VERNON, N.J. — CB Richard Ellis (CBRE) has brokered the $2.3 million sale of the Vernon Medical Arts Building located at 212 Route 94 in Vernon. The property is 100 percent occupied, making it the only fully outfitted urgent care facility in Sussex County. CBRE’s Charles Berger and Elli Klapper represented the buyer in the transaction.
NORTH HAVEN, CONN. — Easter Seals Goodwill Industries, Inc. has purchased a 24,100-square-foot office building at 432 Washington Ave. in North Haven. O,R&L Commercial’s Tim McMahon represented the seller, Circle Media, Inc., and Toby Brimberg of O,R&L represented Easter Seals Goodwill.
NEW YORK CITY — Marriott International, Inc. and Granite Broadway Development have signed a franchise agreement to develop New York City’s tallest hotel — the Courtyard and Residence Inn Manhattan/Central Park. The 68-story development will house two hotels: Courtyard’s 378-room hotel and Residence Inn’s 261-room hotel. Designed by architect Nobutaka Ashihara, the new hotel building will rise 752 feet, making it the tallest stand-alone hotel building without office or residential space in New York City. The hotels will share a main entrance and a fitness center on the 34th floor, but Courtyard guests will stay on floors six through 32 and Residence Inn guests will stay on floors 36 through 64. There will be a restaurant on the second floor and a lounge and terrace with outdoor seating on the fifth floor. The project is slated for a late 2013 opening and will be managed by Interstate Hotels and Resorts.
MANCHESTER, PA. — Panattoni Development Co., Inc. has purchased a 193,000-square-foot distribution center/warehouse at 75 Steamboat Blvd. in Manchester from Harley-Davidson Motor Co. The property is located in the Brickyard Industrial Park and features 12,000 square feet of office space, a 100-space parking lot and a 152-trailer storage space. Harley-Davidson vacated the property in July. Colliers International’s Lee Fein and Michael Zerbe as well as Cassidy Turley’s James Barry represented Harley-Davidson. Panattoni was represented in house, and Cushman & Wakefield’s Gerry Blinebury, Pat McBride and Leah Balerno will handle future lease negotiations on behalf of Panattoni.
BENNINGTON, VT. — Wilton, Conn.-based Westport Capital Partners has closed on the sale of The Inn at Fillmore Pond in Bennington — the last facility to be sold that was part of the four-facility senior housing portfolio known as the New England Healthcare Portfolio. Westport Capital purchased the portfolio in partnership with Capital Health Group and Kaplan Development Group in April 2007 for $83 million, which equates to approximately $210,000 per unit. The ownership added 14 cottages oriented for independent living and completed a 28-unit dementia wing addition to the Bennington facility. The other facilities in the portfolio include: The Inn at Forge Hill in Franklin, Mass., which sold in 2010. The Inn at Robbins Brook in Acton, Mass., which sold in 2010. The Inn at Spruce Wood in Durham, N.H., which sold to an owner/operator of senior housing properties.
CRANSTON, R.I. — Marcus & Millichap Real Estate Investment Services has brokered the sale of a Stop & Shop in Cranston for $13.52 million. The 50,000-square-foot retail space is currently finishing construction and is slated to be open for business in the third quarter of this year. Marcus & Millichap’s Robert Horvath and Todd Tremblay represented the seller, Churchill & Banks, and the buyer, Cole Capital.
CONNECTICUT and NEW JERSEY — Centro Properties Group US has announced the following store openings: Smoothie King has opened a 1,750-square-foot location at the Shoppes at Cinnaminson at the intersection of Route 130 and Church Road in Cinnaminson, N.J. Centro Properties owns the Shoppes at Cinnaminson and was represented in house by Jason Fox. China May has opened a 1,760-square-foot restaurant location in the Ocean Heights Shopping Center near the intersection of Route 9 and Ocean Heights Avenue on Bethel Road in Somers Point, N.J. Centro Properties owns Ocean Heights Shopping Center and was represented in house by Dina Berlin. T-Mobile has opened a 1,600-square-foot retail location in Stratford Square at the intersection of Route 1 and Longbrook Avenue in Stratford, Conn. Centro Properties owns Stratford Square and was represented in house by Nick Andreadis
NEW YORK CITY — Colorado-based UDR, Inc. has entered into an definitive agreement to acquire Dwell95, a 507-home apartment community located at 95 Wall Street in New York City, for $325 million. The 22-story building was the former headquarters for J.P. Morgan before it was converted to residential apartments in 2008 by The Moinian Group. The average size of a unit is 668 square feet and it is currently 93 percent occupied. Excluding the 7,526 square feet of retail space and 97-space parking garage, the sales price equates to $550,000 per apartment home. The transaction is funded through $275 million in cash and $50 million in the issuance of operating partnership units. The building will receive a tax abatement until 2023 and an exemption from real estate taxes until 2021, both of which include a 4-year phase out period. Dwell95 is located one block east of 10 Hanover Square, a 493-home community also owned by UDR. Doug Harmon of Eastdil Secured was the sole broker in the transaction, advising both UDR and seller.
NEW YORK CITY — Robert K. Futterman & Associates (RKF) has brokered the sale of the 4,000-square-foot retail condominium at 11 W. 51st St. in New York City’s Jewel Hotel for $17.5 million. The space is fully leased to Banco Popular. RKF’s Jeff Fishman, Mark Kapnick, Brian Segall and Jonathan Butwin represented the seller, 11 West 51 Realty. RKF also represented the buyer, Samson 51. Kapnick also arranged the 4,000-square-foot lease of retail space below Banco Popular to tapas restaurant Lizarran on behalf of Masterworks.
NEW YORK and PENNSYLVANIA — Minneapolis-based Northmarq Capital has arranged the mortgages for the following properties: Rapid Park, a 600-space parking garage located at 204-205 W. 101st St. in New York City, received $8.5 million in first mortgage financing. The loan is based on a 10-year term with a 30-year amortization schedule and was arranged through Northmarq’s relationship with Lincoln Financial Group. Northmarq’s Charles Cotsalas and Ernest DesRochers arranged the financing. Stop & Shop, a 55,000-square-foot retail facility at 8019 Jericho Turnpike in Woodbury, N.Y., received $6 million in first mortgage financing based on a 10-year term and a 30-year amortization schedule. Cotsalas and DesRochers arranged the financing through Northmarq’s relationship with Allstate Life Insurance Co. A historic, 30,000-square-foot mixed-use building located at 100 and 136 Glen St. in Glen Falls, N.Y., has received $2.34 million in first mortgage financing based on a 5-year term and 20-year amortization schedule. Northmarq’s Scott DeVinney arranged the financing through Northmarq’s relationship with First Niagra. Lantern Hill, a 21,000-square-foot bank/office pad in Doylestown, Pa., has received $1.6 million in first mortgage financing based on a 15-year term and a 25-year amortization schedule. Northmarq’s David Henrich arranged the financing through Northmarq’s relationship with Columbian Mutual …
