BOSTON — CB Richard Ellis (CBRE) Hotels has completed the sale of Radisson Hotel Boston, a 358-room hotel located at 200 Stuart St. in Boston. The hotel features 20,000 square feet of flexible meeting space, two purpose-built auditoriums, two restaurants and a parking garage. The CBRE Hotels team of Dave McElroy and Scott Hutchinson represented the seller, John Philopoulos Associates. The buyer was Northwood Investors. The acquisition price was not disclosed.
EAST ORANGE, N.J. — Phoenix Realty Group has acquired a portfolio of 548 distressed apartment units in East Orange for $24.2 million. The units primarily date from the 1930s and are located within a 1-mile radius of each other. They mostly consist of a mix of one- and two-bedroom apartments in multi-story buildings. Phoenix has brought on TreeTop Development to renovate the units and bring them back up to market rates. Phoenix made the acquisition on behalf of one of its institutional real estate funds.
NEW YORK CITY — Target and Marshalls are the two newest tenants to open their foors at Sky View Center, an 800,000-square-foot shopping center located in Flushing, Queens. Target is occupying 180,000 square feet in the center, and Marshalls is leasing 37,000 square feet. The retailers will join a tenant roster that includes BJ's Wholesale Club, Best Buy and Bob's Discount Furniture. Other tenants opening this year include Bed Bath & Beyond, Payless, Old Navy, Applebee's Neighborhood Grill & Bar and Chuck E. Cheese's. Onex Real Estate Partners is the project's owner and developer. Sky View Center is part of the Sky View Park mixed-use development, which also includes six residential condominium towers.
NEW YORK CITY — Massey Knakal Realty Service has completed the sales of two properties located in Manhattan's Upper East Side for a total of $31 million. In the first deal, a 16,790-square-foot commercial building at 29 E. 61st St. traded for $21 million. The five-story building contains the restaurant Serafina on the ground floor along with six retail and office tenants. Massey Knakal's Guthrie Garvin and Jeffrey Shalom arranged the deal between the seller, Hidrock Realty, and the undisclosed buyer. In the second deal, a five-story, 9,765-square-foot building located at 34 E. 61st St. traded for $10 million. The property contains five residential units on the upper three floors and the restaurant Aureole on the bottom two floors. Guthrie partnered with Paul Massey, Jr., to complete the deal between the two undisclosed parties.
NEW ROCHELLE, N.Y. — Chatham Lodging Trust has closed on the $21 million acquisition of the Residence Inn by Marriott in New Rochelle. The 10-story, 124-suite hotel is located at 35 LeCount Place. It features a fitness center, a swimming pool and structured parking. Island Hospitality Management, an affiliate of Lodging, will manage the hotel.
BALDWINSVILLE, N.Y. — Philadelphia-based Binswanger has brokered the sale of the former Syroco warehouse located in Baldwinsville. The building is situated on 63 acres at 7474 State Fair Blvd. It contains 269,178 square feet of space and has been vacant since Syroco ceased operations in 2007. Tessy Plastics Corp. acquired the building for $3.15 million and plans to occupy it. James Panczykowski of Binswanger was the sole broker in the deal. Binswanger is also marketing the adjacent 217,280-square-foot factory that was also occupied by Syroco.
JERSEY CITY, N.J. — Carlo's Bakery, whose owner Buddy Valastro stars on TLC's show “Cake Boss,” has signed a lease for 30,000 square feet within the Lackawanna Center mixed-use project in Jersey City. The space, which is situated within the 200,000-square-foot Shops at Lackawanna retail component, is currently being renovated to include baking facilities, distribution space and offices. Located at 629 Grove St., Lackawanna Center contains 1.3 million square feet of industrial, office and retail space. It is managed by Emmes Asset Managemnt and Sal Goldman Investments.
SOUTH BRUNSWICK, N.J. — San Francisco-based Terreno Realty Corp. has acquired a 413,092-square-foot distribution center in South Brunswick from a joint venture between IDI and J.P. Morgan Asset Management for $22.5 million. Located at 130 Interstate Blvd., the property is leased to The Home Depot. It features 200 car parking spaces, 28-foot ceiling heights and 13,000 square feet of office space. The building is situated on 25.33 acres within Middlesex Center, a five-building, 3.65 million-square-foot master-planned development. The Cushman & Wakefield team of Gary Gabriel, Paul Torosian, Andrew Merin and David Bernhaut represented the seller.
PORTSMOUTH, N.H. — The Salvation Army has acquired the former Kia auto dealership located at 2458 Lafayette Road in Portsmouth. The buyer plans to convert the 33,000-square-foot building into one of its thrift stores. Jean Kane of The Kane Company represented the buyer. Chris McInnis of Paul McInnis, Inc., represented the undisclosed seller.
UNIONDALE, N.Y. — Uniondale-based Arbor Commercial Funding has arranged three Fannie Mae loans for multifamily properties located throughout the Northeast. In the first deal, John Kelly of Arbor's Boston office secured $4.8 million under the lender's DUS program for Pastorius Court Apartments, a 42-unit property located in Philadelphia. In the second deal, Brian Scharf of Arbor's Uniondale office secured $4.56 million under Fannie Mae's 3Max product line for a 60-unit property located at 655 E. 233rd Street in the Bronx, New York City. In the final deal, Edward Petti of Arbor's New York City office secured a $3.15 million DUS loan for Northbrook Apartments, a 66-unit community located in Bridgeport, Conn. All three loans carry 30-year amortization schedules. The first two loans carry 10-year terms, and the third loan carries a 7-year term.