NEW YORK CITY — CBRE has negotiated the $1.3 million sale of a mixed-use building in the Flatbush section of Brooklyn. Located at 2837 Church Ave., the 4,500-square-foot property is comprised of four apartments and a 1,500-square-foot, ground-floor retail space. The property was fully occupied at the time of sale. Elli Klapper, Charles Berger and Jay Gelbtuch of CBRE represented the undisclosed seller in the transaction. The buyer was also undisclosed.
RIDGELAND, MISS. — Mattiace Development Co. is expecting a fall opening for Phase II of Colony Park, a mixed-use development in Ridgeland. The second phase includes Malco Theaters’ six-screen, 25,000-square-foot boutique movie theater and a water feature. Outside the Lines (OTL) will design and construct the water fountain, which will feature 62 nozzles that will shoot water 35 feet high, audio, lighting and effects for a concert-quality experience. Colony Park is situated at 1000 Highland Colony Parkway, about 12 miles north of downtown Jackson.
MONTCLAIR, N.J. — The Hampshire Cos., along with joint venture partner Pinnacle Cos., have announced plans to redevelop Lackawanna Plaza in Montclair. The planned 216,772-square-foot mixed-use development is expected to revitalize the complex through the development of a range of modern retail, office and residential spaces while preserving historical elements of the station. Originally built in 1913, Lackawanna Plaza was a stop on the Delaware, Lackawanna, and Western Railroad until the station’s closure in 1981. The redevelopment plan seeks to reactivate the Plaza through the creation of retail, residential and office spaces while preserving the unique history of the existing buildings. The site will be anchored by a 28,509-square-foot Lidl grocery store. In addition to Lidl, the plan calls for 35,714 square feet of retail space and 21,032 square feet of office space. A 153-unit mixed-use residential building is also planned for the east side of the site along Grove Street. Construction is slated to start later this year.
JAMESBURG, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Jamesburg. Located at 196 Buckelew Ave., the 11,750-square-foot property consists of retail space, a warehouse and two apartment units. Alexander Pildes, Greg Babaian and Michael Lombardi in Marcus & Millichap’s New Jersey office, represented the seller, a private investor, in the transaction. The buyer was undisclosed.
DENVER — HFF has arranged $165 million in permanent financing for Dairy Block, a mixed-use asset in downtown Denver. The borrower is a joint venture partnership between McWHINNEY, Grand American and Sage Hospitality. Eric Tupler and Brock Yaffe of HFF secured the long-term debt with MetLife Investment Management. The borrowers will use the loan proceeds to refinance the construction loan on the property. Diary Block consists of three components: Dairy Block, a newly built, six-story, 218,660-square-foot office space with 380-space subterranean parking garage. Firehouse Block, a historic 92,803-square-foot office and retail space along Blake Street. Maven Hotel, a 172-key boutique hotel. Operated by Sage Hospitality, the eight-story property features a 175-seat Kachina Cantina along with Poka Lola Social Club.
Mixed-use properties come in all shapes, sizes and locations, but developers say the most effective projects are those that transform multi-use real estate developments into unique destinations with vibrant social scenes. In Texas’ biggest markets, robust job and population growth have bolstered demand for more apartments and hotels, as well as office, retail and restaurant space. But it takes a developer that understands human psychology and social behaviors to successfully combine three or more of these uses into a final product that receives equal levels of demand for each use. To that end, the “live, work, play” notion has become a catchphrase that to some extent figures into the branding and marketing campaigns of virtually every mixed-use project that comes out of the ground. However, the developments that become real hubs for social gathering, new experiences and the general passing of time are those in which uses complement one another, and in which the site supports all uses evenly. “The concept behind ‘mixed-use’ — a smaller environment where uses aren’t as clearly separated and people conduct their home, work and entertainment lives in the same place — really defines how people live in many other parts of the world,” says …
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $138 million construction loan for a mixed-use development project in the West Harlem neighborhood of Manhattan. Located at 300 W. 122nd St., the 13-story, 211,893-square-foot property will include 155 condominium units and ground-floor retail space slated for a grocery store. MRC provided the financing to borrower Happy Living Development. Richard Horowitz, Ryan Horowitz and Adam Horowitz of Cooper-Horowitz LLC brokered the transaction on behalf of the borrower. The building’s foundation has already been completed.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million refinancing for The Lane at Boerum Place, a 133,387-square-foot residential and retail building in Brooklyn. Located at 415 Red Hook Lane, Rumble Boxing anchors the 108-unit project’s retail component. The residential component of the newly constructed, 21-story property is fully leased. Amenities include central air, a bike room and co-working lounge, as well as washers and dryers in all units. Gideon Gil, Alexander Hernandez, Noble Carpenter III and Zachary Kraft secured financing on behalf of the borrower, Quinlan Development Group & Lonicera Partners. TD Bank provided the financing.
CHICAGO — Marcus & Millichap has arranged the sale of the third and fourth floors of the Museum of Broadcast Communications (MBC) building in Chicago’s River North neighborhood for $6 million. The property, located at 360 N. State St., is a four-story, mixed-use condo building totaling approximately 54,000 square feet. Until the sale, the MBC utilized the upper three floors, but will now consolidate operations on the second floor. STK Chicago, a restaurant, occupies the ground floor. Kyle Stengle and Stephen Lieberman of Marcus & Millichap marketed the floors on behalf of the museum. Fern Hill Co., a privately held real estate development and investment firm in Chicago, was the buyer.
WASHINGTON, D.C. — Locally based developers PN Hoffman and Madison Marquette have broken ground on Phase II of The Wharf, a $2.5 billion, mixed-use project fronting the Potomac River in Washington, D.C. At full build-out, Phase II will feature 625,000 square feet of Class A office space, 255 apartments, 96 condominium units, 131 hotel rooms and a 109,000 square feet of retail and restaurant space. Phase II will also include a 1.5-acre park, two underground parking garages with more than 1,000 spaces, and additional dockage totaling 223 slips at The Wharf Marina. Phase I of The Wharf, which spans a mile and is the largest private development in the city, opened in October 2017. Phase I included three hotels, two multifamily and condominium buildings, and 210,000 square feet of retail, restaurant and entertainment space. The design team behind Phase II includes more than a dozen architects. Cianbro is the general contractor for construction of the marina component, and Balfour Beatty is handling construction of the office buildings and below-grade parking garages. Other project partners include ER Bacon Development, City Partners, Paramount Development and Triden Development. Madison Marquette, which is owned by international investment firm Capital Guidance and merged with PMRG last …