CORNWALL, N.Y. — National Net Lease Realty has arranged the $4.1 million sale of a CVS in Cornwall. The buyer is a New York-based investor who acquires core, net-leased assets. Terry marks of National Net Lease Realty represented the seller, a private investor in the transaction.
CHESTNUT HILL, MASS. — Pottery Barn, Swedish children's apparel retailer Polarn O. Pyret and Treat Cupcake Bar have signed new leases for space at the Chestnut Hill Shopping Center in Chestnut Hill. The new stores are scheduled to open in the spring of 2013 in a new building at the site of a former Macy's. The new stores join others recently announced including The Sports Club/LA , Cinema de Lux, Shake Shack, Pinkberry and gourmet Asian restaurant, Bernard's.
BOSTON — Hostelling International has opened the new $43 million Boston Hostel at 19 Stuart St. in Boston. Hostelling International is a network of 4,000 budget-oriented accommodations in 90 countries, favored by international and youth travelers. The 480-bed Boston hostel will replace the company's 208-bed hostel in the city's Fenway neighborhood. The property was built to LEED standards and is expected to be the first LEED-certified hostel in the nation. Prices start at $29 per night per guest and the hostel includes a cafe and community room.
NEW YORK CITY — Hudson Realty Capital has arranged a $6 million construction loan for a vacant industrial loft building in the North Williamsburg section of Brooklyn. The property owner plans to renovate the five-story building and reposition it as a residential condominium. Once complete, the building will feature a mix of studio, one-, two- and three-bedroom units, as well as loft apartments.
BURLINGTON, MASS. — Green Mountain Coffee Roasters is consolidating its single-cup Keurig brewing business into a new campus in Burlington. The company signed a lease for 424,000 square feet at the Burlington Research Center. The build-to-suit deal gives the company room to expand, while consolidating operations at facilities in Reading, Wakefield and Woburn. Michael Frisoli, J.R. McDonald and Robert Griffin of Cushman & Wakefield represented the tenant in the transaction. Jon Varholak and Ron Friedman of Richards Barry Joyce & Partners represented the landlord, the Gutierrez Co.
SOMERSET, N.J. — TA Associates Realty has purchased a 159,000-square-foot industrial property in Somerset from Cornerstone Real Estate Advisors for $10.7 million. Built in 1998, the warehouse and flex building is fully leased to six tenants. The building is located at 65 Clyde Road and features 42-foot clear ceiling heights and 40-foot by 40-foot column spacing. Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield marketed the property.
GIBSONIA, PA. — Philips Edison – ARC Shopping Center REIT Inc. has acquired Northtowne Square, a 113,327-square-foot shopping center in Gibsonia, for $10.6 million. The center is fully occupied and anchored by an 86,477-square-foot Giant Eagle grocery store, which has 12 years remaining on its lease. Recently, Petco signed a 10-year lease at the property for 9,000 square feet. The acquisition brings Philips Edison's total portfolio to 14 properties.
BETHEL TOWNSHIP, PA. — Dollar General Corp. has plans to build a $100 million, 900,000-square-foot distribution center, located at Interstate 78 and State Route 501 in Bethel Township. The facility will be located in Berks Park 78, a new industrial park, and is expected to create 500 jobs as well as an additional 75 trucking jobs. A group of economic development professionals housed within the state's Department of Community and Economic Development coordinated the project with the Berks County Industrial Development Authority. With more than 10,000 stores in 40 states, Dollar General has more retail locations than any retailer in America. In fiscal 2011, the retail chain posted $14.81 billion in sales. Construction is slated to begin this fall, with hiring starting in the fall of 2013.
NEW YORK CITY — A six-story apartment building located at 181-191 South 9th St. in Brooklyn's Williamsburg neighborhood has sold for $4.4 million. The 24,900-square-foot property includes 30 units. Mark Lively and Brendan Maddigan of Massey Knakal represented the seller in the transaction.
BOSTON — Developers have broken ground on Longwood Center, a 11-story laboratory building in Boston's Longwood Medical Area. The planned facility will include 414,000 square feet of space adjacent to the Joslin Diabetes Center. A joint venture between National Development, Charles River Realty Investors, Alexandria Real Estate Equities and Clarion Partners is developing the project. The project is scheduled for completion in the fall of 2014.