BOSTON — IHG has announced pans to open a 72-room Holiday Inn Express Hotel and Suites in Boston. Located on Friend Street, the five-story hotel is strategically located within walking distance to many of Boston’s historical attractions. The hotel is slated to open this summer once a $2 million renovation is complete on the 100-year old historic building.
WILLOW GROVE, PA. — ARC Properties and its joint venture partner, Develcom, have completed construction of a 123,390-square-foot Giant Food store in Willow Grove. Situated on 12.4 acres of land, the site was previously a Home Depot.
CAMBRIDGE, MASS. — BioMed Realty Trust, along with joint venture partner Prudential Real Estate Investors, has secured a $245 million construction loan from Wachovia Bank, National Association and certain other lenders. The funds will be used to construct an approximately 300,000-square-foot life sciences building located at 650 E. Kendall St. in Cambridge.
BELLMORE, N.Y. — Breslin Realty has brokered the sale of a retail store located at 2480 Sunrise Highway in Bellmore. The 36,000-square-foot store was purchased by P C Richards, an electronics and appliance retailer. Kenneth Breslin of Breslin Realty represented the seller in the transaction. The facility was purchased from Shore Buick for an undisclosed amount.
GREENVILLE, PA. — Dean Zang, Mark Taylor, Thomas Gorman and Matthew Gorman of Marcus & Millichap’s Philadelphia office have completed the $4.4 million sale of a single-tenant building located at 335 Main St. in Greenville. The 11,157-square-foot store is leased to Rite Aid on a 20-year term. The Marcus & Millichap team represented the seller, Greenville Commercial Properties, and the 1031 buyer, Deer Park Realty Co., in the transaction.
NEW YORK CITY — The Best Western Bowery Hanbee Hotel is nearing completion in Lower Manhattan, New York City. Located at 335 Bowery, the eight-story hotel features 102 guestrooms and spans 49,000 square feet. A Chase Bank and Capital One Bank are located at the base of the building. Construction is scheduled for completion this month.
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UPPER MACUNGIE TOWNSHIP, PA. — Keystone Property Group has sold 1035 Mill Rd., a 161,470-square-foot warehouse/production/distribution facility in Upper Macungie Township. Situated on 11 acres within the Iron Run Corporate Center, the building is fully leased to Cherrydale Farms. Michael Hines, Michael Blunt, John Pasquarella and Bill Wolf of CB Richard Ellis represented the seller, Cherrydale Manufacturing, which sold the facility to Equity Industrial Partners for $7.65 million.
NEW JERSEY — GE Real Estate has provided $105 million in refinancing for nine New Jersey properties that belong to Denholtz Associates. The portfolio includes Class B properties that range from 33,000 to 166,000 square feet and total more than 1 million square feet of space. In addition, the facilities are located throughout six submarkets.
FLORHAM PARK, N.J. — CB Richard Ellis (CBRE) Capital Markets has secured $6.48 million in financing for the acquisition of the two-story PCS Wireless warehouse in Florham Park. The 83,766-square-foot warehouse, which is located at 11 Vreeland Rd., is situated near several main arterial highways such as I-287, I-280 and I-78. Max Herzog of CBRE arranged the financing for the borrower, Vreeland, LLC, a subsidiary of PCS Wireless.