FREELAND, MICH. — The Boulder Group has arranged the $2.6 million sale of a single-tenant FedEx property located at 8273 Garfield Road in Freeland. The 27,000-square-foot FedEx was built in 1991. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property includes 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16-foot clear height ceilings. FedEx has 11 years remaining on their lease, which expires June 30, 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. A Florida-based private investor purchased the property.
NEW YORK CITY — Madison Realty Capital (MRC) has provided Zelig Weiss with $81 million in financing for the development of 55 Wythe Avenue in Brooklyn’s Williamsburg neighborhood. The project will be a 22-story, 260,000-square-foot mixed-use property that features retail, restaurant and commercial space, as well as a 183-room Level Hotel. The development will bring 40,000 square feet of retail space, a public rooftop garden, office space on the lower levels, and a Level Hotel with a banquet hall and pool deck. MRC initially provided Zelig Weiss with $18.35 million in acquisition financing for the site in May 2014. Andy Nemeroff and Michael Nemeroff of Imperial Capital Co. and Joel Friedman of Nationwide Realty represented the borrower in the transaction.
DENVER – A two-story, mixed-use building in Denver has sold to an unnamed buyer for $2.1 million. The building is located at 821-827 Corona Street. It was built in 1919. The buyer was represented by Matt Ritter, Jeff Johnson, Cody Stambaugh and Peter Sengelmann of Pinnacle Real Estate Advisors. The unnamed seller was represented by Jules Hochman, Justin Brockman and Billy Riesing of the same firm.
CHICAGO — Essex Realty Group Inc. has arranged the $2.7 million sale of a 26,815-square-foot building in Chicago. The property is located at 932-40 W. Dakin St. and formerly served as a heavy timber warehouse building. The E.R. Moore Co., a manufacturer of caps and gowns used for graduation and choir ceremonies, built the building in 1914. The property spans three floors and features high ceilings and hardwood floors on the second and third floors. The space is ideal for a ground-up new residential development of loft-style apartments or condominiums. Essex Realty Group’s Jim Darrow and Jordan Gottlieb represented the undisclosed seller and Doug Fisher represented the undisclosed buyer.
NEW YORK CITY — HFF has arranged $40 million in financing for the fee simple interest of 300 Lafayette, a development site located at the corner of Lafayette and Houston streets in Manhattan’s SoHo neighborhood. The firm worked on behalf of the borrower, LargaVista Cos., to secure the 20-year, fixed-rate loan through a national life insurance company. The development site is an 11,622-square-foot site with 365 feet of frontage along Crosby, Lafayette and Houston streets. A joint venture between LargaVista Cos. and Related Cos. plans to construct a seven-story mixed-use, retail and office building on the property. Mike Tepedino and Michael Gigliotti of HFF negotiated the transaction.
NEW YORK CITY — TerraCRG has brokered the sales of three mixed-use buildings located in Brooklyn’s Bedford Stuyvesant and Bushwick neighborhoods. The properties sold for a combined total of $3.83 million in separate transactions. In the first transaction, a mixed-use property located at 570 Putnam Ave. sold for $1.55 million, or $323 per square foot. The building, which was delivered vacant, features 1,800 square feet of retail space, three large residential units and 800 square feet of outdoor terrace space. In the second transaction, a six-unit residential property located at 297 Himrod St. in Bushwick sold for $1.35 million, or $257 per square foot. In the final deal, the 3,300-square-foot mixed-use property at 104 Marcus Blvd. sold for $930,000, or $282 per square foot. Matthew Cosentino and Eric Satanovsky of TerraCRG negotiated the transactions.
BATON ROUGE, LA. — KTGY Group Inc. and Baton Rouge-based JTS are planning to develop Rouzan Village in Baton Rouge. The project will feature 80,000 square feet of retail space anchored by a 33,000-square-foot Alamo Drafthouse Cinema and up to 220 residential units including live/work studios. Rouzan Village will be the commercial and retail center of Rouzan, a 120-acre master-planned development in Baton Rouge’s Southdowns neighborhood near the intersection of Perkins Road and Glasgow Avenue. Two parking structures and street parking will provide parking for roughly 900 cars. The theater is expected to begin construction next year and open in mid-2016. Rouzan Village’s residential component is expected to break ground in mid-2015 and take approximately 14-18 months to complete.
NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.