BOSTON — Pebblebrook Hotel Trust has completed the sale of an excess land parcel adjacent to Revere Hotel Boston Common in Boston. An undisclosed buyer purchased the undeveloped land for $6 million. Proceeds of the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, special cash dividends resulting from taxable gains on the sales and repurchasing common shares.
GREENFIELD, MASS. — Integrated Builders has completed the construction of Greenfield Toyota and Ford, a joint car dealership located at 1 Main St. in Greenfield. Costing $5.8 million, the new 32,000-square-foot facility replaced the outdated dealership previously located on the site. The facility features 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine level. Integrated Builders provided construction management services, while The Curtis Architectural Group served as project architect. The project team also included SVE Associates, Flood Consulting and Environmental Design Engineering Inc.
DEVON, PA. — CBRE Group has arranged the sale of the Patient First Medical Center located at 133 Lancaster Ave. in Devon. The 7,000-square-foot asset sold for $2.8 million. With the sale of the property comes a 20-year corporately guaranteed ground lease and no landlord responsibilities of expenses. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.
NEW YORK AND LOS ANGELES — NorthStar Asset Management Group Inc. (NYSE: NSAM), Colony Capital Inc. (NYSE: CLNY) and NorthStar Realty Finance Corp. (NYSE: NRF) have entered into a definitive merger agreement under which the companies will combine in an all-stock merger to create a diversified global equity REIT with a total capitalization of $17 billion. NorthStar Asset Management Group (NSAM), which is currently publicly traded but not a REIT, will elect to be treated as a REIT beginning in 2017. Additionally, NRF and Colony, through a series of transactions, will merge with and into NSAM. The company, to be named Colony NorthStar Inc., will have $58 billion of assets under management, placing it in the top quartile of the REIT sector overall. Upon completion of the transaction NSAM shareholders will own approximately 32.85 percent, Colony shareholders will own approximately 33.25 percent and NRF shareholders will own approximately 33.90 percent of the combined company. “We are incredibly excited to merge with Colony to create a global real estate leader well positioned for long-term growth,” says David Hamamoto, executive chairman of NSAM and chairman of NRF. “This strategic combination is the next logical step for NSAM and NRF, creating substantial value for shareholders and …
NEW YORK CITY — Thor Equities is developing a waterfront office project located in Brooklyn’s Red Hook district. Designed by Foster + Partners, the 7.7-acre property will include two heavy timber frame buildings totaling more than 600,000 square feet of creative office space and 23,000 square feet of retail and restaurant space. Additionally, the design will feature 100,000-square-foot open floor plates. Surrounded by water on three sides, the campus will feature a public waterfront esplanade designed by SCAPE/Landscape Architecture and a central open courtyard and rooftop space for future tenants. The project is being built to fit the needs of a TAMI (technology, advertising, media and information) tenant or other appropriate user of the space.
JERSEY CITY, N.J. — Manhattan Building Co. has opened Cast Iron Lofts II, a 27-story luxury residential building in Jersey City. Located at 300 Coles St., the industrial-inspired building features 232 apartments in a mix of one-, two- and three-bedroom layouts, indoor and outdoor amenities and 20,000 square feet of street-level retail space. The building is the second property to open within the Cast Iron Lofts collection, which is spearheading the creation of SoHo West (South of Hoboken, N.J., West of New York City), a new neighborhood of oversized residences in highly-amenitized buildings on the border of Jersey City and Hoboken. Construction is well underway on the next two-tower building, which will include 337 residences. When complete, the SoHo West development will comprise 1,360 residences in multiple buildings and street-level retail space.
AMESBURY, MASS., AND LEBANON, N.H. — Fantini & Gorga has arranged $5.3 million in separate first mortgage financings for a freestanding Family Dollar in Amesbury and a newly constructed Tractor Supply Co. in Lebanon. Originally constructed in 1994 as a CVS/pharmacy, the Family Dollar location contains 8,536 square feet of gross leasable area. The property was renovated in 2014 and is now fully occupied by Family Dollar. Constructed in 2015, the build-to-suit Tractor Supply Co. store features 19,097 square feet of gross leasable area. John Gorga and Chris Miller of Fantini & Gorga represented the borrower, a long-term client, and arranged both financings with a regional financial institution.
FAIRFIELD, CONN. — Fischer Real Estate Inc. has negotiated the sale of a commercial building located at 2060 Black Rock Turnpike in Fairfield. An undisclosed investor purchased the property from TPSJ LLC for $1.4 million. The 4,440-square-foot property is fully occupied by retail and medical office tenants. Alan Fischer of Fischer Real Estate represented both parties in the off-market transaction.
MANCHESTER TOWNSHIP, PA. — Bennett Williams Commercial has arranged the sale of a 2.64-acre land parcel located at 1400 Toronita St. in Manchester Township. Clearview Associates purchased the property from Round the Clock Diner & Coffee Shop Inc. for $1 million. Keith Kahlbaugh of Bennett Williams represented the buyer in the deal.
NEW YORK CITY — ING Capital LLC, part of Dutch global financial institution ING Group (NYSE: ING), has originated a $570 million bridge loan for the acquisition a 37-story skyscraper located at 550 Madison Ave. in Manhattan. ING Capital provided the financing to Olayan America, the U.S. investment arm of The Olayan Group, an international real estate investor based in Saudi Arabia. Olayan America will purchase the office tower, also known as the Sony Building, from The Chetrit Group for $1.3 billion, according to The Real Deal. Ron Cohen of JLL represented Olayan America in the transaction, and Doug Harmon of Eastdil Secured represented The Chetrit Group. Located within the Plaza District of Manhattan, the tower features 852,830 square feet of rentable mixed-use space, including approximately 776,000 square feet of office space, retail frontage on Madison Avenue, and exhibition and museum space. One restaurant tenant currently occupies 5,000 square feet at the tower, which is nearly 100 percent vacant, according to ING Capital. “The property has been maintained to a high standard and has never previously been available to the open market for office leasing,” says Tony Fusco, head of real estate at Olayan America. According to The Real Deal, …