CHICAGO — Essex Realty Group Inc. has brokered the $4.7 million sale of 3355 N. Clark St. in Chicago. The mixed-use elevator building is located in Chicago's Wrigleyville neighborhood. The property includes eight condo apartments, two 1,200-square-foot street retail spaces, a garage and parking spaces. Jim Darrow and Jordan Gottlieb of Essex Realty represented the undisclosed buyer and seller in the transaction.
Mixed-Use
SEATTLE — Path America and Dargey Development have broken ground on the $190-million Potala Tower Seattle, a 577,000-square-foot, mixed-use property in the Seattle waterfront submarket of Belltown. The development will include 342 apartments and the 142-room Hotel Indigo, which will include a mezzanine, restaurant, wine bar and rooftop deck. The project was named after Potala Palace in Tibet. It is located at 2116 4th Ave. Potala Tower Seattle was financed through the EB-5 Visa program, which offers foreign nationals the opportunity to obtain a U.S. green card by investing in a U.S.-based commercial enterprise. Hotel Indigo is a branded boutique concept from InterContinental Hotels Group (IHG).There are 58 Hotel Indigo properties worldwide.
RICHMOND, VA. — Walker & Dunlop has arranged $33.5 million in permanent debt for the refinance of Miller & Rhoads, an adaptive reuse project of the historic Miller & Rhoads department store in Richmond. The project is located next to the Richmond Convention Center and features 133 residential units, a 250-room Hilton Garden Inn and more than 20,000 square feet of retail space. Andrew Coleman and Stephen Farnsworth of Walker & Dunlop led the team that structured the seven-year fixed-rate loan with two years interest-only payments on behalf of the borrower, HRI Properties LLC. HRI plans to invest $8 million to convert the existing hotel to a full-service Hilton property by the end of 2015. The property was originally built between 1888 and 1909 as a one-room store and is considered a significant historic structure in the Grace Street Commercial Historic District.
NORMAL, ILL. — Co-developers CA Ventures and Tartan Realty Group have begun Phase I of One Uptown on the Circle, a $27 million mixed-use development in Normal’s Uptown neighborhood, roughly seven minutes north of Bloomington. Phase I will include an eight-story tower housing a 114-room Hyatt Place Hotel and 1,600 square feet of retail space. The property will be located across the street from the Marriott Hotel and Conference Center and will feature a 2,300-square-foot outdoor terrace connected to a 1,500-square-foot meeting space, as well as a pool and fitness center. Phase II will feature a 6,500-square-foot restaurant or retail below 34 multifamily units.
BRONX, N.Y. — Simone Development Cos.has arranged 38,700 square feet of new leases at its Metro Center Atrium, which is nearing completion in the Bronx. The 370,000-square-foot office/retail/hotel complex is located at the 42-acre Hutchinson Metro Center campus. MetroPlus Health Plan, the insurance plan of the New York City Health and Hospitals Corp., is leasing 17,000 square feet of office space for its new Crisis Center at the Metro Center Atrium. In addition, IAC Acoustics, a leading supplier of sound control products, has leased 10,000 square feet of space for its executive offices, and Community Resource Center has leased 4,300 square feet of executive office space at the Metro Center Atrium. Applebee’s has also leased 7,400 square feet on the ground floor of the complex.
NEW YORK CITY — Silvershore Properties, a mid-market investor in Manhattan and Brooklyn, has completed the disposition of 101 Delancey Street. Located on Manhattan’s Lower East Side, the six-story, mixed-use property sold for $17.3 million. The property features 20 rental apartments and five retail spaces with 86 feet of frontage on Delancey Street. The property was delivered to the buyer, 101 Delancey Realty LLC, vacant.
LOS ANGELES — Barkley Development LLC has received a $10.5-million loan to acquire, entitle, and develop a 1.5-acre parcel of land near the Los Angeles submarket of Sherman Oaks. The land is on Sepulveda Boulevard. Barkley plans to develop a mixed-use asset with 139 residential units and 9,000 square feet of retail. Construction is slated to begin in the fourth quarter of this year. The development was underwritten to over a 7 percent yield on cost, with a sub-4 percent construction financing interest rate and a terminal pro forma value projected to exceed $50 million. The loan was provided by Gabe Weinert of Johnson Capital.
LOS ANGELES — Broadway Trade Center, a 1-million-square-foot, mixed-use building in Los Angeles’ Broadway Corridor, has received a $140-million senior bridge loan. It is located at 830 S. Hill Street. The loan will finance the acquisition and redevelopment of the center, which was originally built in 1908. Once completed, the center will include large-plate creative office space, as well as ground- and second-floor flagship retail spaces. Broadway Trade Center is located near the Ace Hotel, Urban Outfitters, Gap and Alma restaurant. The center is owned by a joint venture between Waterbridge Capital and Jack Jangana. The loan was provided by Canyon Capital Realty Advisors LLC and partner Hudson Pacific Properties.
ATLANTA — The Marketing Directors LLC has unveiled 675 N. Highland, a mixed-used community in Atlanta’s Poncey Highland neighborhood. The project plans calls for 124 condominiums, 12,500 square feet of street-level restaurants and retail, 7,500 square feet of office space and 385 parking spaces. Joe Laster of Abraham Properties, the project’s developer, plans to break ground in January. The Marketing Directors is selling condominium units at the new development, and SRS Real Estate Partners is handling the leasing of the restaurant and retail space.
CHARLOTTE, N.C. — Lincoln Harris has arranged a 10,207-square-foot lease at Piedmont Town Center, an upscale mixed-use complex at 4725 Piedmont Row Drive in Charlotte’s SouthPark submarket. Piedmont Town Center includes two office buildings totaling 420,000 square feet, 87,500 square feet of retail space and 180 luxury apartment units. Campbell Walker of Lincoln Harris represented the landlord, Piedmont Row Drive LLC, in the transaction. Brent Royall and Brad Grow of Colliers International represented the tenant, Southeast Series of Lockton Cos. LLC.