WINSLOW TOWNSHIP, N.J. — New Jersey-based J&T Tsai has acquired Cross Keys Center in Winslow Township from Cross Keys Realty Associates for $1.85 million. The 6,898-square-foot retail center is situated on approximately 2 acres at 100 Cross Keys Rd. It is 100 percent occupied and is anchored by Wawa. Chris Munley, Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller in the transaction.
Northeast
BOSTON — James Koury, Catherine Daume, Nathaniel Heald and Tina Snyder of Jones Lang LaSalle have closed the second phase of the $377 million shopping center sale in Greater Boston. The portfolio is made up of 25 retail properties that total approximately 2 million square feet of space. The portfolio was purchased by Denver-based Dividend Capital Total Realty Trust. WestRidge Realty Advisors advised the buyer in the transaction.
MECHANICSBURG, PA.; GROVEPORT,OHIO; AND GREENVILLE, S.C. — Orix Real Estate Capital has purchased a portfolio of three net leased properties located in Mechanicsburg, Groveport and Greenville from Lexington Realty Trust. The three properties total 1.1 million square feet of industrial and office space. The Mechanicsburg facility, located at 6350 Brackbill Blvd., is a one-story, 507,634-square-foot industrial building that is leased to Exel Logistics. The Groveport building is a 354,676-sqaure-foot warehouse facility located at 6500 Adelaide Ct. The Greenville property is a three-story, 192,884-square-foot Class A office building located at 701 Brookfield Pkwy. Orix was represented in-house by Eric Wollan and Boris Shraybman. John Huguenard of Colliers Turley Martin represented the seller in the Groveport transaction, Michael Hines of CBRE represented the seller in the Mechanicsburg transaction and Ryan Clutter, also of CBRE, represented the seller in the Greenville transaction. The sale price was undisclosed.
NEW YORK CITY — Cushman & Wakefield Sonnenblick Goldman (C&WSG) has arranged $110.3 million in financing for 16 Court St., one of the tallest office buildings in Brooklyn, New York City. The borrowers, SL Green Realty Corp. and City Investment Fund LP, plan to renovate the building. Mort Holliday, Andrew Oliver, Alex Hernandez and Steve Harris of C&WSG arranged the financing, which was funded by Anglo Irish Bank Corp.
FRAMINGHAM, MASS. — Frank O’Neil of The Grossman Companies has completed the $1.96 million sale of the Bullard Building in Framingham. Located within the Framingham Center at the intersection of Irving and Waverly streets, the 30,929-square-foot building features both office and retail tenants. Plousia LLC purchased the facility from Waverly & Hollis Realty Trust.
CANONSBURG, PA. — Through its affiliate, Horizon Hospitality, Horizon Properties Group is set to construct a 130-room Cambria Suites hotel in Canonsburg, just 20 minutes outside of Pittsburgh. The five-story hotel will be located within the Southpointe II mixed-use development. Buffalo Lodging Associates will manage the hotel under a long-term agreement with Horizon Hospitality. The facility is slated to open spring 2009.
BETHLEHEM, PA. — Cogdell Spencer, a Charlotte, N.C.-based REIT, along with St. Luke’s Hospital and Health Network, is developing Riverside Outpatient Campus in Bethlehem. The $100 million project will feature a cancer center, an outpatient health care pavilion and two medical office buildings all totaling 383,000 square feet. Phase I includes the two medical office buildings, valued at between $35 and $40 million, which will be owned in a single investment entity by Cogdell Spencer and physician investors. Phase I will be situated on 55 acres at Freemansburg Avenue and Route 33. The balance of the project will be developed by Cogdell Spencer but owned by St. Luke’s, the primary tenant. The project is slated for completion third quarter 2009.
JERSEY CITY, N.J. — RGD Dixon, the joint venture of Robert Martin Co. and New York City-based Golden Tree InSite Partners, is developing The Residences at Dixon Mills in Jersey City. The 467-unit, five-building condominium community was once the old Dixon Mills factory and will feature one-, two-, and three-bedroom units as well as duplexes, triplexes and penthouses
NEW YORK CITY — Public relations company Daniel J. Edelman has signed a 127,000-square-foot lease at 250 Hudson Street, a 15-story, 360,000-square-foot office tower in New York City. Located in the Hudson Square development, Edelman plans to relocate to the property in 2009. Mary Ann Tighe, Todd Lippman, Ken Meyerson and Fred Fackelmayer of CB Richard Ellis represented Edelman. The landlord, Jack Resnick & Sons, was represented in-house by Dennis Brady and Jonathan Dean.
NEW YORK CITY — Massey Knakal Realty Services has sold a multifamily building in Manhattan, New York City, for $13.5 million. The five-story, fully occupied property is located at 62-64 East 34th St. in the Murray Hill neighborhood. The 17,180-square-foot building features two retail stores located on the ground floor, a commercial office located on the second floor and apartments on the upper floors. John Ciraulo of Massey Knakal represented the undisclosed seller and Laurence Roberts of Arch Brokerage LTD also brokered the transaction.