PHILADELPHIA — Pebblebrook Hotel Trust has acquired the Sofitel Philadelphia Hotel for $87 million. The 306-room hotel is located in the Center City area of Philadelphia. It features 15,000 square feet of meeting space, a fitness center, a brasserie that serves French-style breakfast and a bar/lounge. The building was originally constructed in 1964 as the home of the Philadelphia Stock Exchange; it was converted into a hotel in 2000. The acquisition included the assumption of a a $56.1 million, non-recourse loan set to mature in February 2012. The loan carries a floating interest rate and interest-only payments. Pebblebrook also announced it has entered into an agreement to acquire another hotel located in the San Francisco Bay area for $84 million.
Northeast
YONKERS, N.Y. — Lord & Taylor will open its first new location in a decade within Westchester Ridge Hill, a 1.3 million-square-foot mixed-use project located in Yonkers. The fashion retailer will occupy 80,000 square feet and serve as one of the center's anchors. Forest City Enterprises is currently developing Westchester Ridge Hill. Tenants already signed on include Whole Foods, L.L. Bean, Cinema De Lux, REI and Dick's Sporting Goods.
WAKEFIELD, MASS. — NAI Hunneman has brokered a $2 million sale-leaseback transaction in Wakefield. Accounting and consulting firm Costantino Richards Rizzo LLP acquired a 12,350-square-foot office building located at 545 Salem St. from Stebbins Duffy and subsequently leased the property back to the seller. NAI's Michael McCarthy and David Gilkie represented the buyer, and Bill Clark of The Clark Company represented the seller.
LITTLETON, MASS. — Dover Saddlery has renewed its lease for 100,000 square feet of industrial space at 525 Great Road in Littleton. Micah Stubbledine and James Stubbledine of The Stubbledine Company/CORFAC International represented the landlord, Marvid Crabyl in lease negotiations. Chris Goodnow of Goodnow Real Estate Services represented the tenant.
NEW YORK CITY — Beck Street Capital has disposed of an approximately 5,000-square-foot retail portfolio located in New York City for $34 million. The portfolio comprises six retail condominiums located in Manhattan's West Village at 367-369, 382-384 and 387 Bleecker St. At the time of closing, the portfolio was fully leased to a tenant roster that includes Burberry, Marc Jacobs, Michael Kors, Mulberry and A.P.C. Robert Knakal and James Nelson of Massey Knakal Realty Services represented Beck Street in the deal. The buyer's name was not released.
NEW BEDFORD, MASS. — The Simon Companies has sold an affordable housing community in New Bedford to Omni America LLC. Harborview Towers is a 144-unit property located just off of Route 18 near downtown New Bedford. Constructed in 1972 by Simon, the property contains two six-story buildings. The unit mix includes studios to three bedrooms, and the unit size averages 751 square feet. The Cushman & Wakefield team of Simon Butler and Biria St. John represented the seller and procured the buyer.
MONROE TOWNSHIP, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a 25,845-square-foot industrial facility in Monroe Township. The building, located on 5.2 acres at 30 Abeel Road, features 38-foot clear ceilings, two 30-ton cranes, air-conditioned warehouse space and 8,874 square feet of office space. CBRE's Scott Belfer and Lou Belfer represented the seller, Mori Seiki, and the buyer, Insurance Restoration Specialists, which plans to use the space as its new corporate headquarters.
LOGAN, N.J. — Reno, Nev.-based developer Dermody Properties has sold a 599,500-square-foot distribution center in Logan to an undisclosed financial institution. Logisticenter at Logan is a Class A building located at 1150 Commerce Blvd. within a 1,100-acre, master-planned business park. The LEED-Silver facility was originally developed in 2007 for Kimberly-Clark. Dermody Properties' equity partner in the property was Boston-based Great Point Investors. The sale price was not disclosed, but the property traded at a 7.39 percent capitalization rate.
RUTHERFORD, N.J. — A 25,000-square-foot retail building located at 310 Union Ave. in Rutherford has traded for $2.3 million. The building was formerly occupied by Shop Rite. Chuck Lanyard and Ryan Glastein of The Goldstein Group represented the seller, Union Avenue Rutherford Associates LLC. Florian Suserman and Curtis Nassau, also of Goldstein, represented the buyer, J.S. Rutherford LLC. Goldstein is also marketing the building for lease on behalf of the new owners.
NEW YORK CITY — Beech Street Capital has arranged $20.9 million in Fannie Mae DUS funds for the refinancing of a multifamily community located in Queens, New York City. Crescent Apartments comprises eight four-story buildings located at 2114-2170 Crescent St. in the borough's Astoria neighborhood. It contains a total of 256 units. The loan carries a fixed interest rate, a 10-year term, 9.5 years of yield maintenance and a 30-year amortization schedule on an actual/360 basis. Meridian Capital Group originated the loan.