CHICAGO — Reed Construction will build a 52,000-square-foot mixed-use building in Chicago’s Fulton Market Building. MAB Capital Management is developing the five-story building located at 450 N. Morgan St. The project will feature a mix of office and retail space, as well as 50 parking spots. Construction is slated to start in the second quarter and commence in early 2017. Pappageorge Haymes Partners is providing the architectural services.
ATLANTA — Atlanta-based Pellerin Real Estate has announced the name of its $20 million, 110,000-square-foot redevelopment project in Atlanta’s Grant Park neighborhood — The Beacon Atlanta. The project is a revitalization of six warehouses at 1039 Grant St. along the Atlanta BeltLine’s Southside Trail within blocks of Zoo Atlanta. Upon completion, The Beacon Atlanta will feature retail space, a fitness studio, wellness center, beauty salon, food market, loft office space and food and beverage production facilities. Construction is set to begin in late 2016, with a planned opening in the late summer of 2017.
NEW YORK CITY — Hubb NYC has purchased a mixed-use property located at 99 Suffolk St. in Manhattan’s Lower East Side. The 40-unit asset sold for $24.5 million, or $830 per square foot. Built in 2004, the 29,600-square-foot building features 35 residential units and five commercial units, currently occupied by Elements Preschool. The residential portion includes three studios, 30 one-bedroom and two two-bedroom units. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
CHICAGO — Thor Equities has acquired a 6,500-square-foot mixed-use building in Chicago. West Loop Orthopedics sold the property, located at 1229 W. Randolph St. in the Fulton Market district, for $1.9 million. The two-story building consists of 3,250 square feet of vacant ground-floor retail space and 3,250 square feet of loft office space occupied by West Loop Orthopedics. The building was constructed in 1883. Joseph Goodman of Terraco Co. represented all parties in the transaction.
ATLANTA — The Allen Morris Co., a Coral Gables, Fla.-based real estate developer, has announced plans for Star Metals, a $210 million mixed-use development in Atlanta’s West Midtown neighborhood. The project will feature an upscale apartment building known as Star Metals Residences and a 12-story office building known as Star Metals Offices. The buildings, which will both feature ground-floor retail space, will be situated across Howell Mill Road from one another. “Although Atlanta has always been a great place to live and work, West Midtown’s cultural center of gravity is becoming stronger and the economic and lifestyle potential is greater than ever before,” says W. Allen Morris, chairman and CEO of The Allen Morris Co. “We see our sites as fundamental building blocks and a keystone in West Midtown’s evolution where tenants and residents can enjoy a well-rounded lifestyle.” Oppenheim Architecture + Design LLP is the lead architect for both buildings. Warner Summers Architecture and Interior Design is designing the interior of Star Metals Offices, and DWELL Design Studio and Lord Aeck Sargent are teaming up for Star Metals Residences’ interior work. “We are proud to have assembled world-class architectural teams that believe in developing projects that enhance Atlanta and …
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a mixed-used building located at 1616 Amsterdam Ave. in Manhattan’s Hamilton Heights neighborhood. Sugar Hill Capital Partners sold the 58,810-square-foot to a private investor for $23 million. The seven-story building features 54 apartment units and ground-level retail space, including a grocery/deli, coffee shop, Laundromat and Mexican restaurant. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.
NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.
LOS ANGELES — Meridian Capital Group has arranged the $4.8 million refinancing of a 12,630-square-foot mixed-use property located in Los Angeles. The two-story building, located at 8431 Melrose Place, features retail and office components, including Waterwork’s new flagship showroom. Drew Anderman and Sean Robertson of Meridian secured the seven-year, fixed-rate loan on behalf of the borrower, VE Equities, through a balance sheet lender. The financing features no prepayment penalty, and an amortization schedule that is coterminous with the ground lease.
NEW YORK CITY — Tavros Development Partners and Charney Construction & Development have received $44.3 million in acquisition and pre-development financing for a 41,815-square-foot land assemblage located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg section. The borrowers plan to develop a mixed-use asset featuring ground-level retail space, office and multifamily space on the fully entitled site. Aaron Appel, Jonathan Schwartz and Mark Fisher of JLL arranged the financing.
SAN FRANCISCO — Construction crews have begun infrastructure work on the redevelopment of Treasure Island and Yerba Buena Island in the San Francisco Bay Area. The total development costs for the 10-year project will be $6 billion, according to the San Francisco Business Times. The development team, known as Treasure Island Community Development LLC, includes Lennar Urban (NYSE: LEN), Kenwood Investments, Stockbridge Capital Group and Wilson Meany. The San Francisco Planning Commission approved the project in 2011, and Skidmore, Owings and Merrill LLP developed the master architectural and engineering plan. The development will feature up to 8,000 residential units, including 7,700 to 7,850 on Treasure Island and 150-300 units on Yerba Buena Island. At least 25 percent of the multifamily units will be offered at below-market rates. The project will also include up to 140,000 square feet of new retail space, 300 acres of parks and public open spaces, up to roughly 500 hotel rooms, a joint police/fire station and 100,000 square feet of office space. The development team will also repurpose Building 1 and Hangars 2 and 3 on Treasure Island and the historic buildings on Yerba Buena Island. According to Kenwood Investments’ website, the development could feature a …
