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.
Northeast
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.
LOWER SALFORD TOWNSHIP, PA. — The Philadelphia office of Skanska USA Building has been appointed construction manager for Almac’s new U.S. headquarters in Lower Salford Township. The $100 million facility will feature 240,000 square feet situated on a 40-acre site. New roadways, a storm/water retention and management system, on-grade parking, site utility infrastructures and landscaping will be included in the site development. Construction is expected to begin third quarter 2008, with completion slated for 2010.
WELLESLEY, MASS. —Federal Realty Investment Trust has announced nine new tenants at Linden Square, a lifestyle center in Wellesley. Beacon Hill Athletic Club; Bella Sante Day Spa; Blue Tulip, a national specialty gift store; The Cottage, an upscale, family owned restaurant; CVS/pharmacy; French Lessons, an intimate apparel boutique; Magic Beans, a children’s store; National Jean Co.; and Starbucks have opened or will open in Linden Square throughout September, October and November. The new retailers join tenants including Fitness for Women, Smatterings and L&M Lock/Boston Decorative Hardware. Future retailers Roche Bros., a locally based grocery store; Head Games, a retailer specializing in women’s hats and accessories; Cold Stone Creamery; Qdoba, a fast-casual Mexican restaurant; and California Pizza Kitchen are all slated to open in 2008. Linden Square will also include approximately 21,000 square feet of office space and four residential units once the next redevelopment phase is completed. Four townhouse-style apartments will be designed with the objective of receiving LEED certification and will be targeted at low- and moderate-income residents.
PITTSBURGH — The Soffer Organization is currently planning Quantum V, its newest office building, in Pittsburgh. Located in the SouthSide Works complex, the proposed 160,000-square-foot building is part of the riverfront block’s redesign. Jack O’Donoghue of Grant Street Associates will be leading efforts to market the building and secure an anchor tenant before construction begins. Soffer is now in the process of selecting an architectural firm to complete Quantum V’s building design.
JERSEY CITY, N.J. — Ground has broken on the 8-unit Harriet Tubman Townhouses in Jersey City. Developed by Eagle Rock Development, the townhomes represent the first development to take place in Jersey City under CHOICE, the New Jersey Housing & Mortgage Finance Agency’s affordable housing program. The 1,600-square-foot, two-story brick townhomes will feature three bedrooms and two-and-a-half bathrooms. Construction financing will be provided by the New Jersey Housing & Mortgage Financing Agency and a co-first lead lender. Below-market permanent end-loan mortgages will be available to eligible first-time homebuyers. Completion is slated for June 2008.
PHILADELPHIA — Gary McGlynn and Christopher Feeley of the NorthMarq Captial Washington D.C. regional office have arranged a $25.02 million mortgage for Heathergate in Philadelphia. Financing for the 202-unit, age-restricted multifamily property was based on a 5-year, interest-only term. NorthMarq arranged financing through its correspondent relationship with Allianz.
NEW YORK CITY — Luxury rental building, 4705 Center Boulevard, has opened to tenants in the Long Island City neighborhood of Queens, New York City. The 30-story glass and steel tower is the second building for EastCoast, a 22-acre waterfront mixed-use project that is being developed by Rockrose Development Corp. Designed by Arquitectonica, the 394-unit building includes traditional studios and two-bedroom apartments, ranging in size from 515 to 1,279 square feet, among its housing options. Amenities include a 10-seat screening room, a fitness center, a club room, a bike room, a year-round indoor swimming pool and a 900-car garage featuring on-site parking. The Rockwell Group designed the amenity spaces. EastCoast will consist of 2.9 million square feet of mixed-use space surrounded by 8 acres of waterfront parkland upon completion in 2012.