NEW YORK CITY — A joint venture between Olshan Properties and Millhouse Properties has acquired a two-building apartment complex located at 385 and 395 Fort Washington Ave. in the Washington Heights section of Manhattan. Scandinavian Homes sold the properties for $40.1 million. The properties comprise a total of 115 apartments and four office units. Michael Weiser, Barak Jacobov, Shawn Sadaghait and Yisroel Pershin of GFI Realty represented the buyer and the seller in the deal.
PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square-foot mixed-use development located in Phoenix. Although the sales price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High St. along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertainment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has replaced Wayzata Investment Partners, now owning the property in partnership with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Finance Trust. ScanlanKemperBard Cos. is a real estate merchant banking firm that acquires, develops …
A wave of high-density mixed-use development has swept across the country within the past decade. A number of forces have contributed to this activity, including demographic trends, shifts in housing demand, environmental concerns, as well as governmental forces and municipalities seeking to create sustainable, pedestrian-oriented communities that incorporate a mix of uses. As a result, developers are building ground-up mixed-use projects or converting older hotels or apartment and office buildings into residential developments featuring apartments or condominiums. The street-level retail portion of the development is, in most cases, also converted into a condominium. This process has created a specialized real estate product known as the retail condominium or commercial condominium. The retail condominium has now emerged as a popular, alternative real estate investment platform. Retail condominiums were traditionally in major metropolitan cities like New York or Chicago, but are now debuting in suburban markets throughout the country. Pasadena, long thought of as a suburban neighbor to downtown Los Angeles, now boasts mixed-use developments like the Pasadena Collection and 482 Arroyo. These projects offer a mix of residential, office and retail condominiums. The Harbor Lofts development in downtown Anaheim, Calif., also includes residential loft condominiums above ground-floor retail condominiums. The sale …
BOSTON — CBRE/New England has arranged the sale of the leasehold interest of Boston’s Old City Hall, an 83,700-square-foot mixed-use building located at 45 School St. in downtown Boston. Synergy Investments acquired the property for $30.1 million. Constructed between 1862 and 1865, the building was renovated in 1970 by the seller, Architectural Heritage Foundation, after being vacated by the City of Boston in the mid-1960s. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.
BRICK, N.J. — Gebroe-Hammer Associates has arranged the sale of Olympic Gardens, a mixed-use property located along Route 88 in Brick. Brick APTS LLC acquired the property from Longwood Ave LLC for $10.1 million. The property features an 80-unit multifamily complex and an adjacent 14,336-square-foot office building. Joseph Brecher and Adam Zweibel of Gebroe-Hammer represented the seller and secured the buyer in the deal.
PALO ALTO, CALIF. — Marcus & Millichap Capital Corp. has arranged $4 million in debt to refinance a 4,600-square-foot mixed-use building in Palo Alto. Behzad Boroumand of Marcus & Millichap arranged the debt placement for the undisclosed borrower. The financing, which equates to $869 per square foot, has a 10-year total term, five-year fixed-term and 30-year amortization schedule.
NEW YORK CITY — Besen & Associates has arranged the sale of a mixed-use building located at 151 Bruckner Blvd. in the South Bronx’s Port Morris section. The five-story building features 12 apartment units and four retail spaces. A group led by Steven Satz (151 Realty LLC) acquired the property for an undisclosed price. Amit Doshi and Shallini Mehra of Besen & Associates represented the undisclosed seller in the deal.
NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.
NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.
DALLAS — CIM Group has acquired Turtle Creek Village, a mixed-use property in Dallas that includes an 18-story, Class A office property totaling 227,000 square feet and a 95,000-square-foot retail center leased to tenants such as LensCrafters, Tom Thumb and Zoe’s Kitchen. A joint venture involving Lincoln Property Co. sold the asset, which was built in 1973, for an undisclosed price.