BERLIN, N.J. — Marcus & Millichap has brokered the sale of Cherry Plaza Shopping Center, a 19,425-square-foot neighborhood retail property located in Berlin, for $1.5 million. The center is situated at the intersection of Route 73 and Berlin Circle and was 73 percent occupied at the time of closing. Christopher Munley, Dean Zang and Mark Taylor of Marcus & Millichap’s Philadelphia office represented both parties in the transaction. The seller was New Jersey-based The Joseph Gulli, Blair Parking & Anthony Gulli Partnership. The buyer was Cherry Plaza LLC, a local construction company owner.
NEW YORK CITY — Three leases, consisting of two expansions and one renewal, have been signed at 1350 Broadway, a 25-story, approximately 400,000-square-foot office building located in Manhattan, New York City. Law firm Tarter Krinsky & Drogin expanded its lease to 26,951 square feet, which encompasses the entire 11th floor and part of the 12th floor. Paul Amrich and Fernando Urrutia of CB Richard Ellis represented the tenant. In the second transaction, law firm Cary Kane expanded its lease to occupy 8,877 square feet on the building’s 14th floor. Finally, credit information and risk firm The Hawthorne Agency dba Coface renewed its lease for 12,288 square feet on the building’s 20th floor. Jay Lapham of Jones Lang LaSalle represented the tenant. Jonathan Fanuzzi, Bran Waterman and Julie Christiano of Newmark Knight Frank represented the landlord in all three transactions. The building is owned by 1350 Broadway Associates LLC and is managed by W&H Properties.
ERIE, PA. — Levin Management Corp. has launched a new program at Liberty Center in Erie that will provide retail business incubator space for retail and professional services startups. Approximately 20,000 square feet is being set aside for the program in various size increments. Flexible, short-term leases will also be offered. The program is part of the ongoing repositioning of Liberty Center that is being undertaken by Levin, the center’s leasing and management agent. Liberty Center totals 227,000 square feet and is located at 3407-3728 Liberty St. Existing tenants at the center include Peebles, Quality Market, Radio Shack, Payless Shoesource, Harbor Freight Tools, Dollar Tree and Blockbuster.
YORK, PA., AND BANGOR, MAINE — White Plains, N.Y.-based Starwood Hotels & Resorts has completed renovations to two Four Points by Sheraton hotels. The first is the Four Points by Sheraton – York, a 146-room hotel located in York. The $15 million renovation included opening up the lobby to create a Family Room and upgrades to the hotel restaurant. The second hotel is the Four Points by Sheraton – Bangor Airport, a 111-room hotel located adjacent to Bangor International Airport in Bangor. The $9 million renovation included a redesign of the hotel restaurant, Godfrey’s Grill & Lounge; the installation of a double-sided fireplace; a new indoor pool and fitness center; and the expansion and renovation of the hotel’s 2,982 square feet of meeting space.
NEPTUNE AND ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has acquired Neptune Plaza Shopping Center, a 220,000-square-foot retail property located in Neptune. Situated at 2200 Route 66, the shopping center is occupied by a tenant roster that includes Shop Rite, Marshalls, Home Goods, TD Bank, IHOP and Sally Beauty Supply. The acquisition price and the seller were undisclosed. In addition, The Azarian Group has commenced the renovation and expansion of Allendale Shopping Plaza, located in Allendale. Improvements include 5,000 square feet of new store space, a new parking lot, and exterior, signage and landscape improvements. The center is also being renamed Allendale Town Center. Completion is scheduled for this fall.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a vacant commercial building located in Brooklyn, New York City, for $3 million. Situated at 401 95th St., the two-story, 13,000-square-foot building was most recently used by Victory Memorial Hospital. It includes 9,500 square feet of air rights for commercial development and 12,000 square feet of air rights for community facility use. Massey Knakal’s Matthew Giordano, Stephen Palmese and Jonathan Berman negotiated the transaction. The buyer and seller were both undisclosed.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 5,388-square-foot mixed-use building, located at 413 Seventh Ave. in Brooklyn, New York City, for $1.48 million. John Horowitz and Matthew Fotis of the firm’s Brooklyn office represented the seller, a limited liability company. Adelaide Polsinelli of Marcus & Millichap’s Manhattan office represented the buyer, a private investor participating in a 1031 exchange.
WHIPPANY, N.J. — HEI Hotels & Resorts has acquired the Hanover Marriott in Whippany from Host Hotels & Resorts for $27 million. The 353-room hotel features 22 meeting rooms, the largest Grand Ballroom in Morris County, Allie’s restaurant, a business center, an indoor/outdoor pool, a fitness center, and the Auld Shebeen Pub. The hotel is located at 1401 Route 10 East in Morris County. The new owner plans to implement a $20 million renovation program.
DEDHAM, MASS. — Legacy Place in Dedham has officially opened. The 675,000-square-foot open-air shopping center is located at the intersection of Routes 1 and 128 and is currently 93 percent leased. Anchor tenants include Whole Foods Market, L.L.Bean, Showcase Cinema de Lux, Borders, and Kings. Showcase Cinema de Lux officially opens tomorrow and other retailers opening this week include Apple, Au Bon Pain, Clarks, Johnston & Murphy, Merrell, Oakley and Pandora. Tenants such as L.L.Bean, P.F. Chang's China Bistro, City Sports, Anthropologie, H&M, The Paper Store, Banana Republic, Gymboree, Collections By Stride Rite, Yankee Candle, Justice, and Ann Taylor LOFT have already opened at Legacy Place. The retail center was developed by WS Development.
HACKENSACK, N.J. — NAI James E. Hanson has completed the sale of a 3,400-square-foot office condo space in Hackensack. Located at 58-60 Main St. on the second floor of the three-story building, the recently renovated office space was purchased by a start-up law firm. The space is conveniently located one block away from the Bergen County Court House and is easily accessible to Interstates 80 and 95, the George Washington Bridge, and Route 4 and New York City. The property features seven offices, a large conference room, four parking spaces at the nearby Atlantic Street Garage and wiring for T-1 Internet usage. NAI Hanson's Peter Cohen and Susan Trovati represented the seller in this transaction. The sale price was undisclosed.