NEW YORK CITY — Waterbridge Capital has acquired 37 W. 19th St., a seven-story loft building with ground-floor retail in Manhattan for $10.2 million. The building contains six full-floor units atop a retail center. Brian Hosey of Marcus & Millichap represented the seller, a private investor in the transaction. Michael Federman and Peter Mannarino of Federman Steifman were the seller's attorneys. Hosey also represented the buyer.
BOSTON — Suffolk Construction has been selected to manage the construction of One Channel Center in Boston's Innovation District. A joint venture between AREA Property Partners and Commonwealth Ventures is developing the $125 million project. Crews will construct a 525,000-square-foot, 11-story office building and a 10-level parking garage. When complete, State Street Corp. will occupy the building. The scope of the project will also include the creation of two open-space areas: the 72,000-square-foot New Park and the 9,000-square-foot Iron State Park. The Suffolk project team will also manage streetscape improvements such as new sidewalks, trees and lighting. Suffolk is partnering with architecture firm ADD Inc. for the office portion of the project and architect Spalding Tougias Architects for the parking garage. Construction is scheduled for completion in 2014.
SOUTH PLAINFIELD, N.J. — WP Realty and Angelo, Gordon & Co. have acquired Oak Park Commons, a one-story, 136,939-square-foot community shopping center in South Plainfield. The center is located in Middlesex County, approximately 22 miles southwest of Manhattan. A 60,025-square-foot A&P Supermarket anchors the property. Oak Park Commons is 76 percent occupied, with 33,508 square feet of available space. The center includes a mix of national, regional and local tenants.
STAMFORD, CONN. — Tweedy, Browne Co., an investment advisory firm, will relocate its headquarters from Park Avenue in Manhattan to the Metro Center building, adjacent to the Stamford Transportation Center. The company signed a 10-year lease for 24,421 square feet of office space. Malkin Construction is building out the space and the firm is expected to relocate in early 2013. Brian Goldman and Daniel Hassett of Newmark Grubb Knight Frank represented the tenant in the transaction. The landlord, Malkin Properties, was self-represented by Jeffrey Newman, Kimberly Zaccagnino and Tara Long.
NEW YORK CITY — Hudson Realty Capital has funded a $9.1 million first mortgage loan secured by a 90,000-square-foot office building in Brooklyn. The sponsor plans to use the loan for a discounted payoff and to establish operating and interest reserves. The Class B property is located at 540 Atlantic Ave. and will undergo upgrades to include the conversion of two floors into executive office space. The building is one block from Atlantic Terminal and two blocks from Atlantic Yards, a mixed-use development that includes the Barclays Center arena.
NEWARK, DEL. — Cinemark plans to open a 17-screen theater at the Christiana Mall in Newark. Cinemark will join hunting, fishing and outdoor gear retailer Cabela's, which announced plans last week to open a new location at Christiana Mall. Cabela's will begin construction on a 110,000-square-foot store in 2013 with plans to open in 2014. Christiana Mall is a 1.1 million-square-foot shopping center with approximately 130 stores. General Growth Properties manages the property.
BROOKHAVEN, PA. — Katz Properties has acquired the Plaza 352 shopping center in Brookhaven for $12.3 million. The 207,000-square-foot center was built in 1972 and is located at 5005 Edgmont Ave. The property is anchored by a 59,000-square-foot Pathmark supermarket and a 102,000-square-foot Kmart. Paul Rumley of Metro Commercial Real Estate represented both parties in the transaction. Winslow Property Management will manage the center.
LANGHORNE, PA. — TMI Hospitality has opened the newly constructed SpringHill Suites by Marriott Philadelphia Langhorne. The 91-suite hotel is located at 200 N. Buckstown Dr. in Langhorne, approximately 30 minutes from downtown Philadelphia. Each guestroom features a large desk with an ergonomic chair, two phone lines and high-speed Internet access. Additional features include an indoor swimming pool and spa, fitness center and meeting room. The property is TMI's first hotel in the state, and the company plans to open its second hotel in Pennsylvania later this year.
NEW YORK CITY — Marcus & Millichap has arranged the $6 million sale of 4220-4228 Broadway, a 32-unit apartment property in New York City. Marco Lala of Marcus & Millichap represented the seller, a private investor, in the transaction. Peter Von Der Ahe represented the buyer, also a private investor. Lala has sold nearly a dozen New York City buildings on behalf of the seller, who is divesting of New York properties and acquiring suburban multifamily properties in New Jersey and Pennsylvania.
PARAMUS, N.J. — PGA Tour Superstore has signed a a lease for 57,000 square feet of retail space on Route 17 south in Paramus, at the former Einstein Moomjy Furniture store. The company will open its Golf and Tennis Pro Shop — the 15th national retail location for the chain — later this year. Michael Walters, Ronald Fotiu and Jill Gordon of NAI Hanson represented the property owner, Emil Buehler Trust Fund, in the transaction.
