NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.
NEW YORK CITY — An undisclosed buyer has acquired a retail building located at 41-19 Bell Blvd. in the Bayside neighborhood of Queens. The single-story, 4,648-square-foot property sold for $4 million, or $860 per square foot, in an all-cash transaction. The property is currently net leased to a Lucille Roberts gym. Zoned for mixed use with residential and commercial options, the property features a mezzanine and lower levels, as well as 11,426 buildable square feet. Stephen Preuss of Cushman & Wakefield handled the transaction. The name of the seller was not released.
ONEONTA, N.Y. — Marcus & Millichap has brokered the sale of Clinton Plaza, a retail property located on Main Street in Oneonta. A limited liability company acquired the 44,666-square-foot property for $3.5 million. Chip Collins, Anthony Asencio, Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor. Asencio, Sgambati and Cafiero also represented the buyer in the sale. J.D. Parker, also of Marcus & Millichap, assisted in closing the transaction.
STAMFORD, CONN. — ClearRock Properties, Gottesman Real Estate Partners and Mountain Development Corp. have acquired a three-building commercial portfolio, located at 700, 850 and 860 Canal St. in Stamford, for an undisclosed price. Guggenheim Partners provided an 11-year, fixed-rate loan for the acquisition. Current tenants of the 250,000-square-foot portfolio include United States Beverage, Sustainable America, Red Thread, Unger Publishing, Monjasa, Arccos Golf, KFL Capital Partners, Hildene Capital Management, Harbor Square Capital Management and Peninsula Petroleum. The name of the seller was not released.
UNION TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter 78-81 in Union Township. Situated on 43 acres at the intersection of I-78 and I-81, the facility will feature 405,000 square feet of industrial space. The property will be a front-load distribution building with a separate lot providing excess to parking capacity. Additionally, the facility will feature 36-foot clear heights, 81 dock doors, 60-foot loading bays and parking for 220 cars and one extra trailer parking space per dock door. Completion is slated for spring 2016. R. S. Mowery & Sons Inc. is serving as the general contractor for the project.
NEW YORK CITY — Devli Group has topped out the construction of a 44,000-square-foot boutique hotel located at 44 W. 29th St. in New York City’s Madison Square Park area. Designed by Gene Kaufman Architect, the 18-story hotel will feature 109 rooms. The property will include a sunken garden, a multi-level restaurant and lounge, a 740-square-foot rooftop salon and a total of 2,700 square feet of bar and lounge space. Studio Mai is designing the hotel’s interior spaces.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a property located at 206-212 Wadsworth Ave. in Manhattan’s Washington Heights. Caerus Group acquired the property for $8 million in an all-cash transaction. The buyer plans to construct a new development on the site, which offers 97,422 square feet of buildable space. The previous owners, Wadsworth Avenue Baptist Church Inc., will occupy a condominium at the new development, which will replace the existing structure. Robert Shapiro of Cushman & Wakefield handled the transaction.
MOUNT LAUREL, N.J. — Brandywine Realty Trust plans to develop a 10,000-square-foot retail center at 7000 Midlantic Drive in Mount Laurel. Pre-leased tenants include Anthony’s Coal Fired Pizza, Jimmy John’s Gourmet Sandwiches and Qdoba Mexican Grill. The developer is expected to break ground on the project this month with construction ending in May 2016. The retail property is being paired with an adjacent Springhill Suites Marriott, also developed by Brandywine. MSC Retail is providing site selection representation for the property, as well as pre-development consulting and leasing services.
CAMBRIDGE, MASS. — Prudential Real Estate Investors has acquired Twenty|20, a newly developed residential tower in Cambridge. Canyon Partners Real Estate LLC, through its Canyon-Johnson Urban Funds, sold the property for an undisclosed price. Built to LEED Silver specifications, the 335-unit apartment tower is part of the NorthPoint development site, a 42-acre master-planned development project transforming a former rail yard into a mixed-use, transit-oriented community. Apartments include high-end finishes, energy-efficient appliances and oversized windows. Common area amenities include a rooftop terrace with panoramic views, a 3,000-square-foot fitness center and yoga sundeck, an open-air courtyard and an indoor basketball court.
BELLEVILLE, N.J. — Trevian Capital has funded a $16.5 million first-mortgage bridge loan secured by a fully occupied self-storage and warehouse facility in Belleville. The loan proceeds are being used to pay off an existing defaulted CMBS loan, fund the build-out of an additional 510 self-storage units, and provide the borrower cash out refinancing. The property is primarily occupied by Safe & Secure Self Storage, which occupies 300,000 square feet, with an additional 100,000 square feet of warehouse/storage space leased on a long-term basis to Essex County and Ecuadorian Rain Forest. Additional terms of the financing, including the name of the borrower, were not released.
