BURLINGTON, VT. — Redstone has broken ground on the 143-unit Redstone Lofts, an independent on-campus student apartment project for juniors, seniors and graduate students at the University of Vermont. Redstone was awarded rights to develop and manage the project in spring of 2010, and completion is scheduled for the summer of 2012. The development will also feature study rooms, a media center, fitness facilities, game room and outdoor gathering space.
JERSEY CITY, N.J. — Hackensack, N.J.-based NAI James E. Hanson has brokered the sale of a mixed-use portfolio, located at 340-342 Seventh Street in Jersey City. The portfolio included two apartment buildings, totaling seven apartments, two stores and six garages. Enn Kunnapas represented the seller, a private family, and procured the buyer, an out-of-town owner/operator who plans to convert the two existing stores into a restaurant.
NEW YORK CITY — Norwalk, Conn.-based HEI Hotels & Resorts has sold the 174-room Algonquin Hotel, located at 59 West 44th St. in New York City, in a direct sale for an undisclosed price. HEI will continue to operate the hotel on behalf of its new owner.
CAMBRIDGE, MASS. — Meritage Properties has sold the 34,000-square-foot 485 Massachusetts Ave., an office and retail building in Cambridge, for $13.02 million to ClearRock Properties and Juster Properties. The building is 100 percent leased to Danvers Bank, Floating Rock, Heartland Robotics, HQ Global and IDEO. Scott Jamieson, Michael Smith, John Osten, Peter Bekarian and Robert Borden of Jones Lang LaSalle's Boston office represented the seller and procured the buyer.
MARLTON, N.J. — Colliers International's Southern New Jersey Office Division arranged the sale of a 62,000-square-foot office building, located at 13000 Route 73 in Marlton, for $7.7 million. Major tenants of the building include Bank of America, Foundation Title, Hahnemann University Health and Avnet. Colliers has been retained as the leasing agent for the property. Jason Wolf and Evan Zweben were the sole brokers in the transaction, representing Veritas Real Estate Investments, the buyer, and Liberty Property Trust, the seller.
BRAINTREE, MASS. — Here Comes There Goes, a joint venture between Dinosaur Capital Partners and The Grossman Cos., has purchased a former Borders, located at 255 Grossman Dr. in Braintree, from Zaremba Group for $4 million. Andrew Bonica and Michael Hotarek of Newton, Mass.-based Eastern Retail Properties represented the buyer.
LEXINGTON, MASS. — The Massachusetts Institute of Technology (MIT) Lincoln Laboratory has signed an 80,000-square-foot lease at the 160,000-square-foot Three Forbes Road, an office, research, development and lab building in Lexington. Three Forbes is part of a four-building campus know as Forbes Business Center. Needham, Mass.-based The Bulfinch Cos. is the owner of the building and the landlord.
NEW YORK CITY — Mack-Cali Realty Corp. has negotiated a new 21-year, 56,106-square-foot lease on behalf of General Reinsurance Corp. (Gen Re), a subsidiary of Berkshire Hathaway, at 125 Broad Street in downtown Manhattan. John Picco and Peter Van Duyne of Cushman & Wakefield's Midtown New York City office and Thomas Kaufman of the Downtown office represented Gen Re in the transaction, and Mark Ravesloot, Peter Turchin, Gerry Miovski, Zachary Freeman and Christopher Levinson of CB Richard Ellis' New York City office represented Mack-Cali.
NEW YORK CITY — Los Angeles-based The Gehr Group has acquired the 244-room Four Points by Sheraton Midtown Times Square, located at 326 West 40th St. in New York City, from The Lam Group for $112 million. The Four Points is adjacent to the Fairfield Inn by Marriott Times Square, which The Gehr Group acquired in 2009. The transaction was part of a $170 million portfolio financing secured by both hotels. Cushman & Wakefield Sonnenblick Goldman represented the buyer for the financing.
NEW YORK CITY — New York City-based GFI Realty Services has represented both parties in the sale of the 72-unit apartment complex 300 Linden Boulevard in Brooklyn for $7.7 million. Josh Orlander represented the seller, Bronstein Properties, and Erik Yankelovich represented the buyer.