NORTHBOROUGH, MASS. — Jones Lang LaSalle has completed the sale of I-290 Industrial Park, located in Northborough, for $39 million. The six-building industrial park totals 576,930 square feet; also included in the sale is a development parcel with the potential for 45,000 square feet of new development. The park is tenanted by a mixture of manufacturing, distribution, research and development, and warehouse tenants. Catherine Daume, Scott Jamieson, Mike Smith, Gail McDonough and Rick Schuhwerk of Jones Lang LaSalle represented the seller, an institutional investor. The property was acquired by Cabot Properties.
JERSEY CITY, N.J., AND NEW CASTLE, DEL. — KeyBank Real Estate Capital has arranged two multifamily loans totaling $47.6 million. The first loan totals $33.8 million and will finance the pre-stabilization of Cliffs at Jersey City, a Class A, mid-rise property located in Jersey City, The loan carries a 5-year term with interest-only payments. The borrower is Brass Works Urban Renewal Co., and the lender is Fannie Mae. The second loan totals $13.8 million and will be used primarily to finance the acquisition of Hampton Walk, a Class B, garden-style property located in New Castle. Loan proceeds will also be used to renovate the units, as well as finance the purchase of an additional property in the area. The borrower is KGL Holdings Hampton Walk LLC, and the lender is Fannie Mae. Terms of the financing were not disclosed.
SECAUCUS, N.J. — Secaucus-based Hartz Mountain Industries has leased 50,718 square feet of warehouse/distribution space in Secaucus. The property is located at 20 Enterprise Ave., and will be tenanted by Snatt USA, which will use the space as its North American headquarters. Snatt is an Italian third-party logistics provider. Representing Snatt USA in the lease transaction was Hasbrouck Heights, N.J.-based Chaus Realty. Terms of the lease were not disclosed.
NEW YORK CITY — Construction is advancing for L haus, an 11-story residential condominium tower located in the Long Island City neighborhood of Queens, New York City. Upon completion in early 2009, the project will comprise 122 one-, two- and three-bedroom units ranging in size from 675 to 1,800 square feet. Additionally, two-bedroom convertibles, and two- and three bedroom duplexes and penthouses will be available. Prices range from $500,000 to more than $1.5 million, and residents benefit from a 15-year, 421-A tax abatement. Community amenities include 10,000 square feet of outdoor space with a lawn, a water feature, tables and a grill; a rooftop terrace; a common room with a catering kitchen; a fitness center and yoga room; and a media room with a big-screen TV and seating for 16. Prudential Douglas Elliman is the marketing and sales agent. The project is being developed by The Stahl Organization.
ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has received government approvals for the renovation and expansion of The Allendale Shopping Plaza in Allendale. Construction at the 5-acre site will consist of a 5,000-square-foot expansion to the north end of the mall, the redesign of the property’s parking lot, and a façade update to match A&P’s newly renovated Fresh Store. Construction is set to begin in September, with completion scheduled for spring 2009.
SUCCASUNNA, N.J. — Kuiken Brothers Co. has broken ground for the construction of a 12-acre lumber and building materials facility in Succasunna. Located at 33 Route 10 East, the drive-thru lumber yard will include inventory such as lumber, windows, doors, drywall, molding, decking and railing, hand and power tools, and other construction products. The facility will also include rail service, which had previously been inactive for more than a decade. The site had been operating as a lumberyard prior to Kuiken’s development of the property. In addition to the new construction, extensive landscaping will be installed, along with permanent conservation areas that will buffer Horseshoe Lake.
NEW YORK CITY — New York City-based Swanke Hayden Connell Architects has been selected by the Department of Design and Construction for the City of New York to provide design services for the rehabilitation of three New York City health centers. The facilities include Astoria District Health Center, located in the Astoria neighborhood of Queens; Bedford District Health Center, located in the Bedford-Stuyvesant neighborhood of Brooklyn; and Fort Green Health Clinic, also located in Brooklyn. Construction will consist of the rehabilitation of the exterior building envelopes, and ADA accessibility upgrades. Construction is underway, with completion scheduled for October.
BILLERICA, MASS. — The grand opening has been held for the Courtyard by Marriott Boston Billerica hotel following a multi-million dollar renovation. The hotel, located at 270 Concord Rd. in Billerica, was previously known as the Wyndham Hotel Billerica, before being renovated and re-flagged under the Marriott brand. The eight story hotel features 210 rooms. Hotel amenities include a business library featuring individual workstations with high-speed data ports; the Fireside Grill restaurant and Fireside Lounge; a 24-hour convenience store; a lounge area; an indoor swimming pool; and a fitness center. Additionally, the hotel includes 4,300 square feet of meeting space. The hotel is owned by affiliates of Rockbridge and Pinnacle Hotel Management. Pinnacle also manages the property.
JENKINS, PA. — Wilkes-Barre, Pa.-based Mericle Commercial Real Estate Services has arranged a 135,991-square-foot industrial lease for Portland, Maine-based The Emery-Waterhouse Company. The company will be locating its sales and distribution center within a 254,200-square-foot building located within CenterPoint Commerce & Trade Park East in Jenkins. William Hassan and Bill Wolf of CB Richard Ellis brokered the transaction, with Dan Walsh representing Mericle. Terms of the lease were not disclosed.
AMHERST AND POTSDAM, N.Y. — Buffalo, N.Y.-based The Rose Hill Group of Western New York (RHG) has arranged two loans totaling $10.95 million. The first loan totals $7.75 million and was secured by a three-story, 150,000-square-foot office building located on Main Street in Amherst. KeyBank is the primary tenant, and has recently signed a new 10-year lease. Daniel Monte of RHG arranged the financing through a correspondent life insurance company. A.C.G. Main-Eggert Associates owns the property. The second loan totals $3.2 million and is secured by a new 16,352-square-foot Honda auto dealership located in Potsdam. The lender was also a correspondent life insurance company.