NEW YORK CITY — Cushman & Wakefield has arranged the $14.3 million sale of a five-story, mixed-use building in the Greenwich Village neighborhood of Manhattan. Hall Oster, Guthrie Garvin, Michael Gembecki and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. Located at 228 Thompson St., the building has recently undergone a complete renovation and includes ground-floor retail space as well as four large apartments above. The property features stainless steel appliances, private outdoor spaces and a curated common roof deck.
CHICAGO — Newmark Knight Frank (NKF) has arranged the sale of a 106-year-old building and development site on Milwaukee Avenue in Chicago. The sales price was not disclosed. The site comprises a five-story, 26,700-square-foot building and 11,000 square feet of neighboring land. Jim Cummings and Brian Carroll of NKF represented the seller, Hollander Holdings LLC, a manufacturer of house furnishings. The Hollander family had owned the building ever since its construction in 1912 and used the property for storing archives. The buyer, GW Properties, plans to restore the building and develop a mixed-use property with office and retail space on the ground floor. Redevelopment plans also call for an apartment building.
AUSTIN, TEXAS — American Realty Advisors (ARA) has acquired Northshore, a 38-story mixed-use tower in Austin. The property consists of 439 residential units and 52,083 square feet of office and retail space. At the time of sale, Northshore’s residential portion was 97 percent occupied and its commercial portion was fully leased. Amenities include a 17,000-square-foot pool deck overlooking Lady Bird Lake, multiple outdoor kitchens and a 24-hour fitness center. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction.
LAS VEGAS — Northcap Commercial Multifamily has negotiated the sale of Desert Manor, a mixed-use asset located on an entire city block at 629 S. Main St. in Las Vegas. An undisclosed buyer acquired the property for $11.5 million. The sale consisted of 191 multifamily units, 6,364 square feet of retail space and 0.89 acres of land. Devin Lee of Northcap Multifamily represented the seller, 1060 Broadway LLC, in the deal.
JERSEY CITY, N.J. — Progress Capital has secured an $11.8 million loan for the acquisition of a former manufacturing facility in Jersey City. The property is the former site of Elementis Specialties Inc. and is located at 400 Claremont Ave. The buyer, 400 Claremont Urban Renewal LLC, plans to redevelop the site into a mixed-use building with residential, parking and retail components. Progress Capital arranged the financing on behalf of the borrower through an undisclosed lender. The timeline for the project was not disclosed.
ROSWELL, GA. — Pollack Shores Real Estate Group has purchased a site at 11060 Alpharetta Highway in Roswell, roughly 23 miles north of Atlanta, with plans to develop a new multifamily community. The project is part of a greater mixed-use development that Pollack Shores is building in partnership with Fuqua Development. The site currently houses a strip shopping center that will be razed this fall to make way for the new development. Dubbed Sun Valley, the community will include 300 multifamily units developed by Pollack Shores and 115,000 square feet of retail that Fuqua will develop, according to the Atlanta Business Chronicle. The Atlanta-based firms had a similar arrangement at The Battery Atlanta, where Pollack Shores developed the multifamily portion, dubbed Home at The Battery Atlanta, and Fuqua developed the retail and restaurants. The residential portion of the Roswell project will include a mix of one- to three-bedroom units with granite countertops, stainless steel appliances, a mix of vinyl-plank wood flooring and carpet flooring and walk-in closets. Community amenities will include a dog park, pet washing station, pool, lounge area and a fitness center with a yoga room. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.
SAMMAMISH, WASH. — Newmark has secured $42 million in permanent financing for the Village at Sammamish Town Center, a 107,000-square-foot mixed-use property located in Sammamish. The property features 37,000 square feet of medical office space, a 35,000-square-foot Metropolitan Market and 35,000 square feet of retail space. The newly completed property is the only new commercial development on the Sammamish plateau in more than 20 years, according to Newmark. Michael Taylor, Skip Slavin and Patrick Taylor of Newmark’s Seattle office arranged the non-recourse financing on behalf of the property owner. The 14-year term, 30-year amortization loan was placed with one of Newmark’s correspondent lenders, and Newmark will service the loan.
NEW YORK CITY — Barone Management has purchased the former Angel Guardian Home in the Dyker Heights neighborhood of Brooklyn for $37.5 million. The seller was undisclosed. The New York-based development company plans to redevelop the site into a 300,000-square-foot mixed-use project. Sixty percent of the property will be devoted to approximately 150 market-rate condos, with an additional 15 percent reserved for affordable housing. The remaining 25 percent will be split between seniors housing and an educational use. Construction is expected to begin in 2019.
DETROIT — Kraemer Design Group PLC will serve as architect, designer and historic consultant for the landmark Park Avenue building project in Detroit. The former office building dates back to the 1920s and is located at 2001 Park Ave. in Grand Circus Park. The building will be transformed into a mixed-use project with apartment units and 5,000 square feet of first-floor retail space. Designed by Albert Kahn and once known as the General Necessities Building, the 104,500-square-foot structure rises 12 stories. The developer is Rino Soave, owner of Infinity Homes & Co. who purchased the building in April. The building has been vacant for decades and will require structural updates and new infrastructure to accommodate future residents and retail tenants. Project costs are estimated at $7 million to $10 million, according to Crain’s Detroit Business. A timeline for completion was not disclosed.
NASHVILLE, TENN. — Propst Development LLC, a real estate development firm based in Huntsville, Ala., has unveiled plans for Broadwest, a 1.2 million-square-foot mixed-use development in Nashville. The two-tower project will be located at 1600 W. End Ave., near the intersection of Broadway and West End in Nashville’s Midtown district. Construction costs and financing details were not disclosed, but local media outlets are reporting that Broadwest will cost nearly $500 million to develop. Broadwest will feature a 21-story tower that will include more than 510,000 square feet of Class A office space. The second tower will rise 34 stories and include a 14-floor, 245-room hotel, plus 20 floors featuring roughly 200 condominium units. Approximately 125,000 square feet of office and retail space, along with a one-acre park in the center of the development, will connect the two towers. Plans also call for a 2,500-space parking deck. The project team includes Chartwell Hospitality, which will co-own and operate the hotel; Parks Realty, which will lead the condominium sales; JLL, which will handle leasing for the office portion; Cooper Carry, the project architect; general contractors Turner Construction Co. and Hoar Construction; and Premier Parking, which will oversee the parking component. The site …