NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Roosevelt, a mixed-use property located at 40-07 73rd St. in the Jackson Heights neighborhood of Queens. An undisclosed buyer acquired the property for $29.3 million. The building features 31 residential units, 10 commercial tax lots and a parking garage. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.
NEW YORK CITY — TerraCRG has arranged the sale of a former daycare facility, located at 1057 Fulton St. in the Clinton Hill neighborhood of Brooklyn. An undisclosed buyer acquired the building for $5.1 million, or $493 per square foot. The buyer plans to convert the 10,337-square-foot property, which was vacant at the time of sale, into a mixed-use building. Ofer Cohen, Dan Marks and David Algarin of TerraCRG were the sole brokers in the transaction.
CHICAGO — Jameson Commercial has arranged the sale of a mixed-use property located at 837 N. Orleans in Chicago’s River North district. An undisclosed investment group acquired the property for $1.7 million. The building features three condo-quality apartments and ground-floor retail space. Justin Collins of Jameson Commercial represented the undisclosed seller in the deal.
BUFORD, GA. — Ivy Creek Partners LLC plans to build a 16-acre mixed-use development adjacent to the Mall of Georgia in Buford, a northeast suburb of Atlanta in Gwinnett County. Atlanta Falcons star Julio Jones and his business partner Jon Guven of Guven’s Fine Jewelry are the principal investors in what is predicted to be a $180 million venture. The project, which will be created in four stages, will include retail space, a grocery store, 21-story hotel/condo tower with a rooftop restaurant, office space and multifamily residential units. The development will also offer direct access to the Ivy Creek Greenway, which links to the Gwinnett Environmental and Heritage Center. The first phase, which is scheduled to begin in the second quarter of 2017, will include 23,000 square feet of street-level retail space and 336 multifamily units. Plans for the project’s additional stages include a 50,000-square-foot family entertainment center, bars, restaurants and music and comedy clubs. The entertainment center will feature an arcade, bowling, sports theater and meeting space. Ivy Creek Partners is the development manager and partner for the project, and Dunwoody, Ga.-based Phillips Partnership Architecture and Engineering is designing the development, which has yet to be named.
FORT WORTH, TEXAS — Transwestern has brokered the sale of Presidio North, a retail development site in Tarrant County. Las Vegas-based Diversified Real Estate Group sold the property for an undisclosed price to a locally owned development partnership controlled by the De La Vega Group. Transwestern’s Steve Williamson represented both parties in the transaction. Presidio North, located at the southwest corner of I-35 West and Heritage Trace Parkway, consists of 90 acres in north Fort Worth. Transwestern will provide marketing and leasing services for the mixed-use project, which will be renamed The Citadel. De La Vega plans to develop 500,000 square feet of retail, restaurant, hotel and entertainment space at the site.
LEE’S SUMMIT, MO. — Parrot Properties, in partnership with Block & Co., has received approval for its $225 million Village at View High development in Lee’s Summit from the city’s planning commission. The mixed-use project will feature multifamily space, 250,000 square feet of retail space and more than 100,000 square feet of office and medical space, as well as a proposed senior living facility. To be developed in three phrases, the project will feature 23 acres of land for 300 luxury apartments, 13 acres for a gated-community of senior living villas, townhomes and apartments, and 35 acres for retail, restaurant and office development. The project team includes Engineering Solutions, TransSystems, Hirst and Associates Architects, Bushyhead, and Humphrey, Farrington & McClain PC.
NUTLEY AND CLIFTON, N.J. — PB Nutclif I, an affiliate of Prism Capital Partners, has completed its previously announced purchase of the 116-acre former Hoffmann-La Roche Inc. North American headquarters campus in Nutley and Clifton. The company plans to reposition the campus as a mixed-use development anchored by a medical school. In July, Hackensack Meridian Heath and Seton Hall University committed to leasing two buildings and 16 acres at the property. Seton Hall and Hackensack Meridian will immediately start improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center on the campus.
LOUISVILLE, KY. — Cushman & Wakefield/Commercial Kentucky has arranged the $41 million sale of Hurstbourne Business Center, a 418,000-square-foot, mixed-use development located in Louisville. The property comprises Hurstbourne Park and Hurstbourne Place, both office buildings, and Hurstbourne Plaza, a retail center. Cincinnati-based Viking Partners, a private equity real estate firm, purchased Hurstbourne Business Center from Dallas-based TIER REIT. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Stewart Calhoun and Casey Masters of Cushman & Wakefield’s Atlanta office, represented the seller in the transaction.
KATY, TEXAS — Trademark Property Co. has entered into an agreement with Westside Ventures to develop an 82-acre mixed-use development at the northwest corner of I-10 and Mason Road in Katy. Planning will continue in the coming months for the initial 60-acre phase, which will include retail, restaurant, residential, hotel and office space. The site, which is part of a larger 107-acre tract owned by Westside Ventures, will be developed in phases over several years. Phasing and a construction timeline will be scheduled following planning.
ARLINGTON, VA. — Forest City Realty Trust Inc. and Arlington County have formed a public-private partnership to transform Ballston Common Mall into a mixed-use retail destination known as Ballston Quarter. The Arlington County board unanimously approved the development agreement at a recent meeting. Located four miles outside of Washington, D.C., Ballston Quarter will feature open-air retail and restaurant space, 406-unit residential tower, pedestrian bridge spanning Wilson Boulevard, public plaza, parking garage upgrades and enhanced streetscapes. The public-private partnership plans to open Ballston Quarter and the pedestrian bridge in September 2018, with pre-leasing for the residential tower to begin in late 2018. In November 2015, Arlington County approved a letter of intent with Forest City to fund up to $55.5 million in public infrastructure costs related to the project.