Mixed-Use

The Jensen’s Recreation Center in Echo Park Sells for $15M

by Nellie Day December 4, 2014

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.

December 4, 2014

Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $1.45M Sale of Mixed-Use Property

by Amy Works December 4, 2014

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.

December 4, 2014

Connecticut Mixed-Use Northeast

Press/Cuozzo Commercial Brokers $1.05M Sale of Mixed-Use Portfolio

by Amy Works December 4, 2014

NEW HAVEN, CONN. — Press/Cuozzo Commercial Services has brokered the sale of a seven-property mixed-use portfolio located at 455-459 Orange St. in New Haven. 451 Orange Street Associates LLC purchased the portfolio for $1.05 million from Orange Bradley Realty LLC. The asset includes 455 Orange St., which features a first-floor medical office and a three-bedroom duplex apartment; and three residential units at 459 Orange St. Joel Nesson of Press/Cuozzo represented the seller and procured the buyer for the transaction.

December 4, 2014

Mixed-Use Texas

HFF Secures Equity for Mixed-Use Development in Fort Worth

by Haisten Willis December 4, 2014

FORT WORTH, TEXAS — HFF has secured joint venture equity for the development of Waterside, a $75 million mixed-use development in Fort Worth. HFF worked on behalf of the developer, Trademark Property Co., in sourcing the capital from Sarofim Realty Advisors. Equity proceeds will be used to develop the first phase of the project. Waterside will be anchored by a Whole Foods and will be located on 52 acres at the intersection of Bryant Irvin Road and Arborlawn Drive on the former Lockheed Martin Recreation Association site. The development will include 1.5 miles of Trinity River waterfront and 190,000 square feet of retail and restaurant space.

December 4, 2014

Mixed-Use New York Northeast

Marcus & Millichap Arranges $2.4M Sale of Brooklyn Mixed-Use Building

by Amy Works December 3, 2014

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 411 Graham Ave. in Brooklyn’s Williamsburg neighborhood. The 4,375-square-foot property sold for $2.4 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, also a private investor, in the transaction.

December 3, 2014

Mixed-Use Texas

Hunt Cos. to Develop Transit-Oriented Project in El Paso

by Haisten Willis December 3, 2014

EL PASO, TEXAS — Hunt Metro 31 LLC will develop a 31-acre mixed-use project at the former Northpark Mall site in Northeast El Paso. The project, known as Metro 31, will consist of 325 apartments, 80 units of senior living and 48 live/work units. The project will be located at the corner of Dyer Street and Diana Drive. and will include Sun Metro’s BRIO bus rapid transit station along with 135,000 square feet of retail space. A grocery store will anchor the project, which will also include up to 100,000 square feet of office space.

December 3, 2014

Loans Mixed-Use Multifamily New York Northeast

Meridian Capital Group Arranges $737M in Acquisition Financing for The Putnam Portfolio

by Amy Works December 2, 2014

NEW YORK CITY — Meridian Capital Group has arranged $737 million in acquisition financing for the purchase of The Putnam Portfolio, a six-property multifamily portfolio located in New York City. Brookfield Property Partners, along with its operating partner Urban American, will purchase the portfolio. The financing was sourced between New York Community Bank and Bank of China in six separate mortgages. Abe Hirsch, Zev Karpel and Akiva Friend of Meridian’s New York City headquarters negotiated the transaction. The portfolio is composed of six properties totaling 24 buildings and 3,962 units. The assets include 3333 Broadway; Roosevelt Landings at 510-530 Main St. on Roosevelt Island; River Crossing at 1940 First Ave.; The Heritage at 1295-1309 Fifth Ave; The Miles at 1990 Lexington Ave.; and The Parker at 1890 Lexington Ave. The buyers have a significant renovation program planned for the portfolio. Urban American will remain as the day-to-day property manager for the portfolio.

December 2, 2014

Arizona Mixed-Use Western

The Delta Corp. Buys 15.3 Acres in Chandler for $2.7M

by Nellie Day December 2, 2014

CHANDLER, ARIZ. – The Delta Corporation has acquired 15.3 acres of commercial land in Chandler for $2.7 million. The land is located at the southeast corner of Frye Road and Ellis Street. Delta plans to develop a mixed-use project on the site. Rick Danis and Paul Boyle of Cassidy Turley represented both the buyer and seller, BOK Financial Corp., in this transaction.

December 2, 2014

Mixed-Use New York Northeast

BRP Development Corp. to Transform Long-Vacant Harlem Site

by Amy Works December 1, 2014

NEW YORK CITY — BRP Development Corp. plans to redevelop the long-vacant Renaissance Ballroom, located at 2341-2349 Adam Clayton Powell Blvd. in Harlem, into a mixed-use development. The development company purchased the site from Abyssinian Baptist Church for an undisclosed price. The new project, Renny, will feature 134 mixed-income residential units, 17,500 square feet of retail space, 20,580 square feet of community facility space and 67 below-grade parking spaces. The development team is aiming to achieve LEED Silver certification with the project, which will feature solar panels, water-saving plumbing systems, an energy-efficient boiler and green roofs. Construction is slated to begin in first quarter 2015, with completion scheduled for 2017.

December 1, 2014

Mixed-Use New York Northeast

Vornado Realty Trust Acquires 440,000 SF Mixed-Use Property in Queens

by Amy Works November 26, 2014

NEW YORK CITY — Perella Weinberg Partners Asset Based Value Strategy, a unit of Perella Weinberg Partners and Madison Marquette, has sold The Center Building to Vornado Realty Trust for an undisclosed price. Located at 33-00 Northern Blvd. in Queens’ Long Island City area, the 440,000-square-foot, mixed-use commercial building is 98 percent leased. When the joint venture originally purchased the property in late 2012, it was 88 percent leased. New tenants include New York Foundling, which signed a 15-year lease for more than 35,000 square feet. Ackman-Ziff advised Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette on the transaction.

November 26, 2014

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