NORTHBOROUGH, MASS. — IT provider Akibia Inc. has renewed its lease for 42,000 square feet at 20C Forbes Road in Northborough. J.R. McDonald and Stephen Woelfel of Cushman & Wakefield represented Akibia in lease negotiations. CB Richard Ellis represented the undisclosed landlord.
NEW YORK CITY — NorthMarq Capital has arranged $8.1 million in first-mortgage financing for a mixed-use building located in New York City. The five-story property is located at 111-113 E. 12th St. It contains approximately 10,000 square feet of retail and office space as well as 15 apartments. The loan carries a 7-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq's Long Island office arranged the loan on behalf of the undisclosed borrower through StanCorp Mortgage Investors.
STONINGTON, CONN. — Zachry Nuclear Engineering is expanding its Connecticut facility with the signing of a new, long-term lease for a 67,651-square-foot building in Stonington. The company will relocate from its current facility in Groton to the new building, which is located at 14 Lords Hill Road, in 2012. It will renovate the building, a former manufacturing facility, into loft-style office and R&D space. Ted Harris of Studley represented Zachry in lease negotiations. Dan Barber of Northeast Property Group represented the landlord, Shermen Group.
LONDONBERRY, N.H. — Tinkham Realty has brokered the trade of two development sites in Londonberry. The buyer in both deals was Concord, N.H.-based Pillsbury Realty Development. The first site totals 9 acres and is located at 2 Ash St. It is zoned for industrial development. The second site totals 38 acres and is located at 34 Hovey Road. It is currently zoned for agricultural/residential use, but Pillsbury plans to develop it in conjunction with the first site. The combined purchase price for the two sites is approximately $2.1 million. Judy Tinkham of Tinkham Realty represented Pillsbury and procured the sellers, both of which were family partnerships.
NEW YORK CITY — Hudson Realty Capital has secured $2.8 million in first-mortgage financing for an 8.9-acre industrial park located in Staten Island. The loan will be used to assist in the acquisition of the property's existing first mortgage. The property contains five three-story warehouse buildings totaling 165,150 square feet. The borrower and lender were not disclosed.
NEWARK, N.J. — TreeTop Development has acquired a three-property portfolio of apartment buildings in Newark from the U.S. Department of Housing and Urban Development. In the first deal, TreeTop partnered with New York City-based Latus Partners to acquire the 258-unit Aspen River Park in the city's Ironbound district. The new owners plan to complete $1.5 million in capital improvements. The other two properties are the 88-unit Aspen Temple, which is located at the corner of South 10th and 11th streets, and 135 Prince Street, which is located adjacent to Society Hill.
NEW YORK CITY — United American Land is developing a new mixed-use project at the corner of Fulton and Bridge streets in Brooklyn, near the entrance to the Fulton Street Mall. Known as 505 Fulton Street, the project will consist of the construction of a new two-story building totaling 130,000 square feet and the renovation of an adjacent landmark structure. H&M has already signed on as the anchor tenant for one of the buildings. Coldwell Banker Commercial Hunter Phoenix is serving as owner's representative, Greenberg Farrow is the project architect, and the general contractor is OTCA/BDD-JV.
BROOKLAWN, N.J. — Gebroe-Hammer Associates (GHA) has brokered the sale of Brooklawn Court Apartments in Brooklawn. The property traded for $3.1 million in an all-cash deal. Brooklawn Court comprises 54 two-bedroom units in three two-story, garden-style buildings that are located at 301-501 Browning Road. Occupancy was 97 percent at the time of closing. Joel Schwartz of GHA represented the seller, Brooklawn LLC, and procured the undisclosed buyer.
WILLISTON, VT. — Redstone has arranged the sale of a 10,645-square-foot commercial building located at 45 Avenue D in Williston. Linda Letourneau of Redstone represented the seller, 45 Avenue D LLC. Greg Dirmaier of JL Davis Realty represented the buyer, Morin Avenue D LLC. The acquisition price was not disclosed.
PHILADELPHIA — LaSalle Hotel Properties has acquired two Philadelphia hotels from HEI Hotels & Resorts. The first property is the Westin Philadelphia, an 18-story hotel located at 99 S. 17th St. Amenities include a business center, a fitness center, an indoor pool, a sauna, 17,424 square feet of meeting space and the Citygrange restaurant. The second property is the Embassy Suites Philadelphia – Center City. Amenities at this hotel include a business center, an indoor swimming pool, meeting space and a T.G.I. Friday's restaurant. Hodges Ward Elliot brokered the deal between the two parties. HEI will continue to provide management services.