BOSTON — Locally based brokerage firm Atlantic Capital Partners has negotiated the $4 million sale of an 11,323-square-foot vacant commercial building in downtown Boston. According to LoopNet Inc., the building at 19-21 School St. was originally built in 1953 and can support both office and retail uses. Justin Smith, Chris Peterson, Sam Koonce and Matt Ericson of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
IRVINGTON, N.J. — Marcus & Millichap has brokered the $3.2 million sale of a portfolio of three apartment buildings totaling 26 units in the Northern New Jersey community of Irvington. The buildings are collectively known as the Ellis Apartment Portfolio and house a mix of studio, one-, two- and three-bedroom units. Jed Matricaria and Daniel Aviles of Marcus & Millichap represented the seller and procured the buyer, both of which were private investment firms that requested anonymity, in the transaction.
CHICAGO AND NEW YORK CITY — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire the brands and most of the affiliates of lifestyle hospitality company Standard International, parent company of The Standard and Bunkhouse Hotels brands. The transaction is anticipated to close later this year. The acquired portfolio will be 100 percent asset-light and includes management, franchise and license contracts for 11 open hotels with approximately 2,000 rooms, including The Standard, London; The Standard, High Line in New York City; The Standard, Bangkok Mahanakhon; and boutique properties like Hotel Saint Cecilia in Austin, Texas; and Hotel San Cristóbal in Baja California, Mexico. Upon closing, Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. The Standard hotels have attracted a loyal following among the most discerning lifestyle guests, says Mark Hoplamazian, president and CEO of Chicago-based Hyatt. “These properties truly drive the zeitgeist, creating destinations unto themselves with celebrated and talked-about programming and events, such as the Met Gala afterparty.” With this acquisition, Hyatt will form a new dedicated lifestyle group that will be headquartered in New York City and led by Amar Lalvani, …
MIDDLETOWN, PA. — EQT Exeter has purchased a 1.2 million-square-foot industrial property in Middletown, located on the southeastern outskirts of Harrisburg, for $170 million. The 196-acre site at 3327 E. Harrisburg Pike offers proximity to two major American shipping carriers and Harrisburg International Airport. Building features include a clear height of 40 feet, 224 dock-high doors and parking for 702 cars and 363 trailers (expandable to 500). EQT Exeter acquired the property, which was constructed last year and fully leased at the time of sale, in conjunction with a 638,000-square-foot industrial facility in Portland, Tennessee, for a combined price of $245 million. John Plower, John Huguenard, Ryan Cottone, Zach Maguire, Paul Torosian and Jeff Lockard of JLL represented the seller, Atlanta-based Core5 Industrial Partners, in the transaction.
NEW YORK CITY — Walker & Dunlop has arranged a $128 million bridge loan for the acquisition of a portfolio of nine multifamily properties totaling 171 units in Manhattan’s East Village area. The portfolio spans 153,800 square feet and includes 22 retail spaces. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the floating-rate loan through Derby Copeland Capital on behalf of the borrower, RYCO Capital.
NEW YORK CITY — Marcus & Millichap has brokered the $7 million sale of a 4,634-square-foot office and retail building in the Astoria area of Queens. The transit-served building at 2502-2508 31st St. houses retail space on the ground floor and office space on the second floor. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
FAIRFIELD, N.J. — Locally based investment firm The STRO Cos. has acquired a 76,560-square-foot industrial building in the Northern New Jersey community of Fairfield. The building, which was fully leased at the time of sale, houses small-bay units that range in size from 8,000 to 13,000 square feet and feature clear heights of 22 feet. Howard Weinberg of JLL represented the undisclosed seller in the transaction.
NEW YORK CITY — National discount retailer Burlington has signed a retail lease renewal at Glen Oaks Shopping Center in Queens. The square footage was not disclosed. Burlington has been a tenant at the 187,650-square-foot center since 2003 and plans to upgrade its space. Ken Bryan internally represented Burlington in the lease negotiations. Randall Briskin represented the landlord, The Feil Organization, also on an internal basis.
LAVAL, QUEBEC AND CRANBERRY TOWNSHIP, PA. — Alimentation Couche-Tard Inc., the Canadian parent company of Circle K, has agreed to acquire GetGo Café + Markets from Giant Eagle Inc., a supermarket chain based in Pennsylvania. GetGo operates 270 gas station and convenience store locations in Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The company staffs approximately 3,500 employees. “We are excited to welcome GetGo into the Couche-Tard family,” says Brian Hannasch, president and CEO of Couche-Tard. “We look forward to growing together as we learn from and continue GetGo’s innovative approaches to serving its local customers and communities.” “We are energized by the potential for both Giant Eagle and GetGo as a result of this transaction,” adds Bill Artman, CEO of Giant Eagle. “This enhances our focus on our core supermarket and pharmacy businesses.” GetGo has multiple retail models, including open-concept stores and standalone kiosks, with an emphasis on “food first.” As part of this transaction, Couche-Tard and Giant Eagle have agreed to maintain and partner together on Giant Eagle’s myPerks loyalty program for customers. Couche-Tard expects the deal to close in 2025 following standard regulatory approvals and customary closing conditions. The financial terms of the transaction were not disclosed …
NEW YORK CITY — Walker & Dunlop has arranged the $1.2 billion refinancing of One High Line, a 750,000-square-foot mixed-use property in Manhattan’s West Chelsea neighborhood. One High Line consists of two towers and a five-story commercial building that span an entire city block. The property houses 236 condos with 18,000 square feet of residential amenity space, a 120-room Faena hotel that is scheduled to open next year, 45,000 square feet of boutique office space and 13,000 square feet of retail and restaurant space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, Michael Diaz, Jackson Irwin and William Herrin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between The Witkoff Group, Access Industries and Monroe Capital. J.P. Morgan provided the senior loan within the financing package, and TYKO Capital provided mezzanine debt.