RIDGEWOOD, N.J. — The STRO Companies, a locally based investment firm, has purchased a 35,000-square-foot, stand-alone industrial facility fully leased to FedEx in Ridgewood, located in Union County. The building is positioned near I-78 and I-95, as well as the Garden State Parkway and State Route 28. John Zieran, Zach Bermudez and Lubna Syed of Signature Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.
SPRINGFIELD, MASS. — The Davenport Company, a Boston-based developer, has broken ground on a new retail building for CVS Pharmacy in Springfield, located in the western part of the state. The property is being constructed on Main Street at a site that was damaged by a tornado in 2011. Davenport acquired the parcel in 2016 and redeveloped it to include medical office and residential space. Davenport is also redeveloping a former factory in Springfield into a market-rate multifamily community, and will begin construction of that project this month.
BOSTON — Pebblebrook Hotel Trust, a publicly traded real estate investment trust (NYSE: PEB), has sold the 112-room Onyx hotel located at 155 Portland St. near downtown Boston for $58.3 million. The buyer was not disclosed, but the sales price represents a capitalization rate of 5.9 percent. Pebblebrook will use proceeds from the sale for general business purposes, including paying off existing debt. The Onyx Hotel offers guests amenities such as a 24-hour fitness center, bike rental services, spa products and services that are delivered directly to guestrooms.
LANCASTER, PA. — HFF has negotiated the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Regional grocer Weis serves as the anchor tenant alongside Talbots, Jos. A. Bank, M&T, Domino’s Pizza and Great Clips. Built on 10.6 acres, the property is located along the Manheim Pike, a retail corridor with a daily traffic count of approximately 46,000 vehicles. Chris Munley and Carl Fiebig of HFF represented the seller, Boston-based Beacon Communities, in the transaction. The buyer was Pennsylvania-based Goodman Properties. The sales price was not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $9.6 million sale of a 54-unit multifamily building in The Bronx. The five-story property, which was originally built in 1925, is located at 2474 Valentine Ave. in the Fordham Heights neighborhood. The buyer and seller were not disclosed. The deal closed at a capitalization rate of 5.5 percent. Aaron Jungreis of Rosewood handled the transaction on behalf of both parties.
NEW YORK CITY — A public-private partnership between The Community Preservation Corp. (CPC), Project FIND, the Joint Ownership Entity New York City (JOE NYC) and the New York City Department of Housing Preservation and Development (HPD) has received $6 million in financing for the renovation of Hargrave House. The 113-unit property is an affordable seniors housing community that is located at 111 W. 71st St. Project FIND, a nonprofit that supports low-income seniors, and JOE NYC, a nonprofit that supports affordable housing developers in the city, are the primary sponsors behind the project. The renovation work will upgrade the building’s elevators, energy systems, lobby and façade. Hargrave House was originally built in 1913 as a Renaissance hotel until it was converted into a residential use in the mid-1900s. An additional $3.5 million renovation plan was executed in 2001.
NEW YORK CITY — Colliers International’s project management team has completed a 12,000-square-foot, build-to-suit office project at One Penn Plaza in Manhattan for Dimension Data, a South Africa-based IT firm. Designed by Gensler, the office space features adjustable desks, shared employee workspaces, expansive views and access to an abundance of natural light. Dimension Data will occupy the 18th floor of the 57-story Penn Plaza, which spans approximately 2.7 million square feet. Vornado Realty Trust owns the building, which was originally built in 1972 and renovated in 1995.
EDISON, N.J. — Bridge Development Partners, a privately owned industrial development and acquisition firm, has purchased 7.4 acres in Edison, located south of Newark, for the construction of a 124,650-square-foot industrial building. The Class A facility, which will be branded Bridge Point Edison, will feature 36-foor clear heights, 23 exterior loading docks and parking for up to 62 vehicles. Bridge Point Edison will be located within two miles of I-287, a FedEx Ground facility and an Amazon sorting center. Barry Cohorsky, Andrew Kirshenbau, Barry Mayer and Arthur Hixson of NAI James E. Hanson represented Bridge in the land sale. Completion of the project is slated for the first quarter of 2020.
PHILADELPHIA — Locally based firm Estia Group will develop a 14-story Blu Ivy hotel at 122 S. 11th St. in Philadelphia. The 86-room property will house Anthos, a two-story restaurant that offers Mediterranean and Greek cuisine. Both the hotel and the restaurant, which will offer bar seating for 23 guests and floor seating for 198 patrons, are scheduled to be complete in fall 2020. The development team includes designer DAS Architects and structural engineer O’Donnell & Naccarato.
UNION CITY, N.J. — A joint venture between New York City-based Maya Capital Partners and Norfolk, Virginia-based Harbor Group International has acquired One23 Apartments, an 80-unit building in Union City, located across from Upper Manhattan. The sales price was $31 million. The property, which was fully occupied at the time of sale, offers one- and two-bedroom units, a fitness center and an outdoor sundeck. The seller was not disclosed.