DEER PARK, N.Y. — Blumenfeld Development Group, in a joint venture with Tanger Factory Outlet Centers and Apollo Real Estate Advisors, is developing the Tanger Outlet Center at the Arches, a $360 million retail center in Deer Park. Featuring an Italian-style design, the 800,000-square-foot outdoor pedestrian center will contain a variety of retail brands, restaurants and entertainment. Tenants, which include Neiman Marcus Last Call, Anne Klein, Banana Republic, BCBG, Christmas Tree Shops, Disney, Eddie Bauer, Reebok and New York Sports Club, will be situated on landscaped sidewalks and courtyards with fountains and benches. The center will also include a 71,000-square-foot Regal Cinemas, a seasonal ice skating rink and The Collection at the Arches, a separate 120,000-square-foot wing that will sell only luxury-brand items. Located at the corner of Grand Boulevard and Commack Road and adjacent to a Home Depot, Kohl’s and Stop & Shop, the center will be in close proximity to the Sagtikos and Southern State parkways and the Long Island Expressway, as well as 2 miles from the Long Island Railroad Deer Park train station. The center will also be 45 minutes from Manhattan, New York City, and the Hamptons. Completion is scheduled for summer 2008.
Northeast
NEW YORK CITY — Omnicom has signed a lease for approximately 184,000 square feet of space at 195 Broadway, a 1 million-square-foot office building in Manhattan, New York City. The 15.5-year lease encompasses 4.5 floors and includes expansion options. Owned by L&L Holdings Co., the 29-story building is 100 percent occupied and located between the Fulton Street and Calatrava Path transit centers. Omnicom’s Midtown and Midtown South units are slated to begin relocation to 195 Broadway third quarter 2008. Feld Real Estate represented the leasee, and David Berkley, along with Howard Fiddle and Brad Gerla of CB Richard Ellis, represented the landlord in-house.
ALLENTOWN, PA. — Summit Management and Realty Co. has brokered the $450,000 sale of a 2,500-square-foot office condominium in the Springhouse Professional Center at 1575 Pond Rd. in Allentown. The undisclosed buyer plans to convert the space into medical suites. Sharon Gage of Summit Management and Realty Co. represented the seller, Rainbow Discovery & Child Development Center, and the buyer in the transaction.
WEST DEPTFORD, N.J. — Ted Pomeroy of CB Richard Ellis Debt and Equity Finance has arranged on behalf of the borrower, Grove Street Realty Urban Renewal, $32.3 million in construction and permanent-debt financing for Riverwinds Cove Apartments in West Deptford. Funding was provided by Merrill Lynch Capital. Located at 390 Grove St., the 259,500-square-foot luxury apartment complex is slated for completion in 2010. Riverwinds Cove Apartments will be situated on 1,100 acres along the bank of the Delaware River across from the Philadelphia International Airport. Amenities will include a recreation complex, an outdoor amphitheatre, a 2.8-mile walking trail along the Delaware River, five indoor tennis courts and a golf course. A full-service restaurant and a hotel are also planned.
ALLENDALE, N.J. — CB Richard Ellis has brokered the sale of a 30,067-square-foot condominium interest at 4 Pearl Court, a 41,227-square-foot research and development facility in Allendale. The buyer, Progenitor Cell Therapy, will utilize the space, located in First Industrial’s Allendale Park, for its research and development needs. Progenitor Cell Therapy also plans a fit-out that will include a laboratory, a clean room and cryogenic freezer storage and office space. The entire research campus was fully occupied upon completion of the sale. Randy Eigen, Jeffrey Babikian and Christopher Olsen of CB Richard Ellis represented the buyer, and Richard Vanderbeck represented the seller, First Industrial, in the transaction. The sale price was undisclosed.
WYNCOTE, PA. — Matrix Development Group is developing Wyngate Townhomes, a planned 198-unit gated community at Limekiln Pike in Wyncote, 20 minutes from Center City Philadelphia. Situated on more than 34 acres of permanent deed-restricted open space, the community’s flexible unit floorplans will allow for two- and three-bedroom townhomes. Standard homes will contain two-and-a-half bathrooms and 9-foot first-floor ceilings, while master suites will feature large closets and bathroom ensuites. All units will include an attached garage. Unit configuration options for buyers include first-floor sunrooms with skylights and second-floor dual master suites, as well as third-level lofts. Pre-construction sales have begun at Wyngate Townhomes, with prices ranging from $239,900 to $299,900.
LEWISTON, MAINE — STAG Capital Partners has purchased a 60,000-square-foot office building situated on 5.96 acres at 19 Mollison Way in Lewiston from George Schott. The building is fully leased to Per-Se Technologies, a wholly owned subsidiary of McKesson Corp. Ted Norberg represented the buyer in-house in the transaction, and Craig Young of CB Richard Ellis/The Boulos Company represented the seller. The sale price was undisclosed.
HAMDEN, CONN. — Ted Schaffer and Albert Scafati of Press/Cuozzo Commercial Services have brokered the $600,000 sale of a 10,000-square-foot manufacturing property in Hamden, Conn. Delta Property Holdings purchased the property from Linda and Ralph Caffalette. The property, located at 15 Hamden Park Dr. in the Hamden Industrial Park, will serve as the new headquarters of Delta Tool & Mold Co., a local business. Carl Russell of George J. Smith & Son Realtors represented the buyer in the transaction, and Schaffer and Scafati represented the seller.
PITTSBURGH — Sun Life Financial’s United States division has purchased 407,000 square feet of industrial space at 79 North Industrial Park in Pittsburgh. In addition, Sun Life Financial purchased 26 acres of land at the property’s address. John Mulvihill of Sun Life Financial represented the buyer in-house. The sale price and seller were undisclosed.
NEW YORK CITY — Massey Knakal Realty Services has brokered the $8.75 million sale of two contiguous 16-foot-wide lots on the Upper East Side of Manhattan, New York City. A Manhattan development group purchased the identical-sized lots from Julio Bogoricin. Located in an R8B zone at 178-180 E. 93rd St. between Third and Lexington avenues, the lots contain a total of approximately 15,240 buildable square feet. Each lot features approximately 1,648 square feet. Cory Rosenthal and Guthrie Garvin of Massey Knakal represented the seller in the transaction, and Richard Steinberg of Warburg Realty represented the buyer. In addition, Massey Knakal has brokered the $1.18 million sale of an 89-foot by 95-foot vacant lot in the Riverdale neighborhood of the Bronx, New York City. The Jericho Project purchased the property, located two blocks from Fordham Road and Fordham University at 351 E. 194th St., from R8 Assets. The lot contains approximately 27,079 buildable square feet. Massey Knakal was the sole broker in the transaction.