WOBURN, MASS. — Construction has commenced for Phase II of the renovation of the Holiday Inn Select Boston/Woburn, a 195-room hotel located in Woburn. The project will include the modernization of the hotel’s lobby as well as the renovation of its 9,000 square feet of meeting space. The ballroom and breakout spaces will be redesigned and new audio/visual and communications equipment will be installed. Lynda Onthank is serving as interior designer with locally based Bay State Services providing general contracting services. The owner of the Holiday Inn Select is AAM15 Middlesex LLC, whose members include David Masse, founder of Compass Realty Associates. The company acquired the property in July 2008 and soon after commenced a capital improvements program. Phase I of construction included new beds and linens for each of the guestrooms, a new heating and cooling system, the installation of free wireless Internet access, a pool renovation, the renovation of the fitness center, a new business center and new landscaping.
NEW YORK CITY — New York City-based Massey Knakal Realty Service has completed two commercial sales in New York City for a total of $2.3 million. In the first transaction, Massey Knakal’s Nick Burns completed the $1.2 million sale of a vacant two-story commercial building located at 791-795 Westchester Ave. in the Bronx. The building totals 7,679 square feet and was owner-occupied by the selling family for more than 30 years. In the second transaction, Massey Knakal’s Stephen Palmese and Matthew Giordano brokered the sale of a three-story multi-use building located at 7524 Third Ave. in Brooklyn. The first floor of the 4,312-square-foot building is occupied by Dime Savings Bank under a long-term lease. The second and third floors each contain one three-bedroom apartment. The property traded for $1.1 million.
NEW YORK CITY — NRDC Acquisition Corp. has signed a framework agreement with its sponsor, NRDC Capital Management, which sets forth the steps NRDC Acquisition will take to convert to a REIT commencing with its taxable year ending December 31, 2010. NRDC Acquisition intends to invest in, acquire, own, lease, reposition and manage a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The new REIT also plans to acquire other retail properties, including power centers, regional malls, lifestyle centers and single-tenant retail locations, that are leased to national, regional and local tenants. Upon approval from the company’s stockholders, NRDC Acquisition will change its name to Retail Opportunity Investments Corp.
ALLENTOWN, PA. — CB Richard Ellis (CBRE) has negotiated a 92,143-square-foot lease at 7339 Industrial Blvd. in Allentown on behalf of the tenant, Inmar CLS Reverse Logistics. CBRE’s Joseph McDermott, Vincent Ranalli and Wit Truitt brokered the 5-year deal. Situated in Lehigh County, the property is a high-bay industrial facility owned by Liberty Property Trust. Located at the intersection of I-78 and Rt. 100, the building features 30-foot clear ceiling height, 16 loading docks, T5 lighting and an ESFR sprinkler system. The property is situated in an industrial park setting with many other large companies including Kraft, Millard Refrigerated Services, Kia Motors, Behr, Owens & Minor and others. The financial details of the transaction were undisclosed.
ROXBURY, N.J. — NAI James E. Hanson has completed the sale of a 2,500-square-foot office space, located at 181 Route 206 South in Roxbury. The two-story building was a former residential property that was converted into office space. Situated on 1.2 acres of land, the building features five offices, a conference room, one and a half bathrooms, a kitchen, a walk-up attic, a full basement, a new furnace, as well as a two-car garage, 10 additional employee parking spaces and a storage shed. The property is conveniently located to Routes 287, 24 and 78. NAI Hanson's Joe Vindigni represented both the seller, Kirk Hessels, and the buyer, Michael Gilbert, in this transaction.
NEW YORK CITY — Grimaldi’s, a brick-oven pizzeria, is opening its first location in Manhattan, New York City. The new restaurant will be located at the Rockrose Development Corp.-owned 135 John Street. Construction for the new 5,500-square-foot store is slated to begin this month with an opening set for the end of the year. The space will comprise three floors, a cellar and rooftop dining. The project is being designed by architect Julio Leder-Luis of Leder-Luis Building Designs. One of the unique elements Leder-Luis will be implementing is a glass-front elevator that will go from the street to the roof-top dining area. The space is being leased for a 15-year term with a 5-year option. Winick Realty Group brokered the Manhattan deal. Grimaldi’s also plans to open another location next to 200 Water Street, a 32-story residential rental building also owned by Rockrose. Currently with locations in Brooklyn, Queens, Garden City (Long Island), Hoboken and throughout the Southwest, the Manhattan restaurant will be the 16th Grimaldi’s to open nationwide.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell a 49.5 percent interest in New York City’s 485 Lexington Avenue for approximately $504.2 million. The buyer is Green 485 JV LLC, a joint venture partnership between Optibase Ltd. and Gilmor USA LLC. The sale includes the assumption of $450 million of existing debt, which will remain outstanding. The transaction is valued at $547 per square feet with an implied cap rate of 6.25 percent. The deal can only be consummated under certain conditions, including approval by the lender. SL Green purchased 485 Lexington in 2004 and immediately completed a $90 million capital repositioning program. The property is currently at 98.6 percent occupancy with a tenant roster that includes Citigroup, N.A. and The Traveler’s Indemnity Corp. Cushman & Wakefield represented SL Green in the transaction.
LEVITTOWN, N.Y. — Garden City, N.Y.-based Breslin Realty Development Corp. is nearing completion for the construction of a new HSBC bank branch, located at 3130 Hempstead Turnpike in Levittown. Construction consisted of razing a 10,500-square-foot building located on the property and replacing it with the 4,000-square-foot bank. The new HSBC is across the street from another project Breslin completed, in which a former Sunoco gas station was demolished to make way for a new Walgreens pharmacy.
NEW YORK CITY — The New York City office of CB Richard Ellis (CBRE) Capital Markets has arranged a $2 million first mortgage for the refinancing of two residential buildings located on Manhattan’s Upper East Side. The first property is 1275 Third Avenue, a five-story building containing 9 apartments and a ground-floor retail space occupied by Scoop, which just signed a lease renewal. The second property is 314 E. 70th St., a five-story building containing 15 apartments and a ground-floor retail space occupied by restaurant Shabu-Shabu. The non-recourse loan carries a 5-year term with a 30-year amortization schedule and a 6.12 percent interest rate. It was arranged by CBRE’s Keith Kurland. The borrower and lender were not disclosed.
NEW YORK CITY — The Kaufman Organization has brokered a lease for 13,805 square feet at 1407 Broadway, a 42-story, 1.1 million-square-foot office building located in the Fashion District of Manhattan, New York City. Fashion company Franco Apparel will occupy the space, which consists of an entire tower floor. It will contain office and showroom space. Grant Greenspan of Kaufman represented the undisclosed landlord in lease negotiations. David Menaged of Intrepid Real Estate represented Franco Apparel. Lease terms were not disclosed but the asking price for the property was $42 per square foot.