NEW YORK CITY — The grand opening has been held for the Aloft Harlem. Located at the intersection of Frederick Douglass Boulevard and 124th St., the hotel is the first Aloft in New York City. The hotel contains 124 guest rooms as well as the 44-unit Apex condominium community and ground-floor retail space. Prospsera Hospitality is managing the property. This newest hotel is the 40th in the Aloft brand to open since its 2008 launch.
NEW YORK CITY — Meridian Capital Group has arranges $200 million in acquisition financing for a trophy office tower located in Manhattan. The Class A building contains approximately 540,000 square feet over 40 stories and is located at 1330 Avenue of the Americas. Ralph Herzka and Rael Gervis of Meridian arranged the loan through a New York City-based bank on behalf of the borrower, RXR Realty. Terms of the loan were not released.
BOSTON — Synergy, a Boston-based investment and development firm, has purchased a 175,000-square-foot office property located in the city's Seaport District. Located at 253 Summer St., the property contains two office buildings totaling five and six stories. It was originally constructed in 1902 as a dry goods warehouse for Boston Wharf Co. and later converted into a multifamily office property. Occupancy was 92 percent at the time of closing. The Cushman & Wakefield team of Robert Griffin, Jr., Edward Maher, Jr., David Pergola and David Martel represented the seller, Boston HSR South Boston LLC, and procured Synergy.
SHREWBURY, MASS. — A joint venture between Charter Realty & Development Corp. and Acadia Realty Trust has acquired two Shrewbury shopping centers for $56 million. White City Shopping Center is a grocery-anchored property located on Route 9, and White City East is located nearby on Quinsigamond Avenue. The centers total approximately 280,000 square feet and were 95 percent leased at the time of closing by a tenant roster that includes Shaw's Supermarkets, World Gym, Dress Barn, iParty, Austin's Liquors and Michaels. The centers were constructed in the early 1960s and were owned by their original developer prior to the sale. The CB Richard Ellis team of Chris Angelone, Jim Koury, Bill Moylan and Nat Heald represented the seller and secured the buyers. Sovereign Bank provided acquisition financing. Acadia's interest in the property will be held by Acadia Strategic Opportunity Fund III.
NEW YORK CITY — Cignature Realty has completed the sale of two multifamily buildings in New York City's Washington Heights neighborhood for $13.85 million. The first building is located at 336 Fort Washington Ave.; it contains 75 apartments and four professional office spaces. Average apartment rent is $1,045. The second building is located at 220 Wadsworth Ave.; it contains 50 apartments and two retail stores. The average rent per apartments is $987. Cignature represented the buyer, a real estate investment group, and the seller, Kingsley Court Associates.
NEW BRITAN, CONN. — Chozick Realty has brokered the sale of a 63-unit student housing property for $4.3 million. Campus View Apartments is located at 1300-1412 East St. in New Britain at the entrance to Central Connecticut State University. The property was built in 1970 and renovated approximately 10 years ago. A majority of the units contain two bedrooms. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, 1300 East Street Holdings LLC, and procured the buyer, a regional owner of multifamily properties.
RHODE ISLAND — Providence Realty Investment has purchased a 10-property affordable housing portfolio in Rhode Island for $54.8 million. The properties contain a total of 708 units and are located in the cities of Providence, Woonsocket, Cumberland, North Smithfield, Wakefield, Warwick and Cranston. The Cushman & Wakefield team of Simon Butler, Biria St. John, Michael Byrne and Christopher Sower represented the seller, Cumberland, Maine-based SHP Acquisitions. Providence made the purchase on behalf of its affiliate, Rhode Island Homes.
PITTSBURGH — An affiliate of Philadelphia-based PMC Property Group has purchased Pittsburgh's Verizon Building for $4.4 million. The 285,000-square-foot office building is located at 201 Stanwix St. Randall McCombs and Michael Sell of Grant Street Associates represented the seller, a Santa Monica, Calif.-based limited partnership. Rudyard Porter of Porter Advisors represented the buyer.
PHILADELPHIA — Bryn Mawr, Pa.-based WP Realty has acquired Mayfair Shopping Center, a 115,411-square-foot community retail property located in Philadelphia. The center was 86 percent occupied at the time of closing by a tenant roster that included anchors Shop 'n Bag, Dollar Tree and Fashion Bug. Additional retailers included GameStop, Radio Shack, Foot Locker, Payless Shoesource, Hallmark and Wachovia. The seller's name and purchase price were not disclosed.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the sale of a 13,965-square-foot Walgreens located in Cherry Hill. The property, which is located at the corner of North Kings Highway and Chapel Avenue, traded for $6.7 million at a 7.3 percent cap rate. Walgreens occupies the freestanding building on a 25-year absolute net lease that commenced in August. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, a Pennsylvania-based limited liability company. Alan Fruitman of 1031 Exchange Services represented the buyer, a Connecticut-based limited liability company completing a 1031 exchange.