MAHOPAC, N.Y. — Northeast Private Client Group has arranged the sale of a mixed-use property located at 890-908 S. Lake Blvd. in Mahopac. A Westchester, N.Y.-based investor acquired the asset from a Manhattan-based private investor for $1.8 million, or $109 per square foot and a capitalization rate of 9 percent. Comprised of two adjacent buildings, the 16,400-square-foot property features street-level retail space and second-floor office and residential space with off-street parking. Anthony Watkins of Northeast Private Client Group represented the seller and procured the buyer in the transaction, which closed in February.
ATLANTA — Jamestown plans to open the final phase of Ponce City Market known as The Roof at Ponce City Market. Located on the roof of the mixed-use development, the project will feature boardwalk-style amusement games and rides, an 18-hole miniature golf course and a slide. On April 3, The Roof will host a miniature golf tournament organized by the Kyle Korver Foundation, Plywood People and the Jamestown Charitable Foundation. Proceeds from the event, called Putt! Putt! Putt!, will support 18 local charities in Atlanta. The Roof will open to the public in mid-2016. Jamestown hopes to pay homage to the Ponce de Leon amusement park, which was formerly situated at the site of Ponce City Market. Located along the Atlanta BeltLine in the Old Fourth Ward, Ponce City Market features 259 residential units, 550,000 square feet of Class A loft office space, 300,000 square feet of retail and restaurants and a pedestrian bridge linking the interior courtyard and public market to the BeltLine.
MIAMI — Construction has begun on Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, Paramount Miami Worldcenter. This marks the start of the $1.7 billion, 27-acre development’s retail component. “You are literally going to see six blocks being developed all at the same time. This is basically step one of multiple steps in which you are going to see six buildings going vertical,” says Daniel Kodsi, developer and CEO of Paramount Miami Worldcenter. Miami Worldcenter will include Paramount and six other residential and office buildings, an 1,800-room Marriott Marquis and convention center, an intermodal hub and a retail and restaurant promenade. CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, is close to completing the installation of 400 pilings that will support the glass-clad tower designed by Elkus Manfredi Architects in collaboration with Paramount Miami Worldcenter’s in-house design team. Upon completion of the pilings, CoastalTishman will start building the tower’s foundation. The first phase of construction will focus on Paramount Miami Worldcenter, a 700-foot, 60-story residential skyscraper. The $500 million tower will feature one of the largest amenity decks in the country, spanning 90 feet above downtown …
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1623 Kings Highway in Brooklyn’s Gravesend neighborhood. The 21,960-square-foot property sold for $17 million in an all-cash transaction. The four-story building is fully occupied by Verizon Wireless, Tiger Schulman’s and Interborough Consulting. Bob Knakal, Alex Svetlakou and Jonathan Hageman of Cushman & Wakefield represented the undisclosed seller, while Chaim Cahane of Forte Capital Management represented the undisclosed buyer in the transaction.
ST. PAUL, MINN. — Dougherty Funding LLC has provided an $18.2 million loan for an 11-story, 155,511-square-foot mixed-use building. Lowery Building LLC will use the loan proceeds to refinance and renovate the building. Lowery Square Building was constructed in 1926. The building previously operated as the Lowery Hotel and currently contains 135 apartment units, three floors of office space leased to the Ramsey County Attorney’s Office and to-be-built first-floor and rooftop restaurants. The building is connected to the downtown St. Paul skyway system and is located in the St. Paul central business district.
DURHAM, N.C. — Armada Hoffler Properties Inc. has entered into a joint venture development agreement with Austin Lawrence Partners to develop and own One City Center, an $86 million, 27-story mixed-use project in downtown Durham. The development will feature 130,000 square feet of office space, 22,000 square feet of street-level retail space, 139 residential units and a two-level underground parking garage. Duke University has recently leased 55,000 square feet at the development, which will be situated at the corner of Corcoran and Main streets. Armada Hoffler will own and develop the office and retail portions, and Austin Lawrence Partners will develop the multifamily and parking components. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the entire project. The companies plan to break ground on One City Center during the first quarter of 2016 and wrap up construction in mid-2018.
WASHINGTON, D.C. — GFI Realty Services LLC has arranged $21 million in financing for retail and office space located in Washington, D.C.’s historic Georgetown district. Located at 3521 Prospect St. N.W. and 3222 North St. N.W., the properties total 54,500 square feet and comprise 42,500 square feet of retail space and 12,000 square feet of office space. One of the tenants includes Café Milano, an upscale Italian eatery. Daniel Lerer and Will Watkins of GFI Realty’s finance group arranged the long-term, fixed-rate financing in two separate loans through an Indianapolis-based life insurance company on behalf of the borrower, Robert Elliott.
INDIANAPOLIS — HFF has secured a $70.6 million refinancing loan for Axis, a 435,894-square-foot mixed-use property in downtown Indianapolis. Flaherty & Collins Properties was the borrower. HFF placed the 10-year, fixed-rate loan with Allianz Life Insurance Company of North America through Allianz Real Estate of America LLC, a correspondent life company lender. Axis is a 336-unit luxury, mid-rise building that was completed in 2015. Units at Axis average 914 square feet, and the building contains 47,117 square feet of retail space, which features a 42,000-square-foot Marsh Supermarket. Community amenities include a saltwater swimming pool, aqua lounge with kitchenette, grilling stations, a pet wash and walk area, a Zen garden, Sky Bar, 24-hour club room, two-story fitness center with a yoga and Pilates studio, catering kitchen, gaming lounge, bike room, study lounges, conference room and library. Dave Keller of HFF arranged the financing for the development located at 401 N. Senate Ave.
MILWAUKEE — Siegel-Gallagher has arranged the sale of a 3,026-square-foot mixed-use property in Milwaukee. Octane LLC purchased the building located at 4101 N. Port Washington Ave. from Pensco Trust Co. for an undisclosed price. Built in 1910, the two-story building consists of ground-level retail space and a two-bedroom/1.5-bathroom apartment. Devin Tessmer of Siegel-Gallagher.
NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …