Mixed-Use

RELATED BEAL BUYS THE BLOCK ON CONGRESS FROM FIDELITY

by admin January 6, 2014

BOSTON — Related Beal Real Estate Recovery Fund has acquired The Block on Congress, a five-building, 343,000-square-foot portfolio in Boston, from Fidelity Investments. The company did not disclose terms of the deal, however the Boston Herald reported that Related Beal paid $59.2 million for the property. The office and retail portfolio sits on more than one acre and is located at 82 Devonshire St., 35 Congress St., 68 Devonshire St., 19 Congress St., 15 Congress St., and 54 Devonshire St. Related Beal will lead the repositioning efforts and serve as property manager of The Block. CBRE/New England was tapped last spring to sell the complex on behalf of Fidelity. The CBRE capital markets sales team was led by Chris Angelone, Andy Hoar and Carlos Febres-Mazzei. Jeremy Grossman of CBRE is spearheading the retail leasing efforts for Related Beal.

January 6, 2014

THREE PROPERTIES IN EAST HARLEM SELL FOR $36.8M

by admin December 23, 2013

NEW YORK CITY — Waterbridge Capital has purchased three properties totaling 210,220 square feet, located at the southeast corner of 125th Street and Park Avenue in East Harlem, for $36.8 million. Located at 1815 Park Ave., 1801 Park Ave. and 110 E. 125th St., the properties are currently used as a hotel, a parking lot and retail space. Waterbridge Capital plans to redevelop the properties to create a mega retail center fronting Park Avenue and 125th Street with a high-rise residential condominium building on Park Avenue and 124th Street. Lenny Sporn, Ariel Tavivian and Yair Tavivian of Douglas Elliman’s Tavivian Sporn Team represented the buyer and the seller in the transaction.

December 23, 2013

Mixed-Use Southeast

CITYCENTERDC OPENS HISTORIC STREETS, WELCOMES RESIDENTS

by admin December 20, 2013

WASHINGTON, D.C. — Hines and the TFI US Real Estate Fund, developers of the 10-acre CityCenterDC mixed-use development, have re-opened 10th and I streets in Washington, D.C., which is the first time the thoroughfares have been accessible to the public in more than 30 years. The developers also welcomed the first residents to their homes at The Apartments at CityCenter and The Residences at CityCenter. Additionally, the development’s new parking garage for residents and visitors, which features an automated parking guidance system and 700 parking spaces, is now open. In 2014, new stores and restaurants are expected to open at CityCenterDC, in addition to the new office buildings that are expected to wrap up construction. Office tenants will include Covington & Burling, the American Hospital Association, Qatari Foundation International and Hines’ Washington, D.C., office.

December 20, 2013

Midwest Mixed-Use

MACK COS. BUYS THREE PROPERTIES IN SUBURBAN CHICAGO

by admin December 20, 2013

TINLEY PARK, ILL. — MACK Cos. has purchased two shopping centers and an office building in Tinley Park, located about 30 miles south of Chicago. Gateway Plaza, located at 6800 Oak Park Ave., is a 7,500-square-foot shopping center with a mix of retail, office and commercial space. Interior renovations have begun, with plans for exterior renovations slated for the spring of 2014. Located 10 blocks north of Gateway Plaza at 6787 159th St., High Pointe Plaza is an 11,953-square-foot shopping center. Betscher Cleaners and Indy Mac Holdings LLC currently occupy 5,361 square feet at High Pointe. Centennial is an 8,000-square-foot facility that will become office space for approximately 40 MACK employees from the firm’s executive management, operations, accounting and sales and marketing divisions. Move-in is scheduled for early 2014. MACK will provide property management services for all three buildings.

December 20, 2013

Mixed-Use Southeast

SPECTRUM | EMERY TOPS OFF FRANKLIN PARK OFFICE BUILDING

by admin December 19, 2013

FRANKLIN, TENN. — Spectrum | Emery has topped off the first office tower in Franklin Park, a mixed-use corporate complex in the Cool Springs area of Franklin. The building, known as One Franklin Park, is a 10-story, 272,720-square-foot, Class A office tower that is expected to open in September 2014. Franklin Park is a 72-acre development that will feature five Class A office towers, a 350-unit multifamily community and more than 12 acres of greenspace. The $10 million greenspace will feature an outdoor amphitheater, waterways, ponds, walking paths and open fields. One Franklin Park will feature a covered parking garage with covered walkways leading to the entrance of the building. The project team for One Franklin Park includes general contractor Bell and Associates, based in Brentwood, Tenn., and architect Duda Paine, based in Durham, N.C.

December 19, 2013

Mixed-Use Northeast

HOULIHAN-PARNES ARRANGES $20M LOAN FOR BRONX MIXED-USE PROPERTY

by admin December 18, 2013

NEW YORK CITY — Houlihan-Parnes Realtors LLC has arranged a $20 million loan for the refinancing of 1775 Grand Concourse, a 300,000-square-foot mixed-use building in the Bronx. The mortgage covers a commercial condominium interest in the building that shares ownership with Verizon Wireless, which owns two floors. The remaining six floors have been converted to an indoor parking garage and retail and office space. Current tenants include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Sam Jemal of JJ Operating Inc. and members of his family together with members of Houlihan-Parnes Realtors LLC, own the property. The property was acquired in February 2012 from Verizon. Kelly Houlihan Buckley and James Houlihan of Houlihan-Parnes Realtors arranged the financing.

December 18, 2013

Mixed-Use Northeast

MERIDIAN ARRANGES $2.1M LOAN FOR TWO MIXED-USE PROPERTIES

by admin December 13, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $2.1 million loan for the refinancing of two mixed-use properties located on Greene and Myrtle avenues in Brooklyn. The seven-year loan features a fixed interest rate of 4 percent and a 77 percent loan-to-value ratio. A local savings bank provided the loan. Blake Carver, an associate at Meridian arranged the financing. The three-story properties, located at 132 Greene Ave. and 468 Myrtle Ave. in the Clinton Hill neighborhood, total four residential units and 2,000 square feet of retail space. Tenants include Aita, a casual farm-to-table restaurant, and Barking Brown, a clothing and accessories boutique.

December 13, 2013

Mixed-Use Western

THE BARLOW MIXED-USE CENTER IN SEBASTOPOL RECEIVES $28.8M IN FINANCING

by admin December 12, 2013

SEBASTOPOL, CALIF. — The Barlow, a 212,000-square–foot, mixed-use industrial and retail lifestyle center in Sebastopol, has received two loans totaling $28.8 million. The center is located at 6770 McKinley Street. It is anchored by Kosta Browne Winery. The Barlow features two full-scale production wineries, four wine tasting rooms, two breweries, a gin and vodka distillery, a coffee roaster, two restaurants, a grocery store, a tea company, a full-scale production bakery and various other artisan producers. The project’s remaining space may be utilized by a boutique hotel with a spa. Financing was arranged by Ethan Schelin of Lucent Capital.

December 12, 2013

Mixed-Use Western

THE BARLOW MIXED-USE CENTER IN SEBASTOPOL RECEIVES $28.8M IN FINANCING

by admin December 12, 2013

December 12, 2013

Midwest Mixed-Use

EMK PROPERTY INVESTORS SELLS ANNABERRY PARK IN INDIANAPOLIS

by admin December 11, 2013

INDIANAPOLIS — EMK Property Investors has sold Annaberry Park, a mixed-use property located south of 86th Street on Harcourt Road in Indianapolis. Omaha-based Metonic Real Estate Services purchased the property, which includes 244 residential units and 12 commercial units. The purchase price was undisclosed. EMK Property Investors purchased the apartment community in late 2010 from a lender. At the time, the property was known as Presidential Estates. The company spent more than $1.3 million to upgrade the property, including the installation of new windows, replacement of a portion of the roofs, new exterior paint, renovation of the clubhouse and the majority of the units. Omaha-based Seldin Co. will serve as the new manager of the property.

December 11, 2013

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