NEW YORK CITY — Thor Equities has acquired a residential and retail building located at 17 W. 125th St. in Central Harlem for an undisclosed sum. Constructed in 1900, the five-story, 46,200-square-foot elevator building features 50 rental units, including 32 one-bedroom apartments, 14 two-bedroom units and three three-bedroom units, and more than 9,000 square feet of retail space with 18-foot ceilings. The name of the seller was not released.
CHICAGO — Nordic Realty Partners LLC has closed on the acquisition of a three-story mixed-use property located at 3824 N. Clark St. in Chicago’s Wrigleyville neighborhood. Nordic Realty Partners originally purchased the property for an undisclosed price. Properties in the Wrigleyville area are becoming more attractive and desirable due to the $575 million 1060 Project underway at Wrigley Field. 1060 Project is a four-year, four-phase renovation plan for Wrigley Field set forth by the Chicago Cubs management. Nordic Realty Partners LLC represented the undisclosed buyer and Beaulieu Real Estate represented the undisclosed seller.
MIAMI — Calmwater Capital, formerly known as Karlin Real Estate Lending, has provided a $34.7 million acquisition loan for the purchase of Security Building, a historic 96,575-square-foot office and residential tower in downtown Miami. Built in 1926 and converted to live-work-play lifestyle condo units in 2007, the 16-story Security Building is located in Miami’s financial district. In addition to the acquisition, the proceeds of the loan will be used by the borrower, Security Building AR Owner LLC, to upgrade and lease the asset. As a part of the lease-up strategy, the building owner secured a lease with WeWork, a New York-based provider of creative communal office space, to take 100 percent of the building and convert existing residential units into office space. The $34.7 million credit facility consists of an $18.2 million short-term loan, which was funded to acquire 55 of the 60 residential units. Future funding of $16.5 million will be provided for the acquisition of the five remaining condominium units, tenant improvements, overall building renovations and an interest reserve, according to Calmwater Capital.
BEDFORD, N.H. — Encore Retail LLC, a subsidiary of Dallas-based Encore Enterprises Inc., has acquired land in Bedford to develop a high-density mixed-use development on more than 16 acres. At greater than 200,000 square feet, the Class A property will feature fashion, recreation, fitness, dining and office space on South River Road. A Whole Foods is currently under construction contiguous to this site and is scheduled to open in spring 2016. Construction on the mixed-use project is slated to begin in the fourth quarter of 2016. Prellwitz Chilinski Associates is providing architectural services for the project. Theodore Chryssicas of Newmark Grubb Knight Frank brokered the land transaction. Terms of the transaction were not released.
NEW YORK CITY — Brooklyn Standard Properties (BSP) has acquired a four-story, mixed-use building located at 116 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. FAO Corp. sold the 6,000-square-foot property for $5.2 million. The building features eight apartment units, which BSP plans to convert into four two-bedroom units, one three-bedroom unit and a one-bedroom unit. BSP also plans to extend the rear of the building by 1,000 square feet on the first floor, converting the ground-floor space into a 2,500-square-foot commercial space. Brendan Maddigan of Cushman & Wakefield represented the seller in the transaction.
BATON ROUGE, LA. — Co-developers Continental Realty Corp. and Atlanta-based Palmetto Partners Inc. have broken ground on River House, a 224-unit luxury apartment community located at 1480 Nicholson Drive in Baton Rouge. The community is a component of the River District corridor’s redevelopment between Baton Rouge’s central business district and Louisiana State University. River House will include a 4,600-square-foot clubhouse, 15,000 square feet of retail and 34,000 square feet of office space. The project team includes general contractor Clark Construction, architect Humphreys & Partners, civil engineer Monroe & Corie, landscape architect Reich Associates and interior designer The Design Studio. FNBC Bank and Continental Americas Regional Center provided construction financing for the project. Continental Realty and Palmetto Partners have tapped Ty Gose of Latter & Blum to lease River House. The project’s legal team includes Phelps Dunbar and Tanner Law Firm.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a five-story, mixed-use building located at 165 W. 23rd St. in New York City’s Chelsea neighborhood. The asset sold for $11.9 million, or $1,471 per square foot. The property features a two-story restaurant and four multifamily units consisting of one studio, two one-bedroom units and one two-bedroom apartment. The apartment units were delivered vacant to the buyer. Peter Von Der Ahe, Shlomo Manne, Joe Koicim and Sean Lefkovits of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer in the transaction. The names of both parties were not released.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.
NASHVILLE, TENN. — Batson-Cook Construction has begun building SkyHouse Nashville, a luxury mixed-use tower in midtown Nashville. Upon completion in the summer of 2016, the 25-story property will feature 352 luxury apartment residences, more than 10,000 square feet of retail space and a rooftop amenities deck. The property will be situated along Broadway, 17th Avenue and Division Street and offer panoramic views of downtown Nashville. The development’s amenity package will include an upscale clubhouse, fitness center, swimming pool and an outdoor kitchen. The design team includes co-developers Batson-Cook Development Co. and Novare Group and architect Smallwood, Reynolds, Stewart, Stewart. SkyHouse Nashville is the 15th SkyHouse-branded project that Batson-Cook has constructed since 2001. Earlier this year, the company delivered SkyHouse Buckhead in Atlanta, SkyHouse Channelside in Tampa and SkyHouse Raleigh in Raleigh.
ROCKVILLE, MD. — Lantian Development LLC and 1788 Holdings LLC have formed a joint venture to acquire a 31-acre site in Rockville from TA Associates for $50 million. The tract fronts Shady Grove Road between Choke Cherry and Gaither roads. The site currently contains seven separate two-story buildings totaling approximately 450,000 square feet of Class B office space. The joint venture intends to demolish two buildings and renovate the other five buildings in the portfolio to retain the existing tenant base and increase occupancy with new tenants. The partnership will also transform the asset into a mixed-use and multi-functional project that will eventually support 1.5 to 2 million square feet of commercial office, medical office, retail, hospitality and residential space. The joint venture intends to unveil the new branding of the project, as well as architectural renderings, by early 2016. 1788 Holdings and Lantian Development expect more than $500 million to be invested in the project during the next 10 years.