FRANKLIN, MASS. — Monmouth Real Estate Investment Corp. sold an 84,376-square-foot industrial property, located at 17 Forge Park in Franklin, for approximately $6.68 million. The property is occupied by Kellogg Sales Co. The buyer, Delaware-based CRP investments, was represented by the Boston office of Jones Lang LaSalle.
STAMFORD, CONN. — Harbor Point Development has received final approval for the development of an approximately 1 million-square-foot mixed-use development located in the historic South End district of Stamford. Construction will consist of a waterfront hotel, residential, office and retail space, and 11 acres of public parks. The office and retail components are expected to be complete within 18 months, with residential space following soon after. The project has also been selected by the U.S. Green Building Council for the pilot program of the organization’s LEED – Neighborhood Development program.
PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of Fairmount Terrace Apartments for $15.37 million. Located at 3601 Conshohocken Ave. in the Wynnewood Heights neighborhood of Philadelphia, the property contains 162 studio, one- and two-bedroom units. Community amenities include a swimming pool, gated parking and laundry facilities. Asking rents range from $850 to $1,050. Joseph Brecher and Eli Rosen of Gebroe-Hammer represented the seller, ASI Management. The undisclosed buyer plans to implement a multi-million dollar capital improvements program.
BURLINGTON, MASS. — The Capital Markets Group of Colliers Meredith & Grew (CMG) has secured a $12.6 million B-note loan for the expansion of One Wayside Road, an approximately 200,000-square-foot, Class A office building located within Burlington Office Park in Burlington. The expansion added 80,000 square feet to the office property, which is fully leased to Nuance Communications. Property amenities include a fitness center, food service and on-site management. Terms of the secondary financing include a 7-year term with a fixed rate that terminates at the same time as the original financing. Kevin Phelan and John Broderick of CMG represented the borrower, The Gutierrez Company. The lender is State Farm, which is also the property’s existing lender. Phelan and Broderick also secured the original financing for the property in 2005.
PARSIPPANY, N.J. — Parsippany-based Wyndham Worldwide Corp. has acquired U.S. Franchise Systems, including its Microtel Inns & Suites and Hawthorn Suites hotel brands, from a subsidiary of Global Hyatt Corp. Wyndham will add 292 Microtel Inns & Suites, along with 38 more still under development, and 91 Hawthorn Suites to its portfolio. Wyndham’s hotel division, Wyndham Hotel Group, is the largest hotel franchisor in the world, bringing its total up to more than 6,550 franchised hotels worldwide with this acquisition. The transaction is expected to be complete within the next 60 days. The acquisition price was not disclosed.
NEW YORK CITY — New York City-based Beck Street Capital has begun construction of Alma, a 13-unit condominium building located at 30 W. 21st St. in the Flatiron District of New York City. Consisting of the conversion of a 1907 loft building, Alma will contain 11 three-bedroom residences, a triplex penthouse and an adjacent, newly constructed, six-story townhouse. Units will range from 3,000 to 4,500 square feet, with prices ranging from $6 million to $10 million. Homes will feature Naval Oak hardwood floors, marble fireplaces in the master bedrooms, 50 feet of window frontage per unit, wine cellars, and kitchens with oak cabinets and solid-piece marble countertops. The two-bedroom penthouse will include 2,800 square feet of outdoor space, featuring a pool. The four-bedroom townhouse will include two marble fireplaces, a private elevator, a screening room, a study and a playroom. Building amenities will include a 24-hour concierge, weekly maid service, a fitness center and a pet spa. Alma is being designed by Roman & Williams and Karl Fishcer Architects. Darren Sukenik of Prudential Douglas Elliman is being retained as exclusive sales and marketing agent. Completion is scheduled for summer 2009.
PHILADELPHIA — The Embassy Suites Philadelphia City Center has completed a $10 million renovation to the 288-suite hotel. Renovations to guest rooms include new desks, wireless Internet access, marble-topped wet bars featuring built-in refrigerators and microwaves, and flat-screen televisions in the parlor and bedroom of each suite. Additionally, the hotel’s fitness center and lobby bar were upgraded, and a new business center and 24-hour gift shop were added. The hotel’s 4,000 square feet of meeting space were also upgraded. A new landscaping package will be added in July.
HARTSDALE, N.Y. — Houlihan Parnes / iCap Realty Advisors has arranged the acquisition of a two-story, 10,500-square-foot building located at 217 E. Hartsdale Ave. in Hartsdale. The property is occupied by four office tenants and four retail tenants. James Coleman of Houlihan Parnes negotiated the transaction and arranged the financing for the transaction through Signature Bank. Both parties in the purchase were undisclosed.
NEW YORK CITY — New York City-based Winoker Realty Co. has brokered the sale of a 2,578-square-foot office condominium, located at 820 Second Ave. in New York City for approximately $2 million. The office condo is located within The Diplomat Center, a 19-story office building located within walking distance to the United Nations building. The property was acquired by the Delegation of the Basque Country in the United States; it marks the delegation’s second U.S. location. Jonata Dayan of Winoker Realty represented the Basque Country Delegation in the transaction; the building’s owner, Phillips International, was represented by Scott Klau and Theodore Philips of Newmark Knight Frank.
BERKLEY HEIGHTS, N.J., AND KINGSTON, N.Y. — The Hampshire Companies has purchased a self-storage property in Berkley Heights, and announced plans to develop a retail building in Kingston. The 98,170-square-foot self-storage facility is located at 310 Snyder Ave., and was acquired from Tuckaway Mini Storage. The 8,400-square-foot retail building will be located at 539 Albany Ave., and will be occupied by Quick Check Corp., which signed a long-term lease. The transactions were made on behalf of Hampshire Partners Fund VII, the company’s real estate investment fund.