MOUNTAINSIDE, N.J. — Vericon Construction has acquired a single-story commercial building at 191 Glen Road in Mountainside for $1 million. The buyer, which also owns the adjacent building, plans to expand its operations into the 11,685-square-foot property. The property is currently 46.5 percent leased to NBD Fitness Center and divisible for multi-tenant use with separate entrances. Jacklene Chesler of Colliers International represented the seller, Caiola Family Trust, in the transaction.
Mixed-Use
OKLAHOMA CITY — Milhaus has closed on financing and will begin construction on a $42 million mixed-use development in midtown Oklahoma City. LIFT, located at the northwest corner of 10th Street and Shartel Avenue, will include 329 units, comprised of eco-suites, studios, and one-, two- and three-bedroom apartments. Some of the features in the units include granite countertops, stainless steel appliances and hard surface flooring. The development will consist of 4,700 square feet of commercial space and a 445-space parking garage. The development will also feature a yoga room, café, bar, game room, fitness studio and children’s play area. Apartment units are set to be available in the summer of 2015. This is Indianapolis-based Milhaus’ first project outside of Indiana. Regions Bank provided construction financing for the project. Milhaus Construction LLC will construct the project, and Milhaus Management LLC will manage the property.
NEW YORK CITY — New York City-based The Bauhouse Group has secured a $35 million construction loan, which was provided by Doral Bank, for the development of 515 West 29th Street in Manhattan. At the gateway to Hudson Yards and surrounded by the High Line, the residential and retail property will total approximately 43,000 gross square feet when complete. The Bauhouse Group acquired the property, which contained a six-story former warehouse, for $24.4 million in September 2013 and purchased three separate pieces of air rights for the building in March 2014 for $6 million to enable additional square footage. 519 West 29th Street is slated to begin sales this fall through its broker, Corcoran Group.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged two loans totaling $24.2 million for three properties in New York City. A 30-unit multifamily property and a three-unit mixed-use commercial property on 10th Avenue received a loan for $14.7 million, and a mid-rise 30-unit residential building on West 51st Street received $9.5 million in financing. The two seven-year loans have 3.9 percent fixed rates and 30-year amortizations with 70 percent loan-to-value. Chris Marks and Steve Rock of Marcus & Millichap arranged the financing.
NEW YORK CITY — JMC Holdings has completed the disposition of 19 West Eighth Street in New York’s Greenwich Village neighborhood for $10.25 million or $1,160 per square foot. Built in 1920, the five-story, 8,831-square-foot building features one retail unit and eight residential units. The property recently underwent a high-end renovation for six apartments, the stairwell, roof, plumbing and security. All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. Additionally, three units feature terraces, as well as two penthouse units with 16-foot ceilings and skylights. Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar of Marcus & Millichap’s Manhattan office represented the seller and the buyer, a private investor, in the transaction.
MIAMI — Fundrise, a real estate crowdfunding platform, plans to raise capital for a 13,000-square-foot, mixed-use development in Miami’s Wynwood Arts District in conjunction with Atlas Real Estate Partners. The project, located at 2301 N. Miami Ave., is a recently renovated property that is 50 percent leased, with the remaining two leases out for signature, which will bring the building to full occupancy. On why Atlas Real Estate Partners decided to crowdfund a portion of the project’s funding, Arvind Chary, managing principal of Atlas Real Estate Partners, said, “We’re excited to allow retail investors to play a role in and benefit from the growth of Wynwood. Atlas prides itself on creating projects that spur community growth and the Fundrise model of crowdfunding investment, particularly for innovative projects, fits well with our mission.” Fundrise’s platform makes real estate investments available to both high net worth and small-scale investors.
CHICAGO — Marcus & Millichap has arranged the $1 million sale of a 10,854-square-foot, mixed-use property in Chicago. The property is located at 2939 W. Belmont Ave. and consists of one- and two- bedroom units. The building also includes two retail spaces on the first floor, which consist of approximately 1,500 square feet each and one space includes a self-contained studio in the back. The property features an on-site laundry facility, storage space for each unit, parking in the back of the building for five cars, and a resident garden. Tony Mazur of Marcus & Millichap represented the seller, a limited liability company. Marcus & Millichap’s Kyle Stengle and Joseph Bergman represented the buyer, another limited liability company.
LAWRENCE, KAN. — LANE4 Property Group has entered into a venture with the owners of the Mercato property to develop a new regional shopping center in Lawrence, approximately 39 miles west of Kansas City, Mo. LANE4 will join forces with land owners and developers Duane and Steve Schwada, and members of the Gene Fritzel family, to develop a 600,000-square-foot retail, restaurant, and entertainment center, which will be located at the corner of K-10 and W. 6th St. The Schwada and Fritzel families have been involved in developing industrial, residential, retail, hotels and office buildings in Douglas County. They continue to have substantial ownership interests in downtown Lawrence. The regional shopping center is planned as a part of a larger, mixed-use development known as The Mercato. Plans for the retail center include approximately 250,000 square feet of anchor and entertainment space, and 350,000 square feet of additional anchor stores, junior boxes, restaurants and shops. The project will be completed in phases. Tenants for the project and a date for completion have not been announced.
NEW YORK CITY — Meridian Capital Group has arranged $10.5 million in permanent financing to refinance a mixed-use property in Manhattan’s Lower East Side neighborhood. Located at 139 Essex Street, the five-story property features 18 apartments and 1,200 square feet of retail space. The property was purchased by the sponsor 14 months ago and has undergone significant renovation and was at 100 percent occupancy at the time of financing. The seven-year loan, provided by a regional balance sheet lender, features a 4.07 percent fixed rate and two years of interest-only payments. Judah Hammer and David Bollag of Meridian’s New York City office negotiated the transaction.
SAN FRANCISCO — JP Morgan Chase & Co. has acquired Pacific Place, a 430,000-square-foot office, retail and hotel property in Downtown San Francisco, for an undisclosed sum. The property is located at the intersection of 4th and Market streets at the nexus of the Union Square, South of Market and Financial District neighborhoods. Pacific Place contains three adjacent properties. They include 16 floors of office space, about 200 feet of Market Street retail storefront and the Palomar Hotel, a five-floor, 198-room luxury boutique hotel. The 202,000-square-foot office portion was leased to Intuit last year after the building was repositioned. It is currently home to Demandforce, which is a part of Intuit’s Small Business Division. The renovation included enhancements to the lobby, in addition to a new coffee bar and cafe concept by Small Foods. The retail portion contains flagship stores for Levi’s and Old Navy, as well as space for The Container Store. The asset was held by the Jamestown Premier Property Fund, the firm's flagship core and core-plus investment vehicle for institutional investors. Jamestown was represented by Eastdil Secured.