EAST AURORA, N.Y. — Hotel Brokers International (HBI) has completed the sale of the Hampton Inn East Aurora, an 80-unit, select-service hotel located in the Buffalo suburb of East Aurora. The property traded for approximately $7.8 million. HBI affiliates Optimum Hotel Brokage and ProCom Lodging Brokers partnered to represent the seller, a California-based investment fund. The buyer's name was also not disclosed.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 45-unit apartment property located at 171-181 Erie St. in Jersey City for $7 million. The three-story building contains 23 two-bedroom units and 22 one-bedroom units. Nicholas Nicolaou, Joel Schwartz and David Jarvis of Gebroe-Hammer represented the seller and procured the buyer. Both parties were undisclosed.
CLIFTON, N.J. — Conshohocken, Pa.-based Seagis Property Group has acquired a 361,000-square-foot warehouse/distribution facility located in the Meadowlands submarket of Clifton. The property was constructed in 2002 and is fully occupied. The seller's name was not released.
MORRIS TOWNSHIP, N.J. — National Business Parks has leased a 189,000-square-foot office building to Atlantic Health System. The property is located within Southgate Corporate Center at 435 South St. in Morris Township. Atlantic Health already occupies a nearby building at 475 South Street. it expects to move in during the fourth quarter following building improvements that include new building systems and finishes, a redesign of the front entrance and the addition of an on-site café.
PENNSYLVANIA — NorthMarq Capital has arranged $40.43 million in first-mortgage financing for a five-property multifamily portfolio located in southeastern Pennsylvania. The properties, which contain a total of 960 units, are located in Shillington, Camp Hill, Allentown, Lancaster and Sunbury. They are subject to Section 8 housing assistance. The loan carries a 10-year term, a 30-year amortization schedule and was provided by Freddie Mac. David Farrell of NorthMarq's Kansas City office arranged the loan on behalf of the undisclosed borrower.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 24-apartment portfolio located within a 111-unit building at 200 W. 108th St. on Manhattan's Upper West Side. for $7 million. Two-thirds of the units involved in the sale are market-rate. Eastern Consolidated's Deborah Gutoff and Brian Ezratty partnered with Gjon Kalaj of Meridian Real Estate Group to represent the seller, a trustee. George Moss, also of Eastern Consolidated, procured the buyer, 108 Amsterdam Realty Co. LLC.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 34-unit multifamily property located at 1973 Amsterdam Ave. in new York City for $4.3 million. The property was purchased by an undisclosed party at a 6.44 percent cap rate. Peter Von Der Ahe and Scott Edlestein of Marcus & Millichap's Manhattan office represented the seller, a private investor.
PROVIDENCE, R.I. — Core Investments/SMC Corp. has purchased the apartment component of a downtown Providence multifamily community from Boston-based WinnCompanies for an undisclosed amount. The transaction involved 231 units within The 903 Residences, a 330-unit property located at 903 Providence Place. The units were 98 percent leased at the time of closing. Constructed in 2005, The 903 Residences features garage parking, a clubhouse, a resort-style swimming pool and sundeck, a fitness center, a business center and a media room. The CB Richard Ellis/New England team of Paul Donahue and Travis D'Amato represented the seller and procured the buyer.
NEW YORK CITY — First move-ins will begin in June for 25 Broad at The Exchange, a new luxury apartment community located in Manhattan's FInancial District. Located at the intersection of Broad Street and Exchange Place, the 20-story building will contain 305 luxury one- and two-bedroom apartments. Amenities include a fitness center with a yoga studio, a residents' lounge, a children's playroom and landscaped outdoor spaces. Monthly rents will start at approximately $3,000. LCOR is developing the project and Rose Associates is leasing it.
WAKEFIELD, MASS. — The Federated Companies has acquired an approved multifamily development in project in Wakefield. The company will begin construction in the next few weeks for Legacy Park Wakefield, a 128-unit multifamily community. The project will comprise two four-story apartment buildings and one three-story townhome building. Units will be in a mix of one- to three bedrooms and range in size from 842 to 2,250 square feet. Completion is expected in the first quarter of 2012.
