COLLINGSWOOD, N.J. — NAI Mertz has brokered the sale of a mixed-use property located at 814-816 Haddon Ave. in Collingswood. The 6,000-square-foot building sold for an undisclosed sum. The property is occupied by Weinstein Bath & Kitchen Showroom on the ground level. Additionally, the property features three residential units. Jonathan Klear and Scott Mertz of NAI Mertz represented the seller, Dergalcol LLC, in the transaction. The name of the buyer was not released.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a 67,000-square-foot mixed-use property at 135-145 W. Kingsbridge Road in the Bronx’s Kingsbridge Heights section. The asset sold for $14.7 million, or $220 per square foot. The six-story walk-up building features 10 fully occupied retail stores and 57 apartments. Adelaide Polsinelli of Eastern Consolidated represented the seller, and Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction. The names of the buyer and seller were not released.
YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.
EDINA, MINN. — Pentagon Revival LLC has selected Cushman & Wakefield | NorthMarq (CWN) to market a 42-acre future multi-use redevelopment in Edina. The site, formerly known as Pentagon Park, is located at the northeast intersection of Highway 100 and I-494. The proposed redevelopment plan, named The Link, will include 1.4 million square feet of Class A office and medical space and 60,000 square feet of retail, alongside a new hotel and structured parking. The city of Edina approved the redevelopment in May 2014. CWN’s Bob Revoir, Peter Fitzgerald and Tate Krosschell will be in charge of leasing at The Link.
SIDNEY, MONTANA – A 22.5-acre, mixed-use development site in Sidney has received a $1.4 million loan. The site is located along East Holly Street in east-central Montana, near the North Dakota border. The development site contains 18 lots within the Sunrise Village subdivision. The project features 11 lots zoned for residential and seven lots zoned for commercial use. The developer is American Land Development-Sidney LLC, an affiliate of American Land Development Corp. The three-year, interest-only financing was closed by Kennedy Funding Financial LLC, which will also service the loan.
ATLANTA — Westbridge Partners and the Martin family — also known as the Midtown West Associates/Brickworks — have formed a partnership to retrofit the last buildings of the historic Miller Union Stockyards in Atlanta’s West Midtown neighborhood. The Martin family has owned the three-acre property located at the corner of 10th Street and Brady Avenue for more than 50 years. The tract includes two former meat-packing buildings constructed in the early 1900s. Westbridge and the Martin family will transform the historic property into 130,000 square feet of office and retail space known collectively as Stockyards Atlanta. The Martin family has redeveloped several historic properties in West Midtown, including The Brickworks at 1000 Marietta St. Cushman & Wakefield will lease the office space on behalf of the owners, which are hoping to attract tech firms, entrepreneurs and startup companies coming out of nearby Georgia Tech. Construction is expected to begin in the fourth quarter, with a targeted opening date of summer 2016. Atlanta-based ai3 is the architect for Stockyards Atlanta.
ATLANTA — ARA Newmark has brokered the $72.5 million sale of Inman Quarter, a new mixed-use development in Atlanta’s Inman Park neighborhood. Still under construction, the development will include 200 apartment units, a 575-space parking garage and 38,957 square feet of retail space. The asset was 80 percent pre-leased at the time of sale. TriBridge Residential and Coro Realty Advisors purchased the property from a development partnership between Atlanta-based JPX Works, South City Partners and ELV Associates. John Weber and Dan Phelan of ARA Newmark represented the development partnership in the transaction, which was structured as a pre-sale contract with targeted leasing and rent parameters agreed upon by both the buyer and seller.
JACKSON, MISS. — Duckworth Realty Inc. has brokered the sale of the Plaza Building, a 12-story, 80,000-square-foot mixed-use tower in downtown Jackson. The property comprises ground-floor retail and restaurants, eight floors of office space and three floors of luxury apartments. The Plaza Building LLC purchased the tower for an undisclosed amount. John Michael Holtmann of Duckworth Realty Inc. represented the seller, GECMC 07-C1 Downtown Plaza LLC, a subsidiary of GECMC 2007-C1 Commercial Mortgage Trust that is specially serviced by Torchlight Loan Services. According to Duckworth, the Plaza Building was 71 percent occupied at the time of sale.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 36-01 Vernon Blvd. in the Long Island City neighborhood of Queens. The asset sold for $2.5 million, or $278 per square foot. The four-story, 9,000-square-foot building features one commercial unit and seven three-bedroom apartments. David Chkheidze of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
EAST FISHKILL, N.Y. — Marcus & Millichap has arranged the sale of Heritage Square, a mixed-use property located in East Fishkill. The 72,423-square-foot property sold for $6.5 million. Nathan Pealer of Marcus & Millichap represented the seller, a subsidiary of a financial institution, in the transaction. The name of the buyer was not released.
