ROCHESTER, N.Y. — The Rose Hill Group of WNY LTD has arranged $3.25 million in permanent financing for Webster Parc Retail Center in Rochester. The 14,000-square-foot retail facility is located along Route 404 and includes tenants such as Metro Mattress, AT&T, and Aspen Dental. The borrower was undisclosed.
Northeast
AVONDALE, PA. — Steve Italiano and Bert DiClemente of CB Richard Ellis (CBRE) have completed the $3.75 million sale of 380 Starr Rd., a 106,846-square-foot production facility in Avondale. Set on 11.7 acres along the Route 41 corridor, the two-story building contains office, R&D and industrial space. CBRE represented the seller, 41 Properties, and the buyer, Starr Capital Investments, in the transaction.
EGGHARBOR AND DOVER, N.J., AND MILFORD, CONN. — The Briad Group, based in Livingston, N.J., is currently constructing three new hotels in the Northeast market. In New Jersey, Briad is constructing a 101-room Residence Inn in Egg Harbor and a 108-room Homewood Suites in Dover. In Milford, the firm is building a 108-room Residence Inn.
LODI, N.J. — Goldstein Development Co. and ARC Properties, a joint venture, have completed construction of Essex Square Shopping Center in Lodi. The 15,000-square-foot retail center is almost fully tenanted with retailers such as North Fork Bank, 7-Eleven, Ranch One, Sleepy’s and Rita’s Water Ice. Located at the intersection of Route 17 and Essex Street, the center is situated in close proximity to national retailers such as Home Depot and Stop & Shop. Lew Finkelstein of The Goldstein Group represented the tenants and owners in each lease transaction.
CAMBRIDGE, MASS. — Allstate Real Estate Investment Group has provided a $52 million loan for a portion of University Park at MIT, a mixed-use development in Cambridge. Situated on 27 acres, the project will feature 1.5 million square feet of scientific research facilities as well as traditional commercial and residential real estate. The borrower’s portion, a joint venture between Forest City Enterprises and the Massachusetts Institute of Technology, includes a 101,222-square-foot office building, 68,000 square feet of retail and a 950-space parking garage. Chris Blechschmidt of Capmark Finance arranged the financing.
EAST LYME, CONN. — Steven Siegel, L.A. Drinkwater, and Seth Richard of the National Retail Group of Marcus & Millichap have completed the $5.15 million sale of Bob’s Discount Furniture in East Lyme. The retail store is situated on 5.88 acres at Exit 74 of Interstate 95. Bob’s Discount Furniture will continue to occupy the 42,210-square-foot store based on a 10-year lease. Marcus & Millichap represented the seller and the undisclosed buyer.
WILMINGTON, DEL. — J. Calnan & Associates have completed Wyeth Pharmaceuticals’ office building in Wilmington. The 50,000-square-foot facility features approximately 128 offices, 10 open office cubicle areas, added specialty rooms for seminars and presentations, and a mother’s room. The office build-out was a collaborative effort between J. Calnan & Associates, Jones Lang LaSalle, ADD, Inc. and RDK Engineers.
NEW YORK CITY — Phoenix Realty Group has acquired a portfolio of low-income apartments in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. Comprised of 362 units, the portfolio was purchased from the Bedford Stuyvesant Restoration Corp. for $96 million. The units will undergo renovations and upgrades, but Phoenix Realty plans to preserve the residences as affordable housing, and 95 percent of the apartments will be subsidized with long-term Section 8 contracts. Meltzer Mandel Architects and Robert Gaskin Architects will assist in the renovation. Over the next 2 years, construction on all three properties will be completed by MDG Design & Construction. Heidi Burkhart and Scott Ellard of Eastern Consolidated, Joe Lynch of Nixon Peabody and teams from Wachovia Bank and Citibank were instrumental in the transaction.
CLINTON, N.J. — Cronheim Mortgage has arranged $31.5 million in financing for a 268,040-square-foot shopping center in Clinton. The center is anchored by a 122,695-square-foot Wal-Mart, a 59,200-square-foot Shop Rite and a 32,000-square-foot T.J. Maxx. Other tenants for the center include Hollywood Video, H&R Block, Citi Financial, Quiznos, PNC Bank and EB Games. The center is located at Exit 15 along the southeast quadrant of Interstate 78/US Route 22 and Pittstown-Clinton Road. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the financing for the undisclosed borrower.
BURLINGTON, MASS. — New Boston Fund has sold Five Burlington Woods in Burlington to ELV Associates for an undisclosed price. The Class A, 103,973-square-foot office building was 94 percent leased at the time of the sale. Tenants include Hollister Associates, Linear Properties and Fay, Spofford & Thorndike. The three-story building sits on 3 acres just off of Route 128 within the Burlington Woods Office Park. Catherine Daume, Michael Smith, Scott Jamieson, Tamie Thompson, Gail McDonough and Daniel Koller of Jones Lang LaSalle represented the seller and procured the buyer in the transaction.