NEW YORK CITY — Riu Hotel & Resorts, a Spanish hospitality company, has acquired land along the western side of 8th Avenue in New York City from Glenwood Management Corp. for $111.1 million. The land stretches from 733 to 763 8th Ave., between 46th and 47th streets. Riu plans to build its first New York-based hotel on the site. Steven Shapiro and Ivanhoe led the Greenberg Taurig team that provided legal representation to Glenwood Management Corp. in the transaction.
WEEHAWKEN, N.J. — Lennar Urban has broken ground on a 74-unit condominium building on Weehawken's Hudson River waterfront. The building will be the first of five condominium properties Lennar has planned for the site, which will be named The Avenue Collection. Amenities will include a grand salon with fireplace, concierge, guest suites and a sauna with steam showers. The condominiums will be part of Port Imperial, the 200-acre, $2 billion master-planned community that stretches for two miles along the Hudson River. Prices will start at $700,000 and the building is scheduled for occupancy in the fall of 2014.
MELROSE AND MALDEN, MASS. — Oak Grove Village, a 550-unit luxury apartment community in both Melrose and Malden. The 16-acre neighborhood is located at the edge of Pine Banks Park and features courtyards, walking paths and pedestrian-friendly streets. Amenities include a clubhouse resort-style pool and a parking garage. The property is also adjacent to MBTA's Orange Line Oak Grove Station with service to Boston in less than 15 minutes. Simon Butler and Biria St. John of CBRE Group – N.E. Partners LP represented both parties in the transaction.
NEW YORK CITY — Rockrose Development Corp. has acquired a 19,475-square-foot development site in Manhattan's Hudson Yards area, where it has the ability to construct a 528-unit rental building. The site, located at 528-534 West 39th St., also allows for an additional 1 million square feet of commercial development. Rockrose purchased the parcel from Mercedes Benz. The land area Rockrose has accumulated at the site totals 73,793 square feet. Rockrose is evaluating its options for the site, including the development of a residential, office or hotel property. Howard Greenberg and Anne DeMarzo of Ace Capital represented Rockrose in the transaction. Michael Laginestra and Michael Geoghegan of CBRE Group represented Mercedes.
AMHERST, N.H. — Marmon Utility has purchased a 53,000-square-foot industrial and retail building on Route 101A in Amherst. Marmon Utility's local division, Hendrix Molded Products, plans to relocate its molding operations from Milford to the facility in Amherst. Jeanne Butler of NAI Norwood Group represented the seller, Ceratec Corp., in the transaction. Brad Vear of Vear Commercial represented the buyer.
Economists predict that Pittsburgh will exceed its previous employment peak of 1.16 million within the year. Certainly, the Marcellus Shale and related industries have made the largest contribution to this growth — drilling activity could create more than 200,000 jobs by 2020. The industrial market received perhaps its biggest boost year-to-date from Royal Dutch Shell and Acquion Energy Corp. Shell, which signed a land-option agreement with Horse-head Corp. for its current zinc operations site in Beaver County, intends to build a world-size ethane cracker capable of cracking 80,000 barrels a day. The company will invest more than $1 billion into the regional economy and produce countless employment opportunities in both construction and production. Horsehead plans to relocate its operation to North Carolina in 2013. Aquion, the maker of aqueous electrolyte sodium ion batteries used to store renewable energy, has committed to leasing an initial 250,000 square feet at the former Sony plant in Westmoreland County. The 2.4 million-square-foot facility will enable the company to triple its employees and nearly double its occupancy within the next 5 years. LEASING ACTIVITY JUMPS 500 PERCENT Industrial leasing activity in the first quarter of 2012 increased nearly 500 percent year over year from 2011. …
DEDHAM, MASS. — Archstone has purchased Station 250, a 285-unit apartment community in Dedham, for $94.2 million. The luxury apartment community will be renamed Archstone Legacy Place. The property is located across the street from Legacy Place lifestyle center and adjacent to the Dedham Corporate Center MBTA station with service downtown. CBRE Group – N.E. Partners represented the seller, Fairfield Dedham, in the transaction.
HOPKINTON, MASS. — Construction is under way on a $45 million apartment community in Hopkinton, known as Alta Legacy Farms. The 240-unit development is part of the Legacy Farms project, a 730-acre suburban community consisting of 700 single-family homes. One-bedroom units will range from 722 to 1,000 square feet, while two-bedroom units will measure 1,200 square feet. Amenities will include a billiard room, coffee bar, theater and fitness center. The project team includes Wood Partners, the developer; Legacy, the general contractor; and Cube3 Studios, the project architect.
NEW YORK CITY — United American Land has acquired 160-08 Jamaica Ave., a retail development site in Queens, for $14 million. The property contains 156,000 buildable square feet and is the largest retail development site on Jamaica Avenue. The property had been vacant for 20 years. United American Land plans to renovate the property and lease it to a major big-box retailer within the next six months. Yosef Katz of GFI Realty Services represented the seller, Petra Capital Management, in the transaction. He also represented the buyer.
MEDIA, PA. — Beech Street Capital has arranged a $9.9 million HUD 232/223 (a)(7) loan to refinance Sterling Healthcare and Rehabilitation Center, a 164-bed skilled nursing facility in Media. Joshua Rosen of Beech Street originated the 31-year loan. The center was build in the 1950s and has continually been upgraded by the owner. The property is 93 percent occupied.