VOORHEES, N.J. — Ross Dress for Less has signed a 25,000-square-foot lease to become an anchor tenant at the 227,314-square-foot Eagle Plaza in Voorhees. The store will open in the spring of 2012. David Dunkelman of Colliers International's Philadelphia office represented the landlord, Eagle Plaza Associates, an affiliate of Pettinaro.
Northeast
NEW YORK CITY – Hersha Hospitality Trust has signed an agreement to acquire the 175-room Hyatt Union Square Hotel in New York City for $104.1 million after the seller completes construction. The four-star hotel is expected to open in 2012 and will feature a destination lobby bar, rooftop lounge, private terraces, a fitness facility and a pool. Consideration to the seller included the assumption of two mortgage loans totaling $55 million that were secured by the buyer. Hersha will manage the hotel upon completion of the acquisition.
NORTH HAVEN, CONN. – New York-based ClearRock Properties has purchased a 374,000-square-foot warehouse, located at 297 State St. in North Haven for $3.5 million. The sellers have plans for $3.5 million in redevelopments, which will include replacing the electric and heating systems, as well as repairing the roof, loading docks and parking areas. Sean Duffey and Damon Bower of Cushman & Wakefield represented the seller, World Color Northeast Graphics Corp., and CBRE acted as the broker for ClearRock and the leasing agent.
UNION CITY, N.J. – Procida Funding has purchased a $5.8 million loan for an incomplete 26,000-square-foot property, located at 115-117 42nd St. and 4115-4117 Park Ave. in Union City. The first-mortgage financing was restructured into a performing loan in cooperation with the borrower, while additional funds are being provided to complete construction. The 28 residential units and one retail unit that the property offers are scheduled to be available in the fall.
HARTSDALE, N.Y. — H Mart Supermarket has closed on a 37,000-square-foot lease for the former Pathmark Supermarket space in Hartsdale. Fern Wagner of Goldschmidt & Associates' Scarsdale, N.Y. office represented H Mart in the transaction and Nick Andreadis represented the landlord, Centro Properties Group.
NEWARK, N.J. — CB Richard Ellis has brokered the $2.03 million sale of a 60-unit multifamily property located at 2 Osborne Terrace in Newark to a private individual. The mixed-use property includes 51 residential units, consisting of 42 one-bedroom and nine two-bedroom apartments, along with nine retail units. Charles Berger of CBRE's New Jersey Private Capital Group resented the seller and procured the buyer.
NEW YORK CITY — ProMed Properties has purchased a fee interest in a medical office condominium, located at 345 E. 37th St. in New York City, for $31 million. The 81,000-square-foot condominium comprises three floors of the 57-story Corinthian apartment building, which contains more than 860 residential condo units. ProMed financed the acquisition with a new 7-year, $20 million loan at a 4.59 percent interest rate and cash on hand.
BROOKLYN, N.Y. — The 104-unit, 550 Watkins St. in Brooklyn is now open. The $28.5 million project was co-developed by CPC Resources, Inc., the for-profit development arm of the Community Preservation Corp. and East Brooklyn Congregations, a local development corporation. The property was developed under Mayor Michael R. Bloomberg's New Housing Marketplace Plan, an $8.5 billion initiative to finance 165,000 units of affordable housing for 500,000 New York residents by 2014.
CRANBERRY TOWNSHIP, PA. — Butler Promenade, LP., has broken ground on the first phase of the 218,000-square-foot Cranberry Promenade, located at the intersection of Route 19 and Ogle View Road in Cranberry Township. Phase I will include an 18,500-square-foot ALDI, a bank with drive-through service and other unnamed tenants. Construction is scheduled for completion in the second quarter of 2012, with Phase II construction to begin subsquently. Jared Imperatore and J. R. Yocco of Grant Street Associates are the leasing agents for the development.
NEW YORK CITY — Washington Management Realty has sold the 20-unit apartment building located at 507 West 179th St. in New York City for $2.2 million. Moses Sioni of New York City-based Sioni & Partners represented the seller.