SHREWSBURY, MASS. — SGPS Showrig, a provider of entertainment equipment, has signed a 49,524-square-foot industrial lease in Shrewsbury, located outside of Worcester in the central part of the state. The space is located within Centech Park North, a 310,000 square-foot campus that is set to be delivered at the end of the year. Kevin Brawley, Stephen Woelfel, P.J. Foster, Kevin Hanna, Ovar Osvold and Wayne Spiegel of Colliers represented the landlord, Northbridge Partners, in the lease negotiations. Rhett Delk and Nate Heilbron of Cresa represented the tenant.
BURLINGTON, NATICK AND BRAINTREE, MASS. — Hudson Bay Co., a holding and investment firm focused on retail properties, and its affiliate Streetworks Development will undertake a trio of life sciences conversion projects throughout the Boston area. Specifically, the development team plans to convert a portfolio of three 120,000-square-foot retail properties located in Burlington, Natick and Braintree into facilities that will house both traditional office and lab/research and development space. SGA is designing the conversion projects. Cushman & Wakefield is handling leasing. Construction is expected to begin in the third quarter.
DEDHAM, MASS. — Global investment management firm Invesco Real Estate has purchased a 422,117-square-foot life sciences facility in Dedham, a southern suburb of Boston. The single-story building sits on 53 acres and was fully leased at the time of sale to tenants such as General Dynamics and the American Red Cross. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, a partnership between locally based investment firm RJ Kelly Co. and Independencia Asset Management, in the transaction.
NORTH ARLINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $8.4 million sale of three multifamily properties totaling 43 units in North Arlington, located in Bergen County. All structures were originally built more than 100 years ago and include four office spaces and three retail units. Scott Davidovic, Michael Kossak and Andrew Scheinerman of Kislak brokered the deals. The sellers were family partnerships that sold the assets to a single buyer, with all parties involved requesting anonymity.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.2 million sale of two multifamily buildings totaling 37 units in Brooklyn’s Sunset Park neighborhood. The rent-stabilized buildings offer a mix of one-, two- and three-bedroom units. Victor Sozio, Stephen Vorvolakos, Sean Kelly and Benjamin Vago of Ariel Property Advisors brokered the sale. The buyer and seller were not disclosed.
NEW YORK CITY — Multifamily development and investment firm Beachwold Residential has signed a 12,637-square-foot office lease at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Jared Stern of Savills represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.
NEW YORK CITY — Walker & Dunlop Inc. has arranged $754 million in financing for Aman New York, a luxury hotel and condo development in Midtown Manhattan. Aman New York occupies the top 20 floors of the 100-year-old Crown Building at the corner of 57th Street and Fifth Avenue, across the street from Trump Tower. OKO Group was the developer. The 95,000-square-foot residential portion includes 22 units, while the 117,000-square-foot hotel section contains 83 guest rooms and suites. The rooms are among New York’s largest, and the hotel is the only one in New York to offer working fireplaces in each room. The lower floors of the building remain retail space. The hotel portion is scheduled to open on Tuesday, Aug. 2. Reservations will be available beginning Monday, July 25. The development is Aman’s first U.S. urban residence project and provides special features for owners such as private entrances, plus access to three dining venues, a jazz club, wine room and 25,000-square-foot Aman Spa. Nearly all of the condos are pre-sold, with one of the units selling for $55 million, marking one of the priciest residential transactions in New York so far this year. Originally built in 1921, the Crown …
PORT WASHINGTON, N.Y. — Cedar Realty Trust (NYSE: CDR) has sold a portfolio of 33 grocery-anchored shopping centers for $879 million, inclusive of existing debt. The names and addresses of the centers were not disclosed, but the properties are primarily located in high-density markets throughout the Northeast and Mid-Atlantic regions. The buyer was a joint venture between two New York City-based firms, DRA Advisors and KPR Centers. The sale, which was first announced in March, comes as part of the New York-based REIT’s plan to divest of its assets prior to being acquired by Virginia-based Wheeler REIT (NASDAQ: WHLR).
NEW YORK CITY — Lument has provided a $117.4 million Freddie Mac loan for the refinancing of Hope Gardens, a 949-unit affordable housing community in Brooklyn’s Bushwick neighborhood. Built between 1980 and 1987, the garden-style property comprises 60 buildings totaling 1,321 units that are all subsidized by Section 8 contracts and includes a daycare and two senior centers. The loan, which carries a fixed interest rate, 30-year term and 40-year amortization schedule, retires the construction debt attached to 47 of the buildings that house 949 units. Josh Reiss of Lument originated the loan for the sponsor, a joint venture between Pennrose Holdings, Acacia Real Estate Development and an affiliate of The New York City Housing Authority (NYCHA).
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 55,150-square-foot office building located at 62 W. 45th St. in Midtown Manhattan. Built in 1911, the 12-story building features a dozen office suites and one retail space. Aaron Jungreis and Ben Khakshoor of Rosewood represented the seller, Renaissance Properties, in the transaction. LSI Advisors represented the buyer, IT consulting firm Stellar Services, which plans to occupy the entirety of the building.