Northeast Briefs
Nov 1, 2007 12:00 PM
Cedar Shopping Centers, Inc. purchased six shopping centers in the northeastern United States totaling 870,000 sq. ft. for approximately $117 million. The centers are located in Massachusetts, Connecticut, New York, Maryland and Pennsylvania.
WP Realty will redevelop Valmont Plaza, a 200,164-sq.-ft. retail property in Hazleton, Pa., into a 600,000-sq.-ft. power center. Construction on the project is scheduled to start in the spring of 2008.
Time Equities closed a $69 million pre-development loan for the construction of a mixed-use building in New York City.
David Cronheim Mortgage Corp. arranged a $53 million loan for Northampton Crossings, a 621,860-sq.-ft. regional power center in Easton, Pa. The loan featured a 5.64% rate, a 10-year term and a 30-year amortization schedule. Andrew Stewart and Dev Morris, of David Cronheim, negotiated this transaction.
Regency Centers promoted Alan Roth to senior vice president of operations for the Northeast region. Previously, Roth served as vice president and regional officer with the firm.
Capmark Finance Inc. originated a $49 million construction loan for Ferry Landings, a 165,000-sq.-ft. mixed-use property in Tarrytown, N.Y. John DiCrocco, of Capmark Finance, originated this transaction.
NorthMarq Capital, Inc. arranged a $23 million permanent loan for Thornwood Town Center, a 104,875-sq.-ft. shopping center in Thornwood, N.Y. The loan featured a 10-year term and a 30-year amortization schedule. Bruce Whipple negotiated this transaction.
Panda Express appointed CB Richard Ellis as its exclusive leasing agent for Nassau and Suffolk counties. The company plans to open up to 30 restaurants in the area. Jayson Siano will handle this assignment on behalf of CB Richard Ellis.
Suffolk Construction Company, Inc. opened a Mid-Atlantic division in Falls Church, Va. Reginald Arnold, a 24-year construction veteran, will lead the division as president and general manager.
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