DALLAS — CBRE has brokered the sale of Two Hickory Centre at 1750 Valley View Lane in the Farmers Branch submarket of Dallas. Austin, Texas-based Capital Commercial Investments Inc. bought the asset from Los Angeles-based Cathay Bank for an undisclosed price. The 97,117-square-foot office building was built in 1999 and is 40 percent occupied. Lead tenants include Beazer Homes, Bartlett Cocke and Border Foods. Shannon Brown, Michael Dudley and Ben Davis with CBRE represented the seller in the transaction. The three have also been named the exclusive leasing agents for the new owner.
Mixed-Use
NEW YORK CITY — Madison Realty Capital (MRC) has purchased 361 East 50th, a six-story, mixed-use building located in Manhattan’s Midtown East section. The off-market transaction was valued at $40.2 million. The 55,501-square-foot property has been family-owned by the seller since it was built in the 1940s. The property features 43 residential units, seven commercial units and an additional 45,549 square feet of air rights for further residential development. The residential mix includes large studios, one-bedroom and two-bedroom apartments, as well as a five-bedroom, five-bath penthouse on the top floor. The commercial space is currently 100 percent occupied and features six street-level retail units with storage space in the basement and one second-floor office unit. MRC plans to pursue an intensive capital expenditure program to reposition and modernize the property.
MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged $73.7 million in financing for multiple properties across the Northeast. The firm arranged a $16.52 million loan for a 306,847-square-foot grocery-anchored shopping center in North Brunswick, N.J., and $16.26 million loan for a 265,986-square-foot shopping center in Franklin Township, N.J. The $16.26 million loan features a 10-year fixed-rate term and a 25-year amortization schedule. Also in New Jersey, G.S. Wilcox negotiated a $15.32 million loan for single-story 406,000-square-foot office/warehouse facility in Carteret. The property currently has 101,150 square feet of vacant office space. The loan has a 30-month term with extension options and interest-only payments. The firm also arranged $1.6 million for a 40,040-square-foot multi-tenant industrial building in Runnemede, N.J., through a correspondent life insurance company. Additionally, G.S. Wilcox secured $24 million in construction financing for a 59,582-square-foot office building in Queens, N.Y. The loan features a two-year construction period and eight years of additional term. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox arranged the financing for all the transactions.
NEW YORK CITY — GFI Realty Services has arranged the sale of 275A Malcolm X Boulevard in Brooklyn’s Bedford-Stuyvesant neighborhood. The four-story property, which features three residential units and a ground-floor retail unit, sold for $1.07 million. Constructed in 1927, the property is located within close proximity to the Utica Avenue and Hasley Street subway stations, which service the A, C and J lines. Yisroel Pershin of GFI represented the seller, while Daniel Shragaei, also of GFI, represented the buyer. Both parties were local investors.
RICHARDSON, TEXAS — KDC, a commercial real estate development and investment firm, broke ground on a 489,000-square-foot office complex July 21. The complex is part of a 186-acre mixed-use development in Richardson, Texas located at 1717 East CityLine Drive. The facility will have three campus-style buildings at the southwest corner of President George Bush Turnpike and Wyndham Lane. When finished, CityLine will have six million square feet of office space, two hotels, 3,925 multifamily residential units, 300,000 square feet of grocery, restaurant, entertainment and retail space along with three parks.
NEW YORK CITY — Ariel Property Advisors has brokered the sales of two properties in Upper Manhattan and the Bronx totaling $5.85 million. In the first transaction, a 75-foot wide development site at 531 West 159th St. in Washington Heights sold for $3.3 million. The property features approximately 25,779 buildable square feet as of right for residential development and 48,711 buildable square feet if a community facility is included. Victor Sozio, Michael Tortorici, Jesse Deutch and Josh Berkowitz of Ariel Property Advisors represented the seller and buyer, both private investors, in the transaction. In the second transaction, a 19,800-square-foot mixed-use property at 576 Southern Blvd. in the Longwood section of the Bronx sold for $2.55 million. Scot Hirschfield, Jason Gold, Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the seller and buyer, which were both private investors.
HOUSTON — MetroNational, owner, manager and developer of Memorial City, a 250-acre mixed-use property in Houston, has completed its newest building, The Treehouse. The building uses green technology and includes office and meeting space. The Treehouse is a two-story, 14,700-square-foot structure featuring a geothermal cooling and heating system, solar panels, rainwater collection, a wind turbine and rooftop garden. Located at 963 Bunker Hill Road, the building’s owners hope to receive LEED Platinum certification.
NEW YORK CITY — Madison Realty Capital (MRC) in partnership with RWN Real Estate Partners has acquired 2053 Frederick Douglass Boulevard and 300 West 112th Street in Harlem for $30 million. The two five-story mixed-use buildings offer of total of 55,000 square feet, including 50 residential units and two retail units totaling 3,750 square feet. Additionally, the properties offer 30,000 square feet of additional residential development rights. The buyers plan to renovate both properties to maximize rents, lease vacant units and explore the potential of future development. Steven Schultz and Josh Malka of NGKF Capital Markets represented both parties in the off-market transaction.
NEW ROCHELLE AND NORTH SALEM, N.Y. — NorthMarq Capital’s Greater Westchester NY/CT regional office has secured financing for two properties in New York totaling $6.8 million. In the first transaction, NorthMarq arranged $6 million in refinancing for 20 Cedar Street, a 63,591-square-foot office building in New Rochelle. Sidney Frank Importing Co. is the major tenant at the property. The 10-year loan, which features a 25-year amortization schedule, was arranged through a regional bank for the borrower, Cedar Plaza Associates LLC. In the second transaction, NorthMarq secured $875,000 for the refinancing of 56-62 June Road, a 23,300-square-foot mixed-use property in North Salem. The U.S. Postal Service and M&T Bank occupy the property. The seven-year loan features a 30-year amortization schedule and was arranged for the borrower, North Salem Brothers Realty LLC, through a regional bank. Robert Ranieri of NorthMarq Capital secured the financing for both transactions.
CEDAR HILL, TEXAS — Trademark Property Co. has agreed to manage and lease Uptown Village at Cedar Hill, a 610,000-square-foot, mixed-use center in Cedar Hill, Texas. Located 20 minutes south of downtown Dallas, Uptown Village includes 350,000 square feet of retail and 35,000 square feet of office space. The center features 72 tenants including Dillard’s, Dick’s Sporting Goods and Barnes & Noble. Trademark begins management and leasing duties immediately.