LOS ANGELES – A mixed-use property located in the Koreatown submarket of Los Angeles has sold to a private Seattle investor for $4.7 million. It is located at 800 S. Normandie. The property contains 44 residential units and 3,600 square feet of retail space. The retail component is leased to a single tenant that operates a small neighborhood market. Janet Neman and Bryan Glenn represented both the buyer and the seller, Executive Commercial Properties, in this transaction.
LOS ANGELES — A $53-million mixed-use complex that was developed by Holland Partners Group has debuted in Downtown Los Angeles. The project features 210 residential units and 7,900 square feet of ground-floor retail space. It is located at 1111 Wilshire Blvd. The project is situated on the metro bus line near the 7thStreet metro rail station. The complex was designed by Nadel Architects.
CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. KeyBank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet of ground-level retail space, including a new Corner Alley bowling alley. MRN Ltd. is developing the second phase, which is currently under construction.
LOS ANGELES — A $53-million mixed-use complex that was developed by Holland Partners Group has debuted in Downtown Los Angeles. The project features 210 residential units and 7,900 square feet of ground-floor retail space. It is located at 1111 Wilshire Blvd. The project is situated on the metro bus line near the 7th Street metro rail station. The complex was designed by Nadel Architects.
BONITA SPRINGS, FLA. — Real Capital Solutions (RCS) has acquired North Bay Village in Bonita Springs from CWCapital Asset Management for $7.45 million. Situated at 26381 S. Tamiami Trail, the distressed property totals 114,545 square feet and was developed in 2004. It includes a three-story, 28,819-square-foot office building; a 25,726-square-foot, small-shop retail space; and a 60,000-square-foot retail outparcel. The small-shop space features Bonefish Grill, First Watch, Mattress Giant, Edible Arrangements, Keller Williams Realty and a hair salon. The outparcel was formerly a Robb & Stucky Furniture Showroom, and RCS plans to target a similar tenant with its leasing efforts, which will be handled by Trinity Commercial Group.
CHICAGO —Essex Realty Group Inc. has arranged the $3.2 million sale of Thalia Hall, a historic mixed-use property located in Chicago’s Pilsen neighborhood. Thalia Hall includes a two-level restaurant with a large kitchen and office in the basement, a vacant theater, three first-floor commercial spaces with basements, eight duplex apartments and six garage parking spaces. The mixed-use property is located at 1215-25 W. 18th St. Doug Fisher, Matt Welke and Jason Fishleder of Essex represented the seller and the buyer in the transaction.
CHESHIRE, CONN. — WS Development will begin construction on The Outlets at Cheshire in early 2014. The 500,000-square-foot center in Cheshire, slated for completion in summer 2015, will be located at the I-84/I-691 Interchange along Route 10. The open-air shopping and entertainment complex will include walkways, recreational amenities, a residential component and a grocer. The development company is targeting fashion and designer outlet stores for the remaining retail space at the project.
NEW YORK CITY — A portfolio of six mixed-use buildings in Manhattan’s Greenwich Village has sold for $32.3 million. The portfolio includes 47 residential units and seven commercial spaces. Peter Hauspurg, chairman and CEO of Eastern Consolidated, represented the seller, multigenerational owner Noah Osnos, in the transaction. Ben Tapper, senior director of Eastern Consolidated, procured the buyer, a partnership between Dalan Management and RWN Real Estate Partners LLC. The six contiguous buildings include 89 & 91 Christopher St. and 329, 333, 337 and 341 Bleecker St. Attorneys in the transaction were Eric Kahan, Esq. of Sperber Denenberg & Kahan PC for the seller, and Dan Altman, Esq. and chair of Belkin Burden Wenig & Goldman LLP for the buyer.
WEST DES MOINES, IOWA — Hubbell Realty Co. and Persimmon Capital Partners have broken ground on Cityville on 9th, a $40 million mixed-use development in West Des Moines. Located on 10.5 acres in the Gray’s Landing neighborhood south of MLK Jr. Parkway, the Cityville on 9th will include 339 apartments, covered parking and 55,000 square feet of retail space within nine four-story buildings. The project will be built in three phases with the first phase, including 111 apartment homes, clubhouse and 20,000 square feet of commercial space, slated for completion in spring 2014.
EVANSTON, ILL. — Marcus & Millichap has arranged the sale of Church Street Station, a 16,871-square-foot, mixed-use property located in Evanston, a suburb of Chicago, for $3.7 million. Adrian Mendoza, Dominic Sulo, Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a developer. Brian Parmacek, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, represented the buyer, a private investor, in a 1031 tax-deferred exchange from an apartment sale. Church Street Station, located at 1642 Maple Ave., is fully occupied by five tenants, which operate under triple-net leases. Church Street Station is anchored by BMO Harris Bank.