Mixed-Use

Marcus & Millichap Brokers $80.75M Sale of Manhattan Mixed-Use Portfolio

by Amy Works December 11, 2014

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.

December 11, 2014

Mixed-Use New York Northeast

TerraCRG Brokers Sale of Brooklyn Development Site for $2M

by Amy Works December 10, 2014

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.

December 10, 2014

Loans Mixed-Use Northeast Pennsylvania

MMCC Arranges $7.65M Bridge Loan for Mixed-Use Development

by Amy Works December 8, 2014

HATFIELD, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7.65 million in bridge financing for a mixed-use development in Hatfield. The loan was structured with an 18-month initial term, an 18-month extension and 4.25 percent interest rate. The financing has a loan-to-value of 65 percent. Matthew Rosenberg of MMCC’s Philadelphia office arranged the financing.

December 8, 2014

Mixed-Use New York Northeast

Marcus & Millichap Brokers $2.1M Sale of Brooklyn Mixed-Use Building

by Amy Works December 5, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 1322 Cortelyou Road in Brooklyn’s Ditmas Park section. The 8,000-square-foot asset sold for $2.1 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’ Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

December 5, 2014

Mixed-Use Texas

Simon, Cassco to Develop Mixed-Use Development in Fort Worth

by Haisten Willis December 5, 2014

FORT WORTH, TEXAS — Simon and Cassco Development Co. will develop the first phase of retail on the Edwards Ranch into a 500,000-square-foot shopping center. The Shops at Clearfork will include 100 specialty stores, a movie theater and restaurants. Neiman Marcus will anchor the shopping center, which will span 90,000 square feet across two stories. Construction will start in the spring of 2015 and be completed in February 2017. The Shops at Clearfork is part of a larger 270-acre master plan for Clearfork.

December 5, 2014

California Mixed-Use Western

The Jensen’s Recreation Center in Echo Park Sells for $15M

by Nellie Day December 4, 2014

LOS ANGELES – The Jensen’s Recreation Center, a 50,000-square-foot, mixed-use building in the Echo Park submarket of Los Angeles, has sold to Vista Investment Group LLC for $15 million. The center is located at 1706 Sunset Blvd. It includes 46 apartment units and 21,000 square feet of ground-floor retail and commercial space. The residential portion is fully leased, while the retail portion is 96 percent leased to tenants like Blue Bottle Coffee and Sage Vegan Bistro. Vista will invest up to $1.2 million in capital improvements to upgrade the building entry, lobby and other common areas. Darin Beebower of Madison Partners represented both the buyer and seller, Sunset Holding Co. LLC, in this off-market transaction. Andrew Kirsh of Sklar Kirsh LLP served as Vista’s attorney.

December 4, 2014

Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $1.45M Sale of Mixed-Use Property

by Amy Works December 4, 2014

NORTH PLAINFIELD, N.J. — Marcus & Millichap has brokered the sale of a Dunkin Donuts location and a two-family residential property on Route 22 in North Plainfield. The 3,900-square-foot asset sold for $1.45 million. Dunkin Donuts recently signed a 20-year absolute triple-net lease for the location. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller, a private investor, and the buyer in the transaction.

December 4, 2014

Connecticut Mixed-Use Northeast

Press/Cuozzo Commercial Brokers $1.05M Sale of Mixed-Use Portfolio

by Amy Works December 4, 2014

NEW HAVEN, CONN. — Press/Cuozzo Commercial Services has brokered the sale of a seven-property mixed-use portfolio located at 455-459 Orange St. in New Haven. 451 Orange Street Associates LLC purchased the portfolio for $1.05 million from Orange Bradley Realty LLC. The asset includes 455 Orange St., which features a first-floor medical office and a three-bedroom duplex apartment; and three residential units at 459 Orange St. Joel Nesson of Press/Cuozzo represented the seller and procured the buyer for the transaction.

December 4, 2014

Mixed-Use Texas

HFF Secures Equity for Mixed-Use Development in Fort Worth

by Haisten Willis December 4, 2014

FORT WORTH, TEXAS — HFF has secured joint venture equity for the development of Waterside, a $75 million mixed-use development in Fort Worth. HFF worked on behalf of the developer, Trademark Property Co., in sourcing the capital from Sarofim Realty Advisors. Equity proceeds will be used to develop the first phase of the project. Waterside will be anchored by a Whole Foods and will be located on 52 acres at the intersection of Bryant Irvin Road and Arborlawn Drive on the former Lockheed Martin Recreation Association site. The development will include 1.5 miles of Trinity River waterfront and 190,000 square feet of retail and restaurant space.

December 4, 2014

Mixed-Use New York Northeast

Marcus & Millichap Arranges $2.4M Sale of Brooklyn Mixed-Use Building

by Amy Works December 3, 2014

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 411 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The 4,375-square-foot property sold for $2.4 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, also a private investor, in the transaction.

December 3, 2014

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