CYPRESS, TEXAS — Three new tenants have signed leases at Caldwell Cos.’ Boardwalk at Towne Lake development, including Jaxton’s, Taisho and Copper Creek Orthodontics. The Boardwalk at Towne Lake is a 150,000-square-foot, waterfront development that is accessible by car and boat. The development will provide 40,000 square feet of waterfront office space and 60,000 square feet of retail space across four buildings. Jason Howard, the maître d’ at Tony’s Restaurant for the last eight years, is founding Jaxton’s, a new restaurant concept that will combine French and Italian cuisine. The team that has opened 11 Shogun Grill restaurants around Texas will open Taisho, a Japanese establishment that specializes in the hibachi and teppanykai style of cooking. Copper Creek Orthodontics will be relocating to a second-floor waterfront office in The Boardwalk at Towne Lake, set to open in spring 2015.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous mixed-use properties at 1703-1705 Second Ave. on Manhattan’s Upper East Side. The two five-story buildings sold for $22.2 million, or $1,498 per square foot, in an all-cash transaction. Previously home to Elaine’s restaurant, the properties, which total 15,350 square feet, feature one store unit and 16 market-rate residential units. The apartment units, which recently underwent renovation, feature stainless steel appliances, new hardwood floors, washers/dryers, new windows and new electric service. Thomas Gammino Jr. of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
CHICAGO — NorthMarq Capital has secured a $13.3 million refinancing loan for the Kingsbury Center, a mixed-used property in Chicago’s River North neighborhood. The 10-year loan includes a 25-year amortization schedule. Sue Blumberg and Eric Kanz of NorthMarq Capital’s Chicago office arranged the financing for the borrower, which includes the Hochberg family, through its correspondent relationship with a life insurance company. The 135,256-square-foot property, located at 344 W. Hubbard St., was 100 percent occupied at the time of sale. Tenants in the Kingsbury Center include Petco, Ace Hardware and CVS as retailers. Related Companies and The Habitat Company hold office space.
ELIZABETH, N.J. — CBRE Group has arranged the sale of the former Elizabeth General Hospital site in Elizabeth for an undisclosed price. Situated on five acres, the 350,000-square-foot vacant facility has been on the market for approximately 10 years, since Trinitas relocated the hospital to a new facility. The site also includes a 500-car parking structure. The private, out-of-state buyer plans to redevelop the site into a multifamily and retail complex. Charles Berger, Mark Silverman, Elli Klapper and Gil Medina of CBRE represented the undisclosed seller and the buyer in the transaction.
NORTH MIAMI, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional and major private real estate investors, has brokered the $21.3 million sale of North Miami Business Park. The 12-building, 214,318-square-foot property features office, warehouse and mini-storage facilities. The business park is located at 1922 N.E. 149th St. midway between Fort Lauderdale and Miami. Douglas Mandel and Benjamin Silver of IPA represented the seller, a fund based in Boston, in the transaction. The buyer was a limited liability company based in Coral Gables, Fla.
ORANGE VILLAGE, OHIO — Fairmount Properties, lead developer on the $225 million mixed-use Pinecrest development in affluent Orange Village southeast of Cleveland, has teamed up with Lennar Commercial to make an initial $17 million investment in the project. The investment is being made through an advance to the partnership by Lennar Commercial’s sister company, Rialto Capital. The 58-acre development will feature 400,000 square feet of retail and restaurants, including a gourmet grocer; 150,000 square feet of office space linked to a 120-room hotel and parking garage; and 90 new apartments. Retailers that have committed to the project include REI, Pinstripes, Old Town Pourhouse and Silverspot Cinema. Pinecrest is set to open in 2017.
CLEVELAND — Love Funding has closed on a $15.3 million loan to renovate a large, historic city block in downtown Cleveland into a loft apartment community. West 25th Street Lofts will offer 83 market-rate loft apartments in four adjacent buildings in Cleveland’s Ohio City neighborhood, including one that was originally constructed in 1866 to house the Jacob Beahr Brewery. In short, the apartments will replace a vacant group of buildings on West 25th Street. The developers of the $27.4 million project are Rick Foran of Foran Group Development LLC and Chris Smythe of Smythe Property Advisors LLC. Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. The loan was originally slated to be finalized in 2014, but the closing of a charter school in one of the newer buildings enabled the development team to add another 22 units to the project, according to Love Funding. Since then, the immediate area has benefited from further development, leadingUSA Today to name the area one of the 10 “up and coming” neighborhoods in the United States. …
CHICAGO — Marcus & Millichap has brokered the sale of a 20,000-square-foot mixed-use building for $1.9 million at 3801 N. Bernard St. in Chicago. The property is located in Chicago’s Irving Park neighborhood. The area offers convenient access to the Chicago Transit Authority’s Blue Line train. The Abbey Pub & Grill is the major tenant of the building. Jacob Korman and Kyle Stengle of Marcus & Millichap’s Chicago office represented the seller, a private investor. Stengle and Korman also secured the buyer, a limited liability company.
FORT WORTH, TEXAS — Eight new tenants are set to join Trademark Property Co.’s 63-acre Waterside mixed-use development, which is currently under construction at Bryant Irvin Road and Arborlawn Drive along the Trinity River in Fort Worth. More than 20,000 square feet of new retail and restaurants, along with anchor tenant Whole Foods Market, will open as part of the center’s first phase. The new tenants include Taco Diner, a Mexico City-style taqueria, which will open a 3,900-square-foot restaurant; Zoës Kitchen, a fast casual restaurant concept serving Mediterranean-inspired dishes, which will open a 2,800-square-foot restaurant; Blaze Pizza, a counter-serve pizzeria, which will open a 2,800-square-foot restaurant; Sleep Train, a top mattress retailer, which will open a 3,602-square-foot location. The lineup of new tenants also includes Massage Heights, Envy Nails, Amazing Lash Studio and Pretty Kitty. Construction on Waterside’s first phase began in 2014 and is slated for completion in late spring 2016. Phase I will also include 375 multifamily units built by Transwestern Development Co.. At full build out, Waterside will include 200,000 square feet of retail space and riverside restaurants, 800 multifamily units and two or three hotels.
ARLINGTON, VA. — HFF has arranged $62.5 million in financing for the development of the leasehold interest in 1008 North Glebe, a planned 15-story, 267-unit apartment and retail tower in Arlington, a northern Virginia suburb of Washington, D.C. The Shooshan Co. will develop the Class A property on Marymount University’s Ballston Center Campus, located at the intersection of North Glebe Road, North Fairfax Drive and I-66 in the Rosslyn-Ballston Corridor. Adjacent to the new project will be a 165,000-square-foot classroom/office building owned by Marymount University. The combined project is slated for a spring 2017 completion. Sue Carras, Walter Coker and Brian Crivella led HFF’s debt placement team to arrange the construction loan through SunTrust Bank.