NEW YORK CITY — New York-based Madison Realty Capital (MRC) is consolidating all future equity and debt investments under a single brand: Madison Realty Capital. Historically, the company’s equity investments were made through Silverstone Property, a 100 percent controlled affiliate. In addition to the rebranding, MRC has acquired 440-442 Tenth Avenue, which includes two mixed-use properties located between 34th and 35th streets in the Hudson Yards district, as well as 2094-2104 Frederick Douglass Blvd., an 11,254-square-foot retail property in West Harlem. The Tenth Avenue properties, which sold for $9.75 million, total 20,000 square feet and offer 34 apartments. The Frederick Douglass property was acquired for $7.25 million.
Mixed-Use
DALLAS — RED Development will develop Akard Place, an 800,000-square-foot mixed-use project in the Uptown submarket of Dallas. To be located at the intersection of Field Street and Cedar Springs Road, the complex will include a 20-story multifamily tower with approximately 300 units, a 16-story office tower and 75,000 square feet of street-level retail and restaurant space. RED is partnering with locally based StreetLights Residential on the development of the multifamily component. Seattle-based Graphite Design Group is serving as design architect on the project, while Houston-based The Office of James Burnett is working as landscape designer. Burson Holman and Shannon Brown of CBRE will lease the office space. Akard Place is scheduled to open in 2017.
RALEIGH, N.C. — Trademark Property Co. plans to develop Carolina Row at Crabtree Valley, a mixed-use development on Glenwood Avenue in Raleigh. The property will feature 125,000-150,000 square feet of retail and restaurant space, a hotel and 700 residential units. There will also be a pedestrian/bicycle bridge connecting Carolina Row to the nearby Crabtree Valley Mall. Construction is set to begin in spring 2015, and the property is expected to open in late 2016.
CORAL SPRINGS AND PALM BAY, FLA. — Thomas D. Wood & Co., a commercial mortgage banker based in Coral Springs, has secured approximately $14.3 million for two properties in Coral Springs and Palm Bay. Thomas D. Wood & Co. arranged approximately $10.8 million to refinance University Centre West III, a 83,936-square-foot mixed-use development at 2702-2788 University Drive in Coral Springs. The property features Class A office space set above ground-floor retail space. The leases for three of the major tenants, which together occupy 42 percent of the property, expire in the near term. Patrick Harrington of Thomas D. Wood arranged the loan through LoanCore Capital, a CMBS lender, at a fixed interest rate of 5.42 percent. Thomas D. Wood also arranged $3.5 million to refinance of Shoppes of Palm Bay, a 76,886-square-foot, Publix-anchored shopping center located at 1150 Malabar Road S.E. in Palm Bay. Thomas Wood Jr. of Thomas D. Wood arranged the 10-year loan with a 25-year amortization schedule and a fixed 4.45 percent interest rate through Woodmen of the World Life Insurance Society. Thomas D. Wood worked with Pinnacle Financial Group, a Strategic Alliance Mortgage LLC (SAM) member. Thomas D. Wood is also a SAM member.
WESTMINSTER, CO. – The 105-acre site that was previously home to the Westminster Mall will soon undergo a massive redevelopment. The site is located at U.S. 36 and Sheridan Boulevard, just north of Denver. The redevelopment will likely be carried out in multiple phases. It will include high-density, urban development with residential, commercial, retail and other uses. It will also contain large parks, as well as a major landscaped boulevard that will be designed for bikes and pedestrians. The redevelopment will be carried out by the City of Westminster, the Westminster Economic Development Authority (WEDA) and OliverMcMillan.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of Brooklyn properties totaling more than $5 million. In the first transaction, One Sullivan Place, a 40-foot-wide development site with 20,400 buildable square feet, sold for $2.5 million. The property is located at the corner of Washington Avenue in the Crown Heights section of Brooklyn. Jonathan Berman, Akil Rossi, Daniel Tropp and Mark Spinelli of Ariel Property Advisors represented the buyer, a local developer. In the second transaction, a local investor acquired a three-story, 4,500-square-foot mixed-use building at 156 Graham Ave. from a private owner. Located in the East Williamsburg area of Brooklyn, the property sold for $1.6 million. Berman, Tropp and Spinelli represented both parties in the transaction. In the last transaction, a local business owner purchased a three-story, mixed-use property located at 486 Halsey St. in the Bedford-Stuyvesant neighborhood of Brooklyn for $975,000. Berman, Rossi, Tropp and Spinelli represented the buyer and seller, a private owner, in the transaction.
HOUSTON — OliverMcMillan has leased space within its 15-acre River Oaks District mixed-use development to luxury retailers Cartier, Dior, Hermès and Tom Ford. Jeweler and watchmaker Cartier will operate a 6,040-square-foot store, while apparel, accessory and footwear retailer Dior will operate a two-story, 9,056-square-foot store. Clothing and accessory retailer Hermès will operate a two-story, 10,117-square-foot flagship location, and accessory retailer Tom Ford will operate a 4,906-square-foot store. OliverMcMillan broke ground on River Oaks District’s 252,000 square feet of retail and restaurant space in July 2013 and expects the development to open in spring 2015. River Oaks will also include 92,000 square feet of office space and 279 residential units.
AMES, IOWA — The Opus Group will develop a new student residential and retail complex directly adjacent to Iowa State University’s campus in Ames. The Foundry will feature 53 units and 144 bedrooms with 7,500 square feet of ground-level retail space. The six-story building will be the gateway to Iowa State University’s campus. Units will offer students living options of two- and four-bedrooms. Residents will have access to several amenities including a fitness center, study lounges, game room, private heated underground parking, common areas and on-site retail options. Construction on the project is scheduled to begin this month with completion slated for August 2015. Pre-leasing for the residential complex has begun. Opus Development Company LLC is the developer of the project and Opus Design Build LLC is the design-builder. Opus AE Group LLC is partnering with Minneapolis-based Elness Swenson Graham Architects Inc. on the design. Opus recently completed two luxury student housing options at the University of Minnesota and it has three others currently underway near university campuses in Madison, Wis., Milwaukee and Minneapolis.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of six walk-up residential buildings in New York City’s Upper East Side. SW Management purchased the 69,740-square-foot portfolio for $47.8 million from Pan Am Equities. The five-story apartment buildings, which offer 150 free-market and rent-stabilized units, are located at 413, 415 and 417 East 81st Street and 427-431 East 83rd Street. Aaron Jungreis of Rosewood Realty represented both the seller and buyer in the transaction.
CHAPEL HILL, N.C. — NorthMarq Capital has secured $18.6 million in acquisition financing for CVS Plaza, a 100,634-square-foot mixed-use property in Chapel Hill. The property, located adjacent to the University of North Carolina at Chapel Hill campus, includes a new ground-floor CVS/pharmacy, restaurants, retail, more than 60,000 square feet of office space and a parking structure. Todd Crouse of NorthMarq’s Raleigh, N.C., office arranged the five-year loan through a life insurance company. The loan features two years of interest-only payments and a 30-year amortization schedule.