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.
Low vacancy persists in the Fairfield and New Haven county apartment sector behind respectable job growth and the accompanying creation of new rental households. Multifamily rentals also continue to derive support from the region’s pricey single-family home market. In New Haven County, rentals remain the most cost-effective housing option for many households and younger residents. An acutely low level of single-family home affordability also exists in the most sought-after neighborhoods in Fairfield County, driving many residents to apartments for extended tenures. With high single-family prices posing a barrier to homeownership for many households and creating a large pool of renters, multifamily developers are ramping up production, especially in Fairfield County. Thus far, new construction has been rather well received. Vacancy in recently built properties in Stamford/Norwalk was up slightly to the mid-3 percent range this year as complexes coming online stabilized, despite average rents in excess of $2,500 per month. Tight vacancy also persists in lower-priced 1990s-era rentals in the submarket. By the end of 2013, employers in the market are projected to create 11,500 jobs, marking a 1.5 percent expansion of payrolls. Gains in education and health services, and professional and business services primarily accounted for an increase of …
EAST CAMBRIDGE, MASS. — Rockwood Capital and Related Beal have completed the sale of One Kendall Square in East Cambridge to Divco West. Terms of the transaction were not disclosed. Rockwood and Related Beal acquired the property from Lincoln Property Co. and JER Partners for $211 million in 2006. One Kendall Square is a nine-building portfolio including approximately 670,000 square feet of office, laboratory and retail space. The property also features a 1,574-car parking garage, a nine-screen cinema and a development site. The 7.9-acre, transit-oriented campus includes six full-service restaurants, a variety of shops, daycare center, new fitness center and easy access to public transportation.
LAWRENCEVILLE, N.J. — Cronheim Mortgage has arranged $3.8 million in financing for Westgate Apartments, a 72-unit multifamily property located in Lawrenceville. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the seven-year loan for Westgate Management LLC. Constructed in the mid-1960s, Westgate Apartment consists of nine, two-story apartment buildings. The community features 36 one-bedroom and 36 two-bedroom units, ranging in size from 775 square feet to 900 square feet. The property is located near Interstates 95 and 295 and U.S. Route 1 within the Greater Princeton area.