MIAMI BEACH, FLA. — The AIDS Healthcare Foundation has sold a 7,500-square-foot retail building and a three-unit apartment building at 1501 Alton Road in Miami Beach’s South Beach neighborhood for $4.6 million. Steve Hyatt of Berger Commercial Realty represented the AIDS Healthcare Foundation in the transaction. The property’s current tenant, an Out of the Closet thrift store, will continue to operate at the location under a short-term lease-back agreement.
Mixed-Use
NEW YORK CITY — Cignature Realty Associates has brokered the sale of a six-building portfolio in northern Manhattan. Adam Mermelstein/Tree Top Development purchased the portfolio, which features 147 apartments and four retail stores, from a local real estate fund for $24.5 million. The portfolio includes 565 West 139th Street, 27-29 Audubon Avenue, 79 Audubon Avenue, 516 West 169th Street and 507 West 170th Street. Located in Hamilton Heights, 565 West 139th Street is a six-story, 75-foot-wide elevator building. The remaining buildings are located in Washington Heights across the street from Columbia Medical Center. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented both the buyer and seller in the transaction.
BOSTON — New York City-based Ashkenazy Acquisition Corp. (ACC) has filed a master plan with the City of Boston for Faneuil Hall Marketplace. Designed by Elkus Manfredi Architects, Faneuil Hall Marketplace will include an enhanced public realm, glass retail pavilions, a new colonnade, rotunda space and a new boutique hotel, as well a redesigned exterior streetscape. Tenants that have already signed on for Faneuil Hall Marketplace include Uniqlo’s Boston flagship location, Ghirardelli Café and the children’s book-themed Make Way for Ducklings store. The project team includes Biederman Redevelopment Ventures and Watertown, Mass.-based Sasaki Associates.
STREETSBORO, OHIO — Marcus & Millichap has arranged the $1.4 million sale of the leasehold interest in Streetsboro Market Square, a retail and office property located in Streetsboro. Streetsboro Market Square is located on State Route 14. The property features national tenants such as Staples, Fresenius Medical Care and Edward Jones. Scott Wiles, Craig Fuller, and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a Northeast Ohio-based limited liability company. An Ohio registered LLC whose investors are based in New York purchased the property.
BEVERLY HILLS, CALIF. — The Wanda Group has acquired an eight-acre site in Beverly Hills for an undisclosed sum. The space is located at 9900 Wilshire Blvd. The site is adjacent to the Beverly Hilton Hotel, which will soon be a Waldorf Astoria Hotel. The space previously housed a Robinsons-May store. The group plans to develop this space into a luxury mixed-use project with residential condominiums. The groundbreaking is planned for next year. The condos will feature 360-degree views that span over the Los Angeles Country Club golf course. They will be designed by architect Richard Meier. The seller, Joint Treasure International, was represented by CBRE’s Laurie Lustig-Bower and Rebecca Shum, along with Robert Stamm and Frank Marriott of Savills Studley. Joint Treasure invests on behalf of a select investor base into prime real estate in global gateway cities.
CHARLOTTE, N.C. — Trinity Capital Advisors has brokered the sale of Perimeter Woods Business Park, a 313,407-square-foot business park in Charlotte. Stockbridge Capital Group purchased the mixed-use asset from Perimeter Woods Business Park LLC, a joint venture between Trinity Capital Advisors, Core Properties and Collet. Perimeter Woods is located across from Northlake Mall near the Harris Boulevard interchange with I-77. The property is 81 percent leased to tenants such as the American Red Cross, Black & Decker and the Charlotte Observer. Dunn Mileham of Trinity Partners represented the seller in the transaction, and Stockbridge was self-represented.
NEW YORK CITY — Meridian Capital Group has arranged a land loan for 3 Hudson Boulevard on behalf of Meushar 34th Street LLC, an affiliate of The Moinian Group. Provided by a life insurance company, the two-year balance sheet loan features floating-rate, interest-only payments and three one-year extensions. Located at 400 11th Ave. in the Hudson Yards district, 3 Hudson Boulevard is a 46,634-square-foot development site. The borrower plans to develop a 1.8 million-square-foot, mixed-use property on the site featuring office space, as well as sustainable residential units. Dan Kaplan of FXFOWLE designed the tower, which is slated to obtain LEED Platinum certification. Drew Anderman and Alan Blank of Meridian Capital Group negotiated the transaction.
BOSTON — Related Beal has launched Congress Square, formerly known as The Block on Congress, a redevelopment and reinvention of an entire city block in downtown Boston. Related Fund Management acquired Congress Square from a Fidelity entity in 2013. The five-building portfolio consists of approximately 343,000 square feet and includes 40 Water St., 68 Devonshire St., 19 Congress St., 15 Congress St. and 54 Devonshire St. The project includes the repositioning and development of a 24-hour mixed-used environment offering office, residential, hotel, restaurant and retail space. Additionally, the project plans call for the creation and activation of Quaker Lane, which will bisect the property and connect Post Office Square to Faneuil Hall. Related Beal has engaged Arrowstreet to serve as architect and redesign the existing buildings into the new project. The developer has also selected CBRE/Grossman Retail Advisors to lead all retail leasing efforts and JLL as the brokerage firm for the project’s office space 40 Water St. The redevelopment office space will be available for occupancy in early 2016. Retail opportunities will be available for occupancy in fall 2015.
NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 120 Union Ave. in Brooklyn's Williamsburg neighborhood. Located between Union Avenue and Broadway, the site sold for $15.5 million or $220 per buildable square foot. Adam America, Slate Property Group and Naveh Shutter Limited purchased the site and plan to develop a 100-unit residential property with 2,000 square feet of ground-level retail space. The development site is zoned R6A/C2-4, which allows for more than 93,000 buildable square feet. Additionally, the 26,000-square-foot lot is packaged with a lot at 100 Union Ave., which is scheduled to close later this year. The seller, Robles Realty, has owned the property since 1998. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandez and Joey Terzi of TerraCRG represented the seller in the transaction.
NEW CANANN, CONN. — Cronheim Mortgage has arranged $4.1 million in financing for a retail and office building located in downtown New Canaan. The property is a 9,431-square-foot fully occupied mixed-used building on Elm Street. The ground-floor space is leased to Ralph Lauren and Nail Hollywood, while the second-floor space is leased to six office tenants and one retail tenant. The 4-percent fixed-rate loan was structured with a seven-year term and 18-year amortization for the borrower, Campana 109 LLC. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.