FORT WORTH, TEXAS — Trademark Property Co. is redeveloping a portion of the WestBend mixed-use development in Fort Worth. Demolition of a parking garage began on March 3 to make way for a new 81,150-square-foot mixed-use building. The new structure will house a retail anchor on the ground floor and 57,650 square feet of Class A office space directly above. WestBend is located on the Trinity River in Fort Worth’s University District, across from University Park Village and University Drive. Upon completion of the redevelopment in spring 2015, the property as a whole will include 95,000 square feet of retail and dining space and 183,000 square feet of office space.
Mixed-Use
SAN DIEGO – A 20,000-square-foot parcel of land in the Bankers Hill neighborhood of San Diego has sold to R Fifth & Nutmeg, c/o Colrich for $5.3 million. The land is located at 2665 5th Ave. The buyer plans to develop an upscale mixed-use project that would include 45 luxury condos with 7,500 of retail space. The seller was Nutmeg & Olive LLC, c/o The Cathedral Church of St. Paul. The transaction was handled by Victor Krebs of Colliers International.
NEW YORK CITY — Marcus & Millichap has arranged the $1 million sale of 1222 Rogers Avenue, a 7,400-square-foot mixed-use property in Brooklyn. Derek Bestreich and Erik Rodriguez from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company.
NEWARK, N.J. — Sills Cummis & Gross, a full-service regional corporate law firm, has signed a long-term lease at One Riverfront Plaza, Matrix Development Group’s 18-story, Class A office and retail tower in Newark. The law firm will occupy approximately 73,000 square feet at the building. Also known as the Legal Center, the property features a two-story lobby and valet parking, in addition to attached garage parking.
PORTSMOUTH, N.H. — DLJ Group has purchased a 3,312-square-foot, multi-use building in downtown Portsmouth, a city located on the northern shore of New Hampshire. Streetscapes Properties LLC sold the three-story building, which is located at 110 State St. in downtown. The 200-year-old property, which was recently renovated, features a street-level commercial space with an outdoor patio, a backyard and stairs leading to a second-floor deck. The refurbished second and third floors each feature a one-bedroom apartment.
OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged an $11.2 million permanent loan through a correspondent lender for a 204-unit, 19-building portfolio in the midtown area of Omaha. The 15-year, non-recourse loan features a fixed interest rate. The portfolio spans a 12-block area. Justin Brown of Q10 arranged the loan.
NEW YORK CITY AND VOORHEES, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.3 million in financing for the acquisition of two properties, an 8,992-square-foot, net-leased property in the Bronx and a 16,019-square-foot medical office building in Voorhees. Christopher Marks, an originator in MMCC’s Manhattan office, arranged both loans. Scott Plasky and Steve Siegel in Marcus & Millichap’s Manhattan office represented the borrower in the purchase of the 8,992-square-foot Bronx property. Russ Wachtler and Glen Kunofsky, also in the firm’s Manhattan office, represented the buyer in the medical office acquisition. The Bronx property closed with a 10-year, fixed-rate loan that amortizes over 30 years at 3.9 percent with a 70 percent loan-to-value ratio. The medical office closed with a seven-year, fixed-rate loan that amortizes over 25 years at 4.5 percent with a 72 percent loan-to-value ratio.
TEMPE, ARIZ. — Alberta Development Partners has received $5.7 million to acquire and entitle a 1.86-acre, mixed-use development land site in Tempe. The site is located on the northwest corner of University Drive and Ash Avenue in the Mill Avenue District of Downtown. Alberta plans to develop 40,000 square feet of ground-floor retail and 187 high-rise apartment units on the site. The loan was provided by PCCP, LLC.
NEW YORK CITY — LargaVista Cos., a second-generation real estate development, management and investment firm, and Related Cos., a privately owned real estate firm, have formed a joint venture partnership for the development of 300 Lafayette in SoHo. The site will be transformed into a seven-story mixed-use retail and office tower. The proposed development, designed by COOKFOX Architects, includes an 83,000-square-foot retail and boutique office building that features abundant outdoor space on several landscaped terraces. The CBRE team of Mary Ann Tighe, CEO of the New York region, and Tom Duke, vice president, served as real estate consultant to LargaVista at 300 Lafayette. Gregory Tosko, vice chairman, and Lauren Crowley, vice president, joined the CBRE team advising LargaVista in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $1.1 million sale of 450-452 S. 5th Street, a 2,900-square-foot mixed-use property in Brooklyn. The sale price equates to $379 per square foot. Michael Salvatico, Shaun Riney and Jim Saros of Marcus & Millichap’s Brooklyn office represented the buyer and seller, both private investors, in the transaction.