NEW YORK CITY — Big City Realty LLC has acquired a six-story mixed-use building in the Hamilton Heights neighborhood of Manhattan for $18.4 million. Located at 3440 Broadway, the 47,714-square-foot property includes 34 residential units, five retail stores and two professional offices. Peter Vanderpool of Cignature Realty represented Big City Realty in the transaction. The seller was undisclosed.
BEE CAVE, TEXAS — The Bee Cave City Council has approved the latest phase of development of Village at Spanish Oaks, an 80-acre mixed-use project that will be located along State Highway 71 in Bee Cave, a northwestern suburb of Austin. The project represents the final phase of Spanish Oaks, a 1,200-acre master-planned development by CCNG Inc. and Greenbrier Southwest Corp. Preliminary plans call for office, retail, restaurant, hotel and residential components. According to The Austin American-Statesman, construction of the buildings is expected to begin in 2020.
PATERSON, N.J. — Silver Arch Capital Partners and Procida Funding & Advisors LLC have provided a $12.5 million refinancing for Art Factory Studios, a 170-year-old, 21-building creative office park situated on 4.7 acres in Paterson. The borrower, Great Falls Industrial Park Inc., will use the loan proceeds to pay off debt and make capital upgrades. Located at 60-70 Spruce St., the property is the former home of the American Hemp Co. Past redevelopment of the campus has included retail stores, event spaces and light industrial spaces as well as more office and studio space. Terms of the financing were not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the $8.6 million sale of a four-story, 4,554-square-foot mixed-use building in the SoHo neighborhood of Manhattan. Located at 57 Grand St., the property comprises one ground-floor restaurant and three floor-through loft apartment spaces above. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Granville Equities, in the transaction. The buyer was Lex Jay Realty Corp.
BOSTON — MP Boston, a local mixed-use and residential developer, broke ground Wednesday on Winthrop Center in downtown Boston. The $1.35 billion mixed-use development represents the largest private investment for a single project in Boston’s history. The site was formerly owned by the City of Boston and housed the Winthrop Square Garage. Set for a spring 2022 completion, Winthrop Center will feature 750,000 square feet of office space, 420 condominiums, retail and restaurants, as well as a public gathering space. The tower will rise 691 feet tall, making it the fourth-largest tower in Boston. At the base of Winthrop Center will be the Great Hall, an open civic space available to the public. The center will also feature an open mid-block alley between Winthrop Square/Downtown Crossing and Federal Street/the Financial District. Handel Architects LLP and Steven Winter Associates Inc. designed the tower to achieve LEED Platinum certification with hopes to also be a certified Passive House Pilot Project. Begun by Germany-based research organization Passivhaus Institut, Passive House is the only internationally recognized energy standard in commercial construction. If achieved, Winthrop Center would be the largest Passive House office building in the world. MP Boston is developing the tower in conjunction …
NEW YORK CITY — Cushman & Wakefield has brokered the $4.6 million sale of a 25-foot wide development site in Manhattan’s Hell’s Kitchen neighborhood. Located at 422 W. 49th St., the property includes 2,500 square feet of land with a total buildable square footage of approximately 10,500. Maurice Suede of Cushman & Wakefield represented the sellers, The Hakimian Organization and the Gorjian family, in the transaction. The buyer was Mortar Arch + Dev, which plans to develop residential condominiums on the site. The property is within walking distance to the 1, N, R, W, C and E subway trains.
BOSTON — Newmark Knight Frank (NKF) has negotiated the $107 million sale of a 192,890-square-foot office and retail complex in Downtown Boston. Located at 226 Causeway St., the property features a tenant roster anchored by the corporate headquarters of Oxfam America, the Boston Celtics and two divisions of TripAdvisor, as well as a regional office for Stantec. Street-level retail at the property includes Equal Exchange Café and Title Boxing Club. The complex is located near The Hub on Causeway, a 1.5 million-square-foot residential, retail and office addition to the TD Garden, a multi-purpose arena that serves as home to the Boston Bruins and Boston Celtics. Located along the Charles River in the bustling Haymarket Square submarket, the property sits in the shadow of the three bridges connecting downtown Boston to Cambridge, Charlestown and the North Shore suburbs. EdwardMaher, Matthew Pullen, James Tribble, Samantha Hallowell and Robert Griffin of NKF’s Boston Capital Markets team represented the seller, Invesco, in the transaction. The buyer was Boston-based real estate private equity firm Rockpoint Group. “226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” says Edward Maher, NKF vice chairman. “The asset is the beneficiary of significant …
DANBURY, CONN. — Summit Development has acquired a 1.2 million-square-foot mixed-use development site in Danbury for $17 million. The property is the former headquarters of Union Carbide. Summit Development plans to renovate the building and convert it into an office, retail and residential complex to be rebranded The Ridge at Danbury. When completed, the 100-acre property will include 700,000 square feet of office space, 400,000 square feet of residential apartments, 100,000 square feet of event space and 100,000 square feet of core services and amenities.
CHESTER, N.J. — Marcus & Millichap has negotiated the $1.2 million sale of the Centennial Building, a 10,650-square-foot mixed-use property in Chester. The property was built in 1876 and is located at 18-28 Main St. Michael Lombardi of Marcus & Millichap represented the seller, a private invester, in the transaction. The buyer was also a private investor.
MIAMI — Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N. Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated an initial $44.5 million loan with a $2.4 million earnout. The 10-year loan was secured with five years interest-only payments and a interest rate with no prepayment after seven years. Built in 2008 and renovated in 2015, the property consists of 126,133 square feet of ground-floor retail space occupied by a mix of national, regional and local tenants, 416 condo units and more than 500 parking space in seven buildings. At the time of sale, the retail portion of the property was 97 percent leased. Tenants include West Elm, Chili’s Bar & Grill, Men’s Wearhouse, Club Champion, Orangetheory Fitness, Paul Mitchell, The Brass Tap, Pubbelly Sushi, Harry’s, Ghee, Erba, Barley and The Brick.
