YONKERS, N.Y. — Rosewood Realty Group has arranged the $36 million sale of a 143-unit multifamily building located at 525-527 Riverdale Ave. in Yonkers. The seven-story, 161,000-square-foot, rent-regulated building was built in 1981 and sold at a 5.3 percent capitalization rate. The property also includes 124 parking spaces and 13 storage units. Aaron Jungreis of Rosewood represented both the buyer, Emerald Equities, and the seller, 525-527 Riverdale Avenue Property LLC, in the transaction.
NEW YORK CITY — Pendry Hotels, in collaboration with Brookfield Properties, will open its first New York City location at Brookfield’s Manhattan West development in the Hudson Yards district. Pendry Manhattan West will be a 164-room hotel with a restaurant, lounge and open-air terrace bar, as well as meeting and event space. Construction of the hotel is scheduled to begin during the third quarter of 2018, with an estimated completion date of 2021. Manhattan West is a 7 million-square-foot development with more than 6 million square feet of office space and 250,000 square feet of retail anchored by a 35,000-square-foot Peloton Studios location and a 60,000-square-foot Whole Foods. Pendry Manhattan West was designed by architectural firm, Skidmore, Owings & Merrill with interiors by Gachot Studios.
LEXINGTON, MASS. — HJ Sims has closed $52.1 million in financing for new construction and a health center repositioning at Brookhaven at Lexington in Lexington, Massachusetts. The 32-acre life plan community was opened in 1989 and was expanded and renovated in 2006. A recent master planning process identified a need for significant renovations and reconfigurations, as well as additional independent living apartments. Total financing included a $36 million short-term, taxable construction loan with a floating interest rate and a 12-year, $16.1 million taxable term loan maturing in 2030 with a fixed interest rate of 3.89 percent.
LAWRENCE, MASS. — MassHousing and Trinity Financial have broken ground on Van Brodie Mill, a 102-unit, mixed-income housing community in Lawrence. Lawrence Mayor Dan Rivera, Executive Director of MassHousing Chrystal Kornegay and State Representative Frank Moran attended the groundbreaking, which took place on June 6. The adaptive reuse project, which is located at 590 Broadway,will preserve a historic former mill in the Arlington Mills historic district. Trinity Financial is a real estate development firm specializing in redeveloping urban sites in the Northeast. The cost of the project was not disclosed.
WOODBRIDGE, N.J. — Mack-Cali Realty Corp. has signed Plymouth Rock Insurance to a 12-year, 130,000-square-foot lease at Mack-Cali’s office complex in Woodbridge, located at 581 Main St. After the transaction, the eight-story, 200,000-square-foot property is now fully leased. Mack-Cali recently completed a capital improvements program at the property, which included upgrades to the entryway, lobby, fitness center, café, conference room and exterior landscaping. As an additional amenity, Mack-Cali recently partnered with Uber and will pay $10 towards rides for tenants to and from the complex during commuting hours. Toni Casiano of Mack-Cali represented the company in lease negotiations while Sam Horowitz of Colliers International represented Plymouth Rock. Cushman & Wakefield served as the exclusive leasing agent for the property.
SOUTH SAN FRANCISCO, CALIF. — Kilroy Realty Corp. has completed the acquisition of a development site, located at the intersection of Oyster Point and Marina boulevards in South San Francisco, for $308 million. The site is fully entitled for 2.5 million square feet. Kilroy Realty plans to develop Kilroy Oyster Point, a multi-phased life science development, on the site. Upon build out, the laboratory and office campus will encompass 11 buildings across the nearly 40-acre waterfront site.
MESA, ARIZ. — CyrusOne has acquired 68.2 acres of land within Mesa Elliot Technology Park in Mesa for the development of a cloud storage campus for the Fortune 1000. Upon completion, the campus will feature five buildings with up to 198 megawatts of critical power to power cloud computing services for clients. Details of the acquisition were not released. CyrusOne operates 45 data center facilities across the United States, Europe and Asia.
OGDEN, UTAH — Community Preservation Partners (CPP) has completed its first acquisition in Utah with the $14.3 million purchase of two apartment communities in Ogden. The seller was an undisclosed private developer. Renovations are currently underway at Normandie Apartments, a 58-unit property at 610 First St., and Osmond Heights, a 40-unit community at 630 23rd St. Planned improvements for both properties include full kitchen renovations; updated bathrooms; new carpeting throughout units and common areas; ADA accessibility improvements throughout exterior spaces; improved outdoor spaces, including parking repavement and landscaping; installation of new outdoor playground equipment; and remodeled laundry rooms and management offices. The transaction preserved all 98 units as affordable through the combination of a 20-year renewal on the existing 54 project-based Section 8 vouchers and reallocation of 44 project-based Section 8 vouchers from another property located outside the city. WNC & Associates, CPP’s parent company, is the lead investor for the project, which includes a loan from California Bank & Trust.
LA MESA, CALIF. — Kidder Matthews has arranged the sale of Rimrock Apartments, a multifamily community located at 8420 Buckland St. in La Mesa. Wyoming-based Joehnk LLC acquired the property from Rimrock LP and Partners LLC for $14.1 million. Jim Neil, Eric Comer, Merrick Matricardi and Bryan Calhoun of Kidder Mathews represented the seller in the transaction. Built in 1974, the garden-style community features 62 value-add apartments. The property features 48 one-bedroom/one-bath and 14 two-bedroom/two-bath floor plans. On-site amenities include a pool, spa and shared laundry room.
ORLANDO, FLA. — Tishman Select Partners, an affiliate of New York-based Tishman, has acquired three hotels in Orlando from developer Kalson’s Hospitality. The portfolio sold for $81 million, according to local media reports. The sold portfolio adds 400 rooms to Tishman’s portfolio and includes Homewood Suites Orlando Theme Parks, located at 6940 Westwood Blvd.; Homewood Suites Lake Buena Vista, located at 11428 Palm Parkway; and Hilton Garden Inn Lake Buena Vista, located adjacent to Homewood Suites Lake Buena Vista. All three properties are situated less than five miles from Walt Disney World. Tishman currently owns the nearby Walt Disney World Swan and Walt Disney World Dolphin Resorts.
