NEW YORK CITY — Eastern Consolidated has brokered the sale of a vacant retail condominium, located at 221-225 Center St. (aka 161 Grand St.) in New York City, for $4.5 million. The condo is located on the ground floor of an eight-story residential building. Ety Lee of Eastern Consolidated represented the seller, a Chinese developer. David Schechtman, Eric Anton and Ronald Solarz, also of Eastern Consolidated, represented the locally based buyer, which acquired the property in an off-market 1031 exchange. The property traded at a price of $1,125 per square foot.
JERICHO, N.Y. — The Long Island office of CB Richard Ellis (CBRE) has brokered the sale of a 172,000-square-foot industrial property, located at 200 Robbins Lane in Jericho, for $18 million. The single-story, multi-tenant property features 20-foot clear ceiling heights, drive-in loading docks and 11.76 acres of parking. Philip Heilpern, Richard Karson, Martin Lomazow and David Zelinski of CBRE represented the seller, 200 Rob LLC. The buyer, 200 Robbins Lane LLC, utilized in-house representation.
MARLTON, N.J. — Malvern, Pa.-based Liberty Property Trust has disposed of a five-building office portfolio located in Marlton. The properties are located at 8, 9, 10, 12 and 14 Stow Road. They are all single-story buildings and total 160,000 square feet. The portfolio is occupied mostly by service-related tenants, including insurance agencies, accounting practices and financial services firms. Joseph Sklencar, Sr., and Joseph Sklencar, Jr., of Grubb & Ellis represented Liberty, as well as the seller, Ireland-based Claret Capital. Grubb & Ellis will also assume leasing and property management services for the portfolio. The acquisition price was not disclosed.
NEW HAVEN, CONN. — This month, the grand opening will be held for The Study at Yale, a redeveloped hotel located at 1157 Chapel St. on the campus of Yale University in New Haven. Owner Hospitality 3 acquired the hotel, formerly known as the Colony Inn, last year, and set about redeveloping it into a luxury hotel to serve the Yale community. The multi-million dollar renovation will add two floors to the five-story building, expanding its capacity from 86 rooms to 125 rooms. The redesigned interior will include 3,000 square feet of meeting space, a private lounge area in the penthouse, and a full-service restaurant with a private dining room and banquet facilities. Individual rooms will include leather chairs, ottomans, special work areas and state-of-the-art technology amenities. Toronto-based Kuwabara Payne McKenna Blumberg Architects served as project architect and interior designer.
CHERRY HILL, N.J. — CB Richard Debt & Equity Finance (CBRE) has secured $31.9 million in variable- and fixed-rate financing for the acquisition of Cherry Hill Business Center, a 782,446-square-foot industrial park located along Springdale Road in Cherry Hill. Comprising 16 buildings, the park includes warehouse, office, flex, retail and showroom space. It is currently 92 percent leased to a tenant roster that includes International Paper, Okidata America, Commerce Bank, Dal-Tele Corp. and Cooper Lighting. James Gunning and Donna Falzarano originated the loan on behalf of the borrower, Principal Real Estate Investors. Terms of the financing were not disclosed.
MIDDLETOWN, R.I. — Silver Springs, Md.-based Choice Hotels International has announced the construction of a new Cambria Suites in Middletown. Located at 240 Aquidneck Ave., the hotel will feature 129 suites. Amenities include a two-story lobby with a large-screen television, a casual dining area, a fitness center, a 24-hour convenience store, more than 1,000 square feet of meeting space, and wired and wireless Internet access throughout the hotel. The dining area will feature a coffee bar with Wolfgang Puck coffees and desserts from The Cheesecake Factory. Individual suites feature two flat-screen televisions and media hub technology. The project is owned by Newport, R.I.-based developer Seaview Inn LLC. A total of 63 Cambria Suites were under contract in the United States and Canada as of June 30.
WHITEHALL, PA. — Allentown, Pa.-based Summit Management & Realty Co. has completed the sale of a 17,352-square-foot office/flex building located at 3724 Crescent Court in Whitehall. The property traded in a $2.25 million transaction to Logisol LLC, the U.S. subsidiary of Italy-based medical company Guna S.p.a. Mike Shelton of Summit represented the seller, which was undisclosed.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 154 Highland Place, a 20-unit multifamily building located in Brooklyn, New York City. The property sold at a price of $1.57 million, at a 7.08 percent capitalization rate. Cody Liebman and Zachary Felson of Marcus & Millichap’s Brooklyn office represented the seller and secured the buyer in the transaction. Both parties were undisclosed.
BOLTON LANDING, N.Y. — The Plasencia Group (TPG) has negotiated the sale of the historic Sagamore Resort, located in Bolton Landing, for approximately $88 million. Constructed in 1883 on the shores of Lake George, Sagamore Resort is a 70-acre resort that features a hotel, condominiums, an 18-hole golf course designed by Donald Ross, conference facilities, a marina, a sailing school, a spa, and multiple food and beverage outlets. Stephen Kindl of TPG’s Capital Markets Group represented the seller, Green Island Associates. The property was purchased by Sagbolt LLC, an affiliate of Ocean Properties Limited Hotels & Resorts.
WESTFIELD, N.J. — The New Jersey office of Jones Lang LaSalle (JLL) has brokered the acquisition of a Class A office building located in Westfield. The three-story, 41,281-square-foot building is located at 50 Cardinal Dr. and was purchased by Atlantic Container Lines, which plans to use the facility as its headquarters location. The property was constructed in 2006. Chris Conklin and J.C. Giordano of JLL represented Atlantic Container Lines; Frank Cotilla, also of JLL, will be providing project management and relocation services. The seller and purchase price were not disclosed.