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MIXED-USE BUILDING CHANGES HANDS FOR $40.1M IN BOSTON
BOSTON — L&B Realty Advisors has purchased 625 Massachusetts Ave., a mixed-use property in the Cambridge submarket of Boston, for $40.1 million. Built in 1929, the office and retail building underwent a complete renovation in 2000. The 122,104-square-foot property is located across the street from the Massachusetts Bay Transportation Authority's red line. The building is fully leased to tenants such as TD Bank and Walgreens. Scott Jamieson, John Osten and Peter Bekarian represented the seller, Samuels Property Group, in the transaction.
BEECH STREET ARRANGES $68M TO REFINANCE PENNSYLVANIA, DELAWARE PORTFOLIO
BESTHEDA, MD. — Bethesda-based Beech Street Capital has arranged $68 million in Fannie Mae loans to refinance four apartment properties in Pennsylvania and Delaware. Brian Sykes of Beech Street Capital originated the fixed-rate, 10-year loans on behalf of the borrower, the Galman Group. The portfolio consists of 1,106 units located in the Philadelphia-Camden-Willington MSA. The 101-unit North Lane is located in Conshohocken, Pa.; Sedgwick Station, with 93 units, is in Philadelphia; Buckingham Place, with 278 units, is in Newark, Del.; and the 624-unit Castlebrook is in New Castle, Del.
FORMER JIMMY'S UPTOWN RESTAURANT IN MANHATTAN SELLS TO NOT-FOR-PROFIT GROUP
NEW YORK CITY — An 11,700-square-foot retail property at 2207 Adam Clayton Power Jr. Blvd. in Manhattan has sold for $3.1 million. The property includes one commercial unit, which was previously occupied by the nightclub Zipcode. Prior to that, the building was the site of Jimmy's Uptown restaurant. Currently vacant, the building has sold to a religious not-for-profit group that plans to hold services and community events in the space. Brian Leary, Duke McCabe and Tim Conan of CPEX represented the sellers in the transaction. Jennifer Polovetsky represented the buyers.
HOK TO DESIGN UNIVERSITY OF BUFFALO MEDICAL SCHOOL
BUFFALO, N.Y. — HOK has been selected to design the $375 million School of Medicine and Biomedical Sciences at the University of Buffalo (UB). Construction is slated to begin in 2013 and wrap up in 2016. UB has wanted to relocate its medical school from the South campus to the Buffalo Niagra campus for years as part of its long-range UB 2020 growth plan. The new facility will be situated in downtown Buffalo and is expected to bring 1,200 students, faculty and staff to campus. The project is partially funded by NYSUNY 2020 legislation.
FIVE NEW TENANTS JOIN CHESTNUT HILL SHOPPING CENTER
CHESTNUT HILL, MASS. — Chestnut Hill Shopping Center has landed five retail tenants for a new 115,000-square-foot building where a recently demolished Macy's once stood. National Amusements will lease 40,000 square feet for a six-screen Cinema de Lux movie theater, which is slated to open in 2013. The Sports Club/LA will open a 33,000-square-foot fitness club in January 2013. Additional tenants will include Shake Shack, Pinkberry Frozen Yogurt and Bernard's. The new building is part of a larger redevelopment at Chestnut Hill, which will expand by 406,000 square feet. The Torrey Co. is constructing the redevelopment on behalf of WS Development.