YONKERS, N.Y. — Construction has begun on the 155-room Hyatt Place hotel development in the Cross County Shopping Center in Yonkers. LW Hotel Associates LP is developing the project, along with Friend Development Group LLC. LodgeWorks Partners LP will manage the hotel, which is slated to open in 2015. Guestrooms at the hotel will feature a 42-inch HDTV and complimentary Wi-Fi access. The hotel will also include 990 square feet of meeting space.
Northeast
NEWARK, N.J. — Sills Cummis & Gross, a full-service regional corporate law firm, has signed a long-term lease at One Riverfront Plaza, Matrix Development Group’s 18-story, Class A office and retail tower in Newark. The law firm will occupy approximately 73,000 square feet at the building. Also known as the Legal Center, the property features a two-story lobby and valet parking, in addition to attached garage parking.
NEW YORK CITY — Marcus & Millichap has arranged the $4.7 million sale of 1231 Lincoln Place and 1382 St. John’s Place, totaling 47 apartment units located in the Crown Heights section in Brooklyn. The sale price equates to approximately $113 per square foot. Derek Bestreich and Lucien Sproviero from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller and represented the buyer, both private investors.
PORTSMOUTH, N.H. — DLJ Group has purchased a 3,312-square-foot, multi-use building in downtown Portsmouth, a city located on the northern shore of New Hampshire. Streetscapes Properties LLC sold the three-story building, which is located at 110 State St. in downtown. The 200-year-old property, which was recently renovated, features a street-level commercial space with an outdoor patio, a backyard and stairs leading to a second-floor deck. The refurbished second and third floors each feature a one-bedroom apartment.
FAIRFIELD, N.J. — Science Applications International Corp. (SAIC) has renewed its 25,000-square-foot lease at 155 Passaic Ave., an 88,000-square-foot office building in Fairfield. Bergman Real Estate Group and Time Equities Inc. owns the property. Steve Fleming of Jones Lang LaSalle represented SAIC in the transaction.
HICKSVILLE, N.Y. — Cushman & Wakefield has completed the $94 million sale of Broadway Mall, a 1.3 million-square-foot retail center in Hicksville, an unincorporated town on Long Island. Andrew Merin, Gary Gabriel, David Bernhaut, Brian Whitmer, Nick Karali, Tom Salanty, Mark Gilbert and John Alascio of Cushman & Wakefield represented the seller, Vornado Realty Trust, in the transaction. The buyer was KKR and Broadway Mall Pacific, a partnership between Pacific Retail Capital Partners, Clifton Realty and Peter Fair of Continuum Partners. More than 90 percent occupied, the mall is anchored by IKEA, Macy's, Multiplex 12 Cinema and Target, which owns its location. Other national retailers include Forever 21, H&M, Old Navy, Victoria's Secret, Foot Locker, Hollister and Buffalo Wild Wings.
MERRIMACK, N.H. — Bradstreet & Chandler and Novaya Real Estate Ventures have acquired Heron Cove Office Park, a 152,308-square-foot, three-building office park in Merrimack. Constructed between 1999 and 2001, the park is among the newest office products in the Greater Manchester/Nashua submarket. Castle Hill Partners sold the portfolio to HCOP Merrimack LLC, a joint venture of Boston-based Novaya Real Estate Ventures and Bradstreet & Chandler. Bill Moylan and Roger Dieker of CBRE/NE represented the seller and procured the buyer in the transaction. Kyle Juszczyszyn and Josh Klimkiewicz of CBRE/NE arranged the financing through East Boston Savings Bank. CBRE/NE’s Roger Dieker, Mike Tamposi and Chris Healey will handle the leasing of Heron Cove going forward. At closing, the park was 59 percent occupied by tenants including Intel Corp., Pennichuck Water Works Inc. and Tyler Technologies Inc.
POTTSTOWN, PA. — Marcus & Millichap Capital Corp. has arranged a $1.3 million loan for the Montgomery County Health building in Pottstown, about 32 miles northwest of Philadelphia. The 10-year loan includes an interest rate of 3.75 percent and a 25-year amortization schedule. The retail and office building is located at 364 King St.
PARSIPPANY, N.J. — Emergency Medical Associates (EMA), a provider of hospital emergency room services, has expanded its headquarters to 70,000 square feet at 3 Century Drive in Parsippany. Jon Williams of Cushman & Wakefield arranged the transaction, which added 24,000 square feet to the organization’s space at the KRE Group property. EMA has been located at 3 Century Drive since 2011, when it initially leased two floors. The expansion added a third.
MOUNT ARLINGTON, N.J. —Marcus & Millichap has arranged the $18.6 million sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, located about 30 miles northwest of Newark. Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, investment specialists in Marcus & Millichap’s Philadelphia office, represented the buyer and the seller, both limited liability companies. Built in 2003, Carriage Club is a 55-plus active adult community located at 1 Hillside Drive. Amenities at the property include a clubhouse, indoor heated pool, fitness center, billiard room, library and putting green.