WAYZATA, MINN. — NorthMarq Capital has arranged the $18.4 million refinancing of Marquee Place, a 72,000-square-foot retail/office property Wayzata, a suburb 11 miles west of Minneapolis. The property is located at 641-681 Lake St. E. The mixed-use property features unobstructed lake views. The 12-year loan incudes a 25-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its correspondent relationship with a life insurance company.
GAITHERSBURG, MD. — Retail Properties of America Inc. (RPAI) has purchased the retail portion of Downtown Crown, a Class A, mixed-use development in Gaithersburg, a suburb of Washington, D.C. RPAI purchased the 258,000 square feet of retail space from The JBG Cos. and JBGR Retail for $162.8 million. The retail component includes a Harris Teeter-anchored neighborhood center and a lifestyle center housing tenants such as Coastal Flats, Ted’s Montana Grill, Old Town Pour House and Ruth’s Chris Steakhouse. The retail portion of Downtown Crown opened in phases beginning in the fourth quarter of 2013 and is currently 77.5 percent leased.
JERSEY CITY, N.J. — Kushner Cos. and The KABR Group have acquired a development site at One Journal Square in Jersey City for $27 million. Located at the intersection of Sip Avenue and John F. Kennedy Boulevard, the two-acre development site is entitled for mixed-use development, including approximately 1,500 multifamily units and a large retail component with ample parking. The companies plan to work with the city to develop a project that will help revitalize Jersey City’s Journal Square neighborhood. Currently, Kushner Cos. and The KABR Group are developing Trump Bay Street, a 50-story residential tower located at 65 Bay St. in Jersey City’s Powerhouse District.
BROKEN ARROW, OKLA. — The Signorelli Co. has sold a 12.2-acre site for a mixed-use development known as The Shops at Aspen Creek to Griffin Properties of Fort Smith, Ark. The Shops at Aspen Creek is planned to include more than 1 million square feet of shopping, dining and entertainment options. The site is located 12 minutes from downtown Tulsa in Broken Arrow. Construction of the 277-unit apartment complex, named The Reserve at Aspen Creek, is planned to begin in June, with the opening anticipated in mid-2016. Situated at the east end of The Shops at Aspen Creek, with entrances from West Tucson Street and West Aspen Creek Drive, the complex will be three stories tall. Trinity Multifamily, the operating partner of Griffin Properties, will manage the apartments. The entertainment anchor at The Shops at Aspen Creek includes the Warren Theatre, a new 18-screen movie theatre boasting a screen 100 feet wide and 50 feet tall. The theatre opened in December.
NORTH HAVEN, CONN. — Press/Cuozzo Realtors has brokered the $1.5 million sale of a development site located in North Haven. Located at 505 and 511 Washington Ave., the two contiguous parcels total 3.78 acres with 341 feet of frontage. The buyer, 511 Washington Avenue LLC, plans to reposition the site as a mixed-use development. Stephen Press of Press/Cuozzo Realtors represented the seller, Bryant Munson, and the buyer in the deal.
FREELAND, MICH. — The Boulder Group has arranged the $2.6 million sale of a single-tenant FedEx property located at 8273 Garfield Road in Freeland. The 27,000-square-foot FedEx was built in 1991. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property includes 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16-foot clear height ceilings. FedEx has 11 years remaining on their lease, which expires June 30, 2026. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private real estate investor. A Florida-based private investor purchased the property.
NEW YORK CITY — Madison Realty Capital (MRC) has provided Zelig Weiss with $81 million in financing for the development of 55 Wythe Avenue in Brooklyn’s Williamsburg neighborhood. The project will be a 22-story, 260,000-square-foot mixed-use property that features retail, restaurant and commercial space, as well as a 183-room Level Hotel. The development will bring 40,000 square feet of retail space, a public rooftop garden, office space on the lower levels, and a Level Hotel with a banquet hall and pool deck. MRC initially provided Zelig Weiss with $18.35 million in acquisition financing for the site in May 2014. Andy Nemeroff and Michael Nemeroff of Imperial Capital Co. and Joel Friedman of Nationwide Realty represented the borrower in the transaction.
DENVER – A two-story, mixed-use building in Denver has sold to an unnamed buyer for $2.1 million. The building is located at 821-827 Corona Street. It was built in 1919. The buyer was represented by Matt Ritter, Jeff Johnson, Cody Stambaugh and Peter Sengelmann of Pinnacle Real Estate Advisors. The unnamed seller was represented by Jules Hochman, Justin Brockman and Billy Riesing of the same firm.
CHICAGO — Essex Realty Group Inc. has arranged the $2.7 million sale of a 26,815-square-foot building in Chicago. The property is located at 932-40 W. Dakin St. and formerly served as a heavy timber warehouse building. The E.R. Moore Co., a manufacturer of caps and gowns used for graduation and choir ceremonies, built the building in 1914. The property spans three floors and features high ceilings and hardwood floors on the second and third floors. The space is ideal for a ground-up new residential development of loft-style apartments or condominiums. Essex Realty Group’s Jim Darrow and Jordan Gottlieb represented the undisclosed seller and Doug Fisher represented the undisclosed buyer.
NEW YORK CITY — HFF has arranged $40 million in financing for the fee simple interest of 300 Lafayette, a development site located at the corner of Lafayette and Houston streets in Manhattan’s SoHo neighborhood. The firm worked on behalf of the borrower, LargaVista Cos., to secure the 20-year, fixed-rate loan through a national life insurance company. The development site is an 11,622-square-foot site with 365 feet of frontage along Crosby, Lafayette and Houston streets. A joint venture between LargaVista Cos. and Related Cos. plans to construct a seven-story mixed-use, retail and office building on the property. Mike Tepedino and Michael Gigliotti of HFF negotiated the transaction.
