PRINCETON, N.J. — Marcus & Millichap has completed the sale of a 28-unit multifamily and retail portfolio in Princeton for $3.97 million. The properties are located at 114 Witherspoon St. and consist of 25 apartments and three retail spaces. Occupancy was 100 percent at the time of closing. Charlie Classen and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, a private partnership, and the buyer, a private investor. Assistance was provided by Marcus & Millchap's Michael Fasano.
BOSTON — Northeastern University has reached an agreement with Phoenix Property Co. and the YMCA of Greater Boston for the development of a new on-campus residence hall. Under the terms of the agreement, the YMCA will sell two of the three wings of a building it owns at the intersection of Huntington Avenue and St. Botolph's Street to Phoenix for $21.5 million. The developer will then invest $75 million for the construction of a 16-story, 720-bed dorm that will serve undergraduates of the school. The unit mix will consist of 590 dorm-style beds and 130 apartment-style beds. The anticipated opening would be in 2013. Northeastern will have the option to purchase the residence hall from Phoenix as well as the “right of first offer” to purchase the remaining sections of the building should they be sold in the future.
NEW YORK AND NEW JERSEY — On the heels of its recent announcement that a new store will open next fall in Manhattan, outdoor retailer REI has announced plans to open three new stores next spring in the Tri-State area. The stores will be located in Yonkers and Carle Place, N.Y., and Paramus, N.J. Each will measure approximately 25,000 square feet and will feature a bike shop in addition to the store's usual offerings. The retailer currently operates 114 stores nationwide.
CLIFTON AND NEW MILFORD, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged $69.6 million in permanent financing for a three-property multifamily portfolio. The portfolio, which contains a total of 2,276 units, consists of Brookchester Apartments in Clifton, Richfield Village Apartments in New Milford and Marina del Mar Apartments in Sunny Isles, Fla. The loan carries a 10-year term, a 10-year amortization schedule, a fixed interest rate and an average loan-to-value of 30 percent. The borrower is the Brunetti Organization, and the lender is Prudential. Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group joined with Christian Lee and Christopher Apone of the firm's Miami office to arrange the loan.
EAST HARTFORD, CONN. — Peening Technologies has purchased a 12,800-square-foot industrial facility located at 261 Burnham St. in East Hartford for $677,000. The buyer already owns and operates the property directly across the street. Sentry Commercial represented the seller, Adelbert Hallisey and Ellen Lowenstein, Co-Trustees for the Harry Lowenstein Residuary Trust.
NEW YORK CITY — Gemini Real Estate Advisors has broken ground for the new GEM Hotel Union Square. The 18-story, 113-room hotel will be located at 52 W. 13th St. within Manhattan's Greenwich Village neighborhood. It will include a full-service restaurant and lounge, a fitness center and a business lounge. Upon completion, which is expected in 2012, the hotel will be the fouth GEM hotel in Manhattan, joining locations in Chelsea, Midtown West and SoHo. Gemini owns the hotel and will operate it. Andres Escobar designed the hotel, and Gene Kaufman Architect is the project architect. KSK Construction Group is the general contractor.
BLOOMFIELD, CONN. — Chozick Realty has completed the sale of a Bloomfield apartment community for $7.05 million. Wesdgewood Apartments contains 112 residences in a mix of garden- and townhome-style units. Sizes for the one- to three-bedroom apartments range from 825 to 1,385 square feet. Amenities include a clubhouse and a swimming pool. Rick Chozick and Ryan Perkoski of Chozick Realty represented seller, Monumental Properties LP. The buyer was Four Sisters LLC.
EDISON, N.J. — Newegg.com has signed an early lease renewal for its 374,148-square-foot Northeast distribution headquarters located in Edison. The online retailer will occupy the warehouse, located at 1 Gourmet Lane, for an additional 5 years. Scott Belfer and Lou Belfer of CB Richard Ellis represented the tenant in lease negotiations. The landlord, Morris Cos., provided in-house representation.
MARYLAND, PENNSYLVANIA AND VIRGINIA — A joint venture between Cedar Shopping Center and RioCan Real Estate Investment Trust has closed on its previously announced acquisition of a five-property retail portfolio for approximately $91 million. The portfolio totals 678,000 square feet; four of the centers are anchored by Giant Food Stores. The properties include Marlboro Crossroads in Upper Marlboro, Md.; Gettysburg Marketplace in Gettysburg, Pa.; Northland Center in State College, Pa.; York Marketplace in York, Pa.; and Towne Crossing in Midlothian, Va.
PHILADELPHIA — San Francisco-based Kimpton Hotels & Restaurants has acquired Philadelphia's Lafayette Building and plans to convert it into a four-star hotel. Constructed in 1906, the Lafayette Building is located across from Independence Hall. Once groundbreaking occurs in spring 2011, its 11 stories will be converted into a Hotel Monaco that will feature 271 rooms, a chef-driven restaurant and bar, and 12,000 square feet of meeting space that will include a 3,200-square-foot ballroom. The opening is slated for the third quarter of 2012. Kimpton made the purchase on behalf of its Kimpton Hospitaliy Partners II equity fund, which also ownes the nearby Hotel Palomar that opened last October.