PASSAIC, N.J. — A partnership between locally based investment firm STRO Cos. and The Millstein Family Office has acquired a 90,000-square-foot warehouse and manufacturing building located at 147 Falstrom Court in Passaic, about 30 miles northwest of Manhattan. James McNerney of McBride Corporate Real Estate represented the buyer in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — New York City-based Ready Capital has closed a $31 million loan for the acquisition, renovation and stabilization of a 200,000-square-foot industrial property located in the Andover/Lawrence submarket of Boston. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.
BOSTON — A joint venture between global asset manager Värde Partners and California-based Hawkins Way Capital has purchased the 1,220-room Sheraton Boston Hotel, located at 39 Dalton St. in the city’s Back Bay neighborhood. The hotel sold for $233 million, or roughly $191,000 per room, according to multiple local news outlets including The Boston Globe and WCBV. The partnership purchased the 29-story, 1.1 million-square-foot property from Maryland-based REIT Host Hotels & Resorts Inc. (NASDAQ: HST). The luxury hotel offers amenities such as a pool, business center, fitness center, meeting space, spa and wellness center, convenience store and an onsite restaurant. The Sheraton is Boston’s largest hotel, and the sales price is below that of comparable hotel deals that traded in Boston’s downtown area prior to the pandemic, according to the Globe. Citing data from Pinnacle Advisory Group, the local newspaper puts the downtown Boston hotel market’s average nightly occupancy rate for 2021 at approximately 45 percent. The deal marks the sixth acquisition between Värde Partners and Hawkins Way Capital as part of a larger plan to acquire $1 billion in value-add and distressed hospitality and housing assets in major U.S. cities. The joint venture’s portfolio also includes the DoubleTree by …
HAWTHORNE, ELMSFORD AND YONKERS, N.Y. — JLL has arranged a $455 million refinancing loan for a portfolio of 45 properties totaling approximately 2.6 million square feet across three industrial parks in New York’s Westchester County. Bank of America provided the floating-rate, non-recourse loan to the borrower, Robert Main Co. Mike Tepedino, Andrew Scandalios, Jose Cruz, Peter Rotchford and Tyler Peck of JLL arranged the financing transaction. The loan terms were not disclosed. The portfolio is situated in infill locations within in the New York metropolitan area. The properties benefit from significant barriers to entry, limited new supply and access to Interstates 287 and 87. Over the past few years, Robert Martin Co. has made improvements to the properties including new roofs, LED lighting upgrades, solar panel installations, paving and landscaping. The three industrial campuses include Mid Westchester Executive Park at 2 Skyline Drive in Hawthorne; Cross Westchester Executive Park at 100 Clearbrook Road in Elmsford; and South Westchester Executive Park at 7 Odell Plaza in Yonkers, according to the Commercial Observer. The properties are occupied by approximately 300 tenants in a wide variety of industries including warehousing, transportation, mechanical, child care, health technologies and quantum computing research. “This portfolio has …
RONKONKOMA, N.Y. — Greystone has provided a $203.1 million Freddie Mac loan for the refinancing of Alston Station Square, a 489-unit apartment community located in the Long Island community of Ronkonkoma. The newly constructed, six-building community is located within The Hub at Ronkonkoma, a 2 million-square-foot mixed-use development. Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate. Bank of America provided the original construction loan to the borrower, an affiliate of Tritec Real Estate Co.
BEDFORD, PA. — Organic Snack Co., the maker of Kate’s Real Food, has purchased 82 acres in Bedford, located in the southern-central part of the state, with plans to open a new warehouse and distribution center. At full build-out, the facility will span about 750,000 square feet. The investment represents a total capital commitment of $75 million and is expected to add about 500 jobs to the local economy. Dollar Bank provided predevelopment and acquisition financing for the land.
GRANBY, MASS. — Marcus & Millichap has brokered the sale of All Town Storage, a 242-unit self-storage facility in Granby, about 90 miles west of Boston. The facility spans 34,250 net rentable square feet, and the site can support the development of two more buildings. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller in the transaction, and Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.
NEW YORK CITY — Avison Young has negotiated the $15 million sale of a mixed-use building in Queens. The property at 92-40 Queens Blvd. consists of 60 residential units, five retail spaces and two office spaces. At the time of sale, the property was 97 percent leased across all its residential and commercial components. James Nelson, Neil Helman, Charles Kingsley, Jon Epstein, Frederick Richter and Bradley Rothschild of Avison Young represented the seller, The Feil Organization, in the transaction. Aaron Jungreis of Rosewood Realty Group represented the buyer, A&E Real Estate Holdings.
LINDEN, N.J. — Accurate Builders & Developers has begun leasing Citizen Linden, a 234-unit apartment complex in Northern New Jersey. Designed by Thomas J. Brennan Architects, the transit-served property includes 4,500 square feet of retail space and a 292-space parking garage. Units are available in studio, one- and two-bedroom formats, with rents starting at roughly $1,800 per month. The amenity package consists of a lobby lounge, demonstration kitchen, fitness center, multiple coworking spaces and conference rooms, landscaped courtyards with picnic areas, a dog park and an outdoor bar and TV area.
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.