STOWE, VT. — Broomfield, Colo.-based RockResorts International has entered into an agreement with a joint venture between Stonewater Partners and CastleGrace Management for the management of a resort project currently under construction in Stowe. Known as The Mansfield Inn at Stowe, the project will include for-sale residences, as well as luxury tented accommodations. Amenities will include a three-meal restaurant with a fine dining element; a 6,000-square-foot spa with six standalone, spa-themed cabins; a warming hut; and an outdoor pool and hot tubs. The project is scheduled to open in time for the 2010/2011 ski season. RockResorts, which is a wholly owned subsidiary of Vail Resorts, will manage all resort operations, provide technical advisory services and provide marketing licensing services to assist in sales for the project.
ROCKAWAY, N.J. — The New Jersey office of Marcus & Millichap has brokered the sale of Rockaway Plaza, a 104,549-square-foot retail property located at 295 Route 46 in Rockaway, for $16.12 million. Situated on 6.78 acres, the property is anchored by Drug Fair; additional tenants include Ace Hardware, Kiddie Academy and Party Fair. The property has recently undergone a renovation that included a new façade and storefronts, as well as a resurfaced parking lot. Seth Pollack and Michael Kestin of Marcus & Millichap represented the seller, a regional developer. Kevin McCrann, also of Marcus & Millichap, represented the buyer, a regional investment group. The property traded at a price of $154 per square foot.
PELHAM MANOR, N.Y. — White Plains, N.Y.-based Acadia Realty Trust, in partnership with PA Associates, has entered into an agreement with BJ’s Wholesale Club to anchor Pelham Manor Shopping Center, a 230,000-square-foot community shopping center located in Pelham Manor. BJ’s will occupy the space formerly leased by Home Depot, and is expected to open in the first half of 2009. Terms of the lease were not disclosed.
BOSTON — Burlington, Mass.-based Linear Retail Properties has acquired two Boston retail condominiums in two separate transactions for a total of $4.04 million. The first property is a 7,339-square-foot unit located at 58 Summer St. in the city’s financial district. The vacant unit was previously occupied by McDonald’s, which sold the property to Linear for $2.37 million. John Butterworth of Boston-based CB Richard Ellis – New England Partners and Christopher Lawrence of Boston-based Colliers Meredith & Grew brokered the transaction. The second property is a 4,360-square-foot unit located within the Wilkes Passage condominium project at 1313 Washington St. Linear acquired the property from Red River Trading Co. for $1.67 million. Red River will be relocating to 577 Main St. in Hudson, Mass. Ken Girvin of Boston-based Chandler Co. brokered the transaction. The Dartmouth Company has been retained to lease the property.
MINEOLA, N.Y. — Garden City, N.J.-based Metropolitan Realty Associates (MRA) has disposed of a 6,810-square-foot office property, located at 410 E. Jericho Turnpike in Mineola, for $1.41 million, or $207 per square foot. The two-story, Class A property is currently vacant; it was formerly the headquarters of Birchwood Associates, which has since liquidated its commercial property holdings. Ron Kleinberg of Tri-State Properties represented MRA in the transaction. The buyer, Stuart Finz, was represented by Ross Selinger of ITRA Realty Group/Selinger Enterprises. In January, Finz purchased an adjacent, 13,000-square-foot land parcel from MRA.
WINDSOR, CONN. — The Hartford, Conn., office of CBRE Capital Markets has arranged a $7 million loan for a 221,213-square-foot industrial building located at 550 Marshall Phelps Rd. in Windsor. Situated on approximately 29.75 acres, the building features approximately 84,000 square feet of office space, 6-inch reinforced concrete floors, and expansion capability for an additional 70,000 square feet. Michael Riccio and Christina Kubas of CBRE Capital Markets secured the loan on behalf of the borrower, 550K Marshall Phelps Road LLC, which is an affiliate of The DeMattia Companies. The lender was CIGNA Realty Investors. Terms of the financing include a 5-year term with a fixed interest rate.
SUMMIT, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has begun the redevelopment of the former Risk Building, located at 535 Springfield Ave. in Summit. The historic building will be redeveloped into Claremont Corporate Center, a two-story, Class A office building located above two levels of underground parking. The original brownstone and granite building will be preserved as much as possible, and a new addition will be added to it. While preserving the original stone façade, Sweetwater plans to add exterior limestone panels and a glass curtain wall. Inside, the building will include a two-story main lobby with a glass façade, and an atrium with glass and wood railing, as well as new elevators and a slate tile floor. The project owner is Claremont Corporate LLC, and Wesketch Architecture is serving as the architect of record. CB Richard Ellis is the exclusive leasing agent.
FREEHOLD, N.J. — The East Rutherford, N.J., office of Cushman & Wakefield has negotiated the sale of a 25,000-square-foot office condominium within Pond View Professional Park in Freehold. Situated on 12.2 acres at 1011 W. Main St., Pond View comprises two 25,000-square-foot, two-story office buildings and one 50,000-square-foot, two-story building. Condos within the project are designed for medical or professional office uses, and the project is located less than a quarter-mile from CentraState Hospital. Advanced Orthopedic Sports Medicine Institute was the buyer of the office condo, which is located on the entire first floor of the larger building. It marks the first sale within the project. Pond View Professional Park is owned by a joint venture between Pyramid Property Partners, Hampshire Real Estate Companies and Triad Development. Cushman & Wakefield is marketing the property, with individual units available for sale or lease.
NEW YORK CITY — The Bronx/Manhattan, New York City, office of Community Preservation Corporation (CPC), in partnership with the New York City Department of Housing Preservation (HPD), has financed $15.9 million in construction loans for three Harlem affordable housing project. CPC and HPD are providing a $9.2 million loan for the rehabilitation of two seven-story buildings located at 3603-3605 Broadway in the borough’s Hamilton Heights neighborhood. The properties will be reconfigured to include 24 one-bedroom units and 13 two-bedroom units. A $4.5 million construction loan is being provided to Malcolm Shabazz Development Corp. for the renovation of a six-story building located at 2512 Adam Clayton Powell Blvd. After construction is complete, the buildings will comprise 15 limited equity co-ops — made up of two studios, six one-bedroom, four two-bedroom and three three-bedroom units — as well as two commercial spaces. Finally, a $2.2 million loan will provide for the rehabilitation of a five-story building located at 131 E. 101st St. The building currently contains 10 rental units, which will be converted into co-ops upon completion.
NEW YORK CITY — Meltzer/Mandl Architects has completed the design for a seven-building residential project located at 781-791 DeKalb Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The four-story, townhome-style buildings will each contain seven residences in a mix of studio, one-bedroom, two-bedroom and duplex units. Building amenities include hardwood floors, and low-e windows and glass doors. First-floor units in the rear of the buildings will have direct access to landscaped outdoor space and below-level recreation space, while residences above them will contain balconies overlooking the area. Top-floor units will have access to an outdoor terrace. Construction is slated to begin in early 2009. YME Construction is serving as general contractor.