NEW YORK CITY — Marcus & Millichap has negotiated the $5.4 million sale of a 12,088-square-foot mixed-use property in Brooklyn. The six-unit property is located at 85 Quay St. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEW YORK CITY — Kinsmen Property Group has acquired a mixed-use portfolio in Manhattan’s Bowery District for $29.5 million. The seller was LBG Enterprises LLC. Located at 156-160 Bowery, the property includes three apartments and 8,000 square feet of retail space. With the acquisition, Kinsmen now owns 150 feet of frontage in the Bowery District. The retail space in the property was previously occupied by home decor seller Lighting by Gregory. There were no brokers in the transaction.
NEW YORK CITY —Cushman & Wakefield has negotiated the $1.3 million sale of a two-story, mixed-use building in the Claremont neighborhood of the South Bronx. Located at 500-502 E. 167th St., the 4,751-square-foot property includes four commercial units as well as a full basement. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
ATLANTA — GID and North American Properties (NAP) have formed a joint venture to develop High Street Atlanta, an 8 million-square-foot mixed-use project in Atlanta’s Dunwoody neighborhood. At full buildout, the development will include approximately 1,500 apartment units, 1,500 condominiums, 400 hotel rooms, 400,000 square feet of retail space and 400,000 square feet of office space. The transit-oriented project will encompass 10 city blocks with open spaces for events. “By investing in the space between the buildings, the street-level gathering places where community and social collisions happen organically, we create a fundamentally different shopping experience than e-commerce,” says Mark Toro, managing partner of NAP. GID will serve as master developer, while NAP will lead retail leasing, marketing, community engagement and retail property management. Construction on the project’s first phase is expected to begin in late 2019. GID is a privately held and fully integrated real estate organization that develops, owns and operates a portfolio of properties valued at more than $15 billion. Cincinnati-based NAP is a privately held real estate operating and development company that has acquired, developed and managed more than $7 billion of properties nationwide. In Atlanta, NAP developed the $1 billion Avalon in Alpharetta and is currently underway …
Mixed-use development is not new. It has been around since the shop owner lived in the apartment above the store. Today, however, the term is used to describe an urban environment that allows people to walk easily among a variety of integrated functions. At first glance, one might think mixed-use development in the Plano-Frisco-McKinney area, known as the Far North submarket, is strictly for big-name developers. Familiar destinations such as Legacy West in Plano and The Star in Frisco underscore this notion, offering retail, restaurants, office, hotels and apartments. Take a closer look, however, and you’ll see that the region is also starting to add smaller mixed-use projects that provide convenience, amenities and experience for occupants and visitors. Numbers Matter Will the many kinds of mixed-use development happening now in Far North Dallas be sustainable? If the current market reports are any indication, then the answer is yes. The saying goes that if the vacancy rate in Dallas-Fort Worth (DFW) is less than 20 percent, then the construction cranes come out. CoStar’s Mid-Year 2018 report shows that the DFW office market ended the second quarter with a 15 percent vacancy rate. Specifically in the Far North Dallas, which also comprises …
WASHINGTON, D.C. — Eastern Union Funding has arranged a construction loan for the development of The Rushmore, a 117-unit, luxury mixed-use development in Washington, D.C.’s Capitol Hill District. Marc Tropp of Eastern Union Funding arranged the loan through a local regional bank on behalf of developers SGA Cos. and Evergreen Private Finance. The development is located at the former Frager’s Garden Center at 1220 Pennsylvania Ave. S.E., and also includes the historic Shotgun House, located at 1229 East St. S.E., which will be turned into a duplex. Amenities for The Rushmore are set to include a residents’ lounge, fitness center, rooftop deck, concierge service, catering kitchen and private dining at the penthouse level, as well as 2,500 square feet of street-level retail space. Bethesda, Md.-based SGA Cos. and Washington, D.C.-based Evergreen Private Finance signed a 100-year ground lease with Capitol Hill investor Larry Quillian to develop at the two locations. The Rushmore is expected to be complete by the fourth quarter of 2019.
CAMBRIDGE, MASS. — Fantini & Gorga has secured a $28.3 million construction loan for St. James Place, a mixed-use development in the Porter Square neighborhood of Cambridge. Located at 2013 Massachusetts Ave., the development will feature 46 residential condominiums, ground-floor retail and underground parking. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga secured financing for the undisclosed borrower through a mid-sized regional bank. Terms of the financing were not disclosed.
LOS ANGELES — Meridian Capital Group has secured $5.5 million to refinance The Covell Building, a mixed-use property in Los Angeles. Located at 4642-4632 Hollywood Blvd. the two-story, 15,000-square-foot building features ground-floor retail space and Hotel Covell on the second floor. Tenants include Go Get Em Tiger, Covell Wine Bar and McConnell’s Ice Cream. The boutique hotel features individually curated suites, each featuring a customized theme. Seth Grossman and Andy Strauss of Meridian Capital arranged the 10-year CMBS loan, which features a fixed rate and full-term interest-only payments.
FARGO, N.D. — Newmark Knight Frank (NKF) has arranged a $77.2 million construction loan for Block 9, a $125 million mixed-use project in downtown Fargo. The project involves the transformation of a 48,000-square-foot parking lot into an 18-story mixed-use tower. Ben Greazel of NKF arranged the loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Co. A syndicate of banks led by First National Bank of Omaha provided the financing. Construction began in September. R.D. Offutt Co. will occupy a portion of the tower for its headquarters. Other components of the project include ground-floor retail space, a boutique hotel to be managed by Aparium Hotel Group, a restaurant and residential condominiums. Completion is slated for 2020.
JACKSONVILLE, FLA. — Bristol Development Group and Hallmark Partners plan to develop Vista Brooklyn, a mixed-use project in Jacksonville that will include 308 apartments and 13,000 square feet of retail space. Located in Jacksonville’s Brooklyn neighborhood, the project will feature a dog park and rooftop pool for residents. Construction is expected to begin in January and wrap up in February 2021. Nashville-based Bristol and Jacksonville-based Hallmark originally partnered in 2012 to build the 220 Riverside apartments in Jacksonville.