NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 5008 Broadway in Manhattan’s Inwood neighborhood. The six-story property sold for $15.8 million, or approximately $325 per square foot, in an all-cash transaction. The 48,576-square-foot property features five retail units and 47 residential units in a mix of one-, two- and three-bedroom layouts. Robert Shapiro of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
An article highlighting the fortunes of the Milwaukee Bucks that appeared July 6 on CBSSports.com couldn’t be more accurate. “There’s something powerful and sustainable growing in Milwaukee, rising out of the weeds of small-market irrelevance and into a team you’re going to want to watch next season,” wrote Matt Moore who covers the NBA. Since New York hedge fund investors Wes Edens and Marc Lasry purchased the Bucks last year for $550 million, the team has been on the rise. Founded as an expansion team in 1968, the Bucks went from being the worst team in the league during the 2013-14 season to the sixth seed in the 2014-2015 playoffs. The new owners, along with former owner Herb Kohl, have committed $250 million for the construction of a new $500 million arena as a replacement for the team’s current home, BMO Harris Bradley Center, which opened in 1988. But if the new arena is not built by the 2017 season, Milwaukee could be left without an NBA team. Once complete, the entire development, which would sit on approximately 30 acres in the Park East corridor, could include up to 3 million square feet of office, entertainment, retail, residential and hotel …
HOUSTON — Texas Children’s Pediatrics has agreed to open a new pediatric center in The Boardwalk at Towne Lake in Houston. Texas Children’s Pediatrics will occupy the top floor of one of the four Boardwalk buildings. Located off Highway 290 and Barker Cypress Road, the mixed-use waterfront development offers retail and restaurant spaces, as well as a central green area for events and boat slips for lake access. The Boardwalk at Towne Lake serves as an amenity the 3,000 residents of Towne Lake, a 2,400-acre master planned community connected by a 300-acre recreational lake. Texas Children’s Pediatrics is the largest pediatric primary care network in the country with 50 practices throughout the Houston area. Boardwalk at Towne Lake’s four buildings feature 40,000 square feet of waterfront office space and 60,000 square feet of retail space.
ATHENS, GA. — The Elrod Group, a division of Coldwell Banker Commercial Upchurch Realty, has brokered the $2.9 million sale of Franklin House, a 21,000-square-foot mixed-use building located at 480 E. Broad St. in Athens. Built in 1845, the Franklin House encompasses 3,100 square feet of retail space, 5,700 square feet of office space and seven apartment residences. Brian Elrod and Daniel Bennett of The Elrod Group represented both the seller and the buyer in the transaction.
COON RAPIDS, MINN. — Fairbridge Properties has unveiled plans for the development of an 86,764-square-foot build-to-suite office and industrial building located at 8840 Evergreen Blvd. NW in Coon Rapids, approximately 15 miles north of Minneapolis. The project costs were undisclosed. The project will take place on the same property that is occupied by a 261,805-square-foot building that is 100 percent leased and owned by Fairbridge. Honeywell Aerospace and Boston Scientific are tenants of the existing property. The space is used for research, development and light manufacturing. The new building will be equipped with several 9-by-10-foot insulated loading dock doors and manual dock levelers and dock seals. Construction is scheduled to begin late this year. Dan Friedner and Jay Chmieleski of Colliers International’s Minneapolis-St. Paul office were retained to market the building to prospective tenants.
DEARBORN, MICH. — KJ Commercial Real Estate Advisors represented Real Estate 1000 LLC in the acquisition of a 13,433-square-foot mixed-use building located at 22085-22091 Michigan Ave. in Dearborn, a western suburb of Detroit. The seller was undisclosed. The property sold for $950,000 and was 100 percent occupied at the time of purchase. Tenants include Bailey’s Sports Grille, Salon West Dearborn, and a Don Yeyo Cigar Factory. Kevin Jappaya of KJ Commercial represented the buyer in the transaction.
WOODSTOCK, GA. — Franklin Street Real Estate Services has brokered the $5.9 million sale of a mixed-use asset in downtown Woodstock, a northern suburb of Atlanta. Built in 2014, the Class A property features 23 apartment residences and 8,624 square feet of retail space. Jake Reid and Ricky Jones of Franklin Street represented the undisclosed seller in the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 23 E. 17th St. in Manhattan’s Ladies’ Mile Historic District. The 10,998-square-foot property sold for $13.2 million, or $1,205 per square foot. Built in 1902, the six-story property consists of two ground-floor retail spaces, one second-floor commercial space and apartment units on the upper floors. Thomas Gammino Jr., John Ciraulo and Craig Waggner of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
KANSAS CITY, MO. — Trammell Crow Co. (TCC), in partnership with Clarion Partners, has broken ground on a 432,640-square-foot distribution center on a speculative basis at the KCI Intermodal Business Centre. LogisticsCentre IV will consist of light manufacturing, warehouse and distribution space situated on approximately 26 acres. According to Trammell Crow, demand for industrial space in the Kansas City metro area continues to be driven by a strong automotive manufacturing commitment from General Motors Co. and Ford Motor Co., plus significant investments in rail intermodal facilities. The total cost of the development is projected to exceed $216 million. The project, which is slated for completion in March 2016, is located at the crossroads of I-29 and I-435.
NORTHBROOK, ILL. — Co-developers Morningside Group and Crossroads Development Partners have planned the pre-leasing of the luxury rental residences at NorthShore 770 for Aug. 1. The 347-unit luxury apartment community and 101,435-square-foot retail center features a Mariano’s grocery store at 770 Skokie Blvd. in Northbrook, 25 miles south of downtown Chicago. Other retailers and restaurants featured are Fuddruckers, Panera Bread, Kriser’s pet food, PNC Bank, and Chipotle. Renters at NorthShore 770 can choose from one-bedroom, one-bedroom plus study, two-bedroom and two-bedroom plus study plans measuring from 667 to 1,341 square feet. The building will also include 595 parking spaces for residents and their guests in a heated garage with a car wash and tire-fill station.