Mixed-Use

PARTNERSHIP SELLS MIXED-USE CENTER IN PITTSBURGH FOR $135M

by admin August 5, 2013

PITTSBURGH — Forest City Enterprises Inc. and Jos. L. Muscarelle Inc. have sold the Liberty Center complex in Pittsburgh to a subsidiary of Starwood Capital Group for $135 million. Liberty Center includes the 27-story Federated Investors office tower, the 616-room Westin Convention Center Hotel, a 25,000-square-foot shopping center and underground parking for 479 cars. An enclosed pedestrian bridge connects the hotel with the adjacent David L. Lawrence Convention Center. Cleveland, Ohio-based Forest City and Maywood, N.J.-based and Jos. L. Muscarelle had a 50/50 partnership in the property. The hotel will continue to operate as a Westin under a long-term management agreement with Starwood Hotels, which currently manages the hotel and is not affiliated with Starwood Capital. CBRE will manage the office building.

August 5, 2013

PRESTON HOLLOW MIXED-USE IN DALLAS UNDERWAY

by admin August 5, 2013

DALLAS — Work is set to begin on Kroenke Holdings’ Preston Hollow Village, a new mixed-use development that will fill part of the 42-acre vacant lot at Walnut Hill and North Central Expressway in the North Dallas neighborhood. The first phase of the project includes a 14,000-square-foot Trader Joe’s, plus an additional 61,000 square feet of retail space and 46,000 square feet of office space. Kroenke, which acquired the lot in 2010, is partnering with Provident Realty Advisors Inc.

August 5, 2013

Mixed-Use Western

MAJOR $350M MIXED-USE DEVELOPMENT USA PLACE IS SLATED FOR TEMPE

by admin August 2, 2013

TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events.USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled to …

August 2, 2013

Mixed-Use Western

MAJOR $350M MIXED-USE DEVELOPMENT USA PLACE IS SLATED FOR TEMPE

by admin August 2, 2013

TEMPE, ARIZ. – USA Place, a $350-million mixed-use development, is planned for the City of Tempe. The project will include: a 330-room Omni Hotel; a 30,000-square-foot conference center; new national headquarters for USA Place; a training center for USA Basketball; a 4,500-seat event center; 500 luxury apartments; 160,000 square feet of retail; and up to 200,000 square feet of office space, which would include a new home for Arizona Interscholastic Association events. USA Place will be located on a 10.5-acre site at the southeast corner of Mill Avenue and University Drive in downtown Tempe. The site is adjacent to Arizona State University’s main campus and the Mill Avenue District. It is also in close proximity to light rail stations and Phoenix Sky Harbor International Airport. Once completed in the second half of 2015, the new full-service Omni Hotel will be Tempe’s first four-diamond hotel. USA Basketball is also scheduled to relocate its national headquarters and open its new training center in fall 2015. The company is currently based in Colorado Springs. Construction is expected to commence by the end of the year, with the conference center, event center, and the first phase of residential, retail and office spaces also scheduled …

August 2, 2013

Mixed-Use Northeast

HUDSON FUNDS $21.7M LOAN FOR MIXED-USE DEVELOPMENT

by admin July 30, 2013

NEW YORK CITY — Hudson Realty Capital LLC has funded a $21.7 million first-mortgage loan secured by a newly constructed, eight-story mixed-use building in Queens. Proceeds from the loan will be used to pay off an existing mortgage and market the condominiums in the building. The property includes 82 one-, two- and three-bedroom condominium units, 15 community-space units, eight ground-floor retail units and 60 parking spaces. Amenities at the property include a fitness center, a multi-purpose room and a storage room. Located in the primarily residential neighborhood of Woodside, the building is six blocks from the nearest subway and three blocks from the on-ramp to the Brooklyn-Queens Expressway. The borrower has developed more than 60 properties — including hotels and residential and commercial assets — throughout the New York City area.

July 30, 2013

Mixed-Use Northeast

GEBROE-HAMMER COMPLETES $6M SALE OF MIXED-USE PROPERTY

by admin July 30, 2013

UNION CITY, N.J. — Gebroe-Hammer Associates has arranged the $6 million sale of an apartment/office property in Union City, about 10 miles northwest of Newark. The sales price translates to 180,000 per apartment unit. The mixed-use property includes 34 apartment units and one office unit and is located at 812 New York Ave. Nicholas Nicolaou, vice president at Gebroe-Hammer, represented the seller and the buyer, both private investors, in the transaction.

July 30, 2013

Mixed-Use Northeast

MIXED-USE BUILDINGS IN MANHATTAN SELL FOR $13.2M

by admin July 26, 2013

NEW YORK CITY — Two adjacent mixed-use buildings located at 1160-1162 First Ave. in Manhattan’s Upper East Side neighborhood have sold for $13.2 million, or $770 per square foot. The five-story buildings span 16,850 square feet and include two retail stores occupied by 7-Eleven and Lunetta Pizza, and 16 residential units. Guthrie Garvin of Massey Knakal represented the buyer and the seller, both private investors, in the transaction.

July 26, 2013

Midwest Mixed-Use

DETROIT GIVES PRELIMINARY APPROVAL FOR $55M MIXED-USE PROJECT

by admin July 25, 2013

DETROIT — The Economic Development Corp. (EDC) of the City of Detroit has approved the preliminary terms of a deal with McCormack Baron Salazar (MBS) to build a 300-unit residential and retail development along Atwater Street in Detroit. MBS plans to spend $55 million building Phase I of Rivertown as a series of low-rise apartment structures along Atwater and Franklin streets between the Dequindre Trail Greenway and Riopelle Street. Phase II of the plan features additional 200 housing units on the vacant property extending along Atwater Street west of Riopelle Street. The EDC owns most of the property involved and would transfer it to the developer if it can meet the other terms of the agreement. The EDC is also offering a loan to help the developer with implementation costs.

July 25, 2013

Mixed-Use Northeast

EASTERN UNION ARRANGES $25.9M IN NEW YORK CITY FINANCING

by admin July 25, 2013

NEW YORK CITY — Eastern Union Funding has arranged $25.9 million in financing for commercial real estate properties throughout New York City. An 82-unit multifamily property in the Crown Heights neighborhood of Brooklyn was refinanced for $11.5 million. Michael Muller and Moshe Lipschitz of Eastern Union negotiated the transaction. A 19,500-square-foot office property, located on South 2nd St in the Williamsburg neighborhood of Brooklyn, received a $5.5 million loan for the refinancing of the property. The five-year loan includes a 25-year amortization schedule. Jonathan Singer of Eastern Union negotiated the transaction. Michael Muller of Eastern Union arranged an $8.9 million loan for the acquisition of a 112-unit mixed-use property on Webster Avenue in the Bronx section. During the past month, Eastern Union has arranged $200 million in financing for commercial properties in New York City.

July 25, 2013

Mixed-Use Northeast

TERRACRG SELLS NYC MIXED-USE BUILDING FOR $15M

by admin July 25, 2013

NEW YORK CITY — TerraCRG has closed the $15.5 million sale of a 23,900-square-foot mixed-use property located at 76-82 St. Marks Ave. The sale price translates to a 3.6 percent capitalization rate and $627 per square foot. The property is located at the intersection of Flatbush Avenue, 6th Avenue and St. Marks Avenue in the Park Slope neighborhood for Brooklyn. Adam Hess, Ofer Cohen and Geoff Bailey represented the buyer and seller in the transaction. The fully occupied property includes 15 apartments, three commercial spaces and 24,000 square feet of air rights.

July 25, 2013

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