BOSTON — Noodle concept TuruTonTan has opened a 5,000-square-foot restaurant in the Kenmore Square neighborhood of Boston. The two-story restaurant can accommodate 168 guests in the main dining room and also features patio seating for additional guests. Dining Innovation is TsuruTonTan’s parent company. Blank Design and American Construction Corp. designed and built out the space. Local investment firm Urban Meritage owns the building.
MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community in Moorestown, an eastern suburb of Philadelphia. Situated on 14 acres, the property features 201 beds of skilled nursing and a 63-unit assisted living campus. The new ownership will implement a two-phase, $12 million capital improvement campaign and will rebrand the property as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living. Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas and upgrades to mechanical systems and roofs. Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community. The sales price was undisclosed.
HOLTSVILLE, N.Y. — Dallas-based sports and entertainment company Topgolf will open a $25 million driving range and restaurant facility in Holtsville, a city located on the eastern part of Long Island. The facility will feature three levels of entertainment and dining space on a 26.6-acre site. The facility will be Topgolf’s first venue in New York and is expected to bring 500 new full-time jobs to the state. Construction is slated for completion in early 2021.
GARNET VALLEY, PENN. — CBRE has arranged the sale of a 172,071-square-foot industrial facility in Garnet Valley, located approximately 25 miles southwest of Philadelphia. Situated at 1515 Garnet Mine Road, the property comprises 48,000 square feet of office space and 124,071 square feet of manufacturing and warehouse space, with ceiling heights ranging from 16 to 24 feet. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Evergreen Private Finance, in the transaction. Steve Italiano of Italiano Commercial Real Estate Services LLC also assisted with the sale. BHN Associates LLC acquired the property for an undisclosed price.
NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.
NEW YORK CITY — Ariel Property Advisors has brokered the $10.5 million sale of 100 Livingston Street, an office building in downtown Brooklyn. The property comprises 12,681 square feet and houses five office units, three of which are leased by medical tenants. The location offers convenient access to the Court Street commercial corridor and Barclays Center. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, ACHS Management, in the transaction. The team also procured the buyer, Ecorise Development.
NEW YORK CITY — The Moinian Group will develop The Hudson Arts Building, a ground-up office construction project in the West Chelsea neighborhood of Manhattan. The 200,000-square-foot office tower is expected to rise up to 145 feet and will occupy an entire city block between West 25th and 26th streets at 220 11th Ave. The building is being developed on a speculative basis, with occupancy expected in the third quarter of 2022. JLL’s Peter Riguardi, Frank Doyle, Cynthia Wasserberger and Georgiana Cook are leading the leasing effort. “Office tenants, institutional investors, residents and commuters are recognizing the broader West Side’s vibrancy, distinguished by its industrialized roots and now marked by its unparalleled amenities and new projects across property types,” says Doyle, vice chairman, international director at JLL’s New York City office. “As a result, West Chelsea has emerged as a target destination for progressive companies and talent alike.” Designed by Studios Architecture, Hudson Arts Building will feature a 12,400-square-foot outdoor terrace and a multi-level level retail space totaling approximately 25,000 square feet. It will also include one of the larger newly built rooftop spaces in Manhattan. The site offers convenient access to several transit options, including the Highline, 23rd Street …
NORRISTOWN AND PERKASIE, PA. — Ready Capital has closed two loans for the acquisition, renovation and lease-up of two Class B, industrial properties in Pennsylvania. The properties are located in Norristown and Perkasie, two northern suburbs of Philadelphia. The two buildings comprise approximately 220,000 square feet. Upon acquisition, the sponsor will implement capital improvements at each property, while simultaneously leasing to market occupancy. The nonrecourse loans are structured with floating interest rates, 36-month terms, two extension options, flexible prepayment and facilities to provide future funding for capital expenditures, tenant leasing costs and interest and operating shortfalls. The loan amounts, property names and sponsors were undisclosed.
PEABODY, MASS. — MCR Development LLC, a hotel owner and manager headquartered in New York City and Dallas, has acquired the SpringHill Suites by Marriott Boston Peabody, a 164-room hotel located approximately 30 miles north of Boston. The sales price was $16.2 million. Situated at 43 Newbury St., the hotel offers convenient access to State Route 1 and Interstate 95. Amenities include a fitness center and saltwater pool. The property is MCR’s first in Massachusetts. New York City-based investor Lightstone Group was the seller.
NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 25,000-square-foot office sublease for Progyny, a fertility benefits management company, in Manhattan. Progyny will sublease the entire second floor of the office building located at 1359 Broadway for nine years. The company is relocating from its 13,000-square-foot space on the fourth floor of an office building located at 245 Fifth Ave. David Falk and Kyle Ciminelli of NKF represented Progyny in the sublease negotiations. Jared Freede of CBRE represented the sublandlord, IHS Markit.