PHILADELPHIA — Binswanger has brokered the sale of a Philadelphia industrial property. The building contains 170,105 square feet of warehouse and distribution space, and it is located at 4518 Tacony St. The buyer was BDDW, and the seller was a subsidiary of Glenn Distributors Corp. Frank Cullen of Binswanger negotiated the transaction. The acquisition price was undisclosed.
SYRACUSE, N.Y. — A joint venture between Richfield Hospitality and Shelbourne Falcon Investors has purchased the Renaissance Syracuse Hotel in Syracuse. The partnership's short-term plans include converting the 279-room hotel to the Crowne Plaza brand as well as undertaking a $5 million renovation that will upgrade the guest rooms, public spaces and the property's façade. Richfield will operate the hotel. To complete the transaction the joint venture acquired the hotel's loan and negotiated a deed in lieu of foreclosure with the previous owner.
JERSEY CITY, N.J. — Greiner-Maltz has arranged the $3.5 million sale of a Jersey City industrial building. The 45,000-square-foot, rail-served distribution facility is located at 107 Industrial Drive. The buyer, Starr Snacks, currently occupies the adjacent property, which it uses as a manufacturing facility. Raymond Musalo of Greiner-Maltz represented the buyer in the deal. William Waxman and Nicholas Nitti of CB Richard Ellis represented the undisclosed seller.
NEW YORK CITY — New York Daily News and U.S. News & World Report Media Group are moving their respective headquarters offices to 4 New York Plaza in Manhattan's Financial District. The tenants will occupy 100,000 square feet, comprising two entire floors of the 25-story office tower. Both companies are currently located at 450 W. 33rd St. in the Hudson Yards area. The move is expected to take place in July 2011. The building's owner, an affiliate of Harbor Group International, was represented in lease negotiations by Howard Fiddle and Bradley Gerla of CB Richard Ellis. John Cefaly and Michael Burgio of Cushman & Wakefield represented the tenant. The 1.08 million-square-foot building is currently 85 percent occupied, with JPMorgan Chase leasing 75 percent of its space.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of an approximately 12,100-square-foot retail building in Brooklyn's Brighton Beach neighborhood for $4.8 million. The two-story property is located at 1113-1123 Brighton Beach Ave. It contains seven spaces, six of which were occupied at the time of closing. Massey Knakal's Brian Hanson and Valentin Presnov represented the undisclosed seller. The buyer was a Russian investor.
STAMFORD, CONN. — CB Richard Ellis (CBRE) has brokered the sale of a 16,127-square-foot office building located at 1029 E. Main St. in Stamford for $1.75 million. CBRE's Al Mirin and Kate Schwartz represented the seller in the deal. Both parties were undisclosed.
NEW YORK CITY — A partnership between Acadia Realty Trust, PA Associates and Washington Square Partners (Acadia P/A/T) has commenced construction for the first phase of City Point, a new mixed-use project located on the Fulton Mall in downtown Brooklyn. The first building to be constructed will total four stories and approximately 50,000 square feet. It will contain a mix of retail tenants. Construction is being financed with $20 million in Recovery Zone Facility bonds, which are being provided through New York City Capital Resource Corp. The building was designed by Cook + Fox and Greenberg Farrow. At full build-out, City Point will contain 1.5 million square feet of retail space, commercial space, and affordable and market-rate housing. The City of New York owns the site and is leasing it on a long-term basis to Acadia P/A/T.
NEW YORK CITY — Marcus & Millichap has completed the sale of a six-unit apartment building located at 585 Park Place in Brooklyn for $960,000. Bryan Schellinger and Zachary Felson of the firm's Brooklyn office represented the sellers, private investors. Schellinger, Felson and Shaun Riley, also of Marcus & Millichap's Brooklyn office, represented the buyer, also a private investor. The property traded at a 7.69 percent cap rate.
MELLVILLE, N.Y. — T. Weiss Realty has brokered three new leases at Melville Corporate Center III, a 133,050-square-foot office building located at 324 S. Service Rd. in Melville. TD Bank has signed a 12-year lease for 42,006 square feet, comprising the building's top two floors. The space will be fitted out to LEED specifications, and the tenant plans to take occupancy in November. Paul Ferraro of USI Real Estate Brokerage Services represented the tenant in lease negotiations. Ted Weiss and Craig Weiss represented the landlord. In addition, Aviva signed a lease for 15,000 square feet and plans to take occupancy in August. Frank Pagano of Corporate National Realty and Brian Higgins of Jones Lang LaSalle represented the tenant in lease negotiations. Craig Weiss represented the landlord. Finally, Vitro Packaging signed a lease for 4,000 square feet and also plans to take occupancy in August. Bob Joyce of The Roberts Company represented the tenant, and Craig Weiss and Jennifer Lynch of The Weiss Company represented the landlord. Completed in 2008, Melville Corporate Center III is now more than 90 percent leased.
BILLERICA, MASS. — The Gutierrez Company has acquired an office/R&D property in Billerica from New Boston Fund. The two-story, 139,180-square-foot building is located at 1000-1200 Technology Park Drive. It was constructed in 1982 and renovated in 2004. Robert Griffin, Jr., David Pergola, Christopher Griffin, Brian Doherty and Torin Taylor of Cushman & Wakefield represented New Boston Fund in the transaction.