CHICAGO— Pembrook Capital Management LLC has closed $7.3 million in preferred equity financing for a recently renovated mixed-use building in Chicago. Proceeds from the funding will be used to recapitalize the property, which includes 192 apartment units and 20,833 square feet of retail space. The 11-story building recently received a $28 million renovation, which included façade work, improvements to the retail spaces and storefront upgrades. The 148,877-square-foot property is located at 5307 S. Hyde Park Blvd. Constructed in 1918, the building was previously occupied by the Del Prado Hotel until the early 1970s, when it was converted into apartments. The current owner acquired the property in January 2008. The building was 90 percent occupied at the time of the transaction.
LOS ANGELES — Greenland Group has purchased Metropolis, a 6.33-acre development site in Downtown Los Angeles, for a reported $150 million. The five-parcel site is located along Francisco Street. It spans from 8th Street to James W. Wood Boulevard between the Convention Center/LA Live Entertainment District and the Financial District. The land is entitled for about 1.65 million square feet of multifamily, hotel, office and retail space. The China-based group intends to break ground in the next 30 days. The seller, a joint venture between IDS and an institutional pension fund, was represented by Patrick Spillane and Rob Fuelling of IDS Real Estate Group, and by CBRE’s Laurie Lustig-Bower, Onno Zwaneveld, Brad McCarthy, Rod Apodaca, Bob Kaplan and Andrew Behrens.
NEW YORK CITY — Direct Realty has sold 334-336 West 46th Street, along Manhattan’s Restaurant Row. An undisclosed buyer acquired the property for $9.5 million. The property consists of two four-story, mixed-use buildings, including 10 free-market residential units and ground-level commercial space. Additionally, the parcel offers approximately 15,000 square feet of unused development rights. A master lease through January 2015 currently encumbers the residential units, and the lease of the commercial tenant, O’Flaherty’s Ale House Irish Pub, expires in February 2014 with no extension options. David Schechtman and Lipa Lieberman of Eastern Consolidated represented both parties in the transaction.
SAVANNAH, GA. — In a joint venture with The Kroger Co., Blanchard & Calhoun Commercial has broken ground on Market Walk, a grocery-anchored retail center in Savannah. The new development will house the city’s largest Kroger supermarket and its first Dick’s Sporting Goods store. Market Walk will also house Chipotle Mexican Grill, Fiddler’s Crab House, The Original Pancake House, Super Cuts and John B. Rourke. Kroger is expected to open in April, while Dick’s Sporting Goods and the rest of the center will open in the fall.
NEW YORK CITY — A private investor has acquired 115 Atlantic Avenue, a 5,370-square-foot mixed-use property in Brooklyn, from an undisclosed seller. The property sold for $3.4 million, or approximately $843 per square foot. Shaun Riney, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap’s Brookyln and Manhattan offices represented the seller. Shaun Riney and Patxi Colbern, also of Marcus & Millichap, represented the buyer in the transaction.
NEW YORK CITY — Massey Knakal has brokered the sale of 158 Rivington Street located in Manhattan’s Lower East Side. The six-story, 6,866-square-foot mixed-use building sold for $6.48 million or approximately $944 per square foot. The property consists of two ground-floor retail units and nine residential units. Built in the 1990s, the property holds approximately 2,151 square feet of additional air rights. Michael DeCheser of Massey Knakal exclusively handled the transaction. The seller was 158 Rivington Property Inc.
PORTLAND, ORE. — Ode to Roses, a 5,780-square-foot, mixed-use building in Portland, has sold to 4440 NE Fremont, LLC for $1.2 million. The building is located at 4440 NE Fremont. It is named for the former site of Rose's Famous 24 Flavors ice cream shop. Grand Central Bakery currently anchors the center. The unnamed seller was represented by Robert Black of NAI Norris, Beggs & Simpson.
EAST CAMBRIDGE, MASS. — Rockwood Capital and Related Beal have completed the sale of One Kendall Square in East Cambridge to Divco West. Terms of the transaction were not disclosed. Rockwood and Related Beal acquired the property from Lincoln Property Co. and JER Partners for $211 million in 2006. One Kendall Square is a nine-building portfolio including approximately 670,000 square feet of office, laboratory and retail space. The property also features a 1,574-car parking garage, a nine-screen cinema and a development site. The 7.9-acre, transit-oriented campus includes six full-service restaurants, a variety of shops, daycare center, new fitness center and easy access to public transportation.
NEW YORK CITY — Marcus & Millichap has arranged the $2.6 million sale of 567 Vanderbilt Ave., a 4,864-square-foot mixed-use property in Brooklyn. The sales price equates to $535 per square foot. Derek Bestreich and Shaun Riney from Marcus & Millichap’s Brooklyn office represented the buyer and the seller, both limited liability companies. The property features seven apartments and a 450-square-foot store.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 215 Sterling St., a 32,120-square-foot mixed-use property located in Brooklyn. The sales price equates to approximately $155 per square foot. Lucien Sproviero and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, represented the buyer and the seller, both private investors. The property features 38 apartments and 100 feet of vacant retail space on Rogers Avenue.