BOSTON — An affiliate of Abramson Brothers Inc. has acquired 4 Liberty Square, a retail and office building located in Boston, for $8.8 million. Located at the corner of Water and Batterymarch streets, the seven-story, 26,000-square-foot pre-war office building is 100 percent leased and has one restaurant tenant in the ground-floor retail space. Built in 1900, the building features a steel frame with masonry walls, windows and a marble lobby. This transaction is Abramson Brothers’ first acquisition in Boston as the company continues to seek growth opportunities.
Mixed-Use
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 328 Marcus Garvey Blvd. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property sold for $2.05 million or approximately $360 per square foot or $410,000 per unit. The four-story building features three residential units and 1,800 square feet of retail space divided into two retail units. The three residential units and one of the retail units were vacant at the time of closing. Matthew Cosentino, Eric Satanovksy and Robert McDonald of TerraCRG represented the seller in the transaction. Additional terms of the transaction were not disclosed.
SAN DIEGO – A 1.5-acre parcel of land in the San Diego submarket of North Park has sold to TR Hale LLC for $7.7 million. The parcel is located at 2030 El Cajon Blvd. The buyer plans to develop an upscale, mixed-use apartment project on the site, which was fully entitled by the seller for up to 180 units. The seller was AmProp North Park LLC. The transaction was executed by Victor Krebs and Gunder Creager of Colliers International.
EDGEWATER, N.J. — The New York office of Berkadia Commercial Mortgage has arranged an $85 million revolving credit facility for a mixed-use property located in Edgewater. The borrower, One Main Street Edgewater LLC, will use the loan to retire existing debt on the View at Edgewater Harbor. Located at 1 Main St., the property consists of 162 multifamily units and nearly 47,000 square feet of retail space. The residential units offer a mix of studio, one- and two-bedroom layouts. On-site amenities include a fitness center, pool, rooftop deck and clubhouse. Home Goods, Five Guys Burgers & Fries and Haven Restaurant occupy the retail space. John DiCrocco of Berkadia secured the five-year, floating-rate loan through the Freddie Mac program.
SAN DIEGO — Four C Square, a 64,500-square-foot, mixed-use property in San Diego, has received $5 million in refinancing. The property is located at 428 C Street. It features 28 live-work lofts over ground-floor retail, with Ross Dress for Less as the main tenant. The loan features a 10-year term with five years interest-only and a 30-year amortization schedule. It was arranged by Gardiner Champlin and Marty Meagher of NorthMarq Capital’s San Diego office through the firm’s correspondent relationship with Nationwide Life Insurance Company.
ATLANTA — OliverMcMillan has officially opened Buckhead Atlanta, a 1.5 million-square-foot mixed-use development in the heart of Atlanta’s Buckhead neighborhood. The completed district will include 300,000 square feet of upscale retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences. The development is expected to employ approximately 800 people and house 600-625 residents. In the pipeline since 2006 as “Streets of Buckhead”, OliverMcMillan took the reins of the development in 2011 and rebranded it “Buckhead Atlanta”. The project was recently awarded the Project of the Year by the Atlanta District Council of the Urban Land Institute. The project features 36 confirmed tenants, such as Hermes, Jimmy Choo, Fado Irish Pub and Shake Shack. One restaurant or retailer is expected to open each week through the end of the year.
MIAMI BEACH, FLA. — The AIDS Healthcare Foundation has sold a 7,500-square-foot retail building and a three-unit apartment building at 1501 Alton Road in Miami Beach’s South Beach neighborhood for $4.6 million. Steve Hyatt of Berger Commercial Realty represented the AIDS Healthcare Foundation in the transaction. The property’s current tenant, an Out of the Closet thrift store, will continue to operate at the location under a short-term lease-back agreement.
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-building portfolio in northern Manhattan. Adam Mermelstein/Tree Top Development purchased the portfolio, which features 147 apartments and four retail stores, from a local real estate fund for $24.5 million. The portfolio includes 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street and 507 West 170th Street. Located in Hamilton Heights, 565 West 139th Street is a six-story, 75-foot-wide elevator building. The remaining buildings are located in Washington Heights across the street from Columbia Medical Center. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented both the buyer and seller in the transaction.
BOSTON — New York City-based Ashkenazy Acquisition Corp. (ACC) has filed a master plan with the City of Boston for Faneuil Hall Marketplace. Designed by Elkus Manfredi Architects, Faneuil Hall Marketplace will include an enhanced public realm, glass retail pavilions, a new colonnade, rotunda space and a new boutique hotel, as well a redesigned exterior streetscape. Tenants that have already signed on for Faneuil Hall Marketplace include Uniqlo’s Boston flagship location, Ghirardelli Café and the children’s book-themed Make Way for Ducklings store. The project team includes Biederman Redevelopment Ventures and Watertown, Mass.-based Sasaki Associates.
STREETSBORO, OHIO — Marcus & Millichap has arranged the $1.4 million sale of the leasehold interest in Streetsboro Market Square, a retail and office property located in Streetsboro. Streetsboro Market Square is located on State Route 14. The property features national tenants such as Staples, Fresenius Medical Care and Edward Jones. Scott Wiles, Craig Fuller, and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a Northeast Ohio-based limited liability company. An Ohio registered LLC whose investors are based in New York purchased the property.