HAUPPAUGE, N.Y. — Perfume wholesaler FragranceX.com has acquired an 80,319-square-foot flex building located on Long Island for $5.7 million. The building is located at 5 Plant Ave. in Hauppauge. It contains 18-foot ceilings and six loading docks. The buyer plans to use the property for its Internet sales and distribution operations. Richard Cohen of Ashlind Properties represented the buyer. Tom Attivisimo of Greiner Maltz Co. represented the seller.
PHILADELPHIA — HEI Hotels & Resorts has acquired Le Méridien, a 202-room hotel located in the Center City district of Philadelphia. The 10-story hotel, located at 1421 Arch St., was developed by Memphis, Tenn.-based Development Services Group as an adaptive reuse of the former YMCA building. The hotel features 5,330 square feet of meeting space, a bar, a gourmet restaurant and a fitness center. HEI plans to operate the hotel as well once it opens in May.
WANTAGH, N.Y. — Massey Knakal Realty Services has brokered the sale of two commercial properties located in Wantagh for $3.4 million. The first building is a 6,000-square-foot commercial building occupied by OTB. The second building is a car wash situated on a 45,185-square-foot lot. The buildings are located at 4812 Sunrise Highway. Lev Kimyagarov of Massey Knakal handled the transaction.
NEW ROCHELLE, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $80 million in mortgage financing for the acquisition of a luxury apartment tower in New Rochelle. Avalon on the Sound is a 24-story, Class A building located at 255 Huguenot St. It contains 412 apartment units as well as 5,400 square fee of ground-floor retail space leased to a dry cleaner, a spa and a coffee shop. Amenities include a gym, a basketball court, an outdoor swimming pool and an adjacent six-story parking garage. James Gunning and Donna Falzarano of CBRE Capital Markets secured the financing on behalf off the borrower, a subsidiary of Hartz Mountain Industries, through Freddie Mac. Jeffrey Dunne of CBRE's Tri-State Investment Properties Group sourced the investment opportunity on behalf of Hartz Mountain.
NEW YORK CITY — Brooklyn Navy Yard Development Corp. has selected PA Developers to develop the Brooklyn Navy Yard project in New York City. One of the developer's first assignments will involve the construction of a 55,000-square-foot Shoprite supermarket at the site. In addition, 30,000 square feet of neighborhood retail space and 125,000 square feet of industrial space will be built as part of the initial phase of development. Construction will begin by 2012. Formerly known as Admirals Row, the Brooklyn Navy Yard project will consist of the mixed-use redevelopment of 300 acres at the shipyard.
NEW YORK CITY — Massey Knakal has brokered the sale of a four-story, walk-up apartment building located in Manhattan's Design District for $3.2 million. Situated at 236 E. 60th St., the building contains retail space on the first two floors with four residential units above. It was vacant at the time of closing. Clint Olsen and Robert Knakal of Massey Knakal arranged the deal.
DICKSON CITY, PA. — Appliance and electronics retailer hhgregg has opened a new location in Dickson City. The 27,943-square-foot store is located within the Dickson City Crossings shopping center on Scranton Carbondale Highway. Centro Properties Group is the shopping center's owner and was represented in-house by Suzanne Cadden-Christman in lease negotiations.
EDGEWATER, N.J. — ARC Property Trust has acquired the ground lease for a CVS/pharmacy located in Edgewater. The property is situated on River Road within the 1 million-square-foot Riverside Park mixed-use development. CVS occupies the building under a 25-year lease. The seller's name and the acquisition price were not disclosed. ARC Property Trust was formed in January by ARC Properties and has the goal of investing $100 million in net-leased properties over the next 12 months.
NEW YORK CITY — The Kaufman Organization has brokered an 18,500-square-foot office lease at 475 Tenth Ave. on Manhattan's West Side. LivePerson Inc. will occupy the space for a 10-year term. The asking rent for the space was $35 per square foot. Michael Kaufman and Grant Greenspan of The Kaufman Group represented the tenant in lease negotiations. Kristin Fisher of Adler Group represented the undisclosed landlord.
CARMEL AND KATONAH, N.Y. — Urstadt Biddle Properties has acquired two retail properties in New York. In the first transaction, the REIT purchased a two-thirds equity interest in Putnam Plaza Shopping Center, a 193,000-square-foot property located in Carmel. Located along Route 6, the property is valued at $28.6 million. The tenant roster includes anchor Hannaford Brothers Supermarket, Rite Aid, NY Sports Club, Radio Shack, Starbucks and Dress Barn. Urstadt Biddle's partner in the property is a local real estate investor. The second transaction involved the outright purchase of three multi-use properties located in downtown Katonah. The buildings consist of 14,000 square feet of office space above 18,000 square feet of ground-floor retail. The office component is fully leased and the retail component is anchored by Mrs. Green's Natural Food Market. Urstadt Biddle purchased the buildings for $8.52 million.
