MERCHANTVILLE, N.J. — Construction has begun on the Renaissance Building, an 8,000-square-foot building in Merchantville. The $3 million redevelopment project is being developed by RLC III, LLC. Situated on a .8-acre lot on the corner of Maple and Chapel avenues, the site was formerly home to a gas station, nursing home and dentist’s office. PNC is set to occupy the building early next year and the facility has approximately 4,000 square feet available for one to three more retailers. Metro Commercial is the exclusive leasing agent for the project.
POTTSTOWN, PA. — Jackson Cross Partners has negotiated a long-term, 120,000-square-foot lease for Bushwick Metals at the Pottstown Industrial Complex in Pottstown. The 1.2 million-square-foot industrial facility sits on 45 acres and is owned by Industrial Investments Inc. Lou Battagliese and Nick Adams of Jackson Cross and Steve Becht of the Becht Co. represented Bushwick Metals in the negotiations.
PELHAM MANOR, N.Y. — Fairway Market is set to occupy 75,000 square feet at Post Road Plaza in Pelham Manor. The 268,000-square-foot retail center is centrally located at the intersection of Pelham Parkway and Boston Post Road adjacent to the Hutchinson River Parkway. The center is currently undergoing a complete renovation in keeping with the resurgence of the neighborhood. The first phase of the renovation is set to be complete later this year. Harry Malakoff of Levin Management represented Fairway Market in the lease negotiations.
CARLE PLACE, N.Y. — CB Richard Ellis has completed the $65 million sale of One Old Country Road, a 315,750-square-foot office building in Carle Place. At the time of the sale, the five-story facility was 95 percent leased by 49 diversified tenants. Located within .5 miles from Exit M1 of the Meadowbrook Parkway, the property features a full-service cafeteria, a barber shop and covered parking. Jeffrey Dunne, Steven Bardsley, Rikki Lawrence and Bruce Nelson of CB Richard Ellis represented the owner, Treeline 1 OCR, an entity controlled by The Treeline Companies, and procured the buyer, CLK/HP One Old Country LLC, in the transaction.
PHILADELPHIA — Stockton Real Estate Advisors and the Girard Estate have acquired an 85,000-square-foot light manufacturing warehouse in Philadelphia. Located at 3501 Island Ave., the facility features 19,000 square feet of office space, 15,000 square feet of conditioned manufacturing floor area, 51,000 square feet of warehouse area, 10 loading docks and a drive in bay. The property can also be expanded by another 45,000 square feet. The acquisition price was undisclosed.
SOMERSET, PA. — The Mumford Company has completed the $7.2 million sale of the Hampton Inn of Somerset in Somerset. The 111-room hotel was sold by affiliates of Virginia Inn Management to Whispering Hospitality. David Mumford and Tom Sommer of the Mumford Co. represented the seller in the transaction. The new owner plan to renovate the hotel.
MANCHESTER, CONN. — Leonard Lucas of Love Funding’s Boston office has placed $6.28 million in financing for the acquisition of the Crestfield Rehabilitation Center in Manchester. The facility, also known as Fenwood Manor, features a 95-bed skilled nursing center for sub-acute care and a 60-bed intermediate care facility. The undisclosed Connecticut-based borrower purchased the facility for $5.4 million.
WARMINSTER, PA. — Equity Retail Brokers has completed the sale of a 1.5-acre bank site located at 157 York Rd. in Warminster. Viriva Community Credit Union plans to open a bank on the parcel by October 2008. Ken McEvoy of Equity Retail negotiated the acquisition. The sale price was undisclosed.
NEW YORK CITY — Swig Equities is set to construct Nobu Hotel and Residences, a new luxury mixed-use development in the financial district in Lower Manhattan, New York City. Located at 45 Broad St., the 62-story glass tower will include 13,000 square feet of retail on the second floor, Nobu restaurant on the third floor, a 128-room Nobu hotel and 77 condominium units on floors 41 through 62. David Rockwell of the Rockwell Group designed the facility. The mixed-use project is set to meet LEED certification upon completion.
MANHEIM TOWNSHIP, PA. — The Solomon Organization has purchased Mayfair Manor at Grandview Heights in Manheim Township. The multifamily facility features 60 units ranging from two- to three-bedroom residences. Located at 845 Pleasure Rd., the community offers convenient access to Routes 30 and 222. The seller and sale price were undisclosed.