NEW YORK CITY — Hersha Hospitality Trust has agreed to purchase the 205-room Hilton Garden Inn at 52nd Street in New York City for $74 million. The transaction is expected to close shortly after the developer completes the hotel's construction in the fourth quarter of 2013. Jay Shah, CEO of Hersha, says the hotel is expected to appeal to both corporate and leisure travelers. Hersha owns 64 hotels in New York City, Washington, Boston, Philadelphia, Miami and Los Angeles.
DAYVILLE, CONN. — Inland Diversified Real Estate Trust has acquired a majority interest in The Crossing at Killingly Commons, a 395,539-square-foot shopping center in Dayville. Inland purchased the property through a joint venture with Dayville Unit Investors, an affiliate of the seller, for $60.2 million. Completed in 2010, the center is anchored by Lowe's Home Improvement, which operates on a ground lease, as well as Stop & Shop and T.J. Maxx.
NEW YORK CITY — Bloomsbury Publishing, the publisher of JK Rowling's Harry Potter series, has signed a long-term lease for 23,500 square feet at 1385 Broadway in New York City. The building is located between West 37th and West 38th streets, just south of Times Square. The publisher is scheduled to move into the new space in the first quarter of 2013. Leon Manoff of Colliers International represented the tenant in the transaction. Jonathan Serko and Diana Gaines of Cushman & Wakefield represented the landlord.
NEW YORK CITY — The City of New York has signed a 131,946-square-foot expansion lease at 100 Church St. in downtown Manhattan, expanding its occupancy at the 21-story building to 504,466 square feet. The lease renewal has a 20-year term. Michael Geoghegan and John Morrill of CBRE Group represented the tenant in the transaction. Brian Waterman, James Kuhn and Lance Korman of Newmark Knight Frank represented the landlord, SL Green Realty Corp.
CHEEKTOWAGA, N.Y. — Summer Industries has acquired the former GT/Schwinn Bicycle office, warehouse and distribution facility in Cheektowaga for $2 million. The facility is 84,070 square feet. Summer Industries manufactures tubes, cores and canisters made from recycled paperboard. Eric Tudor and Particia Collins of Coldwell Banker Commercial represented the seller in the transaction. Peter Jaremka of JR Militello Realty represented the buyer.
STORRS, CONN. — Chozick Realty has arranged the sale of five student housing complexes near the University of Connecticut in Storrs for $16.1 million. The portfolio contains a total of 231 apartments, with a mix of 160 one-bedroom units and 199 two-bedroom units. Rick Chozick and Tom Boyle of Chozick Realty represented the seller, RRE VIP Mansfield LLC, in the transaction. They also procured the buyer.
NEW YORK CITY — A six-building mixed-use portfolio in the South Bronx has sold for $20.7 million. The portfolio totals 303 apartment units and 14 commercial units for a combined 307,400 square feet. Each of the properties was renovated in 1990. The buildings are located at 1658 Selwyn Ave.; 1254 Sherman Ave.; 1231 Fulton Ave.; 615 E. 168th St.; 1340 Merriam Ave.; and 818 E. 149th St. David Simone, Nicholas Burns and Andrew Essick of Massey Knakal represented both parties in the transaction.
WINOOSKI, VT. — Redstone has arranged $12.2 million in financing for the new Riverhouse project under construction in Winooski. Riverhouse is a 72-unit luxury apartment building located along the Winooski River. The property is slated for completion in the summer of 2013. Doug Nedde of Redstone negotiated the loan through People's United Bank.
LEHIGH VALLEY, PA. — Clarion Partners Property Trust has acquired an ownership interest in Lehigh Valley South, a 315,000-square-foot warehouse and distribution facility in Lehigh Valley, for $9.8 million. The property was constructed in 2008 and is fully leased to two tenants on a triple-net basis.
NEW YORK CITY — Savanna and Monday Properties have completed the sale of 386 Park Avenue South, a 20-story art deco office building in Manhattan's Midtown South district. Savanna acquired a majority stake in the property for $44.2 million in 2010 and launched a $30 million capital improvement plan the following year. Eastdil Secured represented the sellers in the transaction.