Mixed-Use

JOINT VENTURE ACQUIRES TWO MANHATTAN PROPERTIES FOR $29M

by admin March 11, 2013

NEW YORK CITY — A joint venture between ClearRock Properties and Juster Properties has closed on the purchase of two adjacent Midtown Manhattan properties for $29.5 million. The assets, which total 101,100 square feet, include 9 E. 38th St., a 93,700-square-foot, 12-story office building and 14 E. 39th St. a 7,400-square-foot commercial townhouse with 22,200 square feet of air rights. Both properties are located between Madison and Fifth avenues. ClearRock also has plans to invest $10 million for capital improvements to reposition the properties. The seller was Yeshiva University.

March 11, 2013

INLAND BUYS STUDENT HOUSING PROPERTY ON TCU CAMPUS

by admin March 11, 2013

FORT WORTH, TEXAS — Dallas-based Inland American Communities, a subsidiary of Inland American Real Estate Trust Inc., has purchased The VUE, a 118-bed, mixed-use student housing property located on the campus of Texas Christian University (TCU) in Fort Worth. The property opened in August 2012 at full occupancy. The four-story mid-rise community features 6,000 square feet of retail space currently under construction. The retailers are expected to open this spring. CBRE's National Student Housing Group assisted in the transaction. The VUE will be rebranded as a University House community.

March 11, 2013

Mixed-Use Western

THE SHELBY APARTMENTS IN SEATTLE RECEIVES $21.3M LOAN

by admin March 11, 2013

SEATTLE – The mixed-use Shelby Apartments complex has received a $21.3-million loan. The property contains containing 98 units and 5,000 square feet of ground-floor commercial space. It is located in the Belltown section of Seattle. The 10-year, non-recourse loan was arranged by Amos Smith and Ryan Chapman of Johnson Capital’s Irvine office. Financing was provided by Fannie Mae.

March 11, 2013

Mixed-Use Western

MIXED-USE PROPERTY 1MISSION SELLS FOR $8.6M IN SAN DIEGO

by admin March 8, 2013

SAN DIEGO — 1Mission, a mixed-use residential and retail property in the San Diego submarket of Mission Hills, has sold to Paragon Acquisitions, LLC for $8.6 million. It is located at 4033 Goldfinch Street. The 20,111-square-foot property was developed by CLB Partners. The buyer was represented in-house by Dan Berkus. The seller, Paseo de Mission Hills, LLC, was represented by Michael Burton of Cassidy Turley and Linville Martin of Perry Commercial Real Estate.

March 8, 2013

Mixed-Use Southeast

JV PURCHASES 55 ACRES TO DEVELOP 2.4 MILLION SF IN MARYLAND

by admin March 8, 2013

GERMANTOWN, MD. — A joint venture between Trammell Crow Co. and NVCapital Advisors has completed the purchase of a 55-acre site in Germantown form Multi-Employer Property Trust. Trammell and NVCapital plan to transform the former Orbital Sciences Corporate Campus into a new mixed-use community called Century, which will feature 2.4 million square feet of Class A office space, townhome and apartment units, retail and two hotels. The owners are in final negotiations with a developer for the purchase of two hotel parcels, and expect to begin construction on those sites within a year. The venture has begun marketing the first two residential parcels, which will include 350 apartments and 110 townhomes. They plan to partner with developers for these two parcels in the upcoming weeks and immediately begin site plan approval with Montgomery County. Trammell Crow has already obtained full site plan approval for three office buildings totaling 455,000 square feet. According to the company, the approval positions the owners to quickly respond to build-to-suit and prelease opportunities as they arise in the I-270 office market.

March 8, 2013

Mixed-Use Northeast

MASSEY KNAKAL ARRANGES SALE OF MIXED-USE BUILDING FOR $4.3M IN NYC

by admin March 8, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of 52 W. 21st St., a renovated mixed-use building, for $4.3 million. The five-story building, located on the south side of 21st Street between Fifth Avenue and Avenue of the Americas, includes ground-floor retail and four apartments above. Originally built in 1862, the building underwent a complete transformation that included façade work, gut rehabilitation of each floor and new mechanical systems. All units have individual gas boilers and hot water heaters with separate metering.

March 8, 2013

Mixed-Use Texas

HIGH STREET BREAKS GROUND ON PHASE II OF UNION AT CARROLLTON SQUARE

by admin March 8, 2013

CARROLLTON, TEXAS — High Street Residential, the residential subsidiary of Trammell Crow Co., has broken ground on Phase II of Union at Carrollton Square in Carrollton. Union at Carrollton Square is a transit-oriented, mixed-use community spanning 100,617 square feet and consisting of 132 Class A residential units and ground-floor retail space. Additionally, Twisted Root Burger Co. has signed a 4,658-square-foot, long-term lease to occupy ground-floor space. The restaurant is scheduled to open this spring. Carter Wilson of Cambridge Cos. represented Twisted Root in the lease transaction. John T. Evans of John T. Evans Co. represented High Street. Phase II of the community will offer one- and two-bedroom units, a grilling area for entertaining, an outdoor fireplace and lounging area, bocce ball court, resort-style pool, fitness center, cyber cafe and a 155,330-square-foot parking garage with 337 private and 125 public spaces. Construction is slated for an early 2014 completion.

March 8, 2013

Mixed-Use Western

MIXED-USE PROPERTY 1MISSION SELLS FOR $8.6M IN SAN DIEGO

by admin March 8, 2013

March 8, 2013

Mixed-Use Texas

CENTERGY WEST 7TH BUYS 30 ACRES FOR MIXED-USE DEVELOPMENT

by admin March 7, 2013

FORT WORTH, TEXAS — Centergy West 7th LP, a partnership managed by Centergy Retail, closed on approximately 30 acres of land on West 7th Street in Fort Worth. Centergy purchased the land from Chesapeake Land Development, which originally wanted to build a corporate campus at the site. Centergy is planning to construct a 2 million-square-foot mixed-use development on the lot, which will include retail, residential, office and hospitality components. The tract of land links the Fort Worth Central Business District to the Cultural Arts District.

March 7, 2013

Midwest Mixed-Use

WALGREENS, HAIKU SUSHI FILL UP RETAIL SPACE AT THE STATION ON WASHINGTON

by admin March 6, 2013

MINNEAPOLIS — Walgreens and Haiku Sushi have signed leases to take up all of the retail space at The Station on Washington, a student residential and retail complex on the University of Minnesota's East Bank campus. Walgreens will occupy approximately 7,000 square feet of space and is scheduled to open in August. Haiku Sushi will occupy 4,000 square feet of space. The six-story building will contain 11,000 square feet of ground-level retail space and 97 residential units. Amenities will include underground parking, a fitness center and study lounge space. The Station on Washington is slated for completion in August. The Opus Group is the developer of the project.

March 6, 2013

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