NORTH BERGEN, N.J. — CB Richard Ellis (CBRE) has negotiated a 163,000-square-foot lease at a Data Center located at 5851 W. Side Ave. in North Bergen. Snezana Anderson, Remy deVarenne, and Matthew Corpuel of CBRE represented the tenant, Switch and Data, and Charles Reese represented the landlord, Hartz Mountain, in-house in the transaction.
Northeast
ARCHBALD TOWNSHIP, PA. — HK Commercial Realty Advisors has completed the $7.5 million sale of Sugerman’s Plaza in Archbald Township. The 455,000-square-foot facility is home to several warehouse tenants and the largest indoor flea market. The property, set on 57 acres, contains 10 undeveloped acres for future retail construction. Edward Horne and Martin Kreiman of HK Commercial represented the seller, Sugerman Equities, and the buyer, TSC Associates, in the disposition.
NEW YORK CITY — Shulem Paneth of GFI Realty Services has completed the $7.5 million sale of two residential buildings in the Flatbush neighborhood of Brooklyn, New York City. Located at 1532 Ocean Ave. and 1609 Ocean Ave., the two four-story buildings comprise 74 units in total and a combined 85,000 square feet. The buyer and seller were undisclosed.
VALLEY TOWNSHIP, PA. — Colliers Lanard & Axilbund (CL&A) has completed the sale of Airport Village Shopping Center in Valley Township. The 70,730-square-foot retail center was sold by Airport Village Associates for an undisclosed price to Phillips Edison & Co. Jerry Ward of CL&A was the sole broker in the disposition.
PITTSBURGH — STAG Capital Partners has acquired a 53,183-square-foot office/flex facility located within the Washington Landing mixed-use development in Pittsburgh. McKesson Specialty Pharmaceuticals leases the building, which is situated on 4 acres at 700 Waterfront Dr. The building was bought as part of a tri-party agreement with McKesson and the Pittsburgh Economic and Industrial Development Corp. (PEIDC). Lou Oliva of Grubb & Ellis and Alex Somerville of CB Richard Ellis represented McKesson in the transaction, PEIDC represented itself in-house and Mike Chase represented STAG in-house.
BERGENFIELD, N.J. — Anthony Cassano of NAI James E. Hanson has completed the sale of a 2,400-square-foot commercial building in Bergenfield. Cassano represented the seller, TD Banknorth, and the buyer, Dr. Kevin Lee. The new owner plans to expand the building, which is located at 35 N. Washington Ave. The sale price was undisclosed.
HARRISON TOWNSHIP, N.J. — Madison Marquette, a Washington, D.C.-based developer, and New Jersey-based Canuso Communities, have formed a joint venture to acquire 370 acres in Harrison Township to build a mixed-use development. The Richwood Village will include a 300,000-square-foot town center, approximately 700,000 square feet of retail, office and commercial space, and 1,200 multifamily units. The development is located 20 minutes from Philadelphia, as well as nearby Rowan University and the South Jersey Technology Park. Completion is slated for fall 2010.
HANOVER, PA. — South Hanover Partners, an affiliate of Blackford Development, has purchased the South Hanover Shopping Center in Hanover for an undisclosed price from South Hanover Associates, LP. Located at 743-845 Baltimore St., the approximately 180,000-square-foot center is situated on 20.73 acres. The new owner plans to redevelop the property, which will include a new 68,000-square-foot Giant Food supermarket and fuel center. LMS Commercial Real Estate is the exclusive leasing agent for the center.
REVERE, BROOKLINE AND MANSFIELD, MASS. — The joint venture of Chicago-based Strategic Capital Partners and Hanover, Mass.-based Linchris Hotel Corp. has acquired a three-hotel, 654-room portfolio in Massachusetts for $90 million. The Hampton Inn Boston-Logan Airport in Revere features a seven-story building and 227 rooms; The Holiday Inn in Brookline features 225 rooms, 6,400 square feet of meeting space and is located at 1200 Beacon St. near Kenmore Square; and the Holiday Inn in Mansfield features 202 rooms, 15,000 square feet of meeting space and is located within Cabot Business Park. Sarah Leggat, Greg Labine and Robyn King of Holiday Fenoglio Fowler’s Boston office brokered the transaction and arranged the financing provided by Anglo Irish Bank Corp.
PARSIPPANY, N.J. — McMorgan & Co. has acquired 10 Waterview Blvd., a 208,600-square-foot office property in Parsippany, from TIAA-CREF. The Class A property is 58 percent leased to four tenants and suites are available from 2,484 square feet to 45,032 square feet. Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction. The acquisition price was undisclosed.