QUINCY, MASS. — UBS, a Zurich-based asset manager, has renewed and expanded its lease to 26,425 square feet at the Ten 99 building, located at 1099 Hingham St. in Quincy. Richard McKinnon of The Grossman Cos. represented the landlord, Rockland Haverstraw, in the transaction. Stephen Woelfel and Laura Finamore of Cushman & Wakefield represented the tenant.
Retail activity in Greater Pittsburgh will likely gain positive momentum through the remainder of 2012, with moderate growth expected in 2013. Grocery stores, local restaurants, fast casual national chain restaurants, medical retail, and upgraded locations for existing national tenants have led the way for recent retail activity in Pittsburgh. The general atmosphere at the annual ICSC RECon convention in Las Vegas was upbeat and optimistic regarding the retail sector recovery nationally. I believe that the ICSC convention is a strong indicator that retail growth is headed in an upward direction. The Pittsburgh retail markets are broken into four quadrants: North (Cranberry/Wexford), South (South Hills Village/Mt. Lebanon), East (Monroeville/Murrysville) and West (Robinson). The Cranberry/Wexford market continues to be the most active, with sales being driven by the new 500,000-square-foot McCandless Crossing Development. Tenants there include Lowe’s, LA Fitness, Hilton, Fidelity Bank and Cinemark. The Northern quadrant along the Route 228 corridor continues to develop with new projects, such as the relocation of Dick’s Sporting Goods to a new larger facility and the completion of the Cambria Suites project. Additional activity on the Route 228 corridor includes a new free-standing La-Z-Boy furniture store, GetGo gas and convenience store, and two additional outparcels …
NEW YORK CITY — SBE and Moin Development Corp. are teaming up to build a new SLS Hotel in New York, the first in the city for the luxury brand. Crews will convert an existing office building into a 190-room hotel located at 444 Park Ave. South in Manhattan. The hotel will also feature bar venues in the lobby and a restaurant concept on the rooftop. It will be the third SLS Hotel in the U.S. and is slated to open by 2013. The reported cost of construction is $85 million
NEW YORK CITY — TreeTop Development has purchased a 52-unit apartment building with 12,000 square feet of retail and commercial space in Manhattan for $8.8 million. TreeTop plans to invest $2.5 million in upgrades to the property, which is located at 165 West 127th St. Apartment rents at the property will start at $1,600 for one-bedroom units and $1,800 for two-bedroom units. Three-bedroom units will be priced at $2,200.
LEXINGTON, MASS. — Stone River Properties has purchased the Marrett Square shopping center in Lexington for $2.52 million. Tenants at the 16,791-square-foot retail center include Anton's Cleaners and Boston Nail & Spa. The center is also located 1.5 miles from Interstate 95. Robert Tito and Gina Barroso of NAI Hunneman represented the seller, Camblex Realty Trust, in the transaction. They also procured the buyer.
STANTON, DEL. — Bernie Kenny of FSSC has purchased the First State Plaza in Stanton, a 164,779-square-foot shopping center. Kenny is the founder of Delaware Supermarkets, a company that operates five ShopRite supermarkets in Delaware. First State Plaza is anchored by a ShopRite supermarket and tenants also include Cinemark, Dollar Tree and the U.S. Post office. The new owner plans to renovate the property and include the installation of a bus shelter. Jeff Dunne of CBRE Group represented the seller, USRP I LLC, in the transaction.
PHILADELPHIA — Children's Crisis Treatment Center has signed a lease for 43,673 square feet at the Waterview Corporate Center at 1080 North Delaware Ave. in Philadelphia. The nonprofit agency will consolidate three other Philadelphia locations into the new space this fall. Currently, the offices are located at 1823 Callowhill St., 1830 Callowhill St. and 417 N. 8th St. Peter Soens and Peter Shrier of SSH Real Estate represented the tenant in the transaction. Neil Brazitis and Les Hagget of Newmark Knight Frank Smith Mack represented the landlord, Core Realty Inc.
HYANNIS, MASS. — DoubleTree by Hilton has opened a newly renovated, full-service hotel in Hyannis. The hotel, previously a Radisson, has reopened as the 160-room DoubleTree by Hilton Cape Cod-Hyannis. Renovations were completed in all areas of the hotel. Guest rooms feature new carpeting, window treatments, furniture and bedding. An outdoor pool and fire pit have been added in the landscaped courtyard. The hotel is owned and operated by Ridgewood Hotel Associates under a franchise license agreement with a subsidiary of Hilton Worldwide.
NEW YORK CITY — HH Realty Equities has purchased a 30,000-square-foot office and retail property at 1308 East 13th St. in Brooklyn for $6.5 million. The building is fully occupied, with Valley National Bank as the main retail tenant. Additional tenants include medical billing and insurance companies. Robert Klein of Kalmon Dolgin Affiliates represented the buyer in the transaction. He also represented the seller, Avenue M Associates.
NEW YORK CITY — Hudson Realty Capital has funded a $5.9 million first-mortgage loan for a 50,400-square-foot apartment and retail property on Woodhaven Boulevard in Queens. The borrower, a real estate owner and investor, plans to use the proceeds for a discounted first-mortgage payoff and to establish reserves to stabilize the property. The six-building property includes 42 apartment units and 11,250 square feet of retail space. Occupancies are 83 percent and 20 percent for the residential and commercial units, respectively.
