HOUSTON — Marcus & Millichap has brokered the sale of a 10,000-square-foot retail property located at 6300 North Main St. in Houston’s Heights neighborhood. According to LoopNet Inc., the property was built in 2015. Justin Miller of Marcus & Millichap represented the seller, a locally based developer, in the transaction and procured a 1031 exchange investor as the buyer. Both parties requested anonymity.
FLOWER MOUND, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of an 8,953-square-foot retail strip center in Flower Mound, a northern suburb of Fort Worth. The property sits at the front of the 158-acre Riverwalk mixed-use development and was fully leased to three tenants at the time of sale. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were locally based entities that requested anonymity.
CHICAGO — Monarch Realty Partners has brokered the sales of three multifamily properties totaling 88 units on Chicago’s South Side for $3.9 million. The buildings are located at 8003 S. Ingleside Ave., 7503 S. Yates Blvd. and 7900 S. Essex Ave. Robert Berman and Rudy Hancock of Monarch brokered the transaction on behalf of the separate sellers. Buyer and seller information was not provided.
WASECA, MINN. — Marcus & Millichap has arranged the $2.9 million sale of Charter Oaks Townhomes in southern Minnesota’s Waseca. Built in 2001, the 33-unit, townhome-style property is located at 301 Lake St. NW. Chris Collins, Evan Miller, David Wallace and Matthew Shide of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.
NEW YORK CITY — Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a 176,000-square-foot office building in Manhattan’s SoHo neighborhood. American business magnate John Jacob Astor originally developed the building in 1882, and in 1991, the property was redesigned to become the Guggenheim Museum SoHo. The museum subsequently occupied the site for the next decade. Today, the property is owned by entrepreneur Peter Brant and houses an array of traditional office and retail users such as Estee Lauder, H&M and the New York City flagship location of Prada. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani of Newmark arranged the loan through Citigroup and Société Générale.
NEW YORK CITY — BXP (NYSE: BXP), a REIT formerly known as Boston Properties, has acquired a $121 million interest in 200 Fifth Avenue, an 870,000-square-foot office building in Midtown Manhattan. With this acquisition, BXP now holds 27 percent of the equity, with institutional investment firms advised by J.P. Morgan Global Alternatives owning the remaining 73 percent. The 14-story building was originally constructed in 1909 and is currently 93 percent leased to tenants such as Grey Advertising, Tiffany & Co. and Yelp. The building’s mortgage loan has an outstanding principal balance of $600 million, bears interest at 4.34 percent per annum and matures in November 2028.
BALTIMORE — Vivo Living, an affiliate of adaptive reuse developer Vivo Investments LLC, has purchased a vacant two-tower hotel property in Baltimore that was previously a dual-branded Radisson and Holiday Inn. The company plans to convert the 23- and 27-story towers into an apartment development comprising 708 units, the vast majority of which will be studio units ranging between 300 and 350 square feet. Vivo Living will also update the property’s amenity package, including gyms, yoga/mindfulness studios, pool, convenience store, renovated lobby, outdoor barbecue areas, self-storage space and banquet/coworking space. Vivo Living has tapped locally based Urban Design Group to design the adaptive reuse project. Parkview Financial provided a $45 million construction loan to Vivo Living to fund the redevelopment.
MIAMI — A joint venture between Aria Development Group and Merrimac Ventures has purchased the last available parcel within the 27-acre Miami Worldcenter campus, a $4 billion mixed-use development by Miami Worldcenter Associates. The site, located one block from Brightline Miami Central at 33-55 N.W. 6th St., is known as The Miami Link. Jack Lowell, Cecillia Estevez and Mika Mattingly of Colliers represented the buyer in the transaction. The seller, International Longshoreman Association, sold the 24,000-square-foot site for $17.5 million. The labor union has owned the site for more than 45 years and previously operated a 5,130-square-foot building on the parcel. The buyer also recently acquired an adjacent site at 600 N.E. 1st Ave. to bring the total assemblage to 34,000 square feet. Aria and Merrimac are currently planning to develop 600 Miami Worldcenter, a condominium project comprising more than 600 for-sale residences. OneWorld Properties is leading sales for the project on behalf of the developers.
CHARLOTTE, N.C. — Lincoln Property Co. has purchased Airpark West, a four-building, 626,061-square-foot industrial park located off Air Park West Drive in Charlotte. Toronto-based BentallGreenOak sold the infill park for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Zach Lloyd of JLL represented the seller in the transaction. Located adjacent to the I-85 and I-485 interchange, Airpark West was fully leased to multiple tenants at the time of sale. The development was completed in phases between 2007 and 2019 and is situated within a few miles from Charlotte Douglas International Airport and the Norfolk Southern CLT Intermodal Terminal.
PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has negotiated the $25.2 million sale of Avenue V, an 82-unit apartment complex in Philadelphia’s Old Kensington neighborhood. The transit-served property features one-, two- and three-bedroom units with stainless steel appliances and quartz countertops, as well as three commercial spaces. Philadelphia-based developer The Riverwards Group sold the asset to an undisclosed, New York-based investment firm. Ken Wellar and Corey Lonberger of Rittenhouse represented both parties in the deal.