PRINCETON, N.J. — HREC Investment Advisors has brokered the sale of a DoubleTree by Hilton hotel in Princeton. Located at 4355 U.S. Route 1, the 239-room hotel sold for an undisclosed price. Ketan Patel and Geoff David of HREC represented the undisclosed seller in the transaction. The name of the buyer was not released.
ALLENTOWN, PA. — Patriot Equities has purchased a 600,000-square-foot office campus located at 1110 American Parkway in Allenton for an undisclosed price. Situated on approximately 145 acres, the property include two Class A office buildings connected by a glass atrium. Additionally, the properties have two parking garages and surface parking. There are also approvals in place to construct an additional 400,000 square feet of office space. Patriot Equities purchased the property from LSI Corp., which has retained 110,000 square feet of space on a long-term lease. Additional tenants include Intel Corp. and United Way. Patriot Equities has retained CBRE to provide property management services at the location.
NEW YORK CITY — Eastern Consolidated had brokered the sale of a vacant commercial building, located at 117-119 West 21st St. in the Chelsea/Flatiron district. The Amirian Group acquired the property for $28.5 million. The buyer plans to redevelop the four-story commercial building, which has 38,612 square feet of buildable space, into a residential building featuring one townhouse triplex unit, six full-floor units and two duplex penthouses. Amenities for the new development will include a doorman, storage and five on-site parking spots. Brian Ezratty of Eastern Consolidated represented the seller and procured the buyer in the deal. Manish Majithia of Eastern Consolidated facilitated the equity for the buyer. Richard Horowitz of Cooper Horowitz brokered the acquisition and construction financing. Andrew Albstein and Rob Loshiavo of Goldberg, Weprin, Finkel, Goldstein were the attorneys for the seller, while Matt Kasindorf and David Moss of Meister Seelig & Fein served as legal counsel for The Amirian Group.
READING, PA. — HFF has secured $17.7 million in financing for Spring Towne Shopping Center in Reading. HFF represented the borrower, Brandolini Cos., to secure a long-term, fixed-rate loan with an institutional quality insurance company. The loan will be used to refinance an existing mortgage on the property. Located at 2641-2679 Shillington Road, the four-building, 277,860-square-foot retail center is anchored by Lowe’s Home Improvement Warehouse and Giant. In addition to the anchor tenants, the center is more 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers. Ryan Ade and Christopher Bigos of HFF negotiated the financing on behalf of the borrower.
NEW YORK CITY AND MOUNT VERNON, N.Y. — Ariel Property Advisors has brokered the sales of two properties located in New York. In the first transaction, Post Graduate Center for Mental Health, a non-profit developer, acquired a development site at 130-134 East 177th St. in the Bronx’s Mount Hope section. The site, which offers 56,438 buildable square feet, sold for $2.5 million, or $45 per buildable square foot. Scot Hirschfield, Jason Gold, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and the procured the buyer in the deal. In the second transaction, a two-story commercial building located at 6 N. Third Ave. in Mount Vernon sold for $3.35 million. The 20,000-square-foot elevator building features seven commercial units, six street-level units and a catering hall on the second floor. Hirschfield, Gold, Sozio and Agbaba represented the seller and procured the buyer, both private investors, in the transaction.
SMITHTOWN, N.Y. — Sovereign Realty Group has brokered the sale of a freestanding restaurant property located at 942 W. Jericho Turnpike in Smithtown. The 3,610-square-foot property sold for $2.6 million in an all-cash transaction. Burger King occupies the property under a long-term lease, which begin in late 2014. Frank Caporrino and Clem Cote of Sovereign Realty Group represented the buyer and seller, which were not disclosed.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a multiple-property portfolio, known as the Lee Estate Portfolio, for $107 million. Spanning Brooklyn, Manhattan and Ulster County, N.Y., the portfolio consists of 17 retail and residential properties in Williamsburg, Brooklyn, which were acquired by L3 Capital LLC and ASB Real Estate Investments; a grocery store on Linden Boulevard in East New York; a three-story residential building in East Williamsburg; a co-op apartment on the Upper East Side; and a 108-acre site in Ulster County. Adelaide Polsinelli and Benjamin Tapper of Eastern Consolidated represented the seller, Lee Estate, and procured the buyers in the multi-faceted transactions. Additionally, Chris Matousek of Eastern Consolidated served as analyst for the transaction, and Roy Martin of Hodgson Russ Attorneys was the attorney for seller.
NEW YORK CITY — Quadrum Global and Simon Baron Development (SBD) have signed a 99-year ground lease at 267 West 87th St. in Manhattan’s Upper West Side. The partnership plans to develop an 18-story, 100,000-square-foot residential building on the site. The 10,000-square-foot tract of land currently houses a parking garage, which will be demolished to make way for new project. This is the fifth joint venture project between Quadrum and SBD and the second deal on the Upper West Side. Terms of the lease were not released.
PARK RIDGE, N.J. — CBRE Group has brokered the sale of an office building located at One Sony Dr. in Park Ridge. Hornrock Properties purchased the 220,877-square-foot building from Sony Electronics Inc. for an undisclosed price. As part of the sale, the building will be partially leased back to Sony Electronics for two years. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Jeffrey Babikian of CBRE represented the seller and procured the buyer in the transaction.
WAKEFIELD, MASS. — Starwood Hotels & Resorts Worldwide has opened its third Four Points hotel in the metro Boston area. Located at 1 Audubon Road in Wakefield, newly converted Four Points by Sheraton Wakefield Boston Hotel & Conference features 280 guestrooms, an 18,000-square-foot conference center, full-service dining and an indoor pool. The hotel is owned and operated by Meera LLC, an entity of Jamsan Hotel Management. Additionally, the hotel is scheduled to complete a $5 million renovation to upgrade all guestrooms and public areas by early next year.
