HINGHAM, MASS. — Construction is complete for 2 Pond Park, a ground-up project, in Hingham, Mass. The 78,300-square-foot medical building will house the South Shore Hospital Center for Orthopedics, Spine and Sports Medicine. The facility includes exam rooms, recovery areas and laboratory services. Jeff DeMarco of Campanelli Construction led the construction management along with project executives Russell Dion and David Vroman.
WEST CHESTER, PENN. — CBRE Inc. has brokered the sale of a 10,000-square-foot light industrial/flex/office space at Park Valley Corporate Center in West Chester, Penn. Steve Italiano of CBRE represented the seller, West Chester, Penn.-based Park Valley Associates, a private real estate developer. The buyer, Illuminations Inc., was represented by Frank Englund of West Chester-based First Liberty Partners. Illuminations is moving to West Chester from its prior headquarters in Edgemont, Penn.
NEWARK, N.J. — Brooklyn, N.Y.-based Damascus Bakeries, a commercial baking company, broke ground on its 117,000-square-foot industrial building, located at 60 McClellan St. in Newark, N.J. Damascus reportedly purchased the building for $3.5 million and will invest close to $1.2 million in site upgrades for its new bakery facility. Construction is expected to be complete by early 2012. Mike McCormack of Hollister Construction Services is the project manager.
NEW YORK — The New York-based Fitzpatrick Hotel Group recently completed a reported $3.5 million renovation to the 155-room Fizpatrick Grand Central hotel, located at 141 E. 44th St. in New York. The renovations include a newly furnished lobby and redesigned guest rooms. The hotel group has spent three years and $12 million renovating both of its New York properties.
MESQUITE — Dallas-based LIG Assets and Irving-based HQZ Partners have formed MedicalCampusGroup to fund, develop and jointly own the $250 million Peachtree Towne Center Project, a 60-acre mixed-use medical campus in Mesquite. Lawson & Associates are leading the fundraising efforts for the Peachtree Foundation, a nonprofit formed to support the new project. The project is designed to include a 400,000-square-foot hospital tower, 96,000 square feet of medical offices, a 40,000-square-foot clinic, retail stores, restaurants, loft-style residential units and a business class hotel. HQZ has already constructed a $3.7 million bridge that spans 480 feet.
BEAUMONT — NorthMarq Capital has arranged $1.02 million in first mortgage financing for the 89,000-square-foot San Jacinto Building, located in Beaumont. William Luedemann of NorthMarq's Houston office arranged the financing with a 10-year term and 10-year amortization schedule through StanCorp Mortgage Investors.
FORT WORTH — Bar Louie is opening a 6,503-square-foot store at West 7th, located on 7th Street and University Drive in Fort Worth. The new store is slated for a winter 2011 opening. Bar Louie is owned and operated by Addison-based BL Restaurant Operations. Myles Kelley of Fort Worth-based Realty Ventures and Greg Bracchi of Edge Realty Partners' Dallas office represented the tenant, and David Thomas of The Retail Connection's Dallas office and Rodger Chieffalo of Fort Worth-based Chieffalo Realty represented the landlord, Cypress Equities.
TEMPE, ARIZ. – Normal Junction, a two-building, 140,000-square-foot warehouse/distribution center in Tempe, has sold to BlackRidge Real Estate Group for $7.65 million. The buildings are situated on 7.22 acres at 1895 South Los Feliz Drive and 1715 South Holbrook Lane. Cushman & Wakefield’s Mark Detmer, Bo Mills, Will Strong and Jackie Orcutt represented both the buyer and the seller in this transaction. The team will continue to act as the property’s exclusive leasing agent. Normal Junction is currently home to General Dynamics and Jabil Circuit, among other tenants. There is one 20,000-square-foot unit currently available.
CHINO, CALIF. — The Carson Companies has retained Grubb & Ellis’ Mark Kegans and Ron Washle, senior vice presidents in the firm’s Industrial Group, to market and lease its new 398,000-square-foot speculative industrial development inside the Chino South Business Park. Kegans and Washle will carry out this task alongside their firm’s Global Logistics practice group. The facility is currently seeking LEED certification. It is scheduled for completion in the first quarter of 2012.
REDWOOD CITY, CALIF. – A 5,985-square-foot office property located at 2944-2946 Broadway Street in Redwood City has sold for $1,425,000. The buyer plans to renovate the facility before moving into its vacant space. The property is currently 50 percent leased to the U.S. Government and the Veteran’s Center. It was marketed exclusively by Bill Allen, an investment specialist in Marcus & Millichap’s Palo Alto office.
