NEW YORK CITY — DiamondRock Hospitality Co. has acquired the Hilton Garden Inn Chelsea New York City for $68.4 million. The 169-room hotel is located in Manhattan's Chelsea neighborhood on West 28th Street, between 6th and 7th avenues. DiamondRock acquired the hotel at a 7 percent capitalization rate and expects it to generate more than 20 percent RevPAR growth this year with an average daily room rate of more than $200. The seller's name was not released.
DEVON, PA. — WP Realty has broken ground for Phase II of the Devon Village mixed-use project. The Shops at Devon will consist of a 3,300-square-foot restaurant building and a 12,800-square-foot retail building. The Shops at Devon will be connected to Phase I of the project, which totals 80,000 square feet and is anchored by Whole Foods. Ignarri Lummis is the project architect for The Shops at Devon, and Brubacher Excavating is the general contractor.
NEW YORK CITY — CPEX Real Estate and Kalmon Dolgin have brokered the acquisition of a Brooklyn retail property for $1.64 million. The 14,000-square-foot, freestanding building is located at 1760 Eastern Pkwy. The property traded at a 5.53 percent cap rate. The buyer was an undisclosed investment fund. The seller's name was also not released.
SEAFORD, DEL. — Pyramid Transport, a third-party logistics provider, has signed a lease for 104,000 square feet of warehouse space in Seaford. Bradley Gillis and Tom Knopp of Sperry Van Ness – Miller Commercial Real Estate represented the landlord, Penco Public Warehouse, in the deal. Terms of the lease were not disclosed.
ALLENTOWN, PA. — A joint venture between The Hampshire Companies and MCB Real Estate has acquired an 84,000-square-foot shopping center in Allentown from an affiliate of The Rosen Group. Airport Plaza Shopping Center is located on more than 11 acres at 1135 Airport Road. Its anchor is a 56,000-square-foot Redner's Warehouse Market. Additional tenants include Rent-a-Center and Enterprise Rent-a-Car. Occupancy was 95 percent at the time of closing. Hampshire represented the buyer in lease negotiations. Gil Neuman of KLNB Retail Sales & Special Assets represented the seller.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a Brooklyn warehouse for $5 million. The three-story, 63,000-square-foot building is located at 268 Norman Ave. It was vacant at the time of closing. The new owners plan to convert it into office space. KDA's Jeffrey Unger represented the buyer, Norman 268 Realty LLC, as well as the seller, 268 Norman LLC.
NEW YORK CITY — Coalco New York has spun off its real estate holdings operation and created a new entity, Corigin Holdings. Corigin Holdings has assumed some real estate assets of Coalco to create two new divisons, Corigin Real Estate Group and Corigin Private Equity Group. Corrigan Real Estate Group's core portfolio is student housing in New York City that was developed and leased to New York University. The company also owns properties in New Jersey and Florida. The company is led by Ryan Freedman as chairman and CEO. Freedman was previously chairman and CEO of Coalco New York.
CAMBRIDGE, MASS. — A joint venture between Canyon-Johnson Urban Funds, The HYM Investment Group and Atlas Capital Group have acquired the former Pan Am rail yard in Cambridge and plan to redevelop it into a transit-oriented, mixed-use project. The 44-acre site, which is being called Northpoint, is located across the Charles River from Massachusetts General Hospital. When complete, it will contain residential, commercial office, retail, hospitality and life sciences space surrounding a 10-acre park. The infrastructure is already in place, and a new Green Line MBTA station is set to open by 2015. Pan Am Railways is serving as an investment partner in the project.
BRANFORD, CONN. — The Geenty Group has completed the sale of a 25,000-square-foot flex building located in Branford for $1.3 million. The multi-tenant property is situated at 14 Business Park Drive within Branford Industrial Park. Its occupants include three medical tenants and one office tenant. The buyer, Commercial Building Associates, plans to renovate the building's 10,000 square feet of vacant space for new tenants. Kevin Geenty and Bill Clark of Geenty Group represented the buyer. Kristin Geenty, also of Geenty Group, represented the seller, Todds Hill Investment Circle.
BEDFORD, MASS., AND MONTGOMERY, N.Y. — Transwestern Realty Finance Partners has arranged $15 million in mezzanine financing for a three-property portfolio owned by Australia-based Real Estate Capital Partners USA Property Trust. The portfolio contains two office buildings located in Bedford and Montgomery. The third property is an industrial building located in Deerfield, Ill. Michael Girimonti of Transwestern arranged the transaction.