WOMELSDORF, PA. — Marcus & Millichap Real Estate Investments has arranged Outer Banks’ $2.13 million purchase of two absolute net ground leases in Womelsdorf. The tenants, Fulton Bank Corp. and Turkey Hill LP — located at 2400 and 2600 Conrad Weiser Park, respectively — are subject to a 15-year absolute net ground lease with rent increases through the base term for each tenant at the time of the transaction. Approximately 13 years remained on the base term for Fulton Bank and Turkey Hill at the time of the sale. Marcus & Millichap’s Derrick Dougherty, Mark Taylor and Dean Zang represented the seller, Womelsdorf I, LP. Marcus & Millichap’s Michael Shover, Thomas Gorman, Matthew Gorman, Dougherty, Taylor and Zang also procured Outer Banks in the transaction.
NEW YORK CITY — Mortgage Equicap has arranged a $5 million bridge loan for the renovation of a mixed-use property in New York City’s Upper West Side. The property consists of 4,000 square feet of ground level retail space and 16 apartments totaling 12,000 square feet. The 12-month bridge loan is interest only during the initial term with a 4.75 percent floor. Mortgage Equicap’s Daniel Hilpert arranged the non-recourse loan.
LEHIGHTON, PA. — Omega Hospitality has purchased a 78-room Hampton Inn Hotel by Hilton location for $4 million. The hotel is located at 877 Interchange Rd. in Lehighton and was in foreclosure at the time of the transaction. The hotel features an indoor pool, a fitness center and a whirlpool. DelShah Capital purchased the distressed asset’s mortgage note and sold the asset to Omega.
FARMINGTON, CONN. — CSM North has purchased the 21,000-square-foot office complex at 1577 New Britain Ave. in Farmington for $1.5 million. The three-building complex sits on 4.49 acres and will become the new headquarters for Acsys Interactive, Inc. upon completion of renovations. David Richard of Colliers International represented the seller, 1577 New Britain Avenue LLC, and Colliers’ Ray Thomas represented CSM North in the transaction.
NEW YORK CITY — The New York City Council has given Solar One, an environmental educational organization, $1.25 million for the construction of Solar 2, a building designed to maximize energy sustainability. The grant is in addition to the $6.1 million already raised toward the $10 million goal before construction commences. The 13,000-square-foot building will sit on the East River at 23rd Street and will offer the city community and educational programs. The building will feature geothermal heating, a water reclamation system, an outdoor green theater, a green roof and a vegetative green screen to filter carbon dioxide. Solar 2 will pursue LEED Platinum certification and will add a native wetland exhibit area to Stuyvesant Cove Park.
PHILADELPHIA — Bottom Dollar Food has commenced construction on a new 19,600-square-foot store at the intersection of Roosevelt Boulevard and Borbeck Street in the Rhawnhurst section of Philadelphia. SRD’s Richard Soloff is completing the development of the site. Colliers International’s Matthew Shanahan represented the landlord and Fameco Real Estate represented Bottom Dollar in the transaction. The new site, which will be Bottom Dollar’s third store in the city of Philadelphia, was once home to Ilona Keller’s Dugan Banquet Hall.
CONSHOHOCKEN, PA. — Academy in Manayunk (AIM), a nonprofit school for children with language-based learning disabilities, has signed a 15-year, approximately 63,500-square-foot lease at River Park 2 at 1200 River Rd. in Conshohocken. The facility will house a professional development wing and outdoor facilities. Mike Barker and Dan Dagit of CB Richard Ellis’ Philadelphia office represented AIM in the lease.
BOSTON — ProMed Properties has purchased the Biewend and Tupper buildings in Boston for approximately $112 million. The buildings sit on the Tufts Medical Center campus and are 100 percent leased to Tufts Medical Center, a teaching hospital for Tufts University Medical School. The 14-story Biewend Building, located at 260 Tremont St., is 154,500 square feet and houses the New England Eye Center, Division of General Internal Medicine and the Adult Orthopedic Clinic. The 14-story Tupper Building, located at 15 Kneeland St., is 97,600 square feet and houses 12 stories of laboratories and two stories of office space. Grubb & Ellis’ Phil Giunta and Anthony Biette represented Daymark Realty Advisors, the buildings’ managers, and procured ProMed Properties.
SOMERSET, N.J. — SHI International has converted a former AT&T facility into a 420,000-square-foot, cloud-computing center that will serve as SHI’s world headquarters. The new facility is expected to house nearly 1,000 employees. The main building of SHI’s new campus is centered around two five-story towers as well as a third ancillary building. Turner Construction and Unity Construction led the project efforts, and Cornerstone Architectural Group designed the project. The roof is equipped with solar panels that can generate 500 kilowatts of electricity annually. The facility is three times larger than SHI’s current headquarters and occupancy begins this month.
NEW YORK CITY — Massey Knakal has brokered the $18.75 million sale of a mixed-use development site at the former Stella D’oro Bakery at 184-190 W. 237th St. in New York City’s north Bronx. The property sits on 5.2 acres and is comprised of 167,000 square feet, which includes a two-story factory building and a one-story garage/retail complex. The site will be redeveloped into a 162,000-square-foot retail complex. Karl Brumback of Massey Knakal represented the sellers in the transaction. Metropolitan Realty Associates and Angelo, Gordon & Co. purchased the property.