BRAINTREE, MASS. — NAI Hunneman has brokered the sale of a 52,200-square-foot industrial building, located at 116 Lundquist Dr. in Braintree, Mass. for $3.1 million. Catherine Minnerly and Ovar Osvold of NAI Hunneman's Boston office represented the seller, Braintree-based Resources Business Management and Properties Corp., in the transaction. They also procured the buyer, Shaughnessy & Ahern, a rigging and heavy-hauling firm based in Boston.
NEW YORK CITY — Jen Kao, a designer of high-end women's fashion, has signed a 10-year lease for 9,715 square feet of office and showroom space at 10 Hudson Square in the Hudson Square neighborhood. Marc Schoen, Michael Schoen, Brian Neugeboren and Scott Kummings of Savitt Partners' New York City office represented Jen Kao in the transaction. The landlord is Trinity Real Estate.
NEW YORK CITY — Manhattan-based owner Hidrock Realty has secured two loans totaling $66 million for the $126 million development of two new hotels in Midtown Manhattan. BBVA Compass Bank provided a $36 million construction loan for the $72 million development of the hotel located at 960 Avenue of Americas. The hotel is slated for completion in October 2012 and will include 167 guestrooms. The Bank of Nova Scotia provided a $30 million loan for the $54 million hotel, located at 25 W. 37th St. The project will include 173 guestrooms when completed in October 2013.
NEW YORK CITY — NorthMarq Capital has arranged $5.7 million in first mortgage refinancing for the 55,150-square-foot Paradise Theater, located at 2403-2419 Grand Concourse in the Bronx. Craig Bjornsund arranged the 10-year loan for the borrower, The First Paradise Theaters Corp., through NorthMarq's correspondent relationship with Symetra Life Insurance Co.
EAST GRANBY, CONN. —Nidec America Corp., a sales and customer support arm of Nidec Corp., has signed a lease for 10,000 square feet of industrial space at 16 International Dr. in East Granby. Chris Metcalfe of CB Richard Ellis represented Nidec in the transaction while the landlord, Griffin Land, was self-represented.
HARRISON, N.J. — Heller Urban Renewal, the redevelopment arm of Heller Industrial Parks, has started the demolition process to make way for Harrison Station, a 600-unit, mixed-use redevelopment project in Harrison. Designed by NK Architects, the project will include six mid-rise residential towers and 30,000 square feet of ground-floor retail space. The first phase of construction is expected to begin in 2013.
YONKERS, N.Y. — Houlihan Parnes Realtors has arranged financing for a three-story apartment building, located at 609 Van Cortlandt Park Ave. in Yonkers. The property was purchased by a local family business. Jerry Houlihan of Houlihan-Parnes arranged the 10-year loan, which has a 30-year amortization schedule.
OLD WESTBURY, N.Y. —Stalco Construction has completed the $1.2 million construction of a 4,200-square-foot bursar office, waiting lobby and 2,600-square-foot financial aid office at the State University of New York's The College at Old Westbury campus in Old Westbury. Stalco served as general contractor and Kliment Halsband Architects designed the interiors.
SUMMIT, N.J. — Commercial Mortgage Capital has secured $10 million in financing for The Promenade, a three-story apartment and retail property in Summit. Mark Scott of Commercial Mortgage Capital's Livingston office arranged the 10-year loan for the borrower, Summit, N.J.-based Diversified Properties.
HARRISBURG, PA. — Marcus & Millichap Real Estate Investment Services has negotiated the sale of Presidential Halls, 120-unit apartment property in Harrisburg, for $3.4 million. Donald MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap's Philadelphia office represented the seller. They also procured the buyer, a local partnership. The property was 20 percent vacant at the time of sale.