Mixed-Use

Eastern Consolidated Arranges $20M Sale of Commercial Loft Building in NYC

by Amy Works February 2, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a commercial loft building located at 34 West 17th St. in New York City’s Flatiron District. Extell Development sold the 25,000-square-foot property for $20 million to Atkins & Breskin Co. The 10-story, pre-war building features ground-level and basement retail components. Additionally, the currently vacant property is zoned for residential, office, retail or mixed-use development. Ronald Solarz, Chris Matousek and Michael Levine represented the seller and procured the buyer in the deal.

February 2, 2015

Coral Gables Streetscape Project Mixed-Use

Civic Florida Mixed-Use Southeast

Coral Gables’ $20M Streetscape Design Phase Begins

by John Nelson February 2, 2015

CORAL GABLES, FLA. — The city of Coral Gables has selected Cooper, Robertson & Partners of New York to design its Streetscape Project in downtown Coral Gables. The selection marks the start of the design phase of the much-anticipated project, which will provide a facelift to Miracle Mile and Giralda Avenue. The approximately $20 million project, which received the go-ahead from the City Commission last August, will widen sidewalks, plant trees, create garden areas and add outdoor dining along newly landscaped curbs. The plan also calls for benches, kiosks, mid-block parks, intimate public spaces and plazas for events and gatherings. It will also feature better signage for businesses and parking garages, more welcoming connections to garages and alleyways and permanent valet stations.

February 2, 2015

Mixed-Use Texas

New Mixed-Use Development Opens in Metro Dallas

by Haisten Willis January 29, 2015

PLANO, TEXAS — Junction 15, a mixed-use development in Plano, is now open. Junction 15 is a five-story development with 279 units in studio, one-, two- and three-bedroom layout. Amenities include walk-in utility rooms in select units, hardwood-like flooring and chef-inspired kitchens great for entertaining. The apartments sit above 8,000 square feet of retail space anchored by a 7-Eleven convenience store. Other retailers include Paws Dog Barkery, The Day Spa, Amazeballz and Sweet as Sugar Children’s Boutique. Plano Mayor Harry LaRosiliere and other Plano city officials joined developer Southern Land Co. on Jan. 27 at a grand opening ceremony for the project. Located at 930 E. 15th St. in Plano, the community was developed under a public-private partnership between Southern Land and the city of Plano. Dallas Area Rapid Transit (DART) and the North Central Council of Governments (NCTCOG) also contributed to the development of the project, which is designed to help revitalize of downtown Plano.

January 29, 2015

Mixed-Use New York Northeast

TerraCRG Brokers $32.5M Acquisition of Mixed-Use Development Site

by Amy Works January 28, 2015

NEW YORK CITY — TerraCRG has arranged the acquisition of a development site located at 1525 Bedford Ave. in Brooklyn’s Crown Heights neighborhood. Adam America purchased the site for $32.5 million. The site offers 144,404 buildable square feet and 500 feet of wrap-around frontage along Eastern Parkway, Bedford Avenue and Lincoln Place. The buyer plans to develop a mixed-use property on the site, which is one block away from Franklin Station with access to the 2, 3, 4 and 5 subway lines. The new development will feature residential condominiums, ground-level retail space, a gym, basketball courts, tenant lounge with complimentary WiFi, a roof deck and modern amenities. Approximately 20 percent of the residential units will be affordable housing. Ofer Cohen of TerraCRG represented the buyer in the transaction. The seller was not disclosed.

January 28, 2015

Mixed-Use New York Northeast

Savanna Closes Fourth Fund, Completes more than 2.5M SF of Acquisitions in 2014

by Amy Works January 28, 2015

NEW YORK CITY — Savanna closed its fourth fund with more than $440 million in commitments and added five New York City properties, totaling more than 2.5 million square feet, to its portfolio in 2014. Savanna Real Estate Fund III L.P. held its final closing in the fall with commitments from a wide variety of institutional investors, including insurance companies, sovereign wealth funds, public and private pension funds, foundations, fund of funds and wealth management companies. The firm’s 2014 acquisitions in New York City include One Court Square, a 1.5 million-square-foot office tower in Long Island City; 540 West 26th Street, a development site in Chelsea; 110 William Street, a 930,000-square-foot office building in the Financial District; 10 Madison Square Park, a retail condo in the Flatiron District; and 141 Willoughby Street, a development site in downtown Brooklyn. So far in 2015, Savanna has acquired the former Schlitz Brewery in Bushwick and 461 West 14th Street, a newly built retail property in the Meatpacking District. Additionally, the firm plans to close on the purchase of a 175,000-square-foot property in the Bronx within the next month.

January 28, 2015

Mixed-Use Multifamily New York Northeast Retail

Greystone Buys Two Park Slope Properties for Residential, Mixed-use Developments

by Amy Works January 26, 2015

NEW YORK CITY — Greystone has acquired two adjacent properties — a landmarked building and a vacant lot — in Brooklyn’s Park Slope neighborhood for a combined total of $21.1 million. Located at 227 Fourth Ave., the first property, known as Brooklyn Lyceum, was originally constructed as a public bathhouse. The property was most recently used as a café and performance space. Greystone won a bid for the property at a Kings County foreclosure auction in October 2014 for $7.6 million. Greystone plans to restore the building’s façade and transform property into a townhouse-style condominium residence with ground-floor retails space. The second property, which sold for $13.5 million, is an adjoining vacant lot located at 225 Fourth Ave. Greystone plans to develop a mixed-use property on the site with approximately 68 rental units and 3,500 square feet of first-floor retail space. Additionally, the residential building will feature a fitness room, bike storage and roof deck.

January 26, 2015

Royal Office Park Royal Palm Beach Florida CBRE

Florida Mixed-Use Southeast

CBRE Brokers $8.3M Sale of Office Park in Royal Palm Beach

by John Nelson January 26, 2015

ROYAL PALM BEACH, FLA. — CBRE has brokered the $8.3 million sale of Royal Office Park, a 28,656-square-foot mixed-use office and retail complex in Royal Palm Beach. The property is located at 420 S. State Road 7 adjacent to a 350,000-square-foot retail power center and Wellington, an international equestrian center. The Mediterranean-styled mixed-use complex features a landscaped perimeter and central courtyard with cobblestone walkways and hurricane-resistant glass storefronts and doors. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar and Jason Hochman of CBRE represented the seller, Royal Office Park Ltd., in the transaction. Judge Moss of Banyan Realty Partners and Scott Weprin of Michael Falk & Co. represented the undisclosed buyer.

January 26, 2015

Mixed-Use Northeast Pennsylvania

Paramount Realty Services Acquires 30 Assets in Central Pennsylvania

by Amy Works January 23, 2015

LANCASTER, PA. — Lancaster-based LMS Commercial Real Estate has arranged the sale of more than 30 assets, totaling two million square feet, to affiliates of Lakewood, N.J.-based Paramount Realty. With this transaction, Paramount Realty will have assets in excess of $1 billion, ownership of approximately 7.5 million square feet and leasing assignments in excess of 13 million square feet throughout Connecticut, Maryland, Massachusetts, New Jersey and Pennsylvania. Brandon Famous of CBRE|Fameco provided consulting services for the deal.

January 23, 2015

Loans Mixed-Use New York Northeast

Arbor Funds $4M Loan for Mixed-Use Property in Syracuse

by Amy Works January 22, 2015

SYRACUSE, N.Y. — Arbor Commercial Mortgage has funded its first loan under the newly launched Freddie Mac Small Balance Loan initiative for Nettleton Commons, a mixed-use property located in Syracuse. Originally built in 1899 as a shoe factory, the property was converted into a multifamily building in 1988. The five-story property features 61 apartment units, nine commercial office spaces and one retail space. Stephen York originated the five-year $4 million loan, which carries one year of interest-only payments along with a 30-year amortization schedule. Eastern Union was the mortgage brokerage firm involved in the deal. The property is owned and managed by Steven and Silvia West, who purchased the property in 2007.

January 22, 2015

Loans Mixed-Use Multifamily New Jersey Northeast Retail

Kushner Cos., Extell Development Receive $129M in Financing for Pier Village

by Amy Works January 20, 2015

LONG BRANCH, N.J. — Kushner Cos. and Extell Development Co. have closed on two phases of financing in conjunction with their purchase of Pier Village in Long Branch. The companies acquired Pier Village for $180 million in a transaction that closed in two phases over the last quarter of 2014. Pier Village consists of 492 residences and more than 100,000 square feet of retail, including restaurants, shops and a fitness center. Capital One provided bridge financing for the first phase of the acquisition in November 2014. In mid-December, the bank also originated and closed a $97 million long-term fixed-rate financing from Fannie Mae to take out the acquisition loan that it provided a month earlier. Both Capital One financings were arranged by Meridian Capital Group. Additionally, the partnership assumed a 7-year $32 million Freddie Mac loan originated by PNC Bank, which was originated a year and half ago by the prior ownership.

January 20, 2015

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