Northeast

REI TO OPEN FIRST NEW YORK CITY LOCATION

by admin September 17, 2010

NEW YORK CITY — REI plans to open its first retail located in New York City with the signing of a 39,000-square-foot lease at Manhattan's historic Puck Building. The outdoor retailer will occupy 14,000 square feet of ground-floor space and 25,000 square feet of below-grade space at the historic building, which is located at the corner of East Houston and LaFayette streets. The new store will be contained over three floors and will feature a full-service bike repair shop. Susan Kurland of CB Richard Elllis represented REI in the long-term deal. Lori Shabtai of Winick Realty represented the landlord, Kushner Cos. The store is REI's third planned for the Tri-State area. A location is East Hanover, N.J., is already open, and another one will open next month in Norwalk, Conn.

September 17, 2010

NORTHMARQ ARRANGES $18.84 MILLION FOR PA. STUDENT HOUSING BUY

by admin September 17, 2010

SLIPPERY ROCK, PA. — NorthMarq Capital has arranged $18.84 million in acquisition financing for Ivy Apartments, a 632-bed, 200-unit student housing community located in Slippery Rock. Constructed in 2008, the property is situated near Slippery Rock University. It was sold through the bankruptcy courts to the loan's borrower, Oculus Capital Group. Frank Relihan of NorthMarq's Washington, D.C., office secured the loan, which carries a 10-year term and a 30-year amortization schedule. The lender is Freddie Mac.

September 17, 2010

Multifamily Northeast

CAMPUS APTS TO DEVELOP NEW HOUSING AT SHIPPENSBURG U.

by admin September 16, 2010

SHIPPENSBURG, PA. — Shippensburg University is partnering with Philadelphia-based Campus Apartments to develop new on-campus housing. The $63 million first phase of the project will add 900 beds in three new residence halls. Two of the dorms will be located on North Campus, and one of which will feature a 13,000-square-foot wellness center. The third building will be a live-learn community located on South campus that will provide housing as well as the new home for the school's Honors College. The projects will break ground in 2011 and plan to open in time for the fall 2012 semester. The development team for the project includes CUBE 3 Studio, Harkins Development Corp., Greenman-Pedersen and RBC Capital.

September 16, 2010

Industrial Northeast

NAI SUMMIT BROKERS 87,350-SQUARE-FOOT WAREHOUSE SALE IN PA.

by admin September 16, 2010

HAZLETON, PA. — NAI Summit has brokered the sale of an 87,350-square-foot warehouse in Hazleton. The property is situated within Valmont Industrial Park at 500 Jaycee Drive. It traded for $950,000. Bob Nemeth of NAI Summit represented the seller, Kalola Associates. The buyer, Cradle Real Estate, plans to lease the space to Concord Plastics, which will use it as a recycling center.

September 16, 2010

Northeast Office

MARVEL ENTERTAINMENT SUBLEASES 60,000 SQUARE FEET IN MANHATTAN

by admin September 16, 2010

NEW YORK CITY — Marvel Entertainment has signed a 9-year sublease for 60,000 square feet at 135 W. 50th St. in Manhattan. The company plans to relocate its headquarters to the space from 417 Fifth Ave., where its lease was soon to expire. The new space will also allow the company to house its offices on a single floor. Marvel will take occupancy on October 1. Robert Silver of Newmark Knight Frank represented Marvel in lease negotiations. Robert Alexander and Christopher Mansfield of CB Richard Ellis represented the sublessor, Alliance Bernstein. The building's owner is UBS.

September 16, 2010

Hospitality Northeast

FANTINI & GORGA SECURES $39.7 MILLION FOR RADISSON HOTEL BOSTON

by admin September 15, 2010

BOSTON — Fantini & Gorga has secured $39.7 million in first-mortgage financing for the Radisson Hotel Boston. Located at 200 Stuart St. in the city's Theater District, the hotel contains 358 guestrooms as well as a 750-space parking garage. Amenities include meeting space, a fitness center and an indoor pool. Other features of the hotel complex include two restaurants, Theater Café and Rustic Kitchen, and the 480-seat Stuart Street Playhouse. Tim O'Donnell and George Fantini of Fantini & Gorga arranged the loan through the lender, Citizens Bank. JPA Management, an affiliate of the hotel's developer and owner, manages the property.

September 15, 2010

Northeast

MASSEY KNAKAL BROKERS CHELSEA DEVELOPMENT SALE FOR $4.24 MILLION

by admin September 15, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a development site located in Manhattan's Chelsea neighborhood for $4.24 million. The site is located at 559 W. 23rd St. near the High Line. It contains 18,515 buildable square feet. It is suitable for future mixed-use development with residential and retail space. Massey Knakal's James Nelson and Brock Emmetsberger represented the undisclosed seller. The buyer was also undisclosed.

September 15, 2010

Industrial Northeast

NAI PLATFORM NEGOTIATES 42,000-SQUARE-FOOT FLEX SALE IN N.Y.

by admin September 15, 2010

EAST GREENBUSH, N.Y. — NAI Platform has negotiated the sale of a 42,000-square-foot flex warehouse building in East Greenbush. The building is located at 1 Power Way and consists of half office space and half warehouse space. NAI's Dan Slote, Jim Harder and Tyler Culberson represented the undisclosed seller. The buyer's name was also not released.

September 15, 2010

Hospitality Northeast

DIAMONDROCK ACQUIRES HILTON GARDEN INN CHELSEA FOR $68.4 MILLION

by admin September 14, 2010

NEW YORK CITY — DiamondRock Hospitality Co. has acquired the Hilton Garden Inn Chelsea New York City for $68.4 million. The 169-room hotel is located in Manhattan's Chelsea neighborhood on West 28th Street, between 6th and 7th avenues. DiamondRock acquired the hotel at a 7 percent capitalization rate and expects it to generate more than 20 percent RevPAR growth this year with an average daily room rate of more than $200. The seller's name was not released.

September 14, 2010

Northeast Retail

WP BREAKS GROUND FOR PHASE II OF DEVON VILLAGE IN PA.

by admin September 14, 2010

DEVON, PA. — WP Realty has broken ground for Phase II of the Devon Village mixed-use project. The Shops at Devon will consist of a 3,300-square-foot restaurant building and a 12,800-square-foot retail building. The Shops at Devon will be connected to Phase I of the project, which totals 80,000 square feet and is anchored by Whole Foods. Ignarri Lummis is the project architect for The Shops at Devon, and Brubacher Excavating is the general contractor.

September 14, 2010

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