WILMINGTON, MASS. — A 177,350-square-foot industrial building and approximately 12.17 acres of land, located at 30 Industrial Way in Wilmington, has sold for $4.5 million. Gregory Cahill and Rob Cronin of Lincoln Property Co.'s Boston office represented the seller, Beckwith Realty. The buyer was self-represented.
Northeast
JERSEY CITY, N.J. — The 467-unit The Residences at Dixon Mills has started its next phase of redevelopment, which includes the hallways, lobbies and courtyard areas. Nancy Santos, LLC, was the architect for the project and designed each of the five buildings to have their own style through color schemes, artwork and light fixtures that match the old style architecture of the development.
NEW YORK CITY — AXIS Reinsurance Co. has leased 121,019 square feet at 1211 Avenue of Americas in New York City, a 2 million-square-foot, Class A office building. Mario Chiarella and Mark Fowler of Weichert Commercial Brokerage and Dana Pike of George Comfort & Sons represented the tenant and Cushman & Wakefield represented the owner, Beacon Capital Partners.
NEW YORK CITY — The Clarion Partners and Lightyear Capital have completed the management buyout of ING Group's private market real estate investment management business in the Americas. The company, which will revert to its former name of Clarion Partners, will remain headquartered in New York City and operate in the U.S., Mexico and Brazil. Clarion Partners has ownership in nearly 1,200 properties and more than $22 billion in real estate assets under management.
GREAT NECK, N.Y. — Great Neck-based BRT Realty Trust has entered into a joint venture, known as BRTL, with an affiliate of Torchlight Investors. The joint venture has the right to acquire short-term commercial real estate mortgage loans originated by BRT. The maximum capitalization is $100 million, of which Torchlight will fund 80 percent and BRT will fund 20 percent. BRT will manage the new entity.
SAYREVILLE, N.J. — Bass Pro Shops has signed a letter of intent for a 200,000-square-foot store at The Point, a $2 billion, 3 million-square-foot mixed-use property under development in Sayreville. The first phase is the 620,000-square-foot retail center The Landing at The Point, where O'Neill Properties Group, the developer for the project, is expecting the first retail tenants to open in 2013.
WOODBRIDGE, N.J. — Woodbridge-based Helios Capital has completed the acquisition of a $2.69 million non-performing loan for a 30-unit, 18,613-square-foot multifamily building in Manhattan's Upper East Side. Josh Malka of Helios Capital represented the buyer, an affiliate of Brick Realty Capital. The lender was a New York-based bank.
BOSTON — Bethesda, Md.-based Pebblebrook Hotel Trust has acquired the 235-room W Boston hotel for $89.5 million from Starwood. The hotel is located in the Theatre District and features 5,000 square feet of meeting space, a spa and fitness center. Also in the hotel are two restaurants, Market and W Lounge, with a third, Descent Theme Bar, scheduled to open in July. Starwood Hotels and Resorts will continue to manage the property. No brokers were used in the transaction.
NEW YORK CITY — The 176-room Aloft New York Brooklyn, located at 216 Duffield St. in Brooklyn, New York City, has opened. The hotel features a two-story lobby atrium, the w xyz bar, a roof terrace bar, a lobby lounge, a fitness center and an indoor pool. Aloft is owned by Starwood Hotels & Resorts. This is the second Aloft for New York City, with the other located in Harlem.
ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of a two-building, 23-unit apartment complex located at 510-512 5th Ave. in Asbury Park. Steven Follman represented the seller, 510-512 Fifth Avenue Apartments, Inc., and procured the undisclosed buyer.