WASHINGTON TOWNSHIP, N.J. — NAI James E. Hanson has negotiated the sale of 6 acres of land in Washington Township. Hamilton, N.J.-based Sherute acquired the property, zoned for commercial/office space, from BP Products of North America. The property is located at Route 130 and Meadowbrook Road. Gary Sauerborn of NAI Hanson represented the seller in the transaction. The sale price was undisclosed.
Northeast
WILMINGTON, DEL. — Woodbridge, N.J.-based The Kislak Company has completed the $9.3 million sale of Lea Boulevard Apartments and Greenbank Manor Apartments in Wilmington. Prima Management acquired the properties from Greenbank Manor Partnership and Lea Apartments Partnership. Lea Boulevard Apartments, located at 60 – 610 W. Lea Blvd., features 82 units. Greenbank Manor Apartments, located at 221 Greenbank Rd., features 64 units in a garden-style building. Matthew Weilheimer and Jacob Friedman of Kislak represented both parties in the transaction.
NEW YORK CITY — The Moinian Group plans to redevelop 1775 Broadway, a 26-story, 722,000-square-foot property in Manhattan, New York City. The $60 million redevelopment will consist of a refurbished façade as well as a new lobby and elevators. The approximately 500,000-square-foot property will also be renamed 3 Columbus Circle. Jimmy Kuhn, Michael Dreizen and Andrew Udis of Newmark Knight Frank will handle the marketing of the new space. The redevelopment is slated for completion first quarter 2009.
NEW YORK CITY — The Hakimian Organization and its partners, Peykar Brothers Realty and Gorjian Properties, have leased 636 Eleventh Avenue in Manhattan, New York City, to Ogilvy & Mather. The international advertising company will use the 564,800-square-foot building as its new worldwide headquarters. Genslar Architects has been hired to aid in converting the 11-story, Class B office building into Class A space. Mitchell Konsker, Paul Glickman and Jack Cohen of Cushman & Wakefield represented the owners, and Gregory Tosko and Casey Hirschhorn of CB Richard Ellis represented Ogilvy & Mather in the lease transaction.
NEW YORK CITY — Eastern Consolidated has completed the $21 million sale of a 35,287-square-foot retail and loft building in Manhattan, New York City. The six-story building is located on the corner at 167-177 Lafayette St. in between SoHo and Little Italy. The new owner plans to renovate the building for both retail and office use. Samuel Schneider, Daniel Glaser, Eric Anton and Ronald Solarz of Eastern Consolidated represented the seller, Edwin Bass, and procured the buyer, The Eretz Group. David Greene of Murray Hill Properties also aided in securing the buyer for the property.
MIDDLEBOROUGH, MASS. — WP Realty has acquired Middleborough Crossing, a 132,158-square-foot, grocery-anchored shopping center in Middleborough, for $13.6 million. Situated on 26.17 acres on Route 28, the property comprises a 24.84-acre parcel that contains the existing shopping center and an adjacent 1.33-acre parcel that features a vacant office building. The second parcel will allow the owner to add a 5,000-square-foot retail pad. Currently, the property is 93 percent leased to tenants such as a 35,340-square-foot Hannaford and a 25,000-square-foot Ocean State Job Lot. Robert Griffin, Geoffrey Millerd and Michael d’Hemecourt of Cushman & Wakefield procured the buyer and represented the undisclosed seller.
MADISON, N.J. — Mark Calabro and George Simson of Weichert Commercial Brokerage have completed the sale of a warehouse facility in Madison. The 15,000-square-foot building is situated on 1.3 acres at 345 Main St. Calabro and Simson represented the undisclosed seller in the transaction. The property was purchased by The Hampshire Companies for an undisclosed price.
CARTERET, N.J. — P/A Associates of New York City and Panattoni Development have completed iPort 12, a 1.1 million-square-foot trade and logistics center in Carteret. The 132-acre campus features two buildings, 36-foot ceilings, ESFR sprinklers, dock and grade-level doors, and 80-foot by 72-foot bays. Tenant space is available from 150,000 square feet to 1.1 million square feet. iPort 12 is located off the New Jersey Turnpike. Mindy Lissner, Lou Belfer, Scott Belfer, Stacey Weinberg and Susan Strauss of CB Richard Ellis will serve as leasing agents for the property.
UPPER GWYNEDD TOWNSHIP, PA. — Philadelphia-based BPG Properties has acquired Willowyck Apartments in Upper Gwynedd Township on behalf of BPG Investment Partnership VIII and VIIIA LP. The property, situated on 28.8 acres along Sumneytown Pike, features 43 one- and two-story buildings and 308 one-, two- and three-bedroom units. The Class A community also features a clubhouse, fitness center and swimming pool. BPG plans $4.3 million in improvements to the interior and exterior. The acquisition price was undisclosed.
SHREWSBURY, N.J. — Allstate Real Estate Investment Group has provided $50 million in financing to Metrovation for the refinance of The Grove at Shrewsbury. The 148,000-square-foot lifestyle retail center is situated on 21 acres in Shrewsbury and is 100 percent leased to 35 tenants including Brooks Brothers, Anthropologie and Pottery Barn. Kevin Hicks of Wachovia Maher Partners arranged the 10-year loan on behalf of Allstate.