CHICAGO — Brokerage firm @properties Commercial has arranged a seven-year lease for a 3,072-square-foot multi-use building in Chicago. The space is in the Elston Corridor, located at 1731-1749 N. Elston Ave. Rebecca Lundstrom and Jim Moller of @properties Commercial represented the landlord, Urban Development LLC. Eric Myers of Avison Young represented the tenant, Edge Athletics Inc., an athletic training company. Other tenants in the building include Crossfit, Fresenius Medical, Akira, Creative Scholars and Language Stars.
Mixed-Use
FORT WORTH, TEXAS — Trademark Property Co. will expand its WestBend mixed-use development in Fort Worth with a new 81,150-square-foot building. The facility will include 23,500 square feet of retail space pre-leased to Fresh Market, and 57,650 square feet of Class A office space. Trademark has demolished the existing parking garage on the site, which is located on the southeast corner of WestBend, and will begin construction of the new structure this summer. Completion is slated for 2015, with Fresh Market opening shortly afterwards. Trademark also announced the lease of 3,950 square feet elsewhere within the WestBend development to Grimaldi’s Pizzeria.
WEST LAFAYETTE, IND. — Orlando-based Cuhaci & Peterson Architects Engineers Planners has completed the design of a Fresh City Market in West Lafayette, Ind. The 22,000-square-foot store will feature fresh food, groceries and produce and will be the anchor tenant in 720 Northwestern Avenue, a residential and retail development under construction on Northwestern Avenue across from Mackey Arena near the Purdue University campus. The West Lafayette store will include a Caribou Coffee Shop and in-store seating for ready-to-eat hot foods from the deli bar. Construction of the new market is set for completion in August.
BOSTON — Berkeley Investments Inc. has begun the total rehabilitation of 9 Channel Center, a seven-story office and retail building totaling 77,000 square feet in the Channel Center neighborhood of Boston’s Seaport District. JLL has been named the leasing agent for the office space. The property’s renovation will include the installation of new building systems and the addition of street-level retail. The building’s brick and beam architecture is being restored as a historic building in accordance with historic tax credit requirements of the National Park Service. The building will also feature a new atrium lobby, windows, modern lighting and finishes, elevators, open retail storefronts on the ground floor and a roof deck. The architect for 9 Channel Center is Bargmann Hendrie + Archetype Inc. The agents for retail leasing are Boston Retail Partners.
FAIR LAWN, N.J. — Bergen County’s United Way has acquired the second phase of the Gateway to Fair Lawn, a 3.9-acre residential and retail development in Fair Lawn, N.J., for $1.7 million. United Way purchased the 3.9-acre portion of a subdivided seven-acre parcel from the Borough of Fair Lawn. The site has been approved for 64 garden apartments, which Bergen County’s United Way will develop as affordable senior housing. Located at 18-35 River Road, the residential portion of the Gateway to Fair Lawn will be situated adjacent to phase one of the development, which includes 20,000 square feet of retail space that is currently occupied by CVS/pharmacy and Advance Auto Parts. Darren Lizzack and Hal Messer of NAI Hanson represented the Borough of Fair Lawn in the transaction.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of a six-story mixed-use building in New York City. The building features apartments and ground-floor retail. The 10-year loan includes a fixed interest rate of 4 percent and a 25-year amortization schedule. Jerry Kray of MMCC arranged the loan.
THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of 3000 Research Forest, a 28,487-square-foot mixed-use building in The Woodlands. Situated on 2.7 acres just west of the Hughes Landing development, the property houses retail, office and healthcare tenants including Starbucks, Liberty Mutual, Texas American Title, Abundant Life Chiropractic and Preferred Bank. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, the Marcel Group, which is a developer based in The Woodlands. Miller and Hargrove also secured the buyer, a private investor.
BIRMINGHAM, ALA. — Cypress Equities has acquired Brookwood Village, an 816,000-square-foot mixed-use center in Birmingham’s affluent Mountain Brook neighborhood. A fund managed by Cypress Equities’ real estate investment management group secured the transaction. Brookwood Village consists of a 604,000-square-foot, two-level enclosed mall; a 41,900-square-foot grocery-anchored retail property; and a nine-story, 170,000-square-foot Class A office building. Tenants of the mall include anchors Macy’s, Belk and Books-A-Million, as well as Banana Republic, Brookstone, Jos. A. Bank, LOFT, Victoria’s Secret and Z Gallerie. Additionally, an 18,000-square-foot DSW Designer Shoe Warehouse recently opened a store adjacent to The Fresh Market. The office building is currently 98 percent leased to tenants including Kinder Morgan, Merrill Lynch and PWC. Martin Smith, Scott Tiernan, Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction. Smith will direct project leasing alongside Cypress Equities’ in-house team.
NEW YORK CITY — Ariel Property Advisors has arranged the $10.2 million sale of a development site featuring approximately 78,000 buildable square feet. The property is located at 14-01, 14-07, and 14-19 Broadway on the border of Long Island City and Astoria. Shimon Shkury, Howard Raber, Victor Sozio, and Michael Tortorici of Ariel Property Advisors represented the seller, a private investor, and procured the buyer, a real estate investment group. The site is zoned for residential or mixed-use development and includes three contiguous lots with 182 feet of frontage on the north side of Broadway between 14th and 21st streets.
CHARLOTTESVILLE, VA. — CBRE | Charlottesville has brokered the sale of a 10,190-square-foot building, located at 925 E. Market St. in downtown Charlottesville. The buyer, CMB Development LLC, plans to develop a seven-story, mixed-use building at the location. The property will feature 18,000 square feet of Class A office space with units ranging from 2,500-6,000 square feet on the first four floors. Leigh Hughes and Rob Stockhausen of CBRE | Charlottesville, along with Duffy Birkhead of Frank Hardy Inc., represented the unnamed seller in transaction. Rob Stockhausen and Mason Graham of CBRE | Charlottesville are handling the commercial sales of the renovated project, which is scheduled for a spring 2015 completion.