WALLINGFORD, CT. — Burns & McDonnell has signed a lease for 27,635 square feet of space at the 305,000-square-foot Campus at Greenhill, located at 108 Leigus Rd. in Wallingford. Burns & McDonnell expects to relocate from its existing Wallingford facility on Thorpe Avenue in September into the new space, which will include a training room, auditorium, conference rooms, a library and areas for Engineering, Project Management and Operations staff. Cushman & Wakefield represented the landlord in the lease transaction.
NEW YORK CITY — Atlanta-based Hodges Ward Elliott (HWE) has represented IFA Hotel Investments (IFA) in the capitalization of the 669-room YOTEL Hotel, located at the intersection of 42nd and 10th in New York City. YOTEL is part of a new billion dollar mixed-use development by Related Companies. The hotel was sold to IFA on a turnkey basis upon completion, which was scheduled from the beginning of the development. Amenities include a restaurant, several bars and lounges, a 5,000-square-foot outdoor terrace, event space and exercise room. HWE sourced $240 million of senior, mezzanine and preferred equity financing, which IFA used to retire the construction loan and acquire YOTEL.
LEXINGTON, MASS. — Cushman & Wakefield has brokered the $10 million sale of the 48-unit Battle Green Apartments in Lexington. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield Capital Markets' Boston office represented the seller, Battle Green Apartments Trust, Curtis R. Kemeny, Trustee, an affiliate of Boston Residential Group, and procured the buyer, Hamilton Battle Green Apartments, an affiliate of Boston-based The Hamilton Company.
BURLINGTON, VT. — Redstone has broken ground on the 143-unit Redstone Lofts, an independent on-campus student apartment project for juniors, seniors and graduate students at the University of Vermont. Redstone was awarded rights to develop and manage the project in spring of 2010, and completion is scheduled for the summer of 2012. The development will also feature study rooms, a media center, fitness facilities, game room and outdoor gathering space.
JERSEY CITY, N.J. — Hackensack, N.J.-based NAI James E. Hanson has brokered the sale of a mixed-use portfolio, located at 340-342 Seventh Street in Jersey City. The portfolio included two apartment buildings, totaling seven apartments, two stores and six garages. Enn Kunnapas represented the seller, a private family, and procured the buyer, an out-of-town owner/operator who plans to convert the two existing stores into a restaurant.
NEW YORK CITY — Norwalk, Conn.-based HEI Hotels & Resorts has sold the 174-room Algonquin Hotel, located at 59 West 44th St. in New York City, in a direct sale for an undisclosed price. HEI will continue to operate the hotel on behalf of its new owner.
CAMBRIDGE, MASS. — Meritage Properties has sold the 34,000-square-foot 485 Massachusetts Ave., an office and retail building in Cambridge, for $13.02 million to ClearRock Properties and Juster Properties. The building is 100 percent leased to Danvers Bank, Floating Rock, Heartland Robotics, HQ Global and IDEO. Scott Jamieson, Michael Smith, John Osten, Peter Bekarian and Robert Borden of Jones Lang LaSalle's Boston office represented the seller and procured the buyer.
MARLTON, N.J. — Colliers International's Southern New Jersey Office Division arranged the sale of a 62,000-square-foot office building, located at 13000 Route 73 in Marlton, for $7.7 million. Major tenants of the building include Bank of America, Foundation Title, Hahnemann University Health and Avnet. Colliers has been retained as the leasing agent for the property. Jason Wolf and Evan Zweben were the sole brokers in the transaction, representing Veritas Real Estate Investments, the buyer, and Liberty Property Trust, the seller.
BRAINTREE, MASS. — Here Comes There Goes, a joint venture between Dinosaur Capital Partners and The Grossman Cos., has purchased a former Borders, located at 255 Grossman Dr. in Braintree, from Zaremba Group for $4 million. Andrew Bonica and Michael Hotarek of Newton, Mass.-based Eastern Retail Properties represented the buyer.
LEXINGTON, MASS. — The Massachusetts Institute of Technology (MIT) Lincoln Laboratory has signed an 80,000-square-foot lease at the 160,000-square-foot Three Forbes Road, an office, research, development and lab building in Lexington. Three Forbes is part of a four-building campus know as Forbes Business Center. Needham, Mass.-based The Bulfinch Cos. is the owner of the building and the landlord.