NAPANOCH, N.Y. — Napanoch Valley Mall, located at 7500 Route 209, has sold for $5 million to Walmart Stores Inc.. The mall, which sits on a 20-acre site, will be redevelop into a 130,000-square-foot Walmart and include an adjoining 7,600-square-foot retail plaza. The Napanoch Post Office and three retail tenants will occupy the new space. Crossroads Cos. represented the seller, Napanoch Valley Mall LLC, in the deal. Tree Line Real Estate represented Walmart Stores. Located in western Ulster County, Napanoch is situated at the junction of Routes 209 and 55. The nearest retail centers are 40 minutes away in Middletown or Kingston.
NORWALK, CONN. — Houlihan-Parnes Realtors LLC and Q10 Realty Advisors LLC have arranged a $2.3 million mortgage on 83 East Ave., a 40,000-square-foot office and medical building in Norwalk. The property is undergoing capital improvements including a new lobby, bathrooms, elevators, landscaping, exterior lighting and painting. The office building is home to 18 tenants and is managed and leased by GHP Office Realty. The interest-only loan was placed with a local bank at an interest rate of 4.25 percent for a two-year term and an option to extend. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the loan. Ray Cohen of Chicago Title arranged the title. Robert Ocko of Harrington, Ocko & Monk LLP represented the borrower.
BOSTON — CBRE has arranged the sale of The Beacon Hill Portfolio, a 16-unit apartment portfolio, which includes 24 Joy St. and 88 W. Cedar St., located in Boston’s historic Beacon Hill neighborhood. The portfolio consists of two four-story apartment buildings that were built in the late 1800s. Beacon Hill Apts. LLC, a private partnership led by Luzern Associates LLC, sold the portfolio to an affiliate of The Copley Group.
NEWTON, MASS. — Hospitality Properties Trust (HPT) has signed a letter of intent and entered into an exclusive negotiating period for hotel investments with Madrid-based NH Hoteles (NHH) on properties in Latin America, Europe and the United States totaling approximately $375 million. Under the agreement, HPT will purchase five hotels in Latin America from NHH for $70 million. HPT will also provide a €170 million (U.S. $223.4 million) loan to NHH on four hotels in Europe. NHH and a European partner currently own a 242-unit hotel in New York City. HPT and NHH will form a joint venture to acquire this hotel. HPT expects to provide up to $80 million to retire the ownership of NHH's current partner and fund a major refurbishment of this hotel.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of a mixed-use building for $11.3 million. The six-story, 58,400-square-foot building, located on 103 Thayer St., includes 68 residential units and six retail units. Fort Tryon Park, home of the Cloisters Museum, is located across the street and provides tenants with outdoor amenities such as playgrounds, tennis courts, ball fields, hiking trails and a waterfront promenade. Robert Shapiro of Massey Knakal handed the transaction.
NEW YORK CITY — eMarketer, a global information resource on digital marketing, media and commerce, has signed a 53,000-square-foot lease at 11 Times Square. The building is a 1.1 million-square-foot, LEED-Gold certified office and retail tower and is owned by a joint venture of SJP Properties and investors advised by Prudential Real Estate Investors. eMarketer will occupy floors 12 and 14 at the tower. Timothy Dempsey, Roger Griswold and Greg Maurer-Hollaender of CBRE represented eMarketer in the transaction, while Mitchell Konsker and Paul Glickman and Diana Biasotti of Jones Lang LaSalle represented SJP Properties.
NEW YORK CITY — Hines along with partners Pacolet Milliken Enterprises Inc. and institutional investors advised by J.P. Morgan Asset Management have broken ground on 7 Bryant Park, a new trophy-class office tower in Manhattan. The building, which is located between West 39th and 40th streets on the site of the former 1045 Avenue of the Americas, will include 10-foot finished ceilings, full-height clear vision glass and two spacious outdoor tenth-floor terraces. Designed by architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the 28-story, 470,000-square-foot steel and glass tower will offer direct and expansive views of Bryant Park as well as the historic New York Public Library. Turner Construction Co., the general contractor, began construction at the end of 2012, and first occupancy is planned for the first quarter of 2015. The project price was undisclosed.
PARAMUS, N.J. — Michael Fascitelli has resigned as Vornado Realty Trust’s president and chief executive officer, effective April 15. Fascitelli said he plans to take a break after which time he will pursue new challenges. He will continue to serve on Vornado's Board of Trustees. Fascitelli joined Vornado 16 years ago as president and trustee. In May 2009, he became chief executive officer. The board has appointed Steven Roth, the company's chairman, as the new chief executive officer. Vornado is one of the largest owners and managers of commercial real estate in the United States with a portfolio of more than 100 million square feet, primarily located in the New York and Washington, D.C. areas. The publicly traded real estate investment trust trades under the symbol VNO on the New York Stock Exchange.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of an office building portfolio for Yeshiva University for $87.5 million. The buildings are located in New York City and include: 920 Broadway, a 16-story office building located on the southeast corner of Broadway; and 9 East 38th Street, a 12-story office building located on the north side of East 38th Street, between Fifth Avenue and Madison Avenue. Bob Knakal and John Ciraulo of Massey Knakal handled the transaction.
SECAUCUS, N.J. — Hartz Mountain Real Estate has sold 2 Emerson Lane, a two story, 283,215-square-foot industrial facility in Secaucus for $18.4 million. CoreSite Realty Corp. purchased the property. The industrial building is situated on a 10-acre site and is close to the New Jersey Turnpike, Interstate 495, Newark Liberty Airport and Port Newark. It was purchased vacant and will be converted to a data center. The HFF investment sales team represented Hartz Mountain Real Estate in the deal.