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AUGUST 14, 2012
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BIG Y SUPERMARKET PLAZA NETS $18.1 MILLION IN MASSACHUSETTS  

Big Y Plaza in Wilbraham, Mass.
Big Y Plaza in Wilbraham, Mass.
  
WILBRAHAM, MASS. -- M. Dunitz Business Holdings Group, a Delaware-based limited partnership, has acquired the Big Y Plaza in Wilbraham, a suburb of Springfield, Mass., for $18.1 million. The 63,850-square-foot Big Y supermarket opened at 2031 Boston Road in 2008. Shortly thereafter, a Red Robin restaurant opened on the site's outparcel. Matt Halprin of New England Properties represented the seller, Merchant Wilbraham LLC, in the transaction. Dan Barnes of Lee & Associates represented the buyer.  
      
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Recent News

 

PARTNERSHIP TO INVEST $890 MILLION IN LOGISTICS, INDUSTRIAL PROPERTIES

 

Peter Ballon
Peter Ballon


IRVINE, CALIF. -- Goodman Group and the Canada Pension Plan Investment Board (CPPIB) have launched Goodman North America Partnership (GNAP), a logistics and industrial joint venture with a targeted equity amount of $890 million.

"This latest partnership broadens CPPIB's successful relationship with Goodman, with whom we hold investments in Australia, Hong Kong and China," says Peter Ballon, vice president of real estate investments in America for Toronto-based CPPIB. "We believe that this joint venture will provide significant opportunities to invest in prime logistics and industrial locations across key American markets."

The partnership will initially focus on development-led opportunities, with value-add and stabilized assets to be considered over time. Targeted markets include Los Angeles, San Francisco, Seattle, New York, New Jersey and Philadelphia, however, other key logistics hubs based around inland ports, intermodals and tier-one ports will also be considered.

To read more of Savannah Duncan's article, click here.

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IT COMPANY SIGNS 167,691 SF
BUILD-TO-SUIT DEAL IN NORWALK  

10 Norden Place in Norwalk
10 Norden Place in Norwalk, Conn.
  
NORWALK, CONN. -- Cervalis has signed a long-term lease for a 167,691-square-foot data and disaster recovery center to be built at 10 Norden Place in Norwalk. Landlord Fortis Property Group will construct the Class A office building. However, a timeline of the project was not provided. Brokers in the deal state that the data center is the largest build-to-suit project in Fairfield County in 12 years. Howard Greenberg of Howard Properties and John Stoddard of Jones Lang LaSalle represented the tenant in the transaction. Jodie Dostal of Cushman & Wakefield represented the landlord. Cervalis, an IT services vendor, currently occupies more than 300,000 square feet of data storage facilities in New York, New Jersey and Connecticut.  
      
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LIFE TIME FITNESS PURCHASES FORMER BMW FACILITY

MONTVALE, N.J. -- Life Time Fitness has closed on its purchase of One BMW Plaza, the 129,346-square-foot former BMW facility in Montvale. The Minnesota-based health and lifestyle club has recently obtained approvals to level the existing structure and construct a state-of-the-art fitness center on the site. Construction is slated to begin either later this month or early September. Robert Kossar, David Knee, Joel Lubin, Blake Chroman and Christopher Hile of Jones Lang LaSalle represented the seller, a group of charitable trusts, in the transaction. Kenneth Lundberg of NAI Hanson represented Life Time Fitness.

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98-YEAR-OLD FAMILY-OWNED BUSINESS CLOSES IN TEANECK  

Teaneck industrial property
Teaneck, N.J. industrial property
  
TEANECK, N.J. -- Grant & Joy Lee Family LLC has acquired a 184,000-square-foot industrial property in Teaneck from curtain and bedspread importer Beacon Looms for $6.1 million. Michael Schaible of Lee & Associates New Jersey represented the seller, the Sadinoff family, which founded the textile company in 1941 in New York City. Beacon will close its doors as the third-generation owner of the company retires. Bowen Pak of Eastern International Realty represented the buyer. The property will serve as a company headquarters and primary distribution center for Grant Electrical Distributors. 
      
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BUILDING THAT HOUSES AUSTRIAN PUB SELLS FOR $2.1 MILLION    

149th 4th Ave.
149th 4th Ave. in New York City
  
NEW YORK CITY -- A 5,940-square-foot mixed-use building at 149th 4th Ave. in Park Slope has sold for $2.1 million. Sheep Station, an Austrian pub, occupies the ground floor space. Adam Hess and Jacob Colleran represented both parties in the transaction.

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In The Pipeline

 

JOINT VENTURE TO INVEST
$13 MILLION TO REDEVELOP FORMER ST. LUKE'S HOSPITAL PROPERTY  

 

1080 Amsterdam Ave. in New York City
1080 Amsterdam Ave. in New York City (Photo courtesy of LoopNet)


NEW YORK CITY -- SL Green Realty Corp. has formed a joint venture with Stonehenge Partners to redevelop an office property at 1080 Amsterdam Ave. in New York City into a 96-unit apartment building. The two firms will enter a 99-year ground lease for the property, located just south of Columbia University's main campus, and will invest $13 million in a renovation. The 82,250-square-foot building was previously used to house hospital staff of St. Luke's Hospital Center. The project will include upgrades to the common corridor, window improvements and changes to the electrical, heating and elevator systems. The work is expected to be completed within two years of its start time.

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Groundbreakers

 

CAPITAL ALLIANCE ADVISORS   

 

Sal Torre
Sal Torre


NEWTON, MASS. -- Newton-based real estate financier Ashworth Mortgage Group is partnering with Estreich & Co., one of the largest financiers of commercial property in the greater New York City region. Under the agreement, Ashworth Mortgage will join with Estreich & Co. to become Capital Alliance Advisors, an entity owned by both firms and focused on expanding both companies' existing portfolio of business in New England. The partnership will allow Ashworth to offer a broader array of services and undertake larger projects, while establishing Estreich & Co.'s presence in New England.

Capital Alliance will specialize in the placement of debt and equity financing for all types of commercial real estate. Sal Torre, a partner of Estreich & Co., will serve as liaison between the two companies.

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Done Deals

870 Commonwealth Ave.; Boston
870 Commonwealth Ave. in Boston
15,000 SF - Retail Lease
Property: 77 Avenue Louis Pasteur; Boston
Tenant: BodyScapes Fitness
Landlord: Harvard Medical School
Tenant's Broker: Matt Burtin of The Dartmouth Co.
Landlord's Broker: Robert Richards of Richards Barry Joyce & Partners

2,800 - Office Lease
Property: 129 Morgan Dr.; Norwood, Mass.
Tenant: The Northeast Group
Landlord: CMI Property Inc.
Tenant's Broker: Undisclosed
Landlord's Broker: Elliot Ravech of Elliot & Co.

29,063 SF - Office Lease Renewal
Property: 551 Fifth Ave.; New York City
Tenant: ABM Industries
Landlord: The Feil Organization
Tenant's Broker: Brian Feil and Kevin Discoll of The Feil Organization
Landlord's Broker: Rob Martin and Brad Lane of Jones Lang LaSalle

18,687 SF - Office Lease Renewal
Property: 100 Lanidex Plaza; Parsippany, N.J.
Tenant: Environmental Waste Management Associates
Landlord: Ivy Realty Services
Tenant's Broker: Chris Marx, Joe Messina, Chris Koeck and Bill Colgan of Studley
Landlord's Broker: Marion Geddes and Susan Mason of Jones Lang LaSalle

15,000 SF - Retail Lease Renewal
Property: 870 Commonwealth Ave.; Boston
Tenant: The Fenway Group
Landlord: 860-872 Commonwealth Ave. Trust
Tenant's Broker: Richard McKinnon of The Grossman Cos.
Landlord's Broker: Richard McKinnon of The Grossman Cos.

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WHERE: 7 New England Executive Park;
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OVERVIEW: A portion of the proceeds
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COMMUNITIES, a nonprofit founded in
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WHEN: Monday, Sept. 10 
WHERE: Framingham Country Club;
Framingham, Mass. 

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Liz Burlingame, Associate Editor

 Northeast Real Estate Business

 France Media, Inc.

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