BOSTON — CBRE has arranged the $175 million sale of the Partners Industrial Portfolio, a collection of six buildings totaling 802,194 square feet in various suburban submarkets of Massachusetts. Specifically, the properties are located in Franklin, Andover, Wilmington, Tewksbury, Hopkinton and Auburn. Scott Dragos, Doug Jacoby, Chris Skeffington, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, AEW Capital Management, in the transaction. The buyer was New York City-based Link Logistics Real Estate. At the time of sale, the portfolio was 100 percent leased to eight tenants with a weighted average remaining lease term of 6.3 years.
BOSTON — RLJ Lodging Trust, a Maryland-based hospitality REIT, has acquired the 205-room AC Hotel by Marriott Boston Downtown for $89 million, or roughly $434,000 per room. The hotel opened in 2018 within the Ink Block, a mixed-use development located at the former site of the Boston Herald headquarters. Amenities include a fitness center, outdoor patios, 2,500 square feet of customizable meeting space and multiple food and beverage concepts. The seller was not disclosed.
WESTBOROUGH, MASS. — Amazon (NASDAQ: AMZN) has opened a 350,000-square-foot robotics facility in Westborough, about 30 miles west of Boston, a move that adds about 200 new jobs to the regional economy. The facility will feature corporate offices, research and development labs and manufacturing space for the production of mobile drive units, which are used for inventory selection and transportation in the company’s automated warehouses. Amazon also operates a robotics facility in North Reading, Massachusetts.
SALEM, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Village Shoppes at Salem, a 170,398-square-foot retail property located in southern New Hampshire. The property was built on 20 acres in 1999 and houses tenants such as Best Buy, Michaels, PetSmart, DSW, Cost Plus and Five Below. Jim Koury of IPA represented the undisclosed seller and procured the buyer, Academy Hill Realty, in the transaction.
STATE COLLEGE, PA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen West End, a 96-unit multifamily project that will be located within walking distance of Penn State University’s campus in State College. Amenities will include a two-story fitness room, game room and breakout study areas. Residents will also have access to shuttle service to campus and three outdoor courtyards. Completion of the project, which follows the beginning of construction of the nearby Aspen East Penn student housing development, is slated for 2023.
HARRISBURG, PA. — Dallas-based investment firm Rosewood Property Co. has acquired a 342-unit self-storage facility at 5700 Linglestown Road in Harrisburg. The property, which spans 35,430 net rentable square feet of primarily climate-controlled space, was converted from a warehouse into a self-storage facility in 2019. The seller and sales price were not disclosed.
NEW YORK CITY — NorthMarq has arranged a $17.5 million CMBS loan for the refinancing of Eltingville Shopping Center, a 98,523-square-foot retail property in Staten Island. Tenants include Rite Aid, Advance Auto Parts and Santander Bank. Charles Cotsalas and Robert Delitsky of NorthMarq arranged the 10-year, interest-only loan through an undisclosed direct lender. The borrower was also not disclosed.
NETCONG, N.J. — Developer CrownPoint Group LLC has completed the lease-up of 34 Bank, a 126-unit apartment complex located in the Northern New Jersey community of Netcong. Leasing of the property, which sits on 4.8 acres, began in December 2020, and construction of the community was completed this summer. Units feature one- and two-bedroom floor plans and are furnished with stainless steel appliances, tile backsplashes and quartz countertops. Amenities include a fitness center, coworking space, walking trails and grilling stations.
NEW YORK CITY — ARRI Rental, a camera, lens and grip equipment rental service company, has signed a 42,000-square-foot industrial lease for its new headquarters space in the Long Island City area of Queens. The three-story property at 47-27 36th St. was built in 2004. Joseph Grotto, Joseph Meyerson and Michael Deutsch of Cushman & Wakefield represented the landlord, JDA Realty Corp., in the lease negotiations. Justin Butts of DY Realty represented the tenant, which expects to open its new facility in the first quarter of next year.
MATAWAN, N.J. — Marcus & Millichap has brokered the sale of The Shoppes at Matawan, a 33,719-square-foot retail property in Northern New Jersey community. The asset sold for roughly $6.8 million. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, an unnamed limited liability company, in the transaction. The buyer was also not disclosed.