HAVERHILL, MASS. — Parsons Commercial Group Inc. has arranged the sale of 25 Avco Road, in Haverhill for $950,000. The 12,375-square-foot industrial building was built in 2008 and is located in the Ward Hill Industrial Park. Alex Berger, an associate at Parsons Commercial Group, procured the buyer and represented the seller, Avco Realty Trust.
NEW YORK CITY — Chesapeake Lodging Trust has acquired the newly developed 185-room Hyatt Place New York Midtown South, located at 52 W. 36th St. in New York City, for $76.2 million. The hotel, which opened last week, features 250 square feet of flexible, high-tech meeting/function space, a café and 24/7 Gallery Menu. Real Hospitality Group, the operator of Chesapeake’s other hotel in New York City located on 31st Street, will manage the hotel. Fairfield, N.J.-based Chesapeake funded the acquisition with available cash on hand, a credit at closing equal to the outstanding balance of a construction loan provided to the seller, and a $35 million advance under Chesapeake’s $60 million term loan obtained in July 2012.
NEW YORK CITY — Procida Funding & Advisors LLC, a New Jersey-based real estate investment bank, has provided an $8 million bridge loan to Ladera II for its development site at 300 W. 122nd St. in Harlem. The mixed-use project will feature a 13-story, 164-unit residential development with ground-floor retail shops. Procida funded the project in conjunction with Romspen Mortgage Investment Fund, a Canadian-based lender. Construction is scheduled to begin within the next year.
HOLMDEL, N.J. — Holmdel Township has selected Somerset Development to redevelop the former Bell Laboratories property in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 473 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan for the adaptive reuse of the former Bell Labs building that will transform the structure into a vibrant, mixed-use town center. Somerset’s plan will transform the building’s existing atrium into a pedestrian-friendly public promenade and potentially include retail and shopping and dining options, a health and wellness center, skilled nursing facility, hotel and conference center, educational facilities, upscale spa and public facilities. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Somerset is currently under contract with Alcatel-Lucent to purchase the site.
NEW YORK CITY — The U.S. Green Building Council has awarded Conrad New York, a luxury waterfront hotel, located in Manhattan’s Battery Park City, LEED-Gold certification for new construction. Some environmentally friendly features at the Conrad include: a green roof and roof garden with vegetables used by Conrad New York’s signature restaurant ATRIO and Chef Floyd Cardoz of Danny Meyer’s restaurant North End Grill; bike racks for public use; and low-flow plumbing fixtures that help the hotel reduce its water consumption by more than 30 percent. Other features include light-emitting diode (LED) lights for more than 60 percent of all lighting at the hotel, low volatile organic compound (VOC) materials to promote indoor air quality, locally sourced materials, Forest Stewardship Council (FSC) certified wood and Energy Star kitchen equipment.
NEW YORK CITY — The Orbach Group has acquired a three-building New York City apartment portfolio, totaling 178 high-end rental units, for $70 million from Dermot Co. The three Upper West Side apartment buildings—210, 220, and 230 W. 107th Street— are located between Amsterdam Avenue and Broadway and include a mix of one-, two- and three-bedroom units. Rents range between $2,400 and $5,000 per month. The Orbach Group now owns and manages more than 1,000 apartment units in New York City and more than 5,000 units throughout its East Coast portfolio. Andrew Scandalios of HFF represented the seller in the transaction.
JERSEY SHORE, PA. — National Net Lease Realty has arranged the sale of a $3.8 million triple-net leased CVS/pharmacy property at the corner of Allegheny and Bridge streets in Jersey Shore, located about 100 miles north of Harrisburg. The 10,125-square-foot CVS store was built in 2005. CVS has 14 years remaining on its lease. Terry Marks of National Net Lease Realty represented the seller, a California-based LLC, and the buyer, a New York-based LLC, in the transaction.
EDGEWATER, N.J. — Furnishings retailer HomeGoods has plans to open its newest New Jersey location in Edgewater Harbor, a mixed-use development located about 11 miles north of New York City. The 24,000-square-foot store will anchor the 100,000-square-foot retail component of the development. Jake Frantzman of Levin Management negotiated the long-term lease. Jerry Welkis of Welco Realty represented HomeGoods in the transaction.
FLORHAM PARK, N.J. —The Clarus Group LLC and Carlin & Ward P.C. have signed leases at Florham Park Corporate Center, a 226,000-square-foot, Class A office property in Florham Park, N.J. The Clarus Group signed a lease for 5,375 square feet at 25 B Vreeland Road, which is located just off the Columbia Turnpike near Eisenhower Parkway. Fred P. Hyatt of Jones Lang LaSalle represented the Clarus Group. Bryn Cinque and James Bailey of Colliers represented the landlord in the transaction. Additionally, Carlin & Ward, a law firm, renewed its lease of 5,894 square feet of office space at Florham Park. John Osborne of Bergman Real Estate Group represented the landlord, while Jeremy Neuer, Peter Shikar and Robert Norton of CBRE represented Carlin & Ward in the transaction.
CLINTON, MASS. — Fantini & Gorga has arranged $14 million in long-term financing for the redeveloped Lofts at Lancaster Mills, a 132-unit apartment complex located in Clinton, about 45 miles west of Boston. The 15-year loan was placed with a major insurance company. The Lofts at Lancaster Mills was redeveloped out of a portion of an existing mill structure. The property has high-end unit finishes and amenities, which include a theater, indoor basketball court, indoor putting green and car wash station.
