Mixed-Use

570-Putnam-Ave

NEW YORK CITY — TerraCRG has brokered the sales of three mixed-use buildings located in Brooklyn’s Bedford Stuyvesant and Bushwick neighborhoods. The properties sold for a combined total of $3.83 million in separate transactions. In the first transaction, a mixed-use property located at 570 Putnam Ave. sold for $1.55 million, or $323 per square foot. The building, which was delivered vacant, features 1,800 square feet of retail space, three large residential units and 800 square feet of outdoor terrace space. In the second transaction, a six-unit residential property located at 297 Himrod St. in Bushwick sold for $1.35 million, or $257 per square foot. In the final deal, the 3,300-square-foot mixed-use property at 104 Marcus Blvd. sold for $930,000, or $282 per square foot. Matthew Cosentino and Eric Satanovsky of TerraCRG negotiated the transactions.

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Rouzan Village

BATON ROUGE, LA. — KTGY Group Inc. and Baton Rouge-based JTS are planning to develop Rouzan Village in Baton Rouge. The project will feature 80,000 square feet of retail space anchored by a 33,000-square-foot Alamo Drafthouse Cinema and up to 220 residential units including live/work studios. Rouzan Village will be the commercial and retail center of Rouzan, a 120-acre master-planned development in Baton Rouge’s Southdowns neighborhood near the intersection of Perkins Road and Glasgow Avenue. Two parking structures and street parking will provide parking for roughly 900 cars. The theater is expected to begin construction next year and open in mid-2016. Rouzan Village’s residential component is expected to break ground in mid-2015 and take approximately 14-18 months to complete.

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857-861-Union-St-TerraCRG

NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.

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Broadway-MM

NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.

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414-416-Tompkins-Avenue-Brooklyn

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 414-416 Tompkins Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Located between Hancock and Halsey streets, the two-lot property sold for $2 million. The site was delivered with a vacant 6,400-square-foot mixed-use building and full basement. The site has a considerable number of air rights and is located outside of the Geographic Exclusion area, which means it is eligible for the 412-a tax exemption. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented the seller in the transaction.

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HATFIELD, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $7.65 million in bridge financing for a mixed-use development in Hatfield. The loan was structured with an 18-month initial term, an 18-month extension and 4.25 percent interest rate. The financing has a loan-to-value of 65 percent. Matthew Rosenberg of MMCC’s Philadelphia office arranged the financing.

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1322-Cortelyou-Road-MM

NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use property located at 1322 Cortelyou Road in Brooklyn’s Ditmas Park section. The 8,000-square-foot asset sold for $2.1 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’ Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

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FORT WORTH, TEXAS — Simon and Cassco Development Co. will develop the first phase of retail on the Edwards Ranch into a 500,000-square-foot shopping center. The Shops at Clearfork will include 100 specialty stores, a movie theater and restaurants. Neiman Marcus will anchor the shopping center, which will span 90,000 square feet across two stories. Construction will start in the spring of 2015 and be completed in February 2017. The Shops at Clearfork is part of a larger 270-acre master plan for Clearfork.

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LOS ANGELES – The Jensen’s Recreation Center, a 50,000-square-foot, mixed-use building in the Echo Park submarket of Los Angeles, has sold to Vista Investment Group LLC for $15 million. The center is located at 1706 Sunset Blvd. It includes 46 apartment units and 21,000 square feet of ground-floor retail and commercial space. The residential portion is fully leased, while the retail portion is 96 percent leased to tenants like Blue Bottle Coffee and Sage Vegan Bistro. Vista will invest up to $1.2 million in capital improvements to upgrade the building entry, lobby and other common areas. Darin Beebower of Madison Partners represented both the buyer and seller, Sunset Holding Co. LLC, in this off-market transaction. Andrew Kirsh of Sklar Kirsh LLP served as Vista’s attorney.

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DunkinDonuts-MM

NORTH PLAINFIELD, N.J. — Marcus & Millichap has brokered the sale of a Dunkin Donuts location and a two-family residential property on Route 22 in North Plainfield. The 3,900-square-foot asset sold for $1.45 million. Dunkin Donuts recently signed a 20-year absolute triple-net lease for the location. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller, a private investor, and the buyer in the transaction.

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