SAN DIEGO — ACI Commercial, a San Diego-based real estate brokerage firm, has arranged the $2 million sale of a 10,000-square-foot lot in the Little Italy section of San Diego. The site, located at 2148 India St., is zoned for mixed-use commercial development. Norm Root of ACI Commercial represented the seller, the Wilson and Stodelle Family trusts, in the transaction. Victor Krebs of Colliers International represented the buyer, HG Fenton Property Co. Teresa McElaney of Chicago Title Co. handled the escrow obligations, and Chicago Title provided title insurance for the transaction.
CHARLESTON, S.C. — NAI Avant has secured retail tenants for all five available suites in The Grand at Midtown, a mixed-use apartment community located at the corner of Meeting and Spring streets in downtown Charleston. King of Pops, a gourmet popsicle company, and an unnamed retailer will join existing retailers Edward Jones, Bull Street Market and CHS Revolution at the property, which was formerly known as Elan Midtown. Phillipa Ward of Arthur Ravenel Commercial Realty represented King of Pops in the 615-square-foot lease transaction. Amanda Reeves of Lee & Associates represented the unnamed retailer in the 1,575-square-foot lease deal. Scott Peevy and Ruth Marie Embler of NAI Avant represented the landlord, Meeting Street Realty Co., in the lease negotiations.
NEW YORK CITY — Kinsey Capital has arranged the sale of a mixed-use property, located at 808 Lexington Ave. in Manhattan’s Upper East Side. An affiliate of ICON Realty Management purchased the property for $9.7 million, or $1,500 per square foot. Fig & Chain occupies the retail portion of the building. Brent Glodowski and James Kinsey of Kinsey Capital were the sole brokers in the transaction.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building, located at 2147 Second Ave. in Manhattan’s East Harlem neighborhood. The nine-story building sold for $7.5 million, or $465 per square foot, in an all-cash transaction. The newly constructed 16,128-square-foot property features 16 residential units and 1,950 square feet of ground-level commercial space. Lev Kimyagarov of Cushman & Wakefield represented the seller, while Edmond Levy of Cornerstone Real Estate Investments represented the seller in the transaction. The names of the seller and buyer were not released.
MIAMI — The site of the 83-story Panorama Tower in Miami spans 14,677 cubic yards, making it Florida’s largest single foundation in history. The continuous concrete pour held last weekend comprised more than 1,200 loads spread out between 175 cement trucks pouring for a consecutive 22.5 hours. Upon completion, Florida East Coast Realty’s Panorama Tower will be the tallest residential tower on the Eastern seaboard south of New York and the tallest building (830 feet) in the state of Florida. The project includes 16 miles of auger cast piles, more than 3,500 tons of reinforcing steel, 13.5 million pounds of cement, 15.3 million pounds of sand, 25.8 million pounds of rock and 495,000 gallons of water. For the $800 million tower, Florida East Coast Realty is using a $340 million construction loan from Wells Fargo, which is the largest construction loan in South Florida. Mosche Cosicher designed the tower to feature a 2,000-car parking garage, 100,000 square feet of medical office space, a 208-room hotel, 50,000 square feet of retail and restaurant space and 64 stories of residential space totaling 821 rooms.
SAN FRANCISCO – A two-story mixed-use property in a San Francisco Bay submarket has sold to an East Bay developer in a 1031 exchange for $9.5 million. The property is located at 329 Primrose Road in Burlingame. It is currently occupied by the U.S. Post Office and One Medical. The mixed-use asset’s interiors were fully renovated in 2012 and 2015. It is known around town as the Postcard Building. The buyer was represented by Eduardo Vergara of Marcus & Millichap. The seller was represented by Thomas Doglio and Richard Reisman of Marcus & Millichap’s National Land Group.
BROOKFIELD, WIS. — Land assembly at The Corners of Brookfield mixed-use development in Brookfield is now complete. Brookfield Corners LLC, a joint venture between IM Properties, Bradford Real Estate and The Marcus Corporation, is developing the $200 million project. The development, which is bordered by West Bluemound Road, North Barker Road and I-94 in Brookfield, will serve as a destination for luxury shopping, dining and entertainment. Plans call for 400,000 square feet of retail and restaurant space anchored by Wisconsin’s first ever Von Maur Department Store, as well as 235 luxury apartments that will be managed by Milwaukee-based Mandel Group. With the entire 19-acre site now under ownership of Brookfield Corners LLC, the project will move toward a groundbreaking, which is set for mid-April. Demolition of the former Menards buildings and the former Marcus Theater is complete, with demolition of the adjoining strip mall also near completion.
BEND, ORE. – Ascend Holdings has acquired a 50,000-square-foot, mixed-use property in Bend for $8 million. The property is located at 1133 NW Wall Street. Ascend plans to convert a portion of the building’s second floor office space into residential units. The property’s two buildings house a mix of residential, office, retail and restaurant space. It was 86 percent leased at the time of the sale. The seller, a San Francisco-based investment group, was represented by Ron Ross, Erich Schultz, Terry O’Neil and Jay Lyons of Compass Commercial Real Estate Services.
RICHMOND, VA. — First Potomac Realty Trust has sold its Richmond portfolio of business parks for $60.3 million. The portfolio includes 19 single-story office, flex and industrial properties totaling 827,925 square feet. James Cassidy of DTZ represented First Potomac Realty Trust in the sale of the portfolio. The properties are located in business parks such as Chesterfield Business Center, Airpark Business Center, Pine Glen, Park Central, Virginia Technology Center and Hanover Business Center. Since January 2013, First Potomac has disposed of 33 properties for a total of $433 million. The REIT has successfully redeployed $218 million of those proceeds to acquire core properties, with the remainder of the proceeds used to pay down debt.
GAINESVILLE, FLA. — Vertical construction is set to begin on Celebration Pointe, a 225-acre, $200 million mixed-use development in Gainesville. The development team — comprising Gainesville-based Viking, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G — will break ground on the public infrastructure improvement phase of the development, which is located at the intersection of I-75 and Archer Road. The 1 million-square-foot development will be anchored by a Bass Pro Shops and a new 10-screen theater. The property will also house 300,000 square feet of office space, which is partially pre-leased to Info Tech; approximately 1,000 Class A multifamily residences; a 120-room Hotel Indigo; and 400,000 square feet of retail, restaurant and entertainment space. Phase I of the development is slated to open in fall 2016. The project team for Celebration Pointe includes Avison Young, Front Street Commercial Real Estate Group, Starr Sales & Leasing, CUPKOVIC architecture llc, England-Thims & Miller Inc., Fishkind & Associates Inc., George Smith Partners Inc., Greeby, Hartman Simons & Wood LLP, Hoar Construction, Huie Design Inc., Identity PR, infinitee, NUE Urban Concepts and Site Solutions.