Mixed-Use

Jamestown Sells 1.2 MSF Chelsea Market in Manhattan to Google for $2.4B

by John Nelson March 20, 2018

NEW YORK CITY — Jamestown LP has sold Chelsea Market in Manhattan to Google Inc. (NASDAQ: GOOG) for $2.4 billion. Formerly a Nabisco factory in the West Chelsea district, the nearly 1.2 million-square-foot complex features office and retail space, as well as a large food hall on the ground floor that serves more than 500,000 locals and tourists on a monthly basis. The property occupies an entire city block bounded by Ninth and Tenth avenues between 15th and 16th streets. Jamestown will continue to manage Chelsea Market’s food hall and retail component. “I don’t think we could think of a more appropriate buyer and better steward for the asset. We’ve been working with Google for 17 years and we’ve watched them grow from 30 people in an office to now being one of the largest tech employers in the city,” says Michael Phillips, president of Jamestown. “It’s a bittersweet day. We’ve spent a lot of time there, and we love all the tenants. We’ll continue to have our offices there, but I think it’s a good time for Google to step in.” In 2010, Jamestown and its partners sold 111 Eighth Avenue, a roughly 3 million-square-foot office building in Manhattan, …

March 20, 2018

Acquisitions Mixed-Use New York Northeast

Eastern Consolidated Brokers $12.8M Sale of 10,000 SF Mixed-Use Building on Lower East Side

by David Cohen March 19, 2018

NEW YORK CITY — Eastern Consolidated has arranged the sale of a 10,000-square-foot mixed-use building at 168 Suffolk St. on the Lower East Side for $12.8 million. Peter Carillo of Eastern Consolidated represented the seller, 168 Suffolk St. Owners LLC. Elad Dror and Tony Parks of PD Properties represented the buyer, Eunhasu Corp. In addition to the leased ground-floor retail space, the building consists of nine, two-bedroom, free-market apartments. In 2016, the building was fully renovated which included the installation of a new roof and rear building extension on all floors. Amenities include a shared roof deck as well as bike and locker storage. Located between East Houston and Stanton streets, the property is two blocks from the F, J, M and Z trains on Delancey Street.

March 19, 2018

Michigan Midwest Mixed-Use

Bagley Forest Properties to Redevelop Former Department Store in Detroit

by Kristin Harlow March 16, 2018

DETROIT — Bagley Forest Properties plans to redevelop the former B. Siegal department store building in Detroit into retail and multifamily space. The property is located at the intersection of Livernois Avenue and 7 Mile Road. Construction of the 29,000-square-foot project is expected to begin in the next 45 days with completion slated for early 2019. Matt Hessler of Bagley Forest Properties owns the property. Arthur Itkis and Aaron Moore of JLL will market the property for lease.

March 16, 2018

1136-1140-Westwood-Blvd-Westwood-Village-CA

Acquisitions California Mixed-Use Office Retail Western

CBRE Negotiates $4M Sale of Mixed-Use Property in Westwood Village, California

by Amy Works March 16, 2018

WESTWOOD VILLAGE, CALIF. — CBRE has brokered the sale of a multi-tenant retail and office property located at 1136-1140 Westwood Blvd. in Westwood Village. More LLC acquired the property from a private family trust for approximately $4 million. The two-story building features 6,340 square feet of retail and office space. Current tenants include D’Amores Pizza and a variety of office users. Alex Kozakov, Patrick Wade and Matthew Greenberg of CBRE represented the seller and the buyer in the deal.

March 16, 2018

Mixed-Use New York Northeast

Ariel Property Advisors Arranges $16.4M Sale of 41-Unit Mixed-Use Portfolio in Harlem

by David Cohen March 15, 2018

NEW YORK CITY — Ariel Property Advisors has facilitated the sale of Adam Clayton Powell Cluster, a mixed-use portfolio in Central Harlem. The portfolio, which includes four mixed-use buildings and a vacant lot between 133rd and 134th streets, sold for $16.4 million. The four walk-up buildings contain 41 residential and six retail units spanning 39,445 square feet. The vacant lot is zoned R7-2/C1-4, allowing for 7,500 buildable square feet of retail and residential development. Victor Sozio, Shimon Shkury, Michael A. Tortorici and Orry Michael of Ariel represented the undisclosed seller.

March 15, 2018

California Loans Mixed-Use Multifamily Retail Western

Fremont Hills Development Receives $65M Construction Loan for Mixed-Use Project in Fremont, California

by Amy Works March 15, 2018

FREMONT, CALIF. — Fremont Hills Development Corp. has received a $65 million construction loan for the development of a mixed-use project in Fremont. Parkview Financial provided the loan. Designed by Hoover Associates Architects and situated on 12.9 acres, the development will feature 158 multifamily units and 53,900 square feet of retail space. Community amenities will include a private second-floor courtyard, and a landscaped playground and park area with trails. Each unit will feature central air, in-unit laundry facilities, stainless appliances, quartz countertops, engineered hardwood floors and a private deck.

March 15, 2018

Mixed-Use Texas

Cedar Park City Council Approves Land Use Amendment for 126-Acre Mixed-Use Project

by Taylor Williams March 14, 2018

CEDAR PARK, TEXAS — The Cedar Park City Council has approved a land use plan amendment for Indigo Ridge North, a 126-acre mixed-use project that will be located in the Austin metro of Cedar Park. According to plans submitted to the city, the project will include 100,000 square feet of retail space, 270,000 square feet of office space, 50,000 square feet of boutique office space, a 400-key hotel, 1,050 residential units and 120 high-rise residential units. Austin-based Thompson Morris is developing the project.

March 14, 2018

Acquisitions Mixed-Use Texas

Weitzman Brokers Sale of 15,300 SF Mixed-Use Building in Metro San Antonio

by Taylor Williams March 14, 2018

BOERNE, TEXAS — Weitzman has brokered the sale of a two-story building located at 152-170 S. Main St. in Boerne, a northwestern suburb of San Antonio. The property consists of 12,000 square feet of street-level retail space leased to three different tenants and 3,300 square feet of second-level space operating as a boutique hotel. Ramey Mainstreet LLC, a local investor, purchased the property for an undisclosed price. The seller was not disclosed. Charlie Riddle of Weitzman brokered the transaction.

March 14, 2018

Mixed-Use New York Northeast

Arch Cos., Partners Secure Financing for Mixed-Use Development in SoHo

by David Cohen March 14, 2018

NEW YORK CITY — Arch Cos. and its partners have secured a construction loan from Maxim Capital Group to fund a mixed-use development project at 11 Greene St. in the SoHo neighborhood of Manhattan. Neither the amount nor terms of financing were disclosed. Once complete, the development will offer 31 loft inspired rental apartments and 11,650 square feet of ground-floor retail space along Greene Street, a popular SoHo shopping destination. Designed by Gene Kaufman, the building is slated for completion in 2019.

March 14, 2018

Mixed-Use Northeast Pennsylvania

JOSS Realty Acquires Mixed-Use Building in Philadelphia for $6.3M

by David Cohen March 13, 2018

PHILADELPHIA — On behalf of a family office investor, JOSS Realty Partners has purchased a mixed-use building in the Fishtown neighborhood of Philadelphia for $6.3 million. Rittenhouse Realty Advisors brokered the sale and Leopard Point LLC was the seller. The 14,500-square-foot property, located on 18-20 W. Girard Ave., includes 15 new apartment units above a street-level commercial space occupied by Sherwin Williams. The fully leased building offers one- and two- bedroom apartments as well as a rooftop deck. In recent years, Fishtown has seen an influx of upscale art, entertainment and dining establishments, as well as a rise in housing prices.

March 13, 2018

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