PRINCETON, N.J. — Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis’ New York Institutional Group have brokered the $13 million sale of Princeton Commerce Center, a 7-unit, single-story office complex in Princeton. Oestreicher Properties purchased the 70,985-square-foot building from Commerce Center at Princeton, LLC. Located at 29 Emmons Dr., the property is situated on 8.57 acres and contains a 5.1 per 1,000-square-foot parking ratio. Dunne, Welsh and Oram represented the seller and procured the buyer in the transaction. The sale was a 1031 exchange.
Northeast
HAWTHORNE, N.J. — The Kislak Company has completed the $11 million sale of 144 Diamond Bridge Avenue and 644 Lafayette Avenue, both multifamily properties in Hawthorne. The garden-style apartment complexes contain a total of 83 units. Amenities include laundry facilities and parking. Both properties were fully occupied upon closing of the sale. Jonathan Greenberg of The Kislak Company and attorney Louis Herzog of Feinstein, Raiss, Kelin & Booker represented the undisclosed seller. The buyer plans to upgrade the units.
BOSTON — The National Consumer Law Center (NCLC) has purchased 22,500 square feet of office space at Seven Winthrop Square for $5.5 million from Seven Winthrop Square, LLC. The five-story office building totals 27,000 square feet. NCLC purchased the second through fifth floors of Seven Winthrop Square, located at the corner of Otis and Summer streets in Boston’s financial district. Occupancy for NCLC, which is relocating from its 15,000-square-foot leased office space at 77 Summer St. in Boston, is slated for second quarter 2008. Tom Robinson and Jim Belli of The Codman Company represented the buyer in the transaction, and the seller was represented in-house.
NEW YORK CITY — The first branch of LibertyPointe Bank has opened in Brooklyn, New City. The branch, located at 1427 Coney Island Ave. in Brooklyn’s Midwood neighborhood, was developed by Boymelgreen Developers. Services for personal, retail and commercial banking customers are offered.
NEW YORK CITY — Gramercy Capital Corp. has entered an agreement to acquire American Financial Realty Trust for $3.4 billion, including the assumption of American Financial’s debts. Gramercy will acquire, under the merger agreement, all of American Financial’s common stock for a per-share consideration of $5.50 in cash, as well as 0.12 shares of Gramercy common stock. The acquisition creates an integrated commercial real estate finance and operating company and transforms Gramercy into a more than $7 billion diversified enterprise. Gramercy is expected to own 27 million square feet of commercial real estate in 37 states upon the transaction’s completion, in addition to its $3.5 billion of debt investments. The transaction is expected to close near the end of first quarter 2008.
BURLINGTON, VT. — Rich-Burlington Hotel, LLC has purchased the Doubletree Hotel in Burlington from Lodging North for $17.5 million. The 163-room hotel features 32 suites, 9,000 square feet of conference space and the 125-seat Trader Dukes restaurant. The hotel, situated off Interstate 89, will undergo a product improvement plan. Jim O’ Connell and Tom Foley of O’Connell Hospitality Group represented the seller and introduced the buyer in the transaction.
NEWBURGH, N.Y. — Sperry Van Ness has brokered the $6.3 million sale of Shop Rite Plaza in Newburgh to a private investor from Queens, New York City. Five tenants fully lease the 55,156-square-foot property, which is situated on 5.6 acres on the corner of North Plank Road and Chestnut Lane. Shop Rite Supermarket, the anchor tenant, occupies 41,676 square feet. Joseph French and Neil Golub of Sperry Van Ness represented the private seller in the transaction, and Charlotte Goldblatt of Paramount Realty Group represented the buyer. The sale was a 1031 exchange.
FAIRLESS HILLS, PA. — Gerard McHugh of NAI Global has arranged the sale of an office building and two land parcels at the Keystone Industrial Port Complex in Fairless Hills. McHugh arranged the sale of an office building and 32 acres to AE Polysilicon. The buyer plans to renovate the office building for use as its world headquarters, and to construct a manufacturing facility to employ 143 people. In addition, McHugh arranged the sale of approximately 10 acres to Abington/Reldan Refining & Recycling, which plans to construct a precious metals recovery and refining facility on the property. Craig Nardi, formerly a NAI Global New York City corporate services team member, assisted in both transactions. The sale prices were undisclosed. NAI Global and its southern New Jersey affiliate, NAI Mertz, act as the property’s exclusive leasing agents.
MANHEIM TOWNSHIP, PA. — The Solomon Organization has purchased Belair Townhomes, a residential townhouse community in Manheim Township. The 208-unit community is the second apartment community the Solomon Organization has acquired this year. Located at 590 Candlewyck Rd. and situated on 32 acres, Belair features a two-, three- or four-bedroom layout. Amenities include newly renovated kitchens with brand-name appliances, full-size washer/dryers, central air conditioning and private entrances. A lower-level recreation room is also included in many residences. The seller and sale price were undisclosed.
CHERRY HILL, N.J. — Skanska USA Building has completed construction on a 35,000-square-foot Crate & Barrel store in Cherry Hill. Located at the Cherry Hill Mall, the two-story building is the first Crate & Barrel store in southern New Jersey. Teng & Associates designed the building in conjunction with Crate & Barrel’s in-house architectural team.