REBusinessOnline

JLL Arranges $19M Acquisition Loan for Mixed-Use Property in Manhattan

NEW YORK CITY — JLL has arranged a $19 million acquisition loan for a mixed-use property in the SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in …

Cullinan Properties Unveils Tenant Openings at Streets of St. Charles Near St. Louis

ST. CHARLES, MO. — Several new retail tenants are slated to open this spring and summer at The Streets of St. Charles, a mixed-use community near St. Louis owned and managed by Cullinan Properties Ltd. Cherry Blow Dry Bar opened on Wednesday, March 6. Next on the list is Play Street Museum, an interactive play environment set to open on Monday, March 25. Also scheduled to open this spring and summer are Narwhal’s Crafted, a frozen cocktail bar, and YogaSix. Cullinan Properties previously …

Convexity Properties Breaks Ground on Eight-Acre Mixed-Use Project in Dallas

DALLAS — Chicago-based Convexity Properties has broken ground on The Crossing, an eight-acre mixed-use project that will be located near Southern Methodist University in Dallas. The development will include 500,000 square feet of residential space, which translates to 330 apartments according to The Dallas Business Journal, as well as 90,000 square feet of street-level retail and restaurant space. The site also houses a 225,000-square-foot office

Marcus & Millichap Negotiates $4.2M Sale of Mixed-Use Property in New Jersey

NEWARK, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of a mixed-use property in Newark. Located at 569 and 571-577 Broad St., the 22,575-square-foot property consists of ground-floor retail as well as office space and two apartment units on the second floor. Alan Cafiero, Ben Sgambati, David Cafiero and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private

JDL Development to Break Ground on $850M Mixed-Use Tower in Chicago

CHICAGO — JDL Development Corp. has received construction financing for One Chicago Square, an $850 million mixed-use tower in Chicago. The 76-story, 1.5 million-square-foot development will be located in the city’s River North submarket. The project’s senior construction lender is Bank OZK. Other sources of financing for this project include an investment from equity partner Wanxiang America Real Estate Group, as well as $260 million in preferred equity and mezzanine financing from …

Saint Louis University Taps Cullinan Properties to Develop 14-Acre Site

ST. LOUIS — Saint Louis University (SLU) has selected Cullinan Properties to develop a 14-acre site at the corner of Grand Boulevard and Chouteau Avenue in midtown St. Louis. The site will house an 850,000-square-foot mixed-use development adjacent to SSM Health Saint Louis University Hospital, which is under construction and slated for completion in spring 2020. The mixed-use development will connect SLU’s north and south campuses and will include retail, entertainment, restaurant, office …

HFF Secures $21M Refinancing for Baywood Mixed-Use Asset in San Mateo

SAN MATEO, CALIF. — HFF has arranged a $21 million refinancing for Baywood, an office and retail asset property in downtown San Mateo. The borrower is developURBAN, a private developer. Chris Gandy and Taylor Gimian of HFF secured the 10-year, fixed-rate loan with full-term interest-only payments. Citigroup provided the capital. Loan proceeds will be used to refinance the existing debt that HFF arranged in 2017. The 27,897-square-foot property is fully leased and recently underwent …

Karlin Golden Sells Office, Retail Building for $15.9M in Downtown Golden, Colorado

GOLDEN, COLO. — Los Angeles-based Karlin Golden has completed the disposition of Clear Creek Square, a mixed-use building located at 600-650 12th St. in downtown Golden. Colorado State Land Board acquired the asset for $15.9 million in an off-market transaction. Built in 2002, the building features 78,647 square feet of office space, with approximately 11 percent of the square footage dedicated to ground-floor retail space, free covered parking, on-site showers and lockers. The …

Cronheim Arranges $10M Refinancing for Mixed-Use Property in Princeton, New Jersey

PRINCETON, N.J. — Cronheim Mortgage has arranged a $10 million loan to refinance a mixed-use property in Princeton. Located at 277 and 281 Witherspoon St., the property consists of two adjacent retail and office buildings. The first, 277 Witherspoon, is a recently completed two-story building. The second, 281 Witherspoon, is a three-story building built in 1984 and renovated in 2015. Cronheim secured the 10-year loan with three years of interest-only payments on behalf of the borrower, HP …

Greater Boston Commercial Market Remains Robust

While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 …

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