NEWARK — Marriott International has opened a 150-room Courtyard property near Newark's Prudential Center, the first new hotel in the city's downtown in four decades. Along with its location near the Prudential Center, which hosts about 200 sporting, concert and other events annually, the property is also a few blocks from Newark Penn Station. Tucker Development Corp., the owner and project developer, has also recently secured a lease with Joe's Crab Shack to anchor part of the ground-floor retail space. The restaurant will occupy 5,138 square feet of the 14,000 square feet of retail.
NEW YORK CITY — Hudson Realty Capital has arranged an $11 million first mortgage loan for a four-building, mixed-use portfolio in Manhattan. The borrower is using the financing to acquire the property and establish interest reserves. The property, located between 5th Avenue and Avenue of the Americas, consists of 48,350 square feet. The buildings also feature 85,920 square feet of buildable space to allow for future development.
WEST HARTFORD, CONN. — A Berkshire Bank property, located at 927 Farmington Ave. in West Hartford, has traded for $2.9 million. The bank signed a new, 20-year lease at the 2,680-square-foot building in May. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller in the transaction. Robert Hovarth and Todd Tremblay of Marcus & Millichap represented the buyer.
LAWRENCE, MASS. — Loft Five50, a 160,000-square-foot mixed-income apartment complex has opened in Lawrence. WinnDevelopment constructed the complex within two buildings on the historic former Malden Mills manufacturing site. The property had been vacant for 10 years and Winn acquired the site from Versa Capital in 2011. The 75-unit building includes an indoor theater, fitness center with yoga studio and a community room. The property is north of Boston and two miles from Interstate 93. TD Bank provided financing for the project. Keith Construction was the general contractor and The Architectural Team was the architect.
WARWICK, R.I. — Winstanley Enterprises and Surrey Equities have acquired the historic Rhode Island Mall at 650 Bald Hill Road in Warwick for $38 million. The 450,000-square-foot mall originally opened as the Midland Mall in 1967 as the first two-level enclosed mall in New England. The mall portion of the property, totaling 225,000 square feet, has been vacant since closing in April 2011. The remaining standalone retail space is currently anchored by Sears, Walmart and Kohl's. The new owners plan to renovate the mall and create larger tenant spaces that cater to anchor tenants. Cushman & Wakefield represented the seller, GLL Real Estate Partners, in the transaction. Eastern Retail Properties represented the buyer.
PITTSBURGH — A joint venture between BIG Shopping Centers USA and M&J Wilkow has purchased The Waterfront, a 764,691-square-foot retail center in Pittsburgh. HFF arranged a 10-year, $81.3 million acquisition loan for the buyers through Ladder Capital. The Waterfront is located at 100-146 W. Bridge St., near the University of Pittsburgh Medical Center and Carnegie Mellon University. The property, which is a redevelopment of a steel mill, is 89 percent occupied. Tenants include Best Buy, Michaels, Petco and T.J. Maxx. John Pelusi and Gerard Sanosti led the HFF team that represented the seller.
LOGAN TOWNSHIP, N.J. — Multi-Employer Property Trust (MEPT) has acquired the Kimberly-Clark Corp. Distribution Center, located at 1150 Commerce Blvd. in Logan Township for $36.1 million. The Class A property is situated within the LogistiCenter at Logan industrial park. Completed in 2009, the 566,500-square-foot property features 32-foot clear ceiling heights, expansive column spacing and 267 permanent trailer positions. Michael Hines, Michael Blunt, Brian Fiumara and Brad Ruppel of CBRE Group represented the seller, Northwestern Mutual. Bentall Kennedy advised MEPT on the sale.
NEW YORK CITY — Alfa Development has purchased the Hotel Grand Union, located at 34 East 32nd St. in Manhattan, for $28.6 million or $320,000 per room. The 90-room hotel is located two blocks from the Empire State Building and a short walk from Macy's Herald Square. Alfa has enlisted Marshall Hotels & Resorts manage the property.
NEW YORK CITY — Ivanhoe Cambridge has acquired a 49.9 percent ownership interest in 1411 Broadway, a 40-story office tower in Manhattan, for $360 million. The joint venture agreement with The Swig Co. includes a managing interest for Ivanhoe and a significant investment by both parties to upgrade the property. The 1.2 million-square-foot office tower is located west of Bryant Park and south of Times Square.
ROCHESTER, N.Y. — A Boston-based developer has completed its purchase of the Sibley Building, a 1 million-square-foot mixed-use building in Rochester. Sibley Redevelopment Limited Partnership, an affiliate of Winn Development, plans to spend up to $150 million to renovate the historic building into housing, retail, educational and office space. Genesee Regional Bank provided the acquisition and renovation financing. The current anchor tenant is Monroe Community Colllege, which leases 218,000 square feet of the building for its downtown campus. The property, located at 228 Main. St., is 30 percent leased.