WINDHAM, CONN., & NORTH KINGSTOWN, R.I. — Boston-based EagleBridge Capital has arranged $2.09 million in permanent mortgage financing for retail properties located in Connecticut and Rhode Island. In Windham, EagleBridge arranged financing for a 7,000-square-foot building, located at 320 Boston Post Rd., which is leased to Advance Auto Parts. In North Kingstown, EagleBridge secured financing for the 4,850-square-foot AT&T Plaza, located at 6070 Post Rd. The property is leased to AT&T Wireless and Great Harvest Bread Co. Brian Sheehan and Ted Sidel of EagleBridge secured the financing, which was provided by a regional financial institution.
OCEANSIDE, N.Y. — Lev Kimyagarov of New York-based Massey Knakal has arranged the $1.08 million sale of a 15,645-square-foot retail development site in Oceanside, located between Weidner and Montgomery Avenues. The 26,000-square-foot site includes a 15,645-square-foot retail building and a single-family home.
CLINTON, MASS. — KBS Capital Advisors, an affiliate of Newport Beach, Calif.-based KBS Realty Advisors, has signed a 48,000-square-foot lease with Worcester, Mass.-based ECM Plastics at 111 Adams Rd. in Clinton, which is part of Adams Road Industrial Park. ECM Plastics will use the lease to expand its business to Clinton. James Stubblebine of Lexington, Mass.-based Stubblebine Co. represented KBS, and ECM Plastics was self-represented.
DANBURY, CONN. — Phoenix Realty Group and Paredim Partners have acquired a 192-unit Hillcroft at Danbury for $27.65 million. Paredim’s upgrades are expected to be $1 million and will focus on landscaping, open spaces, apartment finishes, expansion of the fitness center and covered parking. These upgrades are scheduled to be completed in 12 to 18 months. Marcus & Millichap represented the seller, Fairfield Hillcroft, in the transaction.
LITCHFIELD, CONN. — Elkins Park, Pa.-based Optimum Hotel Brokerage has closed the sale of the 32-unit Litchfield Inn, a boutique hotel in Litchfield, for $2.08 million. Joseph McCann of Optimum was the exclusive broker. In addition to the hotel’s 32 guest rooms, the hotel features more than 4,000 square feet of ballroom facilities and a full service restaurant and tavern. The buyer is planning a complete renovation of the guest rooms.
ROBBINSVILLE, N.J. — CB Richard Ellis has completed a 504,286-square-foot industrial lease at 100 West Manor Way in Robbinsville. Mindy Lissner and William Waxman of CB Richard Ellis’ N.J. office represented the tenant, Kenco Logistic Services, in the transaction and Chuck Fern of the Metropark, N.J. Jones Lang LaSalle office represented the landlord, Principal Real Estate Investors.
CHATHAM, N.J. — Marcus & Millichap has arranged the sale of the 10,200-square-foot Chatham Apartments located in Chatham. The asset sold for $1.7 million and consists of 10 residential apartment units and two commercial units. Kevin McCrann and Thomas McConnell of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, New Jersey-based Sunrise Center Street Corp., and secured the buyer, Chatham Center.
NEW YORK CITY — RFR is scheduled to take over the Paramount Hotel located in Times Square at West 46th Street in New York City. The transaction is scheduled to close in late 2011. RFR is known for recapitalizing and rebranding high quality assets, and this transaction follows suit.The 597-room Paramount Hotel's most recent renovation, in 2009, cost nearly $40 million.
MACUNGIE, PA. — The Philadelphia based Jones Lang LaSalle represented the Carlisle, Pa.-based Allen Distribution in the acquisition of a 580,000-square-foot distribution facility in the Lehigh Valley. The company acquired 3041 Schoeneck Rd., the first of three buildings in the Lehigh Valley Crossings complex, from CB Richard Ellis, who was representing Panattoni Development Co. The industrial complex has been approved for a total of 1.19 million square feet of Class A warehouse distribution space. Vice Presidents of the Jones Lang LaSalle team, Kim Meincke and Jason Webb, represented Allen Distribution in the purchase.
ELIZABETHPORT, N.J. — Waters Edge Crescent, located on Magnolia Avenue, has officially opened. Community Investment Strategies was the developer and property manager and R. Stone & Co. was the contractor for the deal. Originally intended to be a 48-unit for-sale townhome community, Waters Edge Crescent was transitioned to a 71-unit tax credit rental community in the aftermath of the residential housing foreclosure crisis in 2008. The total development cost of Waters Edge Crescent was $21,474,489.