NEW YORK CITY — Vorando Realty Trust has agreed to redevelop the retail and signage components of the Marriott Marquis Times Square hotel at 1535 Broadway in Manhattan. The real estate investment trust plans to invest $140 million in improvements, including converting the underground parking garage into stores and adding six stories of LED signs. Vornado entered into a lease with the landlord, Host Hotels and Resorts Inc., to reposition the property. The lease also contains an option for Vornado to purchase the space from Host Hotels, at a price based on future cash flow.
OSWEGO, N.Y. — SRE-Midtown Acquisitions has purchased Midtown Plaza, a 68,000-square-foot retail center in Oswego. The property contains two floors of retail and office space. Tenants include Rite Aid Pharmacy, Joanne Fabric and The Green Planet Grocery. The new owners are working with the City of Oswego to identify ways to enhance the property, which is located at one of the busiest corners in the city. Louis Fournier and Larry Socia of The Sutton Cos. represented the seller, Dawn BV II, in the transaction. They also represented the buyer.
NEW YORK CITY — Meridian Capital Group has arranged $6 million in financing for the acquisition of two multifamily properties in Brooklyn. The properties include a 20-unit building at 50 Orange St. and a 10-unit building at 161 Columbia Heights. Shamir Siedman of Meridian negotiated the loans on behalf of the borrower, Sugar Hill Capital Partners. Sugar Hill purchased the properties from the Jehovah's Witness-operated Watchtower Bible and Tract Society of New York, which infrequently sells real estate holdings.
NEW YORK CITY — Manhattan-based JEMB Realty has agreed to buy the real estate interests from clothing retailer Daffy's, which filed for bankruptcy Wednesday. Terms of the deal were not disclosed. According to a statement, JEMB will acquire “leasehold interests, certain real estate fixtures and certain intellectual property,” as well as three of Daffy's real estate properties located in the Northeast.
EDISON, N.J. — CDS Inc., which warehouses and distributes furniture, has signed a lease for 29,167 square feet of industrial space at 95 Ethel Road in Edison. The single-story property encompasses 101,928 square feet and features a 22-foot clear ceiling height. Barry Cohorsky of NAI Hanson represented the tenant in the transaction. Steve Bartner of Embee Associates represented the landlord.
The Philadelphia regional industrial market extends outward as the Pennsylvania Distribution Corridor, encompassing the Lehigh Valley, Harrisburg, Wilkes-Barre, and Scranton. This corridor is generally seeing an increase in activity in most categories, especially logistics. That is particularly the case for the largest industrial transactions — those of half-million square feet or more. For example, recent major leases have included Unilever’s 1.3 million-square-foot warehouse/distribution lease completed by Cushman & Wakefield in Newville, just south of Carlisle. Additionally, Crayola Crayons recently announced that it will be going into a new 800,000-square-foot facility to be constructed in the Bethlehem Commerce Center. A corresponding trend, fueled by the demand for big-box warehousing/distribution space, is construction of speculative developments of significant size. Five projects are already under construction: Liberty Property Trust is developing a 1.2 million-square-foot building within the Bethlehem Commerce Center in Bethlehem and a 972,000-square-foot facility in Carlisle; Trammell Crow and USAA formed a joint venture to develop a 700,000-square-foot facility in Mountain Creek Distribution Center in Carlisle; Griffin Lane is developing the 228,000-square-foot Lehigh Valley Tradeport in Lower Nazareth Township; and Exeter Property Group is building a 280,000-square-foot building in Palmer. There is more to come in the near-term. At least two …
PHILADELPHIA — Campus Apartments has completed its first hotel development: the $50 million Homewood Suites by Hilton – University City. The property is located at 4109 Walnut St. in Philadelphia's University City District. The upscale, extended-stay hotel is aimed at attracting professionals, patients and families who require long-term accommodations in close proximity to the academic and medical facilities. The 110,000-square-foot hotel features 136 suits averaging 500 square feet each, a fitness center and indoor swimming pool. The project team included Alesker & Dundon Architects; L.F. Driscoll Co., the general contractor; and Floss Barber, the interior designer.
NEW YORK CITY — A portfolio of six multifamily buildings in Brooklyn has sold for $7.3 million. The buildings, which are all in or within close proximity to the Stuyvesant Heights Historic District, are located at 654 Putnam Ave.; 419-21 Marcus Garvey Blvd.; 319 Malcolm X Blvd.; and 804 and 814 Macon St. The portfolio consists of 47 apartments, 38 of which have been fully renovated with new kitchens and bathrooms. The properties total 37,950 square feet. Michael Amirkhanian of Massey Knakal represented both parties in the transaction.
BOSTON — Suffolk Construction has broken ground on the $77 million Boston Wharf Tower, a 20-story mixed-use development. The project, located at 319 A. St., will feature 202 rental units and a four-level parking garage with 96 spaces. Construction is scheduled for completion in January 2014. Oregon-based Gerding Edlen is developing the project and ADD Inc. is providing architectural services.
NEW YORK CITY — Crocs, the casual footwear retailer, has signed a lease for 13,600 square feet at 152 West 34th St. in New York City. The store marks Crocs fourth location in Manhattan. Since its inception in 2002, Crocs has sold more than 200 million pairs of shoes in more than 90 countries. The new store is expected to open in the summer of 2013. Mark Stempel of CityVest Realty Corp. represented the landlord, The Riese Organization, in the transaction. Steven Greenberg of The Greenberg Group Inc. represented the tenant.