InBrief Real Estate By KATHY KAHN

InBrief Real Estate
By KATHY KAHN

Two facilities brokered by NAI Friedland

NAI Friedland Realty Inc. completed two long-term lease deals on behalf of the Children’s Corner Learning Center. Children’s Corner leased 14,000 square feet in the Middletown Commons Shopping Center on Dolson Avenue and Route 17M in Middletown and 10,000 square feet at 831 Route 52 in Fishkill.

Friedland executive directors Carl Silbergleit and Ellen Benedek represented Children’s Corner in the deals.

“We have completed several day-care center deals over the past few years and understand the infrastructure required and financial structure needed for a viable center,” said Silbergleit. “Because of our expertise, the Middletown deal took just three months to complete.” The Middletown location opened in July 2007 and the Fishkill location will open in late 2007.

Anthony Ross, managing director of Children’s Corner Learning Centers, says he chose Friedland Realty because it thoroughly understands both the market and the space needs of childcare providers.

Newburgh’s ShopRite Plaza sold

Sperry Van Ness has completed the sale of ShopRite Plaza to a private investor from New York City for $6.3 million. The property is located on the southeast corner of North Plank Road (Route 32) and Chestnut Lane about one mile north of Interstate 84 at 88 North Plank Road in Newburgh.

Joseph French and Neil Golub of Sperry Van Ness in White Plains represented a private seller based in Westchester County in the sale. Charlotte Goldblatt of Paramount Realty Group represented the buyer.

“There were many moving pieces to complete this deal and by proactively cooperating with the brokerage community we were able to identify a buyer who made their first retail purchase,” said Golub in a prepared statement.

The 55,156-square-foot property is situated on 5.6 acres and is fully leased by five tenants with ShopRite Supermarket as the anchor tenant, occupying 41,676 square feet. The property is located in the fastest-growing county in New York and has a population of more than 101,000 people within a five-mile radius.

34-acre site in Lloyd purchased

River Development L.L.C. and Net Properties Group announced they have signed a purchase agreement with Central Hudson Gas & Electric Corp., headquartered in Poughkeepsie, to purchase Central Hudson’s 34-acre site located on Route 299 and South Street in the town of Lloyd, in Ulster County. The Red Bank, N.J.-based companies’ joint venture will propose an upscale retail center in accordance with municipal guidelines.

“We are excited to be part of this redevelopment effort,” said Christine Burke, a spokesperson for the project. “We will work closely with the municipality to achieve its design standards as we develop the concept for what will be a great new retail destination.”

John J. Lease Realtors adds Viking Realty

John J. Lease Realtors in Newburgh acquired Viking Realty in Middletown for an undisclosed amount last month. The combined agency will now have 130 agents and seven offices throughout Orange and Ulster counties. Lease will move its Middletown agents to a new office at Wallkill Town Center in fall 2008. Ron Valure, Viking owner-broker, will stay on with Lease, along with all of his agents.

Time-Warner Cable acquires more space in Middletown

Elisabeth Mansfield of Mansfield Commercial Real Estate in Goshen brokered a deal that gave Time-Warner Cable an additional 18,000 square feet of space at 90 Crystal Run Road in Middletown. The cable company already leases three buildings on Industrial Drive off Middletown’s Route 211, employing approximately 350 people. Time-Warner plans to move its business services and media sales divisions, comprised of approximately 60 employees, to the new location by early 2008.

Property developer Herbert Albert L.L.C., which owns 90 Crystal Run Road, has received the necessary approvals to move forward with a four-story, 127,000-square-foot office building directly across the street.

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