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.
YONKERS, N.Y. — Houlihan-Parnes Realtors has brokered the sale of a 102-unit apartment property located in Yonkers. The property consists of two six-story, elevator-served buildings that are located at 40, 40A, 50 and 50A Locust Hills Ave. White Plains, N.Y.-based Houlihan-Parnes negotiated the sale of the property, which was acquired in an arms-length transaction by a Westchester, N.Y.-based holding company.
RONKONKOMA, N.Y. — Corporate Transport Express (CTE) has completed the sale and subsequent leaseback of its 64,224-square-foot industrial property located in Ronkonkoma for $4.82 million. The facility is located at 845 S. 1st St.; CTE will lease approximately 30,000 square feet from the buyer, DEA Products. Richard Cohen of Ashlind Properties represented the buyer. Doug Donatelli of Metro Realty Services represented the seller. Ashlind Properties is also handling the sale of DEA's old building located in Holbrook, N.Y.
ROCKVILLE CENTRE, N.Y. — Omni Housing Development has completed the $33 million renovation of Rockville Centre Apartments in Rockville Centre. The community was constructed in 1968 and is Long Island's first low-income housing complex. Renovations consisted of roof replacements, new kitchens, new baths, energy-efficient insulation, new windows and new heating systems. Funding for the project was provided in part by the New York State Division of Housing & Community Renewal, including more than $4 million in Public Housing Modernization funding, a Low Income Housing Tax Credit allocation and the awarding of Section 8 vouchers for 120 units. Additional funding for the project was provided by a Nassau County Industrial Development Agency bond, a Nassau County HOME grant and the Rockville Centre Housing Authority.