Northeast

Laurus Corp. Acquires DoubleTree by Hilton Hotel in Pittsburgh

by Amy Works October 16, 2015

PITTSBURGH — Laurus Corp. has acquired the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh for an undisclosed price. The 460-room property recently underwent a $20 million top-to-bottom makeover and Laurus plans to invest $7 million to improve customer experience at the hotel by enhancing operations, delivering top-tier culinary experiences across the hotel’s existing restaurants and opening Asado Grill restaurant. The hotel features 40,000 square feet of flexible, multi-functional meeting space and a 13,000-square-foot indoor athletic training center. The hotel will be managed by TPG Hospitality. The name of the seller was not disclosed.

October 16, 2015

Massachusetts Northeast Office

The Davis Companies Sells Tower Point in Boston for $62.1M

by Amy Works October 16, 2015

BOSTON — The Davis Companies (TDC) has completed the disposition of Tower Point, a brick-and-beam office building located at 27-43 Woodworm St. in Boston’s Seaport District. Rockpoint Group purchased the 155,170-square-foot property for $62.1 million. TDC originally acquired the property in 2013 and invested significant capital with the goal of increasing the building’s appeal to creative and tech sectors. The company upgraded the property with modern finishes, renovated the building’s fitness center and locker rooms and added a 7,500-square-foot outdoor courtyard. As a result of the repositioning, the building’s occupancy increased from 74.3 percent to 95 percent at the time of sale. Current tenants include Rethink Robotics, Healthways, NPR, Zerto and Owner IQ. Edward Maher Jr. of Newmark Grubb Knight Frank represented TDC in the transaction.

October 16, 2015

New York Northeast Office

Cushman & Wakefield Arranges Sale of Century Plaza on Long Island

by Amy Works October 16, 2015

MINEOLA, N.Y. — Cushman & Wakefield has brokered the sale of Century Plaza, an office building located at 330 Old Country Road in Mineola on Long Island. TIAA-CREF sold the 115,000-square-foot office property to Lalezarian Properties for an undisclosed price. Originally built in 1990 and renovated in 2009, the three-story property features 475 covered parking spaces. At the time of sale, the property was 95 percent leased to a variety of tenants, including Oracle America Inc., Did-it.com, Liberty Mutual Insurance, Veritext Corp., Nationwide Mutual Insurance, and Kelly, Rode & Kelly LLP. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer in the transaction.

October 16, 2015

Industrial Northeast Office Pennsylvania

ROCK Commercial Brokers Three Sales in Pennsylvania

by Amy Works October 16, 2015

CHAMBERSBURGH BOROUGH, YORK CITY AND MANCHESTER TOWNSHIP, PA. — ROCK Commercial has arranged three separate sales, totaling 46,187 square feet, in Pennsylvania. In the first transaction, Home Again Concepts purchased a 32,437-square-foot industrial building located at 77 N. Third St. in Chambersburgh Borough for an undisclosed sum. ROCK represented the undisclosed seller in the transaction. In the second deal, Beartrap Enterprises LLC acquired a 9,012-square-foot office building located at 274-280 W. Market St. in York City for an undisclosed price. ROCK represented the buyer and undisclosed seller in the transaction. In the final deal, Michelle Kreeger purchased a 4,738-square-foot office building located at 2241 W. Market St. in Manchester Township for an undisclosed price. ROCK represented the seller, whose name was not released, in the deal.

October 16, 2015

Massachusetts Northeast Office

The Davis Companies Acquires Two Office Properties in Massachusetts for $52.5M

by Amy Works October 15, 2015

WALTHAM, MASS. — The Davis Companies has acquired two Class A office buildings, located at 1025 and 1075 Main St. in Waltham. An affiliate of KBS Real Estate Investment Trust Inc. sold the 303,460-square-foot asset for $52.5 million. Originally built in 1980, the property is currently occupied by Citizens Disability and The Cambridge Institute of International Education. On-site amenities include a cafeteria, fitness center and parking. HFF represented the seller and procured the buyer in the transaction. Additionally, HFF arranged a seven-year acquisition loan for the buyer through Brookline Savings Bank and First Niagara Bank. Coleman Benedict and Ben Sayles of HFF represented the seller in the deal. Riaz Cassum and Brett Paulsrud, also of HFF, led the HFF debt placement team for the financing. Gramercy Property Trust, as asset manager, advised KBS on the transaction.

October 15, 2015

Loans New York Northeast Retail

Berkadia Closes $15.4M Refinancing Loan for Retail Property in New York

by Amy Works October 15, 2015

LATHAM, N.Y. — Berkadia has closed a $15.4 million refinancing loan for Latham Crossing, a retail property located in Latham. The 10-year, fixed-rate loan, which was provided by a conduit lender, features a 30-year amortization schedule with 2 years of interest-only payments, a 75 percent loan-to-value ratio and 1.25 times debt-service coverage. Located at 609 Troy Schenectady Road, the 100,000-square-foot center is fully occupied by a variety of tenants, including PetSmart and Staples. John DiCrocco of Berkadia’s New York City office arranged the financing for the undisclosed borrower.

October 15, 2015

Loans New York Northeast Office

NorthMarq Capital Arranges $10.8M Refinancing for 111,700 SF Office Property in New York

by Amy Works October 15, 2015

MELVILLE, N.Y. — NorthMarq Capital has arranged $10.8 million in refinancing for a 111,700-square-foot office building located at 425 Broad Hollow Road in Melville. The five-year loan features a 30-year amortization schedule. Ernest DesRochers and Charles Cotsalas of NorthMarq arranged the financing through a national bank for the undisclosed borrower.

October 15, 2015

Massachusetts Northeast Retail

Marcus & Millichap Brokers $2.3M Sale of Retail Property in Massachusetts

by Amy Works October 15, 2015

EAST FREETOWN, MASS. — Marcus & Millichap has brokered the sale of Crossroads Common, a retail property located at 1 Chace Road in East Freetown. The 28,000-square-foot asset sold for $2.3 million. The property is occupied by a mix of local and regional tenants, including Crossroads Liquors, Subway and Bristol County Savings Bank. Laurie Ann Drinkwater, Seth Richard and Andrew Gilbert of Marcus & Millichap represented the seller, a local investor, and procured the buyer, a regional business owner, in the transaction.

October 15, 2015

New York Northeast Retail

Super Fi Emporium Acquires 12,000 SF Grocery Space in East Harlem

by Amy Works October 15, 2015

NEW YORK CITY — Super Fi Emporium has purchased 12,000 square feet of retail space at HAP Investment’s residential building located at 2211 Third Ave. in East Harlem for an undisclosed price. The buyer plans to open a supermarket in the ground-floor retail space of the 120,000-square-foot rental project, which will feature 78,000 square feet of residential space, 12,000 square feet of commercial space, 5,000 square feet of parking and 700 square feet of community facility space. Faith Consolo, Joseph Aquino and Arthur Maglio of Douglas Elliman represented the seller, HAP Investment, and buyer in the transaction.

October 15, 2015

Multifamily New York Northeast

The Brodsky Organization Launches Leasing at City Tower

by Amy Works October 14, 2015

NEW YORK CITY — The Brodksy Organization has opened City Tower, the market-rate residential component of downtown Brooklyn’s City Point development, for leasing. Located at 10 City Point Place, the 48-story property features 440 studio, one- and two-bedroom residential units, beginning on the 20th floor. The units feature 5-inch wide oak plank flooring throughout the living areas and kitchens, custom cabinetry and recessed lighting in the kitchen. On-site amenities include more than 23,000 square feet of indoor and outdoor spaces, including a basketball court, health club, residents’ lounge with café, a green terrace on the 18th floor and a sky terrace on the 43rd floor. Additional amenities include a 24/7 doorman, bicycle storage and a business center. Designed by COOKFOX, the property is slated to achieve LEED Silver certification. Pricing starts at $2,450 per month for a studio, $3,000 per month for a junior one-bedroom, $3,300 per month for a one-bedroom and $4,500 per month for a two-bedroom apartment. City Tower is part of City Point, a 1.8 million-square-foot retail, commercial and residential property in downtown Brooklyn being developed by Washington Square Partners and Acadia Realty Trust.

October 14, 2015

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