WILKES-BARRE, PA. — HREC Investment Advisors has arranged the sale of the Courtyard by Marriott located at 879 Schechter Drive in Wilkes-Barre. Kingston Hotel Partners sold the 106-room hotel for an undisclosed price. Ketan Patel, Mark von Dwingelo and Mark Rousseau of HREC represented the seller in the deal. The name of the buyer was not released.
MANCHESTER, N.H. — NorthMarq Capital has arranged $1.7 million in refinancing for a multifamily property located on Pine Street in Manchester. Edward Riekstins and Michael Chase of NorthMarq’s Boston regional office secured the long-term, fixed-rate financing for the undisclosed borrower. Provided by a regional bank, the financing features a flexible prepayment structure.
The retail market in Connecticut is alive and well. Sure it’s changing but what industry doesn’t experience change? There are numerous retail categories that continue to post healthy sales while also keeping their new store counts in a growth trajectory. Other categories will adapt to consumer trends and stay relevant in the world of brick and mortar. As we close 2017, we see that traditional shopping centers, especially grocery-anchored centers, are the solid performers in the sector. The “services” or “daily needs” category of retail continue to flock to these centers mainly because of consumer routine. The “services/daily needs” category includes health/fitness, traditional sit-down restaurants, quick-service restaurants, pharmacies, pet supply retailers, wireless communications, medical (walk-ins) and banking. Traditional neighborhood centers are becoming more conscious about merchandising with this specific category while trying to avoid deals with the more risky retail categories, such as off-priced apparel. The big-box power centers and the centers with large chunks of vacancy are another story, and there will be winners and losers. Geography plays a big role here and it’s not the dead-end road that some suggest. Over the past 18 months, my team’s exclusive leasing portfolio has had two Kmart closures in two separate …
FAIRLESS HILLS, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has acquired Penn Warner Industrial Park, a four-building warehouse and distribution portfolio located in Fairless Hills, for an undisclosed price. An undisclosed institutional seller sold the portfolio, which totals 240,358 square feet. Constructed between 1968 and 1970, the properties feature at least 24-foot clear ceiling heights and one dock door per 6,000 square feet. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE Northeast National Partners brokered the transaction.
NEW YORK CITY — Greystone has provided $13.3 million in Freddie Mac refinancing for a multifamily building located in the Williamsburg section of Brooklyn. Anthony Cristi of Greystone originated the loan for the sponsor, Perl Weisz of CW Realty. Located at 319 Graham Ave., the 24-unit property was built in 2016. The property features a roof deck, a fitness center, a resident lounge and private parking. The new conventional Freddie Mac loan on the property represents a permanent exit from construction financing and carries a seven-year term, two years of interest-only payments and a 30-year amortization schedule.
BRIDGEWATER, N.J. — Avison Young has arranged the sale of an industrial property located at 460 Milltown Road in Bridgewater. FCI Properties sold the 46,000-square-foot building for an undisclosed price. The column-free facility was originally built for and used as an indoor tennis club. The undisclosed buyer intends to repurpose the space into a new and strategic high-level training center that will include soccer fields and other training facilities for its existing base and new young athletes. Matthew Turse, Timothy Cadigan and John Recchia of Avison Young represented the seller in the deal. The name of the buyer was not released.
NEW YORK CITY — Omnicom Group has signed a 10-year lease extension for its 200,000-square-foot space at 200 Varick St. in the Hudson Square neighborhood of New York City. Constructed in 1926, the 12-story building features 410,000 square feet of space, with Omnicom occupying seven floors of the property. Jeffrey Gural, Eric Gural and Donna Vogel provided in-house representation for the landlord, GFP Real Estate, while Lee Feld of Feld Real Estate LLC represented the tenant in the lease transaction.
SHELBURNE, VT. — Nedde Real Estate has arranged the sale of a commercial building located at 2613 Shelburne Road in Shelburne. Premier Strength & Performance, a personal fitness and conditioning gym, purchased the building from LWV Properties for an undisclosed price. The buyer has opened a fitness center at the 3,564-square-foot building. Fernando Cresta of Nedde Real Estate brokered the deal.
NORWALK, CONN. — CBRE has brokered the sale of 597 Westport, a Class A apartment community located in Norwalk. An affiliate of Hunt Investment Management sold the property to GDC Properties through a 1031 exchange for $105.9 million. Built in 2009, 597 Westport features 235 apartment units, a clubroom with full caterer’s kitchen, a media lounge and billiards room, a fitness center and an outdoor saltwater pool with sundeck, cabanas and an outdoor kitchen. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. Jim Gunning, Donna Falzarano and Kyle Saviano of CBRE procured first and mezzanine financing from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively.
WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.