PERTH AMBOY, N.J. — The Shoppes at Victory Village, a 32,349-square-foot mixed-use property in Perth Amboy, has sold for $6.7 million. The property is located at 553-559 Sayre Ave. and includes 15 apartment units and 18,000 square feet of retail. Tenants include 7-Eleven, Dollar General and Popeye's. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller, a regional developer, in the transaction. They also secured the buyer, a partnership.
HOUSTON — Charlotte, N.C.-based Crescent Resources has acquired 993 acres in northeast Houston for a new master-planned community, which will include 2,259 single family houses, 540 multifamily units, 50 acres for retail/commercial use and a 40-acre site for a future school that will be part of the Humble Independent School District. Development is slated to begin next year and Phase I of the single family homesites is expected to finish in mid-2014.
SEATTLE – A new mixed-use project that will feature 105 residential units and 7,500 square feet of ground-floor retail space is slated for Seattle’s Capitol Hill neighborhood. Transwestern Investment Management (TIM) and its equity partner, State Farm Life Insurance Company, have enlisted Alliance Residential to develop the project at 1100 East Madison Street. It is scheduled for completion in 2014.
SEATTLE – A new mixed-use project that will feature 105 residential units and 7,500 square feet of ground-floor retail space is slated for Seattle’s Capitol Hill neighborhood. Transwestern Investment Management (TIM) and its equity partner, State Farm Life Insurance Company, have enlisted Alliance Residential to develop the project at 1100 East Madison Street. It is scheduled for completion in 2014.
NEW YORK CITY — A six-building mixed-use portfolio in the South Bronx has sold for $20.7 million. The portfolio totals 303 apartment units and 14 commercial units for a combined 307,400 square feet. Each of the properties was renovated in 1990. The buildings are located at 1658 Selwyn Ave.; 1254 Sherman Ave.; 1231 Fulton Ave.; 615 E. 168th St.; 1340 Merriam Ave.; and 818 E. 149th St. David Simone, Nicholas Burns and Andrew Essick of Massey Knakal represented both parties in the transaction.
BRENTWOOD, TENN. — H.G. Hill Realty Co. and GBT Realty Corp. have unveiled plans for The Streets of Brentwood, a mixed-use development totaling 970,212 square feet of residential, office, retail, restaurant, theater and hotel space in Brentwood. The joint venture filed a request for a zoning change to the City Brentwood for the 16.98-acre development, which includes the former Tennessee Baptist Convention property at 5001 Maryland Way.
NEW YORK CITY — Taconic Investment Partners and Square Mile Capital Management are set to begin construction at 837 Washington St. in the Meatpacking District, to transform a vacant structure into a 55,000-square-foot building with retail and office space. Morris Adjmi Architects will design the building, which is slated for occupancy in the fall of 2013. The project will break ground later this month. The office portion of the complex will feature 12-foot ceiling heights and private terrace spaces. The retail space will total 28,000 square feet.
FORT LEE, N.Y. — SJP Properties has broken ground on two 47-story apartment towers in Fort Lee, decades after the site near George Washington Bridge was first cleared for development. SJP is working in partnership with Prudential Real Estate Investors and Northwestern Mutual Life Insurance Co. on the $500 million project. The redevelopment, known as The Modern, will feature 900 luxury apartments and a public park with a 7,000-square-foot restaurant. SJP will also develop a 13,000-square-foot building to be donated to the Borough of Fort Lee, which will house a theater and museum. The buildings will be located at 100 and 800 Park Ave. and residents should be able to move in during the summer of 2014. PNC Bank and Wells Fargo are providing the construction financing.
AURORA, COLO. — Southlands Town Center, a 900,000-square-foot, mixed-use development in Aurora, has sold to Northwood Investors for an undisclosed sum. The outdoor lifestyle center contains 730,000 square feet of retail space and 170,000 square feet of office space. Notable retail tenants include AMC Theaters, Bed Bath & Beyond, Sports Authority, Ross, Barnes & Noble, Ulta, Victoria’s Secret, White House Black Market, American Eagle Outfitters ad Gymboree. This is Northwood’s first Colorado-based investment. Northwood Retail, a Northwood Investors subsidiary, will lease and manage the center.
NEW YORK CITY — A joint venture between Witkoff Group, Maefield Development, Infinity Urban Century and New Valley LLC has completed the $430 million acquisition of a development site at 701 Seventh Ave. in Times Square. The companies plan to build a 340,000-square-foot multi-use complex that will include retail, a hotel and the nation's largest single LED screen. The $800 million project is expected to be operational within two years and fully complete in three years. Starwood Capital is providing $475 million in combined acquisition and construction financing for the project. An existing 11-story office building at the site will be partially demolished to make way for the complex.
