MECHANICSBURG, PA. — Seagis Property Group is nearing completion on the Dauphin Distribution Center in Mechanicsburg. Located at 35 Dauphin Dr., the cross-dock distribution center will encompass 310,050 square feet of industrial space. The facility is slated for completion in June. Joe McDermott, Vincent Ranalli and Jeffrey Watson of CB Richard Ellis have been retained as the exclusive leasing agents for the facility.
Northeast
NEW YORK CITY — The Cooper Union for the Advancement of Science and Art has entered into a 99-year, $96.67 million ground lease for 51 Astor Place in Manhattan, New York City. Edward J. Minskoff Equities, the owner, plans to raze the existing building at 51 Astor Place and construct a 410,000-square-foot, mixed-use development. The new development is slated for occupancy in 2010. Studley represented Cooper Union in the transaction.
NEW YORK CITY — Eastern Consolidated has completed the $16.5 million sale of two contiguous loft apartment buildings located in the financial district in Downtown Manhattan, New York City. Located at 21-23 Peck Slip and 257-261 Water St., the properties contain seven studios, 10 one-bedroom units and the two-bedroom units. The apartments have the potential for conversion to condominium units. Brian Ezratty and Martin Ezratty of Eastern Consolidated represented the seller, Peck Slip Associates, and Charles Castelli represented the undisclosed buyer, an Italian real estate company, in the transaction.
ASHLAND, MASS — Fantini & Gorga has arranged $14.4 million in permanent financing for Ledgemere Park in Ashland. The 245,000-square-foot industrial and office park contains five contiguous one- and two-story, multi-purpose industrial and office flex buildings. The property sits on 15.4 acres at 240-290 Eliot St. The borrower was Ledgemere LLC.
NEW YORK CITY — Tanya Khabay and Deanne Draeger of Marcus & Millichap have completed the $11.5 million sale of a development site in the Greenwich Village/Union Square area of Manhattan, New York City. The site, located at 52-54 W. 13th St., includes a vacant mixed-use building as well as air rights that were acquired from 50 W. 13th St. Khabay represented the seller, an undisclosed California trust, and Draeger represented the buyer, an undisclosed Manhattan-based hospitality developer.
MORRISTOWN, N.J. — TIAA-CREF has acquired 299 Madison Ave, a three-story office building in Morristown. The 57,062-square-foot facility is in close proximity to the Convent Station train station and the Morristown business district. Jeffrey Dunne, Kevin Walsh, Jeffrey Oram, Thomas Mallaney and Daniel Casey of CB Richard Ellis represented the seller, 299 Madison Realty Partners, and procured the buyer in the transaction. The sale price was undisclosed.
BRANCHBURG, N.J. — Feist & Feist Realty Corp., an affiliate of Coldwell Banker, has completed the $4.3 million sale of an industrial property located at 47 Readington Rd. in Branchburg. The 77,000-square-foot facility was sold by Southern Wine & Spirit of America to Hampshire Global Partners. John Adams of Coldwell Banker represented the seller, and Thomas Monahan of Colliers Houston represented the buyer in the transaction.
NEW YORK CITY — Construction is underway on a new 369-unit rental tower located at 316 Eleventh Ave. in the West Chelsea area of Manhattan, New York City. The 34-story tower is being developed by Douglaston Development, an affiliate of Levine Builders. Amenities include a 5,600-square-foot rooftop terrace, 4,000 square feet of retail space and 28,000 square feet of parking.
MOOSIC, PA. — Hinerfeld Commercial Real Estate has completed the sale of 625 Rocky Glen Rd., a 42,000-square-foot warehouse facility in Moosic. Situated on 3 acres off US Route 11, the facility is in close proximity to I-81, 380, 84 and 476. Harry Rothstein of Hinerfeld represented the seller, Carl Touhey, who sold the property to J & J Snack Foods Corp./MIA. The sale price was undisclosed.
MILLS, N.Y. — Thomas Grzebinski of The Rose Hill Group has arranged $3.4 million in permanent financing for The Mill #3 Building, a mixed-use project in Mills. The 104,000-square-foot property features retail tenants, professional offices and service business. The borrower was undisclosed.