BEDFORD, MASS. — Acting on behalf of a pension fund client, Lowe Enterprises Investors (LEI) has acquired the Doubletree Bedford Glen Hotel in Bedford from AEW Capital Management for an undisclosed amount. The 281-room hotel is located at 44 Middlesex Turnpike. The hotel underwent a significant renovation in 2006, but LEI plans to implement a $1 million capital improvement plan to upgrade the property, including the common areas and meeting space. The hotel will be managed by LEI affiliate Destination Hotels & Resorts and will continue to operate as a Doubletree branded hotel.
MORRISTOWN, N.J. — New York-based RXR Realty, a private real estate and investment company, has completed renovation of the company's 220,000-square-foot, Class A office building at 44 Whippany Rd. in Morristown. The project included upgrades to the building's lobby and common areas. RXR also added a fitness center and a meeting space for team training sessions or large conferences.
SOUTHPORT, CONN. —Washington Trust's Commercial Real Estate Group has provided $6 million to Southport Crossing, for the refinancing of a 37,500-square-foot, two-story office building at 3530 Post Rd. in Southport. The borrower was Ronald Marsilio of The Marsilio Group, which owns the property.
BURLINGTON, VT. — City Sports, an athletic gear chain, will open a new store in Burlington next summer, marking the Boston-based brand's latest retail venture in New England and its first in the Green Mountain state. Scheduled for a June 2012 opening, the City Sports store will be located at 35 Church St., part of the Church Street Marketplace. City Sports will occupy the first-floor space of a former Borders book store. The Burlington shop will be City Sports' second store to open in the New England area in under a year, joining the Wellesley, Mass. location that opened in September 2011.
NEW YORK CITY — Manhattan-based developer Storage Deluxe has purchased 362 Fourth Ave. in Brooklyn N.Y. for $4.1 million. The 14,420-square-foot site has a 9,525-square-foot building that is currently occupied by a dialysis center. Storage Deluxe plans to develop the site, which is situated between the Hotel Le Bleu and a retail strip center, when the dialysis center's lease expires. Louis Perfetto of Cohen and Perfetto LLP represented Storage Deluxe in the transaction. Ryan Condren, Eric Altschul, Duke McCabe and Marissa Harrison of CPEX represented the seller, a local investor.
NEW YORK CITY — An office tower located at 137 Varick St. in Hudson Square has reached full occupancy, thanks to two new tenants and another tenant expanding its space. The NYU Poly Varick Street Incubator, an entrepreneur development program run by The Polytechnic Institute of NYU, signed a three-year lease to relocate to 28,364 square feet of space in the building's second and seventh floors. Paik Architecture agreed to a five-year lease for 2,988 square feet of office space and Unity Construction signed a four-year extension to increase its square footage to 3,100 square feet from 2,000 square feet. Trinity Real Estate, the building's owner, was represented by Marc Packman and Tom Lynch in the company's negotiations with Unity Construction and Paik Architecture. Peter Fontanetta represented Trinity in the NYU-Poly deal. All three leases were negotiated directly with the tenants.
CARLE PLACE, N.Y. — Yonkers-based AVR Realty Co. has broken ground on a 150-unit Homewood Suites Hotel in Carle Place. The project, which is valued at $19 million, will replace an undeveloped automobile storage yard. The hotel is expected to open in about 15 months. Tritec Construction is building the hotel for AVR, the hotel's developer.
BOXBOROUGH, MASS. — SynQor has extended its 102,619-square-foot office lease at 155 Swanson Rd. in Boxborough Corporate Center, located at 495 and 111 Boxborough. Andrew Majewski, Jason Levendusky and Tim Lyne of CBRE's Boston office represented the tenant in the transaction. The landlord, New Boston Fund, was self-represented. SynQor supplies power conversion solutions to the communications, computing and industrial markets.
OCEANSIDE, N.Y. — Modell's Sporting Goods, an equipment, footwear and active apparel retailer, has opened a 16,460-square-foot store located on Long Beach Rd. in the Long Island community of Oceanside. It is the retailer's 61st location in New York. The company operates more than 140 stores in 11 states.
LONG ISLAND CITY, N.Y. — TF Cornerstone has closed on a $265 million construction loan to refinance a 40-story residential tower, located at 4545 Center Blvd. in Long Island City, N.Y. The 820-unit rental building is one of four new buildings at TF Cornerstone's waterfront development named East Coast. Construction of the latest tower, 4545 Center Blvd., has already begun. Completion is expected in 2013. The project will include 12,300 square feet of retail space and a 1,000-space parking garage. Wells Fargo, M&T Bank, Bank of America and Capital One provided the loan.