BROOKLYN, NY—Kalmon Dolgin Affiliates arranged the $12.8 million sale of a 20,000-square-foot development site at 1508 Herkimer Street in the Ocean Hill section of Brooklyn, NY. KDA broker Robert Klein (pictured) represented the seller, Van Herk Realty, while Allison Chambers, also of KDA represented the buyer, 1508 Herkimer LLC. The site allows for approximately 84,000 square feet of development. The buyer plans on building a four-story office building on the site, to be occupied by a city agency that was looking for more space. The city agency, a tenant of the building across the street which is also owned by the buyer, was looking for local space to expand into.

LITTLE FERRY, NJ—NAI James E. Hanson brokered the sale of a vacant 41,000-square-foot warehouse at 200 Liberty Street in Little Ferry, NJ that enables CVS Pharmacy to construct a 15,655-square-foot store at the location. NAI Hanson's Gary Sauerborn represented the seller, Liberty Street Realty in the transaction.

JAMESBURG, NJ—The Kislak Company brokered the $8.5 million sale of Tall Tree Apartments, a 68-unit multifamily property located at 175 Buckelew Avenue in Jamesburg, NJ, in Middlesex County – the state's second most populous county. Vice president Daniel Lanni represented both the seller and purchaser in the first sale of this property in more than 30 years at an aggressive 4.5 percent cap rate. Recently, Kislak sold a combined 120-plus units to the purchaser. The property is a fully occupied, four-building apartment complex with on-site parking and consists of 10 studios, 38 one bedroom units, and 20 two bedrooms unit. In 2015, the roof was replaced, and sidewalk pavers were installed. Plans for this value-add opportunity include renovation of the apartments, thereby increasing the rental income potential. Noah Burton of Schwartz Burton represented the purchaser and Tara Phelan Carver of Giordano, Halleran & Ciesla represented the seller. Meridian Capital Group provided the funding for the transaction.

PHILADELPHIA, PA—Harrisburg-based Commonwealth Cornerstone Group completed a $10.5 million New Markets Tax Credit financing transaction for construction of a four-story building that will create a hub for retail and community services for distressed communities in west Philadelphia. New Market West is a 135,700-square-foot building that will be constructed on a 1.5 acre vacant lot at 59^th and Market streets. The building will bring high quality early childhood education; workforce development, educational and emergency support services; behavioral health services; and community-serving retail to this transit-accessible location. The development is a joint venture between Mission First Housing Group and Horizon House.

PRINCETON, NJ—Leasing activity involving four tenants and totaling 64,000 square feet reflects increased momentum at 600 & 650 College Road in Princeton. Cushman & Wakefield serves as exclusive leasing agent for the 440,000-square-foot, class A office complex. Coface North America is the newest tenant at the property. The global credit insurance organization committed to 27,000 square feet in a headquarters relocation play. Jones Lang LaSalle served as tenant broker in the long-term lease. BT Americas (represented by Colliers International) re-committed to 8,000 square feet, and Hamilton & Company renewed for 6,000 square feet. Cushman & Wakefield orchestrated both long-term transactions on behalf of the owner. Additionally, last year RCN Corporation renewed for 23,000 square feet. The property's ownership, TH Real Estate – an affiliate of Nuveen, TIAA's investment management arm – is currently gearing up for a rebranding and renovation program that will focus on increasing the utilization of outdoor patio areas, retrofitting and expanding the onsite cafés, and adding a shared, town-hall style conference center. Common areas also will be updated throughout the property.

PITTSBURGH, PA—Forest City Realty Trust sold its interest in The Mall at Robinson, a 900,000-square-foot regional mall in Pittsburgh, PA, to QIC. The sale is the fourth mall divestiture for Forest City to close as part of a previously announced 10-mall portfolio transaction with QIC.

Notables

BOSTON, MA—Jamey Lipscomb has joined Jones Lang LaSalle as an executive vice president. He will specialize in representing tenants and investors in the leasing of office, R&D, and industrial space throughout Greater Boston. Lipscomb joins JLL from Transwestern, where he was a partner, and brings 16 years of commercial real estate experience. While at Transwestern, Lipscomb oversaw leasing activities throughout their north and western suburban markets. Since joining Transwestern in 2003, he has completed over 500 lease and sale transactions totaling over 8.0 million square feet. He executed a wide range of transactions for companies such as: Puma North America, Mercury Systems, Divco West, Campanelli, Boston Properties, and Piedmont Office Realty Trust.

RIDGEWOOD, NJ—Michael H. McNaughton has launched M2 Real Estate Advisors, a real estate consulting firm providing counsel and execution support to developers and investors focused on the regional mall, shopping center, urban retail, commercial, mixed-use and transit/infrastructure areas of real estate development, as well as operations and leasing in both the private and public/private sectors. A veteran of the commercial real estate industry, Mr. McNaughton has led development and managed top assets and portfolios for Westfield Corporation and General Growth Properties among other senior private and public sector roles.

EVESHAM TOWNSHIP, NJ—Keith Langan, an executive vice president/partner of Surety Title Company, has been appointed President of the Businesses Committed to South Jersey board of directors. Langan looks to further expand the group's membership and its goal of bringing superior information, knowledgeable presentations and relationship-building events to those in the South Jersey real estate and economic development industries.