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Prince Realty Arranges $68M Purchase of 49.5 Percent Interest in Retail Condo
 | David Ash, principal and founder
of Prince Realty Advisors |
NEW YORK CITY -- Prince Realty Advisors has arranged the acquisition of a 49.5 percent, non-controlling interest in a 55,565-square-foot retail condominium at 510 Sixth Ave. in New York City, valued at just under $68 million, for Madison International Realty. David Ash of Prince Realty Advisors arranged the purchase for the buyer and worked with the seller, Ark Partners, in the transaction. Located on a corridor between 13th and 14th streets, 510 Sixth Ave. is at the cusp of the West Village and Chelsea and close to the High Line and Union Square. Current tenants at the property include Urban Outfitters, Chipotle and LensCrafters.
"I have a long working relationship with president John Yoon and ARK Partners," says Ash. "So when this opportunity came up, I knew Madison was the right fit, and the first and only call I needed to make."
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Equus Sells 205,424 SF Office Building in King of Prussia for $63M
 | This 205,424-square-foot office property is located in King of Prussia, a Philadelphia suburb.
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KING OF PRUSSIA, PA. -- On behalf of Equus Capital Partners, Jones Lang LaSalle's (JLL) capital markets team has sold 1000 Continental, a Class A office building located in King of Prussia, a Philadelphia suburb. KBS Capital Advisors LLC purchased the property for $63 million, or $307 per square foot. The 205,424-square-foot office building was 99 percent occupied at the time of sale. It features floor-to-ceiling window lines, a two-story entrance lobby and is LEED Silver certified. Jim Vesey, Doug Rodio, Jim Galbally and John Plower led the JLL team in the transaction.
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NorthMarq Arranges $17M Loan
for Refinancing of Church Square South
HOBOKEN, N.J. -- NorthMarq Capital has arranged $17 million in financing for Church Square South, two affordable-housing properties totaling 81 units in Hoboken. Gary Cohen, senior vice president/senior director of NorthMarq Capital's New Jersey office arranged the 12-year refinancing loan, which includes a 30-year amortization schedule, through a local bank.
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JV Buys Grocery-Anchored Shopping Center in Belleville, N.J. for $10.5M
 | This 54,000-square-foot shopping center is located in Belleville, N.J.
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BELLEVILLE, N.J. -- A joint venture between Black Oak Associates and MCB Real Estate has acquired a 54,000-square-foot, grocery-anchored shopping center in Belleville for $10.5 million. The property was purchased from Mount Kellett Capital Management LP, owner of A&P grocery, and was structured as a sale-leaseback transaction. The shopping center is anchored by Pathmark, one of A&P's grocery store banners, and is located about 10 miles west of New York City.
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Construction Industry Adds 48,000 Jobs in January Despite Harsh Weather
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Ken Simonson
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Construction employment jumped by the largest monthly amount in nearly seven years in January, bringing industry employment to the highest level since July 2009, according to an analysis of new government data by the Associated General Contractors of America (AGC). Association officials note that, at the current rate of growth, it would not take long before many firms begin having difficulty finding enough skilled workers to meet demand.
"Despite a second month of unusually severe weather in much of the nation, contractors more than offset the job losses that occurred in December," says Ken Simonson, the association's chief economist. "All segments of the industry added workers for the month, and the sector has increased employment at nearly double the all-industry rate in the past 12 months."
Construction employment totaled 5.92 million in January, the highest total in 4.5 years and an increase of 48,000 from a month earlier -- the largest one-month gain since April 2007, Simonson notes.
For the year, construction employment rose by 179,000, or 3.1 percent, compared with an increase of 1.7 percent for total nonfarm payroll employment. Nonresidential construction firms added 31,300 new jobs in January and 57,100 (1.6 percent) over 12 months while residential firms added 16,800 jobs for the month and 121,400 (5.8 percent) over the year.
The unemployment rate for workers actively looking for jobs and last employed in construction declined from 16.1 percent in January 2013 to 12.3 percent last month- the lowest January rate since 2008.
-- Matt Valley
Click here to read the full article.
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NEW YORK CITY -- Gourmet Garage, an upscale market with five Manhattan locations, has signed a lease for approximately 10,000 square feet at Collect Pond House, a co-op building located at 366 Broadway. Gourmet Garage, which was represented by Chase Welles of The Shopping Center Group and Jonathan Clott of Vision Property Group LLC, will occupy approximately 6,435 square feet of ground-floor space, as well as 3,510 square feet in the lower level. An additional 910 square feet in the mezzanine will be used for seating. The storefront is located at the base of the building and features 20-foot ceilings, as well as 180 feet of wraparound corner frontage. Darrell Rubens, executive vice president, and Lee Block, broker at Winick Realty Group, represented the co-op board at Collect Pond House.
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 | Cedarbook Plaza is located in Wyncote, a city located about 13 miles north of Philadelphia.
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WYNOCOTE, PA. -- Empire Beauty School has signed a lease for 9,100 square feet at Cedarbrook Plaza in Wyncote, a city located about 13 miles north of Philadelphia. Empire Beauty School will join retailers such as Walmart, Pathmark, Ross Dress for Less, K&G Fashions, Modell's Sporting Goods and more at the 600,000-square-foot shopping center. Brian Wherty and Rob Samtmann, agents at Equity Retail Brokers, represented the tenant in the transaction. Cedarbrook Plaza LLC is the landlord. Empire Beauty School has more than 100 cosmetology schools in 22 states.
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 | | Joseph Traynor |
PHILADELPHIA -- Joseph Traynor has joined Binswanger's project management team and will based in the Philadelphia and King of Prussia, Pa., offices. In his new role, Traynor will assist with the day-to-day management of key projects including Beneficial Bank's headquarters relocation in Philadelphia; Saint-Gobain's 300,000-square-foot North American headquarters; and Certainteed's 43,000-square-foot research and development facility in Malvern, Pa.
Prior to joining Binswanger, Traynor worked for Remington Group as an assistant project manager where he managed capital projects varying in size from 15,000 to 200,000 square feet. Additionally, he served as lead project manager for Westley Inc. Traynor holds a bachelor's degree in architectural design from Yale University.
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Overview: The Third Annual Greater New York Data Center Summit will bring together data center real estate and technology infrastructure executives from New York, New Jersey and around the nation. Join investors, developers, owners, debt sources, equity sources, architects, engineers, end-users and industry service providers.
When: Thursday, Feb. 27
Where: Convene 32 Old Slip in New York City
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InterFace Healthcare Real Estate West
When: March 18, 2014
Where: PNC Arena, 1400 Edwards Mills Road in Raleigh, N.C.
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InterFace Student Housing Conference
When: April 9-11, 2014
Where: Hilton Austin, 500 E. 4th St. in Austin
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Brooklyn Real Estate Summit
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Overview: TerraCRG will host The 2014 TerraCRG Brooklyn Real Estate Summit in partnership with The Brooklyn Chamber of Commerce and Aptsandlofts.com.
When: Tuesday, May 6
Where: Brooklyn Academy of Music, 30 Lafayette Ave. in New York City
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Contact us
Matt Valley, Editorial Director Northeast Real Estate Business France Media, Inc. 404-832-8262 404-832-8260 northeast@francemediainc.com www.rebusinessonline.com |
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