NEWARK, N.J. — Urstadt Biddle Properties has acquired a 60 percent interest in a new limited partnership that purchased Ferry Plaza Shopping Center in Newark. The 100,491-square-foot retail center is anchored by a 63,433-square-foot Pathmark Supermarket and includes tenants such as Blockbuster Video, GNC, Carvel and Subway.
HARRISBURG, PA. — Glimcher Realty Trust has completed a $42.25 million mortgage loan financing for Colonial Park Mall in Harrisburg. The loan was originated by U.S. Bank National. The loan has a 3-year maturity and a floating interest rate of LIBOR plus 1.65 percent per year with no principal amortization.
NEW YORK CITY — SL Green Realty Corp. has negotiated an 83,822-square-foot lease at 1185 Avenue of the Americas in Manhattan, New York City. News America Inc. will occupy floors 25 through 27 as part of the 12-year lease. The lease brings the 42-story, 1.1 million-square-foot tower to a 99 percent occupancy level. David Levinson and David Berkey of L&L Holding Co. represented the tenant, and Howard Tenenbaum and Gary Rosen of SL Green represented the REIT in-house.
PITTSBURGH — CBL & Associates Properties and Faison Enterprises have broken ground on a 600,000-square-foot open-air lifestyle center in Pittsburgh. Settlers Ridge, located in Robinson Township, will feature a Giant Eagle Market District supermarket, a 16-screen Cinemark theatre, an LA Fitness and REI. The center will also feature approximately 150,000 square feet of specialty stores including a national bookstore, apparel stores and restaurants. Project partners include Cleveland-based architect ka and Chattanooga, Tenn.-based general contractor EMJ Corp. Completion is slated for summer 2009.
STAMFORD AND GREENWICH, CONN. — Summit Development has acquired two buildings in Stamford and Greenwich from the Tribune Co. for $30 million. The first property is a 3-story, 90,000-square-foot building situated on 3.2 acres at 75 Tresser Blvd. in downtown Stamford. The second property is a 20,000-square-foot building situated on 0.37 acres at 20 E. Elm St. Greg Frisoli, Betcy Vincent, Michael DeSantis and Jim Fagan of Cushman & Wakefield represented the seller and procured the buyer in the transaction.
OLD BRIDGE, N.J. — New York-based The Lighthouse Group has started on a multi-million dollar renovation on Browntown Shopping Center in Old Bridge. Located on Route 516, the renovation will include a building facelift, interior and exterior improvements, and lighting, parking and landscape upgrades. New York Sports Club, Drug Fair and Wendy’s currently anchor the property.
NEW YORK CITY — Houlihan-Parnes/iCap Realty Advisors has brokered the sale of a 70,000-square-foot office building in the Bronx, New York City. A Brooklyn-based investor acquired the 3-story building, which is situated on 1 acre at 4770 White Plains Rd. The first floor features a loading dock and parking; the second and third floors are exclusively office space. The acquisition price was undisclosed.
OCEAN COUNTY, N.J. — The Walters Group has completed a 19,500-square-foot building within Stafford Business Park in Ocean County. Tenants include the Ocean County Board of Social Services and the Ocean County Health Department. The property is located at 333 Haywood Rd.
HUNTINGTON, N.Y. — The Advantage Group has begun a renovation project at its headquarters in Huntington. The project will expand its corporate building from 20,000 square feet to approximately 34,000 square feet. Originally built in 1929, the building will feature a brick façade, a glass lobby, limestone columns, windows, and exposed ducts and brickwork. Project partners include Plainview, N.Y.-based Darren Construction. Construction is expected to take one year.
PHILADELPHIA — GPX Realty Partners has acquired Fairmount Terrace Apartments in Philadelphia from ASI Management for $15.37 million. The 162-unit complex, located at 3601 Conshohocken Ave., features studio units and one-, and two-bedroom units. GPX plans a multi-million renovation to the exterior and interior common areas, complex amenities and individual units. GPX was represented in-house by Matt Lukof, and Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented the seller in the transaction.