ATHENS, GA. — Juneau Construction Co. has commenced construction on a seven-story, 375,000-square-foot mixed-use project in downtown Athens, blocks from the University of Georgia. The $35.5 million Broad Street project will feature 252 residential units, retail space and a parking structure. The residential portion will feature one-, two-, three- and four-bedroom apartments, as well as a rooftop terrace, patio and pool. The project team includes developers GEM Realty Capital and Education Realty Trust, as well architect BKV Group. The Broad Street project will open in August 2015.
Mixed-Use
LOS ANGELES — The Wolff Company has announced it will develop a $54-million mixed-use project in Downtown Los Angeles’ South Park district. The project, 12th & Olive, is named after its location. The seven-story podium building will contain 293 apartment homes with 7,000 square feet of amenity space, which will include round-the-clock valet and concierge services. The development will also feature 17,300 square feet of ground-floor retail. The project will break ground later this month. It is scheduled for completion in mid-2016. Bernards will handle the construction, while TCA Architects will oversee its design.
TEMPE, ARIZ. — Mill Avenue Office LLC has acquired Hayden Station, a 107,508-square-foot, mixed-use project in Tempe, for $26.5 million. The property is located on the southwest corner of Mill Avenue and 3rd Street. It sits adjacent to a Light Rail station, and is just a short walk to Arizona State University. Hayden Station contains five buildings of office and retail users. The 74,307-square-foot building on 3rd Street serves as a multi-tenant office building. The other buildings are located on Mill Avenue. They range in size from 5,642 square feet to 9,548 square feet. The entire project was 97.9 percent leased at the time of sale. The seller was Holualoa Companies. Bob Buckley, Tracy Cartledge, Steve Lindley, Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee of Cassidy Turley represented both parties in this transaction.
JACKSONVILLE, FLA. — Avesta Communities has acquired Woods of Mandarin, a 401-unit apartment community located in Jacksonville’s Mandarin submarket. As part of the transaction, the property has been renamed Avesta Mandarin. Built in 1974, the community offers amenities such as two swimming pools, lighted tennis courts, a playground and a picnic area.
CLEVELAND — First Market Properties LLC has purchased the first lien mortgage on a Class B, mixed-use complex in Cleveland. The property, Playhouse Square, is located at 1220 Huron Road N.E. The building includes 100,800 net rentable square feet and is currently 30 percent occupied. The loan was originated in 2011 and matured in June 2013 with an unpaid balance of approximately $1.7 million. Miami-based First Market Properties is a fully integrated real estate investment firm that originates first lien debt, purchases loans and REOs nationwide.
NEW YORK CITY — Delshah Capital has refinanced its existing debt on 1356 First Ave., located in New York City’s Upper East Side, for $11.5 million. The 20,000-square-foot property offers 26 one-bedroom condominium units and one retail unit. Petaluma, the Italian restaurant retail tenant, is being completely renovated and will reopen in this fall with C.J. Bivona as chef. Santander Bank originated the loan, which features a 4.05 percent interest rate with a 7-year term. Simon Rosenfeld of Meridian Capital Group represented both sides in the transaction.
NEW YORK CITY — Thor Equities has acquired 36 East 61st Street, a townhouse located in New York’s Upper East Side. The seven-story, 15,900-square-foot building features 2,600 square feet on the lower level, 2,500 square feet on the ground floor and 3,600 square feet on the each of the remaining floors. Currently, the property is used as office space, but it offers both commercial and residential opportunities for tenants. The seller, a high net worth family, sold the property for an undisclosed price.
KENOSHA, WIS. — Faris Lee Investments has arranged the $3 million sale of Williams Corner, a 10,100-square-foot multi-tenant retail center in Kenosha. The property is located at 7410 118th Ave. and is 100 percent triple-net leased to five tenants including Starbucks Coffee, Supercuts and Sparti’s Gyros. Jeff Conover of Faris Lee Investments represented the seller, San Diego-based Williams Corner Investors LLC. Suheil Sahouia of the Trafton Group represented the buyer, Forest Hills, N.Y.-based DJ Commercial Properties. The property sold at a 7.5 percent cap rate.
CHICAGO — Essex Realty Group has arranged the $620,000 sale of a mixed-use property in Chicago’s Lincoln Park neighborhood to an undisclosed buyer. The property is located at 2744 N. Lincoln Ave. The 4,200-square-foot building has 2,100 square feet of retail space on the first floor and a 2,100-square-foot loft style apartment on the second floor. The loft apartment features floor-to-ceiling windows, exposed brick and washer and dryer connections. Jim Darrow and Jordan Gottlieb of Essex Realty Group were the brokers in the transaction.
NEW YORK CITY — Florida-based Waterbury Meadow LLC has purchased 3450 Broadway in New York’s Hamilton Heights area for $8.5 million. The six-story, 32,010-square-foot building offers 24 residential units and five retail spaces, including Papa Juan Cigar Room. Built in 1925, the building was 100 percent rented at the time of sale. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the seller, 3450 Partners LCC, and the buyer in the transaction.