HAUPPAUGE, N.Y. — Cushman & Wakefield Inc. has completed the sale of 2929 Expressway Drive, a 152,254-square-foot, Class A office building located in Hauppauge, NY. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Rob Kuppersmith of Cushman & Wakefield represented the seller, a joint venture between Ivy Realty and CenterSquare Investment Management. The group also procured the buyer, a joint venture between Mason Asset Management Inc. and Great Neck N.Y.-based Namdar Realty Group.
ROCHESTER, N.Y. — Marcus & Millichap has arranged the $1.4 million sale of Crab Shack Restaurant, a 7,784-square-foot net-leased property located in Rochester. Preet Sabharwal and Steven Stoehrer, both from Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. Crab Shack Restaurant is located at 749 E. Henrietta Road.
NEW YORK CITY — Sitt Asset Management LLC has sold 240 West 40th Street, a 159,774-square-foot office building in Manhattan, to AEW Capital Management for $63 million. The 13-story, loft-style building is fully leased to fashion label DKNY. Richard Baxter, Jon Caplan, Scott Latham, Yoron Cohen and Stephen Shapiro led Jones Lang LaSalle’s capital markets group, which represented the seller in the transaction.
BURLINGTON, N.J. — The real estate investment division of Las Vegas-based Moonbeam Capital Investments LLC has purchased the former Macy’s store in Burlington, about 20 miles northeast of Philadelphia. The purchase price was undisclosed. The 184,000-square-foot store is located at 2501 Mt. Holly Road within proximity to the Burlington Center Mall. Moonbeam, which also owns the mall, has plans to redevelop the property and adjacent land. David Bieber and Craig Levitan of Newmark Associates Inc. represented both the seller, Macy’s, and the buyer in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged the $9.3 million sale of two multifamily buildings at 453 W. 152nd and 465-467 W. 152nd Street in the Hamilton Heights section of Manhattan. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller and procured the buyer, both real estate investors. The property at 465-467 W. 152nd St. is a 100-foot-wide, five-story building totaling 36 units. The apartments include a mix of one-, two- and three-bedroom units. The 50-foot wide, five-story building at 453 W. 152nd St. includes a mix of 16 one-, two- and three-bedroom units.
NEW YORK CITY — Colliers International has arranged a 59,323-square-foot lease renewal on behalf of law firm Richards Kibbe & Orbe LLP, which will continue to occupy its headquarters space at 200 Liberty St. in Lower Manhattan. Richards Kibbe & Orbe serves the financial and business communities and has offices in New York City, Washington, D.C., and London. The firm occupies the 28th and 29th floors at 200 Liberty St. Brookfield Office Properties owns the building. David Cheikin and Christopher Zizza of Brookfield Office Properties represented the landlord in-house in the transaction.
WEST HARTFORD, CONN. — CBRE/New England’s capital markets team has arranged the $14.3 million sale of Elmwood Plaza located at 176-178 Newington Road in West Hartford. Stop & Shop Supermarket anchors the approximately 80,000-square-foot shopping center. Chris Angelone, Bill Moylan, Nat Heald, Bruce Lusa, Jeff Dunne and David Gavin of CBRE, represented the seller, Winstanley Enterprises LLC, and procured the buyer, Inland Real Estate, in the transaction.
JERSEY CITY, N.J. — Forbes Media signed a 10-year, 92,720-square-foot lease for the entire ninth and 10th floors of 499 Washington Boulevard, a 14-story, Class A office building in Jersey City. The 60,000-square-foot tower is located within Newport, a mixed-used community developed by LeFrak that includes more than 5,000 luxury apartments and is located minutes from Manhattan. The American media publishing company will relocate its former headquarters in Manhattan to Newport by the end of 2014. Marylou Berk, senior vice president and head of commercial real estate at LeFrak, and Charles Borrok, executive vice chairman of Cushman & Wakefield, secured the lease on behalf of Newport.
NIAGARA FALLS, N.Y. — Aries Capital LLC has closed an $8.5 million CMBS loan for an 87-unit Holiday Inn Express in Niagara Falls, N.Y. Constructed in 2009, the property is the newest hotel in Niagara Falls and is owned by borrower Mohan Saran, who owns hotels with his partners in New York and South Carolina. The five-year, non-recourse loan includes a fixed interest rate and a 25-year amortization schedule. Eric Jones, vice president in the firm’s Chicago office, arranged the financing.
ALLENTOWN, PA. — HREC Investment Advisors has arranged the sale of the 124-guestroom Hampton Inn in Allentown. Ketan Patel, senior vice president, and Geoff Davis, president and senior principal at HREC, represented the seller in the transaction. The buyer, New York City-based Troutbrook/Freud Development, plans to complete a multi-million dollar renovation of the property. GE Capital provided the acquisition financing. Troutbrook/Freud Development has hired Marshall Hotels to manage the property. The hotel is located adjacent to Interstate 78 and is about 13 miles from the Lehigh Valley International Airport.