HIALEAH, FLA. — Cushman & Wakefield has arranged the $6.7 million sale of Transfer Turnpike, a vacant site spanning 8.6 acres in Hialeah. The buyer, Flagler Global Logistics (FGL), already owns 500 acres nearby where it is developing Countyline Corporate Park, an 8 million-square-foot business park that will offer office, warehouse and industrial space. Turnpike Transfer is situated at the intersection of 170th and 97th streets, southwest of the intersection of Interstate 75 and the Florida Turnpike and about 22 miles northwest of downtown Miami. Wayne Ramoski, Miguel Alcivar and Gian Rodriguez of Cushman & Wakefield represented the seller, Turnpike Transfer LLC, in the transaction.
SAN FRANCISCO — The University of California Hastings College of the Law (UC Hastings) has selected Greystar Real Estate Partners LLC as the master developer of its planned on-campus academic village in downtown San Francisco. Charleston, S.C.-based Greystar plans to build the $450 million project in two phases. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco,” says David Faigman, chancellor and dean at UC Hastings. The law school is situated in downtown San Francisco near the Supreme Court of California and San Francisco City Hall. Phase I of the new project will be the ground-up construction of 630 student housing apartments available for students, faculty and staff. The first phase is estimated to cost $250 million to develop, which will be funded using tax-exempt bonds. UC Hastings and Greystar plan to open the first phase in time for the fall 2022 semester. Phase II is the approximately $200 million renovation of McAllister Tower, a historic on-campus dormitory. The overhaul will update 300 units and add new mixed-use amenities, including a fitness center, study lounges, community kitchens, social lounges and a new auditorium. Overall, the expansion will …
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two commercial development sites located on 31st St. in the Astoria neighborhood of Queens for a combined total of $2.9 million. Each site is zoned for mixed-use development and will include a residential component. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the undisclosed sellers in the transaction. A trio of private investors purchased the property.
MIAMI — A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Michaels and PetSmart. The yet-to-be-named project will feature 950 rental units and 35,000 square feet of retail space. Construction on the first of three phases is expected to begin in the fourth quarter of 2019. The joint venture bought the land from Florida East Coast Industries. The design team includes San Antonio-based Lake Flato as the design architect and Miami-based MSA as the architect.
SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.
NEW YORK CITY — JLL has negotiated the sale of a 12,452-square-foot mixed-use building in Manhattan for $11.5 million. The property, which includes residential and retail space, is situated between the Empire State Building and the Flatiron Building in the borough’s Midtown area and offers proximity to several subway stations. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen of JLL represented the seller, local investment firm, Tsoumpas 157 Group LLC, in the sale. The buyer was private investor Shaun Ajodan.
MUSKEGON, MICH. — RD Management LLC has unveiled plans to redevelop Muskegon Shopping Center located at 3530 Henry St. in western Michigan. The project will include removal of the 134,874-square-foot building formerly occupied by Kmart, renovation of the 32,338 square feet of adjacent retail space and the construction of five residential buildings totaling 126 units. Demolition of the Kmart building will begin in late spring. In addition, Mercy Health has agreed to purchase a 6.2-acre parcel of the shopping center in order to construct a new 40,900-square-foot medical office building that will include urgent care, physical therapy, research laboratories, doctor’s offices and a pharmacy.
CHICAGO — Retailers have begun opening at Addison & Clark, a mixed-use project located across the street from Chicago’s Wrigley Field. The lineup includes a 10,000-square-foot Harley Davidson showroom; a 30,000-square-foot Lucky Strike Social, a combination bowling alley, arcade and event venue; the city’s first Beerhead Bar and Eatery; Shake Shack; and Do-Rite Donuts and Chicken. Tenants yet to open include Cargo Food Authority, Cinemex CMX Cinemas, Kilwins and a 32,000-square-foot health club. A joint venture between M&R Development and Bucksbaum Retail Properties is developing the transit-oriented project. RMK Management is managing The Residences at Addison & Clark, a 148-unit luxury apartment component of the project that recently earned LEED Silver certification. First residents moved into the property in September 2018. Monthly rents range from $1,980 to $4,510.
ROSELLE, ILL. — Marcus & Millichap has brokered the sale of Promenade Pointe of Roselle, a 15,626-square-foot mixed-use building located 30 miles northwest of Chicago, for $3.2 million. The property, completed in 2017, includes three retail spaces on the first floor, eight apartment units on the second floor and one office space on the second floor. At the time of sale, the retail spaces were fully occupied. Andrean Angelov and Ryan Engle of Marcus & Millichap brokered the transaction. Timothy Stephenson Jr. of Marcus & Millichap assisted in representing the undisclosed buyer.
NEW YORK CITY — Madison Realty Capital and Bluestone Group have provided a $32 million loan to refinance a mixed-use rental property in Brooklyn. Located at 271 Lenox Road, the 15-story property includes 55 rental units, 9,000 square feet of ground-floor commercial space and a parking garage. Madison Realty Capital provided a $28 million first mortgage loan to borrower, New York City-based real estate development firm Hello Living, and arranged a $4 million mezzanine loan from Bluestone Group. Terms of the financing were not disclosed.