HERSHEY, PA. — Pennsylvania-based owner-operator Shaner Hotels has acquired the Hampton Inn & Suites by Hilton Hershey, and 86-room property located about 100 miles west of Philadelphia. All guestrooms and suites feature microwaves and refrigerators, and the hotel offers amenities such as an indoor pool, fitness center and complimentary breakfast. Shaner plans to invest $1.2 million to remodel guestrooms. The seller and sales price were not disclosed.
GUILFORD, CONN. — Marcus & Millichap has arranged the $8.2 million sale of Innovation Park, a 56,564-square-foot office building in Guilford, located in New Haven County. Thermo Fisher Scientific serves as the building’s anchor tenant. Ani Paulson and C.J. Wilson of Marcus & Millichap represented the seller in the transaction. Paulson also procured the buyer. Both parties were private investors that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
NEWARK, N.J. — Locally based developer J&L Cos. has begun leasing Fifty-Five Union, a 403-unit apartment community in Newark’s historic Ironbound neighborhood. Designed by Minno & Wasko Architects & Planners, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, clubroom, coffee bar, private dining room, a rooftop garden and outdoor grilling and dining stations. Rents start at $1,900 per month for a studio apartment. Move-ins will begin later this month.
NEW YORK CITY — New York City-based development and investment firm Lightstone Group has completed the 303-room Moxy Hotel at 145 Bowery St. on Manhattan’s Lower East Side. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor and AMA Group, the boutique establishment houses a Japanese restaurant, rooftop bar, piano lounge, subterranean nightclub and a lobby café and bar. Other amenities include coworking spaces and meeting and event rooms.
LANSDALE, PA. — Locally based firm Westrum Development has opened Luxor Lifestyle Apartments Lansdale, a 211-unit multifamily community located about 30 miles north of Philadelphia. Designed by Pennsylvania-based architecture firm Meyer, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, gaming area, outdoor grilling and dining stations and a dog wash area. Rents start at $1,800 per month for a studio apartment. The project carried a total price tag of about $28 million.
NORTH BERGEN, N.J. — Marcus & Millichap has brokered the $11.1 million sale of a 38,310-square-foot industrial property in North Bergen, located across the Hudson River from Manhattan. Built on 2.8 acres in 2004, the property features a clear height of 26 feet, 21 drive-in doors and 50 parking spaces. Mark Gjonbalaj, Alan Cafiero and Giacomo Fiorenza represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
NEWARK, N.J. — Locally based investment firm The STRO Cos. has acquired a two-building, 45,500-square-foot industrial property located at 202-231 Vanderpool St. in Newark. The site spans 1.6 acres, and the buildings feature clear heights of 14 and 18 feet, as well as a combined 12 drive-in doors and seven loading docks. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program.
JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …
BRIDGEWATER, N.J. — Pacific Retail Capital Partners (PRCP) has acquired Bridgewater Commons, a 1.2 million-square-foot mall located in Bridgewater, roughly 40 miles outside New York City, for an undisclosed price. The Village at Bridgewater Commons, an adjacent 94,000-square-foot open-air shopping center, was included in the acquisition. Tenants at the mall include Bloomingdale’s, Macy’s, Apple, J. Crew, lululemon, Athletica, Williams-Sonoma, The Cheesecake Factory, AMC Dine-In Theatres, LOFT, Maggiano’s Little Italy, Shake Shack and Starbucks Coffee. PRCP has assumed the property’s existing loan and secured an extension, with plans to transform the mall into a mixed-use development. Specific details and uses of the redevelopment have not yet been finalized.
SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and Affinius Capital, has begun leasing Prospect Union Square, a 450-unit apartment community located outside of Boston in Somerville. Designed by Howeler + Yoon, Prospect Union Square consists of a midrise building and a 25-story tower, both of which are situated within the USQ mixed-use development. Units come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, game room, outdoor grilling and dining areas and a package locker system. Rents start at $2,460 per month for a studio apartment. Move-ins will begin in July.
