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.
Mixed-Use
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.
NEW YORK CITY — Houlihan-Parnes Realtors has brokered the sale of a mixed-use property located at 4062-4072 White Plains Road (also known as 690 East 229th St.) in the Wakefield neighborhood of the Bronx. Situated on an irregular 9,000-square-foot lot, the property features a three-story building with two retail stores and two apartments, and a one-story building with three retail stores and a used car sales lot. A Long Island-based management and holding company purchased the property for $1.4 million. Jerry Houlihan and James Coleman of Houlihan-Parnes Realtors arranged the transaction.
SMYRNA, GA. — Atlanta-based Halpern Enterprises has begun construction on Belmont, a 48-acre mixed-use development in Smyrna, a northwest suburb of Atlanta. The property will feature restaurants, retail, single-family homes and luxury rental apartments at the site of the former Belmont Hills Shopping Center. David Weekley Homes will build 153 detached single-family homes at the intersection of Windy Hill and Atlanta roads in a neighborhood dubbed the Village of Belmont. Homes will be priced from the high $200,000s to more than $400,000. Wood Partners will build the multifamily portion in a 274-unit property known as Alta Station at Belmont. Pre-leasing is expected to begin in the spring of 2015. Halpern Enterprises will develop the retail portion with the first stores expected to open in the summer of 2015.
ALPHARETTA, GA. — North American Properties (NAP) has announced three new retailers for Phase II of Avalon, a $600 million mixed-use development in Alpharetta. NAP recently secured commitments from Lily Pulitzer, Brooks Brothers and Peek Boutique, which will be joined by 12 more retailers and restaurants in Phase II. The second phase of Avalon will feature 90,000 square feet of upscale retail and restaurants, a 250,000-square-foot Class A office building above retail space, 276 luxury rental homes above retail space, a freestanding 300,000-square-foot office building and a 325-room hotel and conference center. Phase I, which is 97 percent leased, will open to the public on Oct. 30.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 1424-1428 Lexington Avenue, a five-story, mixed-use walk-up in Carnegie Hill on the Upper East Side. The 13,520-square-foot corner property sold for $12.6 million. Situated on the northwest corner of Lexington Avenue and East 93rd Street, the property includes an additional 13,881 square feet of unused development rights, which are subject to Landmarks Preservation Commission approval. The building features nine residential units and three ground-floor commercial units occupied by Ottomanelli Brothers Restaurant, Vela Pizzeria and Pet Central. David Kriss of Kriss & Feuerstein LLP was the attorney for the buyer, while Allen Schole of Ellenoff Grossman & Schole LLP provided legal counsel for the seller.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of 1227 Broadway in Brooklyn’s Bushwick neighborhood. The 7,065-square-foot building sold to a private investor for $2.7 million or $382 per foot. Renovated in 2006, the mixed-used building offers six free-market residential units and one retail unit. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.
BOSTON — Rockland Trust has provided financing for Holland Companies to develop two projects in Boston: a condominium building in Back Bay and a mixed-use property in the South End. Located at 451 Marlborough St., Four51 is a residential property that will feature 30,000 square feet of living space with eight luxury units ranging in size from 2,000 to 5,200 square feet. Construction began on the project, which was designed by Hacin Architects, in July 2013 and is scheduled for completion in spring 2016. Holland’s second project, Jordan Lofts, is a mixed-use property located at 477 Harrison Ave. in Boston’s South End. The building will feature 4,800 square feet of retail space and 12 residential units. Construction began in October 2013 and is slated for completion in spring 2015.
DORAL, FLA. — Miller Construction Co. breaks ground on Gateway Center Doral, an 84,000-square-foot mixed-use development in the metro Miami city of Doral. The $9 million project will feature retail and high-end boutique office space in Doral’s N.W. 87th Avenue retail and restaurant corridor. The project team includes developer DBH Properties Ltd. and architect DYNAMICA ARCHITECTURE + INTERIOR DESIGN. Miller Construction expects to deliver the property in spring 2015.