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.
NEW YORK CITY — Meridian Capital Group has arranged $160 million in refinancing for two adjacent mixed-use properties in New York City’s Financial District. Drew Anderman of Meridian secured the five-year loan, which was provided by a balance sheet lender, for the borrower, The Moinian Group. The assets are located at 90 and 110 John St. and consist of a 29-story building with 221 residential units and 121,000 square feet of office space and a four-story property with 66,000 square feet of office, retail and garage space, as well as 150,000 square feet of additional air rights. The borrower plans to utilize the loan to pay off existing mortgage and construct a new residential tower.
ATLANTA — The Atlanta Braves and Comcast Corp. have announced a multi-year technology and real estate partnership for SunTrust Park and the surrounding mixed-use development in Cobb County. Comcast will anchor a new nine-story office tower in the mixed-use development surrounding the ballpark, which is set to open in April 2017 in advance of Opening Day. The Comcast space will house 1,000 employees and include an innovation lab that will be connected via high-speed fiber to the company’s other major research and development facilities in Silicon Valley, Denver and Philadelphia. The tower will also feature 15,000-20,000 square feet of restaurant and hospitality space facing into the SunTrust Park plaza. Construction on the office tower is slated for completion in 2017. As part of the deal, Comcast will provide video, voice and high-speed Internet connectivity throughout the 60-acre project. The Comcast network will include two datacenters, each with 10,000 fiber connections that are backed by dual 400 Megawatt generators. According to Comcast and the Atlanta Braves, SunTrust Park and the surrounding development will be the most technologically advanced mixed-use development in the United States.
CHICAGO — @properties Commercial has brokered the $4.6 million sale of a three-story property at 630 W. Lake St., in Chicago’s West Loop neighborhood. Located on the northeast corner of Lake and Des Plaines streets, the property features a 12,000-square-foot timber loft building including a basement, a 6,500-square-foot one-story warehouse annex and a 1,500-square-foot parking lot. Grand Stage Lighting Co. currently occupies the property, but is in the process of relocating. Chicago-based Windy City RE LLC purchased the property and plans to redevelop it into a mixed-use residential and retail building. Michael Weber and Ian Feinerman of @properties Commercial represented the seller, Tybec LLC.
NEW YORK CITY — Acadia Realty Trust is nearing the completion of a $3.7 million capital improvement campaign at five properties located in Brooklyn’s Sheepshead Bay neighborhood. Located at 3780-3858 Nostrand Ave., the properties total more than 70,500 square feet of office and retail space. The capital improvements program includes renovations to the façade, storefronts, vacant office suites, lobbies, elevators and bathrooms. Additional improvements are underway to reopen the below-grade garage to better service tenants and customers. Acadia Realty Trust originally purchased the portfolio in 2012 for $18.5 million.
DESTIN, FLA. — Avison Young’s debt, joint venture and structured capital team in New York has secured a $44 million construction loan for Phase I of Henderson Beach Resort, a five-phase beachside resort along the Gulf of Mexico in Destin. Phase I comprises a 170-room hotel and conference center that Salamander Hotels & Resorts will manage. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan through Ozark Bank on behalf of the project sponsor, Dunavant Enterprises. In addition to the construction loan, the resort is being financed through an EB-5 funding component totaling approximately $50 million. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program, also known as the U.S. Immigrant Investor program, allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Henderson Beach Resort is $500,000.