HOUSTON — Local investment firm Braun Enterprises has acquired a 195,853-square-foot office and retail property in Houston’s Galleria neighborhood from WEDGE Properties Management Corp. Davis Adams, Wally Reid and Kelly Layne of HFF represented the seller and procured the buyer in the transaction. The property, which comprises two six-story office buildings, a single-story retail building and a two-story parking garage, was 54 percent leased at the time of sale. Braun plans to extensively renovate the interior and exterior of the office buildings and redevelop the retail space.
PLANTATION, FLA. — Kaufman Lynn Construction has broken ground on Phase I of Encore Capital Management’s Plantation Walk, a $350 million mixed-use development in Plantation. Phase I is set to include a seven-story building with 171 multifamily units, 63,000 square feet of retail and restaurant space and 12,000 square feet of amenity space. At full build-out, Plantation Walk will include 700 apartment units, 160,000 square feet of office space and 200,000 square feet of retail space. The site is situated at the former Plantation Fashion Mall at 321 N. University Drive, about eight miles west of downtown Fort Lauderdale. Completion is slated for April 2020.
SUMMERLIN, NEV. — New York City-based PBC USA has received a $70 million loan to refinance Tivoli Village, a 28-acre mixed-use development in Summerlin, a suburb of Las Vegas. Bank of Nevada provided the capital, which replaces financing from KeyBank and reduces the interest rate by 150 basis points. The refinancing is a result of near completion of a two-year turnaround campaign at the 700,000-square-foot retail and office property, bringing occupancy rates to above 80 percent. The first phase of Tivoli Village opened in 2011 and the second phase opened in 2016. Tenants at the property include Restoration Hardware’s RH Las Vegas, Echo & Rig Butcher and Steakhouse, Brio Tuscan Grille, David Barton Gym and Dance With Me. The property features 370,000 square feet of retail space and 300,000 square feet of Class A office space.
NEW YORK CITY — Avison Young has negotiated the $8.9 million sale of 356 Bowery, a 6,500-square-foot, mixed-use building in the NoHo neighborhood of Manhattan. The five-story residential and retail property is currently vacant. James Nelson and Brandon Polakoff of Avison Young represented the seller, Ultimate Realty LLC, in the transaction. The buyer was undisclosed.
FORT WORTH, TEXAS — KRS Realty Advisors has begun a 12,000-square-foot retail and office renovation project within Fort Worth’s historic stockyards district. The first building features 7,000 square feet of divisible space and can accommodate a drive-thru or patio seating for a restaurant user. The second building will offer 4,970 square feet in an open concept complete with mezzanine space and ample parking. Stream Realty Partners will handle leasing of the project.
CARY, N.C. — Beacon Properties Group has broken ground on a two-story, 28,231-square-foot mixed-use building located at 150 Wellesley Trade Lane in Cary. The building will feature 16,000 square feet of medical office and office space and 10,000 square feet of retail space, including 3,400 square feet for a restaurant. The project is situated about 18 miles west of downtown Raleigh and about 17 miles south of downtown Durham. Picket Sprouse Commercial Real Estate is handling leasing for the building. The project team also includes architect Barber Architects and civil engineer EarthCentric Engineering. The building is expected to be complete this summer.
NEW YORK CITY — Benchmark Real Estate Group has acquired a six-story, mixed-use building in Manhattan for $21 million. Located at 35 Bedford St., the property consists of 33 apartments and three retail units. The building was constructed in 1900 and is part of the Greenwich Village Historic District Extension. Aaron Jungreis of Rosewood Realty Group represented both Benchmark and the seller, Renaissance Properties, in the transaction. Benchmark plans to fully renovate the property.
NEW YORK CITY — Marcus & Millichap has negotiated the $1.2 million sale of a 3,500-square-foot mixed-use building in Brooklyn. The property is located at 1001 39th St. John Brennan and Samuel Finkler of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
DALLAS — Stream Realty Partners has acquired The Quadrangle, a 194,332-square-foot mixed-use building in Uptown Dallas. Originally built on four acres in 1966, the eight-story property features office and retail space and is located within walking distance of more than 75 restaurants and 55,000 multifamily units in various stages of development. HFF represented the seller, American Realty Advisors, in the transaction. HFF also represented Stream in securing acquisition financing. The sales price was not disclosed.
SAVANNAH, GA. — Spandrel Development Partners has named its mixed-use development in historic downtown Savannah: The Baxly. The project is located at 630 Indian St. on 1.7 acres. The Baxly will feature 360,000 square feet of residential and commercial space, 10,000 square feet of retail space, 22,000 square feet of amenity space and indoor parking. The seven-story, 275-unit residential building will offer studio, one- and two-bedroom floor plans. The City of Savannah approved the project in early 2018.