NEW YORK CITY — New York REIT has entered into an agreement to purchase Twitter’s headquarters in Manhattan. Located at 245-249 West 17th St., the asset includes a 12-story office tower and an adjacent six-story mixed-use building. The properties total approximately 282,000 square feet of rental space. In addition to Twitter, Room & Board Inc. and Flywheel Sports occupy portions of the building. Adam Spies and Doug Harmon of Eastdil Secured represented the seller, Savanna, in the transaction.
Mixed-Use
ATLANTA — The Atlanta Braves organization has announced a trio of developers that it will team up for the 74-acre, $400 million mixed-use project that will be integrated with the team’s new stadium in Cobb County. The companies, including Fuqua Development, Pope & Land Enterprises and Pollack Shores Real Estate Group, will develop 630,000 square feet of Class A office space, 500,000 square feet of retail, 450 hotel rooms and 500 residences. Fuqua Development will handle the retail portion, Pope & Land will handle the office portion and Pollack Shores will handle the residential portion. The Atlanta Braves will partner with the Cobb-Marietta Coliseum and Exhibit Hall Authority for the project and retain a majority ownership stake, as well as continue to guide the development process. JLL will remain involved as a real estate and development consultant, and The Jerde Partnership will continue to guide the land planning aspect. The Atlanta Braves and the development team expect to open Phase I, or most of it, by spring 2017, coinciding with the stadium’s debut for Opening Day 2017.
CHEVY CHASE, MD. — The JBG Cos. and JBGR Retail have sold Phase I of Tysons West, a new mixed-use, transit-oriented development in Chevy Chase. LaSalle Investment Management purchased the project’s initial phase, which features more than 165,600 square feet of commercial space, including an urban-format Walmart, 24 Hour Fitness, several restaurants and 30,000 square feet of medical office space. Delivered in August 2013, the asset is located at 1500 Cornerside Blvd. immediately adjacent to the Spring Hill Metro station on the new Silver Line Metrorail. Phase II of Tysons West will include 400,000 square feet of residential space and another 50,000 square feet of retail, and Phase III will consist of 300,000 square feet of residential space, 380,000 square feet of office space and 50,000 square feet of retail. Eastdil Secured brokered the sale of Tysons West. JBGR Retail will continue to manage the property.
BOSTON — Gerding Edlen, Normandy Real Estate Partners and National Real Estate Advisors has topped off the construction of Troy Boston, a mixed-use complex at 55 Traveler Street in Boston’s South End. Situated on 1.27 acres, the $185 million complex will feature two residential towers offering 378 apartments and 6,000 square feet of retail and restaurant space. Designed by ADD Inc., the project is projected to receive LEED Gold certification and includes an internal power plant that co-generates electricity, hot water and heat. Each apartment features 82 percent post-industrial, recycled content wood floors, stone countertops, customer closet space, energy-saving washers and dryers, Nest Learning Thermostats and custom cabinetry in the kitchen and bathrooms. Building amenities include a 180-space parking garage, a bike room, dog walking facilities, pet washing stations, an outdoor pool with deck, a rooftop terrace, a chef’s kitchen, a multi-purpose room, a private yoga room and a fitness studio. Suffolk Construction is providing construction management for the project. Pre-leasing for the residential units will begin in August.
BERWYN, ILL. — Marcus & Millichap has brokered the $3.4 million sale of a mixed-use portfolio of apartment and retail spaces in Berwyn, a western suburb of Chicago.The portfolio includes nine retail spaces and a total of 80 apartment units in four buildings. The units include studio, one-, and two-bedroom apartments. The properties of the Berwyn mixed-use apartment portfolio are located at 2139 Clinton Ave., 2140 Kenilworth Ave., 2200 Scoville Ave. and 2202 Grove Ave. The four buildings are located within a half mile of each other along Cermak Road. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office and Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller, a limited liability company, and the buyer, a private investor.
DALLAS — CBRE has brokered the sale of Two Hickory Centre at 1750 Valley View Lane in the Farmers Branch submarket of Dallas. Austin, Texas-based Capital Commercial Investments Inc. bought the asset from Los Angeles-based Cathay Bank for an undisclosed price. The 97,117-square-foot office building was built in 1999 and is 40 percent occupied. Lead tenants include Beazer Homes, Bartlett Cocke and Border Foods. Shannon Brown, Michael Dudley and Ben Davis with CBRE represented the seller in the transaction. The three have also been named the exclusive leasing agents for the new owner.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased 361 East 50th, a six-story, mixed-use building located in Manhattan’s Midtown East section. The off-market transaction was valued at $40.2 million. The 55,501-square-foot property has been family-owned by the seller since it was built in the 1940s. The property features 43 residential units, seven commercial units and an additional 45,549 square feet of air rights for further residential development. The residential mix includes large studios, one-bedroom and two-bedroom apartments, as well as a five-bedroom, five-bath penthouse on the top floor. The commercial space is currently 100 percent occupied and features six street-level retail units with storage space in the basement and one second-floor office unit. MRC plans to pursue an intensive capital expenditure program to reposition and modernize the property.
MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged $73.7 million in financing for multiple properties across the Northeast. The firm arranged a $16.52 million loan for a 306,847-square-foot grocery-anchored shopping center in North Brunswick, N.J., and $16.26 million loan for a 265,986-square-foot shopping center in Franklin Township, N.J. The $16.26 million loan features a 10-year fixed-rate term and a 25-year amortization schedule. Also in New Jersey, G.S. Wilcox negotiated a $15.32 million loan for single-story 406,000-square-foot office/warehouse facility in Carteret. The property currently has 101,150 square feet of vacant office space. The loan has a 30-month term with extension options and interest-only payments. The firm also arranged $1.6 million for a 40,040-square-foot multi-tenant industrial building in Runnemede, N.J., through a correspondent life insurance company. Additionally, G.S. Wilcox secured $24 million in construction financing for a 59,582-square-foot office building in Queens, N.Y. The loan features a two-year construction period and eight years of additional term. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox arranged the financing for all the transactions.
NEW YORK CITY — GFI Realty Services has arranged the sale of 275A Malcolm X Boulevard in Brooklyn’s Bedford-Stuyvesant neighborhood. The four-story property, which features three residential units and a ground-floor retail unit, sold for $1.07 million. Constructed in 1927, the property is located within close proximity to the Utica Avenue and Hasley Street subway stations, which service the A, C and J lines. Yisroel Pershin of GFI represented the seller, while Daniel Shragaei, also of GFI, represented the buyer. Both parties were local investors.
RICHARDSON, TEXAS — KDC, a commercial real estate development and investment firm, broke ground on a 489,000-square-foot office complex July 21. The complex is part of a 186-acre mixed-use development in Richardson, Texas located at 1717 East CityLine Drive. The facility will have three campus-style buildings at the southwest corner of President George Bush Turnpike and Wyndham Lane. When finished, CityLine will have six million square feet of office space, two hotels, 3,925 multifamily residential units, 300,000 square feet of grocery, restaurant, entertainment and retail space along with three parks.