ALBANY, N.Y. — Marcus & Millichap has arranged the $1.7 million sale of a 29,374-square-foot, net-leased property occupied by Rite Aid in Albany. Preet Sabharwal, senior associate at Marcus & Millichap’s Manhattan office, marketed the property on behalf of the seller, a private investor, and the buyer, also a private investor. Rite Aid is located at 17-21 N. Pearl St.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $1.8 million sale of five-story walk-up apartment building in the East Harlem section of Manhattan. The sale price translates to $118,000 per unit. The 8,125-square-foot property includes 10 units and is located at 336 E. 117th St. Kobi Zamir, an associate at GFI Realty Services, represented the seller, a local investor. Zamir and Roni Abudi, a managing partner at GFI Realty Services, represented the buyer, also a local investor. The apartment building was built in the early 1900s.
PHILADELPHIA — Home2 Suites by Hilton has opened its 20th and largest U.S. hotel in Philadelphia. The nine-story, 248-suite hotel is located across from the Pennsylvania Convention Center at 1200 Arch St. in Center City. Co-developed by Philadelphia-based Wurzak Hotel Group and Parkway Corp., the property represents the largest Home2 Suites to open since the inception of the brand in 2011. A joint venture between DoveHill Partners, Parkway Corp. and New York-based investment fund Glenmont Capital Management LLC own the hotel, which will be operated by Wurzak Hotel Group. The hotel is part of a $60 million mixed-used project featuring more than 9,750 square feet of retail and restaurant space. The hotel includes high ceilings, natural woodwork and an oversized display of a Philadelphia historical map. The property features a mix of studio, one-bedroom and connecting suites, as well as several accessible suites designed to fit the needs of guests with disabilities.
SAYREVILLE, N.J. — The Azarian Group has begun the renovation of the Raritan International Center, a 75,000-square-foot shopping center in Sayreville, located about eight miles east of New Brunswick. Walgreens and Family Dollar anchor the one-story retail property. Work on the center includes new landscaping, light poles, parking lot and storefront façade throughout the shopping center. Additionally, the renovation includes the construction of a 15,000-square-foot pad site and playground for The Learning Experience. Construction is slated for completion by spring 2014. The shopping center runs along Raritan Street, directly off of Exit 124 of the Garden State Parkway. Available retail space for lease ranges from 2,500 square feet to 13,650 square feet.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.3 million sale of six properties, including five multifamily buildings and one vacant lot, in Central Harlem, the Bronx and Brooklyn. The New Sierra Portfolio includes four walk-up buildings at 423 and 439 Lenox Ave., 134 W. 133rd St. and 140-42 W. 133rd St. in Central Harlem that sold for $5.2 million. The properties feature 47 residential units and three retail units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, an affordable housing developer and operator, and procured the buyer, ABJ Properties. The fifth multifamily building, located at 868 Faile St. in the Hunts Point section of the Bronx, sold for $2 million. The four-story, 17,860-square-foot building includes 21 apartments. Scot Hirschfield, Shkury, Jason Gold, and Sozio of Ariel Property Advisors marketed the property on behalf of the seller, a private investor, and procured the buyer, a local investor. The vacant lot, located at 1164 Greene Ave. in the Bushwick section of Brooklyn, sold for $1.1 million. The property features 50 feet of frontage and approximately 11,000 buildable square feet. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors marketed …
STATE COLLEGE, PA. — The remodeling of Hills Plaza South, an 111,000-square-foot shopping center in State College, is under way. Construction started with the project’s anchor tenant, Weis Markets, which underwent interior renovations in December and exterior renovations with an expansion in June. The shopping center owner, South Canadian Pacific Realty Co., hired architect Albert A. Drobka to design a remodeling for the remainder of the retail center. Veronesi Construction was awarded the construction contract. Vita & Vita Realty Corp. recently signed several tenants at the property including Huntington Learning Center, Pella Windows, Cosmo Prof and H2O To Go, totaling 6,725 square feet. A grand re-opening is planned for November.
BOSTON — Skanska USA Building is constructing a $265 million, 17-story office building in Boston’s Seaport District. Phase I of 134,514-square-foot development began in July with a completion date set for the fourth quarter of 2015. PricewaterhouseCoopers will occupy 75 percent of the building, which will feature ground-floor retail. The London-based company provides audit and assurance, tax and consulting services. Skanska USA, headquartered in New York City, will build the office property to meet LEED Gold certification standards.
PHILADELPHIA — Liberty Property Trust/Synterra Partners has announced it will develop a four-story, 80,050-square-foot office building for Franklin Square Capital Partners in Philadelphia. Franklin Square has signed a long-term lease for the entire building, which is located on 4.4 acres in The Navy Yard Corporate Center. The Class A office building is designed to achieve LEED Gold certification. The new headquarters will include views of Philadelphia’s skyline, a healthy food focused restaurant, a multi-use exercise facility and conference facilities. The building is located at 201 Rouse Blvd.
WEST BRIDGEWATER, MASS. — EagleBridge Capital has arranged $3.8 million in long-term financing for a solar rooftop installation at One United Drive in West Bridgewater, about 30 miles south of Boston. Tenants at the 315,000-square-foot distribution building include Cheer Pack North America, which occupies 187,500 square feet and Federal Express, which occupies 88,500 square feet. Brian Sheehan and Ted Sidel of EagleBridge arranged the financing. A Massachusetts-based financial institution, acting on behalf of United LLC, provided the loan.
SOMERSET, N.J. — CBRE Group Inc. has arranged two office lease transactions totaling 7,506 square feet within Vantage Court, a 208,700-square-foot, two-building complex in Somerset. Joseph Sarno, Jeremy Neuer and Frank Foldetta of CBRE represented the owner, The Winter Organization, in both transactions. In the first deal, an insurance provider signed a lease for 4,251 square feet. Robert Shulman and James Scancarella of Cresa represented the tenant in the transaction. In the second transaction, Olsson and Co. LLC signed a 3,140-square-foot lease. Chris Hovanec and Sam Horowitz of DTZ Corporate Real Estate represented the accounting firm, which is relocating from 230 Davidson Ave. in Somerset. The property is located at 200 Cottontail Lane.
