YORK, PA. — MBA Hotel Brokers Inc. has arranged the sale of the 134-key, five-story Holiday Inn Express & Suites in York. John Downes, associate broker with MBA Hotel Brokers Inc., represented the seller, GIA Associates, and the buyer, Bergen Hospitality LLC, in the transaction. Built in 1993 and converted to a Holiday Inn Express & Suites in 2002 by the sellers, the hotel underwent extensive renovations totaling more than $1.8 million during 2012 and 2013.
WATERBURY, CONN. — Cole Real Estate Investments has acquired Naugatuck Valley Shopping Center, a 382,864-square-foot property in Waterbury, for $41 million. The center is situated on 50.5 acres approximately two miles north of Interstate 84. Stop & Shop and Walmart anchor the property. Jim Koury and Coleman Benedict with HFF's Boston retail team represented the seller and also identified the buyer in the transaction.
FARMINGDALE, N.Y. —TDI Real Estate Holdings LLC has begun a $40 million construction project that will create 154 apartments, almost 20,000 square feet of retail space and secure parking across the street from the MTA/Long Island Railroad's Farmingdale Station. The project will feature high-end residential units with a range of common area amenities such as a clubroom, fitness facility, garage parking and courtyard recreation areas. The location is also a one-block walk from Farmingdale's Main Street, home to a variety of shops and restaurants. Ten percent of the development's residential units have been set aside for workforce housing. Bartone Properties, a Farmingdale-based developer, entered an agreement to purchase the property in 2007 but spent almost six years obtaining approvals for the project before seeking a partner. Yuri Kletsman of Berkadia Commercial Mortgage LLC assisted in sourcing the construction financing for the project.
CHATHAM, N.Y. — Axiom Capital has arranged $8.3 million in construction financing for a stand-alone grocery store development in Chatham, located about 25 miles south of Albany. The non-recourse, 10-year loan includes an initial 12-month interest only construction period, which will convert to a 30-year amortization schedule after. The loan also features a five-year extension option. The 45,000-square-foot grocery store will be built on a seven-acre site. The property is slated for a mid-July 2014 completion date and will be fully leased to Price Chopper.
NEWARK, N.J. — Reliable Health Solutions, a health administration consultancy and business processing outsourcing company, has leased 10,000 square feet at 570 Broad in Newark. The Berger Organization, which manages and operates the 15-story tower, recently completed the fit-out of the firm’s new headquarters, located on the building’s seventh floor. Brendan Berger, vice president of The Berger Organization, represented his company in negotiating the long-term transaction. NAI Geis, based in Philadelphia, served as tenant broker. The Berger Organization maintains a controlling interest in 570 Broad Street LLC, the partnership that owns 570 Broad. Other tenants at 570 Broad include State Farm Insurance, Chase Manhattan Bank, Baldassare & Mara, PC Tech and Lycatel.
PHILADELPHIA — Radisson Blu has completed the $20 million renovation and conversion of the Radisson Blu Warwick Hotel in Philadelphia. The hotel marks the third Radisson Blu hotel in the United States, joining Radisson Blu Aqua Hotel in Chicago and the Radisson Blu Mall of America in Bloomington, Minn. The renovation of the 301-room historic hotel, situated in the Rittenhouse Square district, includes a redesign of all guestrooms and corridors, a new business class floor with a private lounge, as well as a new lobby. Jim Hamilton of interior design and graphics firm Graven Images designed the hotel. Originally opened in 1926, the hotel is listed on the National Register of Historic Places.
WARWICK, R.I. — Seavest Healthcare Properties LLC has completed the new $13.9 million, 62,724 square-foot Kent Ambulatory Services Pavilion in Warwick, about 15 miles south of Providence. The facility is located at 455 Toll Gate Road on the campus of Kent Hospital, part of the Care New England Health System. It houses a 31,000-square-foot ambulatory surgery center and medical office space for physicians. White Plains, N.Y.-based Seavest Properties III healthcare real estate fund owns the building, which is leased to Kent Hospital. The Washington, D.C., office of Trammell Crow Co. developed the building for Seavest. Steffian Bradley Architects of Boston designed the facility. Providence-based Dimeo Construction Co. was the general contractor.
PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.3 million loan for the construction of a 40-unit apartment property in Philadelphia. The Mount Vernon Apartments development will convert a former industrial building into a multifamily property. MMCC arranged a five-year loan that includes a fixed interest rate of 4.75 percent.
BRUNSWICK, MAINE — New England Hotel Realty (NEHR) has arranged the sale of the 30-room Captain Daniel Stone Inn in Brunswick. The buyer, a global investment company, plans to renovate the property and develop additional guest rooms and an 1,800-square-foot health spa. The new owner, who owns the Troca Hotels collection, will also rebrand the Captain Daniel Stone Inn as part of his luxury collection after renovations are completed. NEHR represented the seller, a local lender, in the transaction.
NEW YORK CITY — Three office buildings located at 164-168 Canal St., 40-42 Elizabeth St. and 159-165 Canal St. in Manhattan’s Chinatown neighborhood have sold for $95.5 million. The properties total 79,375 square feet. The six-story, 49,950-square-foot building located at 164-168 Canal St. was 70 percent occupied at the time of sale by tenants such as Citibank and NY Life & Co. George Comfort & Sons Inc. and ASB Real Estate Investments purchased the building for $61.9 million, or $1,239 per square foot. The five-story, 24,425-square-foot office building at 40-42 Elizabeth St. includes two ground-floor retail spaces with 16 office units above. The two-story, 5,000-square-foot office property at 159-165 Canal St. includes ground-floor retail and is anchored by First Republic Bank. Isaac and Joseph Oved of The Oved Group purchased the two buildings at 40-42 Elizabeth St. and 159-165 Canal St. for $33.6 million, or $1,142 per square foot. Paul Massey Jr., Robert Burton and Nick Petkoff of Massey Knakal arranged the transactions on behalf of a family who sold the buildings.