LITCHFIELD, CONN. — Elkins Park, Pa.-based Optimum Hotel Brokerage has closed the sale of the 32-unit Litchfield Inn, a boutique hotel in Litchfield, for $2.08 million. Joseph McCann of Optimum was the exclusive broker. In addition to the hotel’s 32 guest rooms, the hotel features more than 4,000 square feet of ballroom facilities and a full service restaurant and tavern. The buyer is planning a complete renovation of the guest rooms.
ROBBINSVILLE, N.J. — CB Richard Ellis has completed a 504,286-square-foot industrial lease at 100 West Manor Way in Robbinsville. Mindy Lissner and William Waxman of CB Richard Ellis’ N.J. office represented the tenant, Kenco Logistic Services, in the transaction and Chuck Fern of the Metropark, N.J. Jones Lang LaSalle office represented the landlord, Principal Real Estate Investors.
CHATHAM, N.J. — Marcus & Millichap has arranged the sale of the 10,200-square-foot Chatham Apartments located in Chatham. The asset sold for $1.7 million and consists of 10 residential apartment units and two commercial units. Kevin McCrann and Thomas McConnell of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, New Jersey-based Sunrise Center Street Corp., and secured the buyer, Chatham Center.
NEW YORK CITY — RFR is scheduled to take over the Paramount Hotel located in Times Square at West 46th Street in New York City. The transaction is scheduled to close in late 2011. RFR is known for recapitalizing and rebranding high quality assets, and this transaction follows suit.The 597-room Paramount Hotel's most recent renovation, in 2009, cost nearly $40 million.
MACUNGIE, PA. — The Philadelphia based Jones Lang LaSalle represented the Carlisle, Pa.-based Allen Distribution in the acquisition of a 580,000-square-foot distribution facility in the Lehigh Valley. The company acquired 3041 Schoeneck Rd., the first of three buildings in the Lehigh Valley Crossings complex, from CB Richard Ellis, who was representing Panattoni Development Co. The industrial complex has been approved for a total of 1.19 million square feet of Class A warehouse distribution space. Vice Presidents of the Jones Lang LaSalle team, Kim Meincke and Jason Webb, represented Allen Distribution in the purchase.
ELIZABETHPORT, N.J. — Waters Edge Crescent, located on Magnolia Avenue, has officially opened. Community Investment Strategies was the developer and property manager and R. Stone & Co. was the contractor for the deal. Originally intended to be a 48-unit for-sale townhome community, Waters Edge Crescent was transitioned to a 71-unit tax credit rental community in the aftermath of the residential housing foreclosure crisis in 2008. The total development cost of Waters Edge Crescent was $21,474,489.
PHILADELPHIA — NAI Bluestone Real Estate Capital successfully secured $5.5 million in permanent financing for the 30 remaining units at Old City Lofts, a 90-unit luxury loft-style residential development project. Firstrust Bank provided the financing for the transaction and was secured on behalf of 806 Capital LLC, a real estate investment and development company. The 5-year loan is priced in the mid 5-percent range.
BRONX, N.Y. — Houlihan-Parnes Realtors, LLC, represented by Mike O'Neill, and headquartered in White Plains, N.Y., announced the placement of an 8,600-square-foot Rite Aid Pharmacy, located at 41-51 West Fordham Rd. The 5-year, $3.3 million first mortgage was closed with a local bank.
NEW YORK CITY — Meridian Capital Group has arranged $180 million in financing for 1551 Broadway in New York City, the flagship store for American Eagle Outfitters, which has 25,600 square feet of retail on four floors. The 10-year loan was provided by Citi Global Markets and negotiated by Ronnie Levine and Aaron Birnbaum of Meridian's New York City office.
NEWARK, N.J. — The Manischewitz Co. has opened a new 200,000-square-foot facility, located at 30 Ave. K in Newark's East Ward, for its new corporate headquarters and plant. The facility allowed the company to consolidate its operations to one building.