boston-based American Realty Capital has closed on the purchase of 39 of the more than 100 surplus bank branches it is set to acquire from Wachovia over the next year. The 39 vacant bank branches were purchased for more than $53 million. Of the properties already acquired, 15 have been sold, primarily to financial institutions, and four will be leased to banks.
LIMERICK, PA. — King of Prussia, Pa.-based O’Neill Properties Group has announced plans for Sanatoga Springs, a 66-acre mixed-use project located in Limerick. Phase I of the project will total 477,500 square feet and comprises one entertainment element, one anchor tenant and more than 200,000 square feet of restaurant, retail and hospitality space. Construction plans also include the extension of Lightcap Road, which serves as the access point for the project and Philadelphia Premium Outlets, a 555,000-square-foot outlet center located adjacent to Sanatoga Springs. Phase I is scheduled to open in the first quarter of 2010.
SUDBURY, MASS. — Woburn, Mass.-based Cummings Properties is developing a 63,000-square-foot speculative office building at 144 North Rd. in Sudbury. Situated within Cummings’ North Road campus, the building is situated adjacent to the Frost Farm conservation area. The project is striving for LEED certification from the U.S. Green Building Council. It is scheduled for occupancy in the fall, and can accommodate tenants from 600 square feet.
SCRANTON, PA. — Scranton-based The Commonwealth Medical College has broken ground for the development of its new 185,000-square-foot Medical Sciences Building. Designed by the New York office of HOK in association with Highland Associates, the building will house education and research facilities. Features include biomedical laboratories, a gross anatomy lab, simulation rooms, standardized patients’ rooms and a 250-seat auditorium. The west research wing and the east educational wing will surround a shared courtyard. The building also will contain additional student common areas, a café, and a bookstore. In addition, the project will include sustainable features such as rainwater collection, heat recovery systems, CO2 and occupancy sensors, high performance glazing, integrated daylight control, and the use of local stone and indigenous landscaping. Completion is scheduled for 2011.
LINDEN, N.J. — Construction has been completed for John T. Gregorio Towers, a seven-story, 78-unit senior housing project located in Linden. Amenities for the facility include a multi-purpose room, an outdoor area, tenant lounges on each floor, and activity rooms that include laundry facilities, visiting areas, physicians services, a beauty salon and a computer room. The project was designed by Gran Kriegal Associates for the developer, City of Linden Housing Corp. Funding was provided by the Housing and Urban Development Authority and Linden Housing Corp.
NORTHVALE, N.J. — New Jersey-based Whitman has completed environmental remediation and site work for a 6-acre land parcel located in Northvale. Formerly a television set, the site contained extensive contamination from underground storage tanks operated by a land development and construction business that had previously operated on the site. The site’s developer, Rio Vista, plans to redevelop the property into Rio Vista Greens, an 88-acre multifamily community. The project will include the construction of townhouse and apartment-style units, as well as a three-story clubhouse, a pool and other recreational facilities. The state of New Jersey provided technical and financial assistance for the remediation through its Brownfield Reimbursement Program. The construction timetable for the multifamily project was not disclosed.
TRENTON, N.J. — Meridian Capital Group has secured $4.91 million in acquisition financing for a three-story apartment building located at 507 Grand St. in Trenton. The elevator-served building contains 63 residential units. Russ Drebin of Meridian’s New Jersey office originated the loan, which contains a 5-year term and a 5.62 percent interest rate. The borrower is Connolly Properties. The lender was undisclosed.