Mixed-Use

Marcus & Millichap Negotiates $6.3M Sale of Mixed-Use Building in Red Bank, New Jersey

by David Cohen April 11, 2018

RED BANK, N.J. — Marcus & Millichap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square-foot mixed-use property in Red Bank, four miles south of Middletown. Michael Lombardi and Charles Loccisano of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street.

April 11, 2018

Loans Mixed-Use Texas Top Stories

Berkadia Arranges $198.3M Refinancing for Office Component of Mixed-Use Asset in Brooklyn

by Taylor Williams April 9, 2018

NEW YORK CITY — Berkadia has arranged a $198.3 million loan for the office component of Brooklyn Renaissance Plaza, a 1.4 million-square-foot, mixed-use property in Brooklyn. The deal restructures existing debt on the property’s 465,000-square-foot office condominium space. This section of Brooklyn Renaissance Plaza is fully leased to the Kings County District Attorney (KCDA). That lease has 10.5 years left on it. The borrower is a joint venture between New York-based Muss Development Corp. and San Diego-based HomeFed Corp. The loan features a 21.5-year term and a 4.47 percent interest rate. Mark Vogel and Dan Geuther of Berkadia secured the funds through CGA Capital Corp., a Maryland-based private lending and investment firm. “In seeking to obtain a loan duration of over 20 years, we were presented with two significant challenges,” says Vogel. “The ground-lease payment will reset to unknown market rates in 2021 and 2031, and the KCDA lease expires in 2028.” “Working with CGA, we were able to craft a custom credit solution that enabled us to underwrite through these significant risk events and accomplish the client’s objective of long-term fixed-rate financing,” he added. Brooklyn Renaissance Plaza is located at 345 Adams St. In addition to the office condo, the …

April 9, 2018

Development Mixed-Use Northeast Pennsylvania Retail

Kimco’s Lincoln Square to Feature Philadelphia’s First Sprouts Farmers Market

by David Cohen April 5, 2018

PHILADELPHIA — Kimco Realty’s Lincoln Square mixed-use project currently under development will be the site of Philadelphia’s first Sprouts Farmers Market. The 32,000-square-foot store is part of the adaptive reuse of Lincoln Square’s historic train station and will incorporate the Gothic Revival elements of the property. Work on the redevelopment project at the corner of South Broad Street and Washington Avenue, began in late 2016. Sprouts is one of the fastest growing grocers in the United States and has opened 30 stores in 2018. Other retail tenants that have signed on to the development include Target, PetSmart, Starbucks and Sprint. The project will also include 322 residential units. Residential move-ins are planned to begin this summer, with Sprouts set to open in the third quarter of 2018.

April 5, 2018

Acquisitions Mixed-Use New York Northeast

Alpha Realty Arranges $7M Sale of Mixed-Use Building in Upper East Side

by David Cohen April 4, 2018

NEW YORK CITY — Alpha Realty has brokered the sale of a 10,000-square-foot multi-use building in the Upper East Side of Manhattan for $7 million. The property, located at 148 East 98th St., is a newly constructed six-story elevator building with 11 apartments and one commercial unit. The property sold at a capitalization rate of 3.4 percent. Lev Mavashev and Glenn Raff of Alpha Realty brokered the transaction with Raff representing the seller, a local private investor. Mavashev procured the buyer, Rebar Development Group.

April 4, 2018

Acquisitions Illinois Midwest Mixed-Use

Baum Brokers $10.8M Sale of Mixed-Use Property in Chicago

by Kristin Harlow April 4, 2018

CHICAGO — Baum Realty Group LLC has brokered the sale of a mixed-use property in Chicago’s Bucktown/Wicker Park neighborhood for $10.8 million. The property includes a 12,759-square-foot, three-story building for office and retail use as well as an adjacent 3,885-square-foot development parcel at 1616-1628 N. Damen Ave. The development parcel is zoned as a community shopping district. This zoning permits various businesses and apartments above the ground floor. Greg Dietz and Danny Spitz of Baum represented the undisclosed seller. A local investment group purchased the asset.

April 4, 2018

Development Georgia Mixed-Use Office Southeast

Meybohm Nears Completion of First Building at $60M Mixed-Use Project Near Augusta

by Camren Skelton April 3, 2018

EVANS, GA. — Meybohm Commercial Properties is nearing completion on the first building at The Plaza at Evans Towne Center, a $60 million mixed-use project in Evans, roughly 10 miles northwest of Augusta. The 58,000-square-foot building, named the Meybohm Building, is part of the project’s first phase. The building will be the new home of Meybohm Real Estate, an Augusta-based real estate company and the parent company of Meybohm Commercial Properties. Meybohm Real Estate will consolidate its training center, new homes division and local Evans office into 15,000 square feet at the new space. In addition, Your Pie Pizzeria will open a location at the building and additional tenants will be announced soon, according to Meybohm. Upon completion, The Plaza at Evans Towne Center will include six mixed-use buildings, a central park and a performing arts building. Ground-level spaces will be dedicated to retail and restaurants, and 2,000 parking spaces have been planned for the site. Michael Watkins Architect LLC is the master-planner for project, and R.W. Allen Construction is the general contractor. Atlanta-based architect firm TSW designed the Phase I buildings, as well as the outdoor park. A timeline for the project was not disclosed.

April 3, 2018

Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Arranges $13.4 Million in Financing for Five-Story Boston Mixed-Use Property

by David Cohen April 2, 2018

BOSTON — Fantini & Gorga has arranged $13.4 million in permanent financing for a five-story, mixed-use property located at 900 Beacon St. in the Audubon Circle neighborhood of Boston. The property, known as Gateway Boston, was completed in 2016 and features a mix of 32 residential units on four floors plus 4,500 square feet of street-level retail. Tim O’Donnell, Casimir Groblewski and Despina Hixon of Fantini & Gorga arranged the financing, a fixed-rate loan for a period of 15 years, with a life insurance company. The borrower was not disclosed.

April 2, 2018

Development Indiana Midwest Mixed-Use

Buckingham Cos. Begins $135M Phase II Development at CityWay in Indianapolis

by Kristin Harlow April 2, 2018

INDIANAPOLIS — Buckingham Cos. has begun the $135 million second phase of the CityWay development in Indianapolis. Residential construction for Phase II at the mixed-use development includes two five-story buildings on the west side of Delaware Street and three four-story buildings along the Cultural Trail and Virginia Street. Upon completion in 2019, the CityWay neighborhood is slated to include more than 650 apartments and over 100,000 square feet of commercial space. Franciscan Health Systems will anchor a new 20,000-square-foot office building. Plans also call for a 13,000-square-foot pharmacy. The inaugural phase of CityWay opened in 2013.

April 2, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $31.4M in Construction Financing for Williamsburg Mixed-Use Development

by David Cohen March 29, 2018

NEW YORK CITY — Madison Realty Capital has provided a $31.4 million loan for the construction of a mixed-use development at 744 Bedford Ave. in the Williamsburg neighborhood of Brooklyn. All proceeds of the loan will go toward completing construction of the 134,742-square-foot building. When complete, the building will include 88 residential rental units, 18,393 square feet of retail space and 76 parking spaces. The borrower, a local developer, has laid the foundation of the building and begun construction. The project is scheduled to be complete by spring 2019.

March 29, 2018

Acquisitions Mixed-Use New York Northeast

Rosewood Realty Arranges Sale of Two Mixed-Use Buildings in Manhattan for $14M

by David Cohen March 28, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two five-story mixed-use buildings located at 943 and 973 Columbus Ave. in Manhattan for $14 million at a capitalization rate of 5.2 percent. The two buildings combined span 18,123 square feet. Built in 1910, the properties feature 36 apartments and four retail stores. Aaron Jungreis of Rosewood represented the seller, the Orbach Group. Ben Khakshoor represented the buyer, the Mehta family. The two properties are one-half mile southeast of Columbia University.

March 28, 2018

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