BILLERICA, MASS. — KBS Real Estate Investment Trust has acquired Rivertech Park in Billerica for $45.2 million. The 285,772-square-foot park, which is located along the Route 3 corridor, contains two twin office buildings that are 100 percent leased. Nuvera Fuel Cells leases Rivertech I, a 110,684-square-foot office facility, and Entegris leases Rivertech II, a 175,088-square-foot building. The seller was undisclosed.
Northeast
MILLVILLE, N.J. — Atlantic Realty Company has acquired a 4-acre site to construct a new grocery-anchored retail center in Millville. Located at 700 N. High St., the center will be anchored by a 38,000-square-foot Sav-A-Lot grocery store. The project is slated for completion in summer 2008. Randy Hope of Metro Commercial represented Atlantic realty in the purchase of the blighted site.
NEW YORK CITY — Wrightwood Capital has provided $17.5 million in construction financing for the redevelopment of two vacant buildings comprising 45,000 square feet of space. Located at 44 Berry St., the property is situated in the Williamsburg neighborhood of Brooklyn, New York City. The borrower, Cayuga Capital Management plans to convert the two building into 42 residential units with 13,600 square feet of retail space.
VALHALLA, N.Y. — GE Real Estate has provided a $16.5 million on book loan for the acquisition of a three-story Class A office building in Valhalla in Westchester County. Abbey Road Advisors and Guardian Life Insurance Co. of America have acquired the 98,026-square-foot building along with four other subdivided lots totaling 27 acres. Located at 465 Columbus Ave., the building’s largest tenant is the New York City Department of Environmental Protection.
YORK, PA. — CB Richard Ellis has brokered the sale of York Business Center, a 1.5 million-square-foot warehouse/distribution and light industrial complex in York. Situated on 101 acres at 601 Memory Ln., the property contains three buildings as well as 20 acres for future retail development. Michael Hines, Michael Blunt and Bo Cashman of CB Richard Ellis represented the seller, a joint venture partnership between Brasler Properties and New Boston Fund. The center was sold for an undisclosed price to Needham, Mass.-based Equity Industrial Partners.
ROCKY HILL, CONN. — Winstanley Enterprises has sold a portion of WinBrook Business Park to Burris Logistics for $14.65 million. Located on the west end of Brook Street near Interstate 91, the 92-acre parcel will be used for the development of a 500,000-square-foot refrigerated warehouse and distribution center in Rocky Hill. Phase I of the construction, which will include 250,000 square feet of the facility, is slated for completion in September 2008. The second phase, which will feature a 250,000-square-foot expansion, is scheduled to begin within 2 to 3 years. The facility will serve as the warehouse and distribution center for BJ’s Wholesale Club in the Northeast. Jay Morris and Phil Gagnon of O, R&L Commercial co-brokered the transaction with Pat Mulready of CB Richard Ellis. Sandra Johnson of Metro Hartford Alliance assisted in the sale as well.
WARRENDALE, PA. — STAG Capital Partners has acquired a 148,000-square-foot warehouse/distribution center in Warrendale. Located at 405 Keystone Dr. in the Thorn Hill Industrial Park, the building is fully leased to the Serco Group. Mike Chase represented STAG in-house, and Louis Oliva of Grubb & Ellis represented the seller, Robinson Properties, in the transaction.
PHILADELPHIA — Hudson Realty Capital has provided a $3.4 million mezzanine loan for the development of the 202-room Le Meridien Hotel in Philadelphia. The hotel is being developed in a former YMCA building located in the city’s historic Broad Street District. Upon completion in spring 2009, the 10-story building will feature the hotel on the top five floors, a 50-seat bar, a 90-seat restaurant and a 3,000-square-foot ballroom. The borrower was Development Services Group. Hudson Realty had previously provided a $10.88 million acquisition and predevelopment loan to Development Services Group for the project.
MAPLE SHADE, N.J. — The Hampshire Companies has sold a 66,750-square-foot retail building in Maple Shade. Located at 590 Route 38 East, the two-story, single-tenant building is located on more than 10 acres. The space is fully occupied by Mealy’s Furniture. The sale was made on behalf of The Hampshire Generational Fund. The buyer and sale price were undisclosed.
WILTON, CONN. — NewStar Financial has provided $14.85 million in financing for Wilton 372 Office Plaza in Wilton. The 88,078-square-foot office facility is located at 372 Danbury Rd. The borrower, Wilton 372 Associates, a single asset entity controlled by Luzern Realty Fund, will use the funds to acquire and reposition the property. Jim Korinek, Andrea Goldman, Zibby Shiver, Jake Clapton, Don Davis and Evan Turner of NewStar worked on the transaction.