May 29, 2014 | Issue 273
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Carey Watermark Acquires Courtyard Times Square West Hotel for $95M

 

Built in 2013, the 27-story, 224-room hotel features 655 square feet of meeting space, an outdoor patio, and fitness and business centers.

NEW YORK -- Carey Watermark Investors Inc. has acquired Courtyard Times Square West, a 224-room select-service hotel, for $95 million. The 27-story hotel is located at 307 W. 37th St. in the Times Square area of midtown Manhattan. 

 

The $95 million investment includes the purchase price, acquisition-related costs and planned capital expenditures. The acquisition was financed with $56 million of debt.  

 

"The acquisition of the Courtyard Times Square West represented the opportunity to invest in a newly built, high-quality, select-service property with strong brand affiliation in one of the strongest domestic hotel markets," says Michael Medzigian, chief executive officer of Carey Watermark Investors. "Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio." 

 

Courtyard Times Square West is within walking distance of Madison Square Garden, the Fashion District, the Theater District and the Jacob Javits Convention Center. Midtown Manhattan also houses more than 75 percent of New York City's 389 million square feet of office space. 

 

Built in 2013, the hotel was designed with a more open, expansive lobby and larger guestrooms and public spaces when compared to the select-service supply in the market. The hotel includes 655 square feet of meeting space, an outdoor patio, fitness and business centers, complimentary wireless Internet access and a bistro restaurant with a full-service bar. The hotel is an affiliate of Marriott International. 

 

Carey Watermark Investors is a publicly registered real estate investment trust that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI and manage its overall portfolio. 

 

-- Danielle Everson

 

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Mesa West Capital, RCG Longview Provide $90M Loan for Office Park
The $90 million loan will refinance the 580,000-square-foot 
High Ridge Corporate Center in Stamford, Conn.

STAMFORD, CONN. -- Mesa West Capital and RCG Longview have provided $90 million in debt financing to a venture controlled by an affiliate of George Comfort & Sons. The loan will refinance High Ridge Park Corporate Center, a 580,000-square-foot office campus located off Merritt Parkway in Stamford. The borrower acquired the property in 2003 and completed a multi-million dollar renovation that included new lobbies and common areas, as well as other upgraded amenities. The office complex is currently 83 percent occupied by a variety of national and regional tenants. The financing included $77.5 million in short-term senior debt from Mesa West and a $12.5 million mezzanine loan from RCG Longview. A portion of the proceeds will go toward leasing costs associated with further stabilizing the property.

 

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Time Inc. Signs 700,000 SF Lease
at
225 Liberty St. in Lower Manhattan 

Time Inc. has leased space at one of the five office towers
of the Brookfield Place complex in Lower Manhattan.

NEW YORK CITY -- Time Inc. has signed a lease for 700,000 square feet of office space at 225 Liberty St. in Lower Manhattan. The company will relocate its global headquarters from Midtown Manhattan. The property is one of the five office towers of Brookfield Place complex, which is owned by Brookfield Office Properties (NYSE: BPO). Brookfield Place is currently undergoing a $250 million renovation of its retail and common areas, which will be fully completed in 2015. Mitch Steir, Michael Colacino, Matthew Barlow and Howard Nottingham of Studley represented the tenant, while Jerry Larkin, David Cheikin and Alex Liscio represented Brookfield in-house.

 

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QUAKER STEAK & LUBE TO OPEN SECOND LOCATION IN NEW JERSEY 

 

EDISON, N.J. -- The Goldstein Group has brokered a deal for Quaker Steak & Lube to open its second location in New Jersey. The fast-casual restaurant will occupy 7,500 square feet of space at Wick Shopping Plaza, located on Route 1 in Edison. Other tenants at the center include TJ Maxx, Pathmark, RadioShack, Mandee, AutoZone, Qdoba, Five Guys Burgers and Fries, GameStop, Sally Beauty Supply and Planet Fitness. John Ostrowski and Chuck Lanyard of The Goldstein Group arranged the transaction. 

 

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INTEGRATED INTERIORS COMPLETES GILBANE'S HQ INSTALLATION  

 

BOSTON -- Integrated Interiors has completed an office installation for Gilbane Building Co.'s new headquarters at 10 Channel Center in Boston's Innovation District. The renovation includes 390 linear feet of prefabricated office and conference fronts for the new 22,000-square-foot space. The project team includes Gilbane as owner and construction manager, Gensler as architect, and Cosentini as M/E/P engineer. Additionally, Environments at Work provided furniture for the new space.

 

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Mission Capital Arranges $10M Loan
for Office Building Acquisition in NYC
 

 

NEW YORK CITY -- Mission Capital Advisors' Debt & Finance Group has arranged $10 million in first-mortgage financing for Northwind Group. The borrower used the loan to finance the $16 million acquisition of 40 Wooster Street. The six-story office building is located in Manhattan's SoHo neighborhood. Jonathan More, Steven Buchwald and Jamie Matheny of Mission Capital secured the non-recourse loan on behalf of the borrower. 

 

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Kalikow Group, Steelpoint Property Acquire NYC Mixed-Used Building
The four-story, mixed-use building sold for $5.1 million in Manhattan.

NEW YORK CITY -- A joint venture between The Kalikow Group and Steelpoint Property Group has acquired a pre-war, four-story mixed-use building located at 517 Second Avenue in Manhattan's Kips Bay/Gramercy neighborhood. Rana Associates sold the property for $5.1 million. The building features an existing ground-floor restaurant and apartments on the other floors. The apartments are currently vacant.


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Apartment Building Sells for $5M 

in Brooklyn's Park Slope Neighborhood 

 

The eight-unit apartment building sold for $5 million,
or approximately $490 per square foot.

NEW YORK CITY -- Marcus & Millichap has brokered the sale of 343 Sixth Avenue, an eight-unit apartment building located in Brooklyn's Park Slope neighborhood. The property sold for $5 million, or approximately $490 per square foot. Derek Bestreich of Marcus & Millichap secured and represented the buyer in the off-market transaction. 

 

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Fantini & Gorga Arranges $7M Loan
for 51-Unit Multifamily Property

 

LEXINGTON, MASS. -- Fantini & Gorga has arranged $7 million in permanent financing for Countryside Manor Apartments in Lexington. Located at 425 Woburn St., the eight-building, 51-unit property offers a mix of two- and three-bedroom apartments and 83 off-street parking spaces. Casimir Groblewski and Despina Hatzipetrou of Fantini & Gorga secured the financing through a Midwest-based major insurance company for the borrower, Countryside Manor LLC.

 

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Starwood Hotels & Resorts Leases 430,000 SF at Harbor Point in Stamford  
Starwood Hotels & Resorts Worldwide has expanded and renewed its lease to 430,000 square feet at One StarPoint at Harbor Point.

STAMFORD, CONN. -- Starwood Hotels & Resorts Worldwide has signed a 20-year lease renewal and expansion for 430,000 square feet of office space at One StarPoint at Harbor Point in Stamford. The company will continue to use the space as its global headquarters. Starwood currently occupies 300,000 square feet at the property and under the new lease will be able to expand into additional space as it becomes available. Constructed in 1989 and renovated in 2011, One StarPoint is a two-tower, 430,000-square-foot Class A office complex. Building and Land Technology is the owner and developer of Harbor Point, the mixed-use waterfront development where One StarPoint is located.

 

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Marcus & Millichap Brokers Sale of Apartment Building, Land Parcel in NYC

 

NEW YORK CITY -- Marcus & Millichap has brokered two separate sales in Brooklyn totaling $4.4 million. Private investors acquired 764 Metropolitan Avenue, a 2,500-square-foot parcel in Brooklyn, for $2.2 million. In the second transaction, a different group of private investors purchased 69 Havemeyer Street, an eight-unit multifamily property in Brooklyn, for $2.2 million. James Saros, Michael Salvatico and Shaun Riney of Marcus & Millichap's Brooklyn office represented the buyers and sellers in both transactions. 

 

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RECon Takeaway: The Top Five Ways Shopping Centers Are Changing


By Nellie Day
The Westfield Group has embraced pop-up shops, which not only 
add a refreshingly new mix of merchandise to a center, but also temporarily absorb vacancies. Westfield San Francisco Centre introduced three digital pop-up shops this past November, 
including Sony, TOMS and Rebecca Minkoff. 
LAS VEGAS -- Competition among retailers may be fiercer today than ever before when it comes attracting a consumer's dollars. Although the recession might be solidly behind us, the average shopper has access to a plethora of online and bricks-and-mortar retailers, as RECon panelists and attendees pointed out during this year's show, which took place May 18-20 at the Las Vegas Convention Center. 
 
Many popular retailers are once again in growth mode. Shopping center owners are vying for their attention -- and for good reason. More outposts means the consumer has more conveniently located shopping centers with comparable tenants from which to choose. It may also mean your center is out of luck if you fail to recruit the top talent in retail. 
 
The top talent in retail, meanwhile, is looking to wine and dine its prospective shoppers -- both figuratively and literally. This strategy often begins before a tenant has even committed to a space, leaving the responsibility for a fun, friendly and entertaining atmosphere to fall directly on the shoulders of the center's operator. 
 
To read the Top Five Changes, click here
 
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JLL: POP-UP CONCEPTS ON THE RISE
 
Click above to launch the video.
Click above to launch the video.

LAS VEGAS -- Pop-up stores are moving away from seasonal ties to offer mall owners a consistent revenue stream. Pop-ups and vending machines are strengthening bottom lines for retailers nationwide. Tracey Hatley, director of specialty leasing for JLL, and Scott Ryan, vice president of Coca-Cola's strategic partner marketing, spoke on these trends last week in Las Vegas during the annual RECon trade show hosted by the International Council of Shopping Centers. The show attracted more than 33,000 shopping center and retail professionals from across the globe. 

 

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