NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use development site located at 622 Myrtle Ave. in Brooklyn. The asset sold for $2.6 million, or $277 per buildable square foot, in an all-cash transaction. The site offers approximately 9,384 buildable square feet. The site is currently improved by a 5,188-square-foot mixed-use building consisting of two residential units and one retail unit. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.
DURHAM, N.C. — Federal Capital Partners (FCP) has purchased the Venable Center, a three-property, 85,886-square-foot mixed-use campus located at 303 S. Roxboro St. in downtown Durham, for $18 million. The property comprises three restored tobacco mill office buildings that are listed on the National Register of Historic Places. The buildings include office, retail and lab space. Venable Center was 99 percent leased at the time to tenants including Precision Biosciences, which recently signed a long-term lease to extend and expand its space.
FORT WORTH, TEXAS — Southside Magnolia Partners has acquired a mixed-use building located at 701 W. Magnolia Ave. in Fort Worth. Situated on the southwest corner of Magnolia Avenue and Hemphill Street, the building is the former headquarters of Fort Worth National Bank. The building features residential living, casual dining, retail and office space. Anchor tenants include Southside Bank and Shinjuku Station. There is a 4,000-square-foot site available for restaurant or retail, as well as five lofts on the second floor. Will Martin and Southside Magnolia Partners have a light restoration in plan for the property, but parts of the building still have original architectural features including exposed brick, hardwood floors and views of downtown Fort Worth. W. Martin and Co. represented the buyers and Grant Huff with Transwestern represented the seller.
RICHMOND, VA. — Dominion Realty Partners LLC plans to develop a $93 million, 21-story mixed-use tower in downtown Richmond. The project, known as the 3Twenty-One Building, will feature 137,000 square feet of commercial space, 187 luxury apartments starting on the 10th floor and a 503-space parking structure. The commercial component will be known as The Locks at 3Twenty-One and the residential portion will be called The Residences at 3Twenty-One. The tower will be located at the intersection of 10th and Byrd streets along James River. SunTrust Bank has pre-leased 53,000 square feet of office space in the riverfront project. Paul Silver and Brian Berkey of Cushman & Wakefield | Thalhimer represented SunTrust in the lease deal, and Jeff Cooke of Cushman & Wakefield | Thalhimer represented Dominion. The Residences will feature a clubroom, rooftop pool and plaza. The project team includes architect JDavis Architects and general contractor Choate Construction. JDavis is aiming for the project to achieve LEED Platinum certification. Dominion will manage the mixed-use development on-site. The Raleigh-based developer has been involved in more than $250 million in development along James River in Richmond. Along with 3Twenty-One, Dominion’s other projects include Riverside on the James, The Residences at the …
CHICAGO — Marcus & Millichap has brokered the sale of a mixed-use loft building in the River North neighborhood of Chicago for $9.5 million. The four-story building is anchored by Kinzie Chophouse Restaurant on the ground level, and the three top levels are utilized as offices. Baum Revision and Kaufman Jacobs purchased the building, satisfying a 1031 exchange trade requirement, from an undisclosed private investor. The 26,000-square-foot property, which is located at the northwest corner of Kinzie and Wells streets, is currently 95 percent occupied. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.
BIRMINGHAM, ALA. — Bayer Properties has plans to add a food hall on the ground floor of the historic Pizitz building in downtown Birmingham. The $66 million renovation of the circa 1923 department store building began in 2015. The Pizitz Food Hall will feature food and beverage options, two full-service restaurants, an outdoor seating and entertainment area and an interior bar. The food hall will also serve as an incubator for Birmingham’s up-and-coming chefs, with one of the stalls rotating quarterly to feature a new and different chef. Rule Joy Trammel + Rubio has been hired as the architect for the food hall, whose experience includes Krog Street Market in Atlanta. When complete, the Pizitz building will feature 143 rental apartment residences, 11,000 square feet of office space, The Pizitz Food Hall and an entertainment component in the basement. The Pizitz Food Hall will open concurrently with the project’s residential component in fall 2016.
NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of Manhattan. The asset sold for $3.2 million, or $350 per square foot. Built in 1980, the 9,315-square-foot property features 13 apartments and 1,050 square feet of retail space. Greg Corbin, Miguel Jauregui and Saadya Notik of Besen & Associates represented the seller and procured the buyer in the transaction.
ATLANTA — Kroger’s Atlanta Division and New City LLC plan to transform an existing Kroger store on Ponce de Leon Avenue in Atlanta as part of a mixed-use development along the Atlanta BeltLine. The new development, known as 725 Ponce, will include a new 60,000 square-foot Kroger below 360,000 square feet of Class A loft office space. The office space will be delivered in a similar fashion as the adjacent Ponce City Market, which is currently more than 90 percent leased. The building will include open floor plates with exposed 13-foot ceilings, divided light windows, an industrial aesthetic and multiple stair-stepped outdoor terraces. The development team has hired Aileen Almassy of Cushman & Wakefield to lease the office space. Below the footprint of the project, more than 900 new parking spaces will be constructed to serve future office tenants, as well as to the general public on nights and weekends. The new Kroger prototype store will feature a dedicated entrance to the Atlanta BeltLine and replace the existing Kroger store, which was built in 1986 and known to locals as “Murder Kroger.” New City will be working with the owners of the adjacent Ford Factory to create a new dedicated …
LIBERTY TOWNSHIP, OHIO — Hoar Construction has completed the $146 million construction of Liberty Center, a mixed-use development in Liberty Township, approximately 30 miles north of Cincinnati. The 1.1-million-square-foot development consists of 600,000 square feet of retail space, 100,000 square feet of Class A office space, a 130-room AC Hotel by Marriott, 220 luxury apartment units and a 60,000-square-foot, 14-screen movie theater. Liberty Center was co-developed by Steiner + Associates and Bucksbaum Retail Properties. Retail tenants at Liberty Center include Dillard’s, Forever 21, Kona Grill and Dick’s Sporting Goods.
NEW YORK CITY — HFF has secured $13.6 million in acquisition bridge financing for a 17,615-square-foot mixed-use property located at 315 Broadway in Manhattan’s Tribeca neighborhood. The borrower, United American Land, plans to used the loan to reposition the property into a boutique office building with high-quality retail space on the ground floor. The five-story loft property has 13,900 square feet of office space, 3,715 square feet of ground-floor retail space and approximately 23,401 square feet square feet of unused air rights. Steven Klein and Geoff Goldstein of HFF arranged the four-year, floating-rate loan through Peoples United Bank.