Property Type

Meridian Design Build Completes 304,317 SF Distribution Facility in Pennsylvania

by Amy Works July 21, 2016

PITTSTON TOWNSHIP, PA. — Meridian Design Build has completed the construction of an automated package sorting and distribution center for developer Scannell Properties. Constructed on a design-build basis, the new facility is located on 59.1 acres in Pittston Township. The 304,317-square-foot building features 99 loading docks, 237 interior van loading positions, 593 auto parking stalls and 350 exterior trailer stalls. Additionally, the facility features 14,734 square feet of office space, a 2,940-square-foot gateway building and a 5,180-square-foot maintenance shop. Architectural services were provided by Precept Design and civil engineering services were provided by Kimley-Horn.

July 21, 2016

Loans New York Northeast Office

Newmark Holdings Receives $120M in Refinancing for Three-Building Office Portfolio in New York City

by Amy Works July 21, 2016

NEW YORK CITY — Newmark Holdings has received a $120 million refinancing loan with BNY Mellon and TD Bank of a three-building, 390,000-square-foot office portfolio located at 740 Broadway, 2-20 Astor Place and 440 Lafayette in New York City. The properties are currently more than 93 percent leased with a roster of prominent tenants, including New York University, Walgreens and L2 Inc. The new loan replaces the existing financing held by Mid-First & Amalgamated Bank that was originated in April 2008 and totaled approximately $53 million. Paul Talbot provided in-house representation for Newmark Holdings in the deal.

July 21, 2016

Hospitality New York Northeast

CBCS Equities, Barone Management Open 202-Room EVEN Hotel Brooklyn

by Amy Works July 21, 2016

NEW YORK CITY — CBCS Equities and Barone Management have developed EVEN Hotel Brooklyn, a 13-story hotel located at 46 Nevins St. in downtown Brooklyn. Designed by Gene Kaufman Architect, the 83,000-square-foot hotel features 202 rooms, a 1,300-square-foot fitness center, in-room fitness zones with cork flooring and personal exercise equipment, and Cork & Kale Market and Bar. The project team included HVS Design, Andrew Myers Interior Design and Ambius. EVEN Hotel Brooklyn is an IHG hotel.

July 21, 2016

Multifamily Northeast Pennsylvania

Equus Acquires 235-Unit Multifamily Community in Pennsylvania’s Lehigh Valley

by Amy Works July 21, 2016

ALLENTOWN, PA. — Equus Investment Partnership X, an affiliate of Equus Capital Partners, has acquired The Lakes Apartments, a multifamily property located in the West End neighborhood of Allentown, for an undisclosed price. The 235-unit property was 95 percent occupied at the time of closing. The property features a mix of one-, two-, three-bedroom flat and townhome units, an outdoor swimming pool, tennis court and walking trail. Equus plans to invest $2.5 million to improve the common areas and amenities, as well as to complete unit upgrades that were begun under prior ownership. Madison Apartment Group will manage the community.

July 21, 2016

New Jersey Northeast Office

iCIMS Signs 350,000 SF Headquarters Lease at Bell Works in New Jersey

by Amy Works July 21, 2016

HOLMDEL, N.J. — iCIMS Inc. has signed a lease for 350,000 square feet of space at Somerset Development’s Bell Works, a mixed-use development in Holmdel. The provider of human resources software is relocating its headquarters to Holmdel from Matawan, N.J. The lease brings the 2-million-square-foot Bell Works to more than 50 percent occupied. Jeff Garibaldi, Tara Keating Freeman and Kyle Mahoney of The Garibaldi Group/CORFAC International represented Somerset Development, while Joseph Sarno Jr., Jeremy Neuer and Matthew Wassel of CBRE represented iCIMS in the lease transaction.

July 21, 2016

Arizona Hospitality Western

Hyatt Hotels Buys Royal Palms Resort and Spa in Scottsdale for $88.2M

by Nellie Day July 21, 2016

SCOTTSDALE, ARIZ. — Hyatt Hotels Corp. has purchased the 119-room Royal Palms Resort and Spa in Scottsdale for $88.2 million. The hotel is located at 5200 E. Camelback Road. The hotel will continue to operate as the Royal Palms, though it will become affiliated with the Unbound Collection by Hyatt. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. Hodges Ward Elliott represented the seller, Lowe Enterprises Investors, in this transaction.

July 21, 2016

California Hospitality Western

Chinese Investor Purchases Holiday Inn Near LAX for $52M

by Nellie Day July 21, 2016

LOS ANGELES — US OCG Inc., a subsidiary of China-based Esong Group, has purchased the 405-room Holiday Inn near Los Angeles International Airport (LAX) for $52 million. The hotel is located at 9901 S. La Cienega Blvd. The Holiday Inn was built in 1973 and renovated in 2008. It has maintained an occupancy rate of more than 90 percent in 2016, according to Infinity Realty Advisors, which represented the buyer. LAX is currently undergoing an $8 billion modernization. This is the subsidiary’s first U.S.-based hotel acquisition. The seller was the CIM Group. Eddy Chao, Karin Chao and Richard Alter represented the buyer.

July 21, 2016

Arizona Retail Western

Walmart Breaks Ground on Supercenter at Metrocenter Mall in Phoenix

by Nellie Day July 21, 2016

PHOENIX — Walmart has broken ground on a 148,000-square-foot Walmart Supercenter located at Metrocenter Mall in Phoenix. The new Supercenter will feature a full-service pharmacy and a complete line of groceries, including organic selections, fresh dairy and meat departments. Walmart will construct the supercenter with LED lighting, high-efficiency HVAC units and drought-tolerant landscaping, irrigated with a low-flow and drip water system. The Supercenter is scheduled for completion in spring 2017, and will employ an estimated 250 associates. Metrocenter Mall, owned by Carlyle Development Group, opened in 1973.

July 21, 2016

California Retail Western

Hanley Investment Group Arranges $3.2M Sale of Starbucks-Anchored Pad Building in Chino

by Nellie Day July 21, 2016

CHINO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 3,900-square-foot, multi-tenant pad building located at Stater Bros. Plaza in Chino. Starbucks Coffee anchors the property, which is located at 7055 Schaefer Ave. The site contained one vacant unit at the time of sale. Ed Hanley and Bill Asher represented the seller, Euclid Pad II LLC, and Michelle Chen of RE/MAX Premier Properties represented the buyer, a Southern California-based private investor, in the transaction.

July 21, 2016

California Retail Western

Food 4 Less to Open at Five Cities Center in Arroyo Grande

by Nellie Day July 21, 2016

ARROYO GRANDE, CALIF. — PAQ Inc. has acquired a 63,737-square-foot vacant building located in Five Cities Center, a 467,000-square-foot power center located in the California Central Coast community of Arroyo Grande, with the intention of opening a new Food 4 Less location. Haggen Food & Pharmacy Store formerly occupied the building. Nick Foster and Jonathan Metcalf of HFF represented the seller, Haggen Property Holdings LLC, in the transaction. Tenants at Five Cities Center include Walmart, Trader Joe’s, Regal Cinemas and Pier 1 Imports.

July 21, 2016

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