TREVOSE, PA. — HREC has arranged the sale of Radisson Philadelphia Northeast located at 2400 Old Lincoln Highway in Trevose. Haverford Hotel Partners LP sold the 274-guestroom hotel to TJM Properties for an undisclosed sum. The property is in close proximity to the Sesame Place Theme Park, Parx Casino & Racetrack, Philadelphia Mills Shopping Mall, and The Sportsplex. Ketan Patel and Geoff Davis of HREC’s New York City office represented the seller in the transaction.
CENTRAL ISLIP, N.Y. — Foxgate has opened sales for the second phase of luxury condominiums at Foxgate at Islip, a 184-unit condo community located in Central Islip. The second phase adds 46 two-bedroom residences, which are currently under construction, to the community. Each unit features full-size appliances, including a natural gas range, refrigerator, microwave and washer/dryer, as well as high-efficiency central air conditioning and clean-burning natural-gas, forced-air heating. On-site amenities include a fully equipped gym, multi-purpose lounge, heated outdoor in-ground pool, spacious patios and scenic walking paths. Prices for the two-bedroom condos range from $270,000 to $290,000. The 40-unit first phase sold out in October.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of two contiguous multifamily properties, located at 2070 and 2074 Arthur Ave. in the Tremont section of the Bronx. The five-story properties sold for $7.3 million, or $163 per square foot or $136,389 per unit. The properties feature a total of 53 residential units across 42,256 square feet. Victor Sozio, Scot Hirschfield, Jason M. Gold and Marko Agbaba of Ariel Property Advisors represented the seller, King Penguin Opportunity Fund, and procured the buyer, a private investor, in the transaction.
EXTON, PA. — Swope Lees Commercial Real Estate has arranged the acquisition of an office building located at 111 Summit Drive within Whiteland Business Park in Exton. Jacquette Consulting Inc. acquired the property for an undisclosed price. The 6,000-square-foot office building features private offices, restrooms, an open bullpen area, conference room and kitchen. Chuck Swope of Swope Lees Commercial represented the buyer, while Jim Dugan of Newmark Grubb Knight Frank and Eric Stretch of First Liberty Partners represented the seller in the transaction.
BLOOMFIELD, N.J. — AvalonBay Communities Inc. has opened Avalon Bloomfield Station, its newest community in New Jersey. The 224-unit transit-oriented community, which is located near the Bloomfield New Jersey Transit Train station, features a mix of studio, one-, two- and three-bedroom apartments. On-site amenities include a fitness center with a fitness-on-demand and yoga studio, a rooftop patio lounge, a resident lounge and game room with complementary WiFi, and gas barbeque grills and fire pit, as well as on-site restaurants and retail, including Super Foodtown, Tilted Kilt Pub and Eatery and Taste of Tuscany.
BOSTON — Federal Capital Partners has provided a $14.5 million senior construction loan for the development of a condominium project located at 170 W. Broadway in South Boston. The loan was funded in partnership with Boston-based The Grossman Companies. KEM Development Co. is developing the project, which will feature 33 one- and two-bedroom luxury condos, including eight penthouses with rooftop decks, below-grade garage parking and 5,000 square feet of ground-floor retail space. Construction began in August and delivery is slated for fourth quarter 2016.
NEW YORK CITY — Silvershore Properties has acquired a mixed-use building located at 1071 Cypress Ave. in the Ridgewood neighborhood of Queens for $10.6 million. The 33,500-square-foot property features 39 rent-stabilized residential apartments and five mom-and-pop stores, totaling 5,000 square feet. Cypress Realty LCC sold the property, which it originally purchased in 1986. No brokers were involved in the transaction.
MERRIMACK, N.H. — NAI Norwood Group has arranged the acquisition of an office building located at 237 Daniel Webster Highway in Merrimack. Shellback Harbor LLC purchased the property from C&I Investment Associates for $3.5 million. Situated on 9.5 acres, the 68,870-square-foot property was formerly home to Fairpoint Communications. Shellback Harbor, dba BES&T Global Commissioning, will use the property as its world headquarters. Aron Brown of NAI Norwood Group represented the buyer, while Norton Asset Management represented the seller in the transaction.
NEW HAVEN, CONN. — O,R&L Commercial LLC has negotiated the sale of an office building and adjacent parking lot, located at 189-191, 201 Orange St. and 115 Court St. in New Haven. The investment properties sold for $2.6 million. Frank Hird of O,R&L Commercial represented the seller, O’Keefe Associates, Manhattan Associates and Euclid/O’Connor Associates, while Charlotte Goldblatt of Goldblatt Associates represented the buyer, Bulkhead Investments LLC.
WEEHAWKEN, N.J. — Roseland, a subsidiary of Mack-Cali Realty Corp., is developing two dual-branded Marriott hotels at Port Imperial, the company’s $3 billion mixed-use, master-planned waterfront development in Weehawken. Roseland and its partner, XSS Hotels, secured approximately $94 million in financing for a syndicated construction loan led by Fifth Third Bank, with additional syndicated lending institutions, including Santandar and Investors Savings Bank. Featuring a 210-key Renaissance hotel and a 154-key Residence Inn, the project will feature meeting and function space for 450 guests and a 15,000-square-foot deck off the sixth floor sky lobby offering views of Manhattan. The two hotels will be built on top of the 850-space Port Imperial parking garage with 17,000 square feet of ground-level retail space next to the New York Waterway ferry terminal. Expected to create more than 100 permanent full-time jobs, the hotels are slated for completion by the end of 2017.
