NEW YORK CITY — Construction has topped out for the new $72 million Doubletree Hotel located in downtown Manhattan, New York City. The building, which is situated at 8 Stone St., rises 43 stories and will contain 399 rooms in 148,000 square feet of space. It is slated to open in the fourth quarter of 2010. It is owned by ABI and AL-Stone LLC. The construction manager is CNY Builders and the project architect is Gene Kaufman Architect PC.
NEW YORK CITY — Wells Fargo & Co. has provided a $63.5 million loan for the refinancing of Rentar Plaza, a mixed-use property located in the Middle Village neighborhood of Queens, New York City. Situated at 66-26 Metropolitan Ave., the property is currently subleased to a commercial wholesaler and 16 retail tenants. The building contains 24-foot clear ceiling heights on the first and second floors as well as 33-foot ceilings and loading docks on the lower level. The loan carries a 5-year term. The borrower was not disclosed.
MILLSBORO, DEL. — Marcus & Millichap has brokered the sale of a McDonald's restaurant ground lease located in Millsboro. The McDonald's is situated on the outparcel to Bayshore Plaza, a 39,744-square-foot shopping center. The property is subject to a 20-year absolute net ground lease with structured rent increased every 5 years; approximately 18 years remained on the lease at the time of closing. Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, Bayshore Plaza Associates LLC. The end purchaser was McDonald's USA LLC, which acted on its first right of refusal under the lease. The property traded for approximately $1 million at a 6.67 percent cap rate. Taylor & Zang also brokered the sale of Bayshore Plaza earlier this year.
BARTONSVILLE, PA. — The grand opening has been held for The Shoppes at Crossroads, a 140,000-square-foot regional shopping center located in Bartonsville. Situated at the intersection of routes 611 and 33, the center is anchored by a 76,000-square-foot Giant supermarket. Additional tenants include AT&T and Red Lobster. The project was developed by a joint venture between Tristate State Ventures and Cedar Shopping Centers. Fameco Real Estate leases and manages the property.
EDISON, N.J. — Following a multi-million dollar renovation, InterContinental Hotels Group (IHG) will open a five-story Crowne Plaza at 2055 Lincoln Highway in Edison. The newly renovated facility will consist of 169 oversized guest rooms with all-new case goods, soft goods and granite vanities. Other upgrades include a new lighting package, a ballroom and lobby décor and a new courtyard. Amenities will include a steakhouse and lounge, a business center, a fitness room, a concierge lounge and complimentary parking. The hotel will contain more than 12,000 square feet of meeting and banquet space, as well as offer the Crowne Plaza Sleep Advantage program, which provides a restful environment along with sleep products and services. Located 15 minutes from Newark Liberty International Airport and a half-hour drive from New York City and the New Jersey shore, the hotel is also in close proximity to Rutgers University, Raritan Convention Center and Woodbridge Mall. Its location also offers access to the New Jersey Turnpike and the Garden State Parkway. Restaurant Rt. 27 LLC, owns the property under a license agreement with an IHG company. Occupancy is slated for second quarter 2008.
AVON, MASS. — Logan Furniture has acquired a 127,600-square-foot warehouse/office property located within Avon Industrial Park in Avon. The single-story building is situated on 7.05 acres at 1 Kiddie Drive. It features 24-foot clear ceiling heights. Logan Furniture plans to use the building to house its headquarters and warehouse operations. It will relocate from nearby Braintree, Mass. Ned Halloran of the Boston office of Lincoln Property Co. represented Logan Furniture in the acquisition. Bill Bailey, Rick Schuhwerk and Tony Coskren of Jones Lang LaSalle represented the seller, EPC Avon LLC. The acquisition price was not disclosed.
NEW YORK CITY — GFI Realty Services has brokered the sale of a six-story apartment building located in New York City for $4.7 million. Situated at 86 Bay 29th St., the elevator-served building contains 42 units. It was purchased by a local investor at a 5.5 percent capitalization rate. Erik Yankelovich and Shulem Paneth of GFI represented both parties in the transaction.
NEW YORK CITY — Massey Knakal Realty Services has negotiated the $2.65 million sale of 39 cooperative units within a 54-unit residential building located in the Bronx, New York City. The units comprise four studios, 24 one-bedroom units and 11 two-bedroom units. The six-story residential building was constructed in 1950 and is situated at 3250 Netherland Ave. Karl Brumback and Paul Smadbeck of Massey Knakal were the sole brokers in the deal. The property traded for 6.8 percent.
SPRINGDALE, PA. — The Civic Light Opera (CLO) Association of Greater Pittsburgh has acquired a 68,000-square-foot manufacturing building located in Springdale as the new home for its construction center. The facility is situated at 997 Sherosky Way and was purchased for $1.1 million. It was formerly occupied by Fortco Plastics. The CLO will be relocating its construction center operations from a leased building at 403 Bingham St. in Pittsburgh. Gene Galiardi and Scott Long of Pennsylvania Commercial Real Estate represented the seller, and Tom McCaffrey of Grant Street Associates represented the buyer.
NEW YORK CITY — A partnership of New York City investors has acquired the retail portion of the St. Regis New York hotel for $117 million. The space totals 24,700 square feet and is occupied by tenants such as Bottega Veneta, Pucci and De Beers. The buyer is GFC Fifth Avenue, a partnership that includes Crown Acquisitions, Goldman Properties and The Feil Organization. Darcy Stacom and Bill Shanahan of CB Richard Ellis represented the seller, Starwood Hotels & Resorts Worldwide. The St. Regis hotel is situated at 55th Street and Fifth Avenue in Manhattan and was constructed in 1904.