CEDAR HILL, TEXAS — Trademark Property Co. has agreed to manage and lease Uptown Village at Cedar Hill, a 610,000-square-foot, mixed-use center in Cedar Hill, Texas. Located 20 minutes south of downtown Dallas, Uptown Village includes 350,000 square feet of retail and 35,000 square feet of office space. The center features 72 tenants including Dillard’s, Dick’s Sporting Goods and Barnes & Noble. Trademark begins management and leasing duties immediately.
Mixed-Use
NEW YORK CITY — A joint venture between Siras Development and Kuafu Properties has completed the acquisition of a development site in Midtown Manhattan’s Hudson Yards for approximately $62 million. The site comprises five adjacent parcels located at the southeast corner of 38th Street and 11th Avenue. The joint venture plans to develop a 380,000-square-foot mixed-use project on the site, which is directly across from the Jacob Javits Center. The property will include 50 condominium units in the top 15 floors of the tower; a 400-room high-end hotel on 20 floors; and the Shanghai Club, a members-only club, on three floors, as well as office, ground-floor retail and lifestyle space. Archilier Architecture designed the 47-story tower, which will have a sleek, modern appeal with a distinctive Asian influence.
NEW YORK CITY — Madison Realty Capital (MRC) has sold an uptown Manhattan real estate portfolio to an undisclosed foreign investor for $23.4 million. The portfolio consists of 125 apartment units and two retail stores located at 528-538 West 59th Street, 220 West 149th Street and 2546-2548 Seventh Ave. MRC initially purchased the properties from a regional savings bank for $10.5 million in December 2012. The company implemented a renovation and upgrade program after acquisition to enhance rent roll and lease the retail portion. Yosef Katz and Roni Abudi of GFI Realty Services and Peter Von Der Ahe from Marcus & Millichap brokered the transaction.
HOUSTON — Peska, a seafood restaurant, will open a 6,000-square-foot store at Phase II of BLVD Place, a new mixed-use development under construction in Houston’s Uptown/Galleria. Ed Wulfe, chairman and CEO of Wulfe & Co., is managing partner of the development. Stockbridge Capital Group of San Francisco serves as equity advisor in the transaction. Peska is owned by the Mexico-based Ysita family, which runs four restaurants in Mexico under the La Trainera brand. BLVD Place is located on the southwest corner of Post Oak Boulevard and San Felipe Street in Houston. The complex is 80 percent leased, with a 52,000-square-foot Whole Foods Market and a 55,000-square-foot regional headquarters for Frost Bank serving as the major tenants.
CHASKA, MINN. — The Opus Group plans to develop a mixed-use project on 60 acres in Chaska, a small town about 25 miles southwest of Minneapolis. The property is located at the southwest corner of U.S. Highway 212 and County Road. Plans for the site include approximately 500,000 square feet of industrial and office space and a 15-acre, grocery-anchored retail development. Opus Development Co. LLC has retained Colliers International to market the site. The population of Chaska was nearly 24,100 as of 2012, according to the U.S. Census Bureau.
WELLINGTON, FLA. — Johnson Capital has arranged a $12 million loan to refinance Wellington Reserve, a Class A office and retail park in Wellington, a town in Palm Beach County. The complex contains approximately 93,000 square feet of office and retail space in seven buildings. Warren Factor and Eric Fixler of Johnson Capital’s Boca Raton office arranged the seven-year loan with a 25-year amortization schedule through a national bank. The borrower, an unnamed real estate investor active in Orlando and Miami, purchased the asset from Wells Fargo in March 2013 for $10.5 million.
GROTON, MASS. — Senate Construction Corp. has begun construction for the second phase of development at Boynton Meadows, a mixed-use development in Groton. The second phase will include 15 townhouses, ranging from 2,000 to 2,500 square feet with additional walkout and basement space. The second phase is slated for completion in November. The first phase, which is located on Main Street, includes mixed-use first-floor office and retail space, which is occupied by a yoga studio, bakery and dental office. Maugel Architects has designed the mixed-use project to incorporate the colonial architecture of the community while including modern features. Mount Laurel Development LLC is developing the project, which is financed by Bank of New England.
NEW YORK CITY — Ariel Property Advisors has brokered a two-building mixed-use portfolio sale for $15.4 million. Located at 220 West 116th St. and 449 West 125th St. in Harlem, the properties offer a total of 59 units. The five-story, 46,080-square-foot building at 220 West 116th St. features five retail units and 35 rent-stabilized apartments, including 33 three-bedroom units and two studios. The six-story, 16,382-square-foot property at 449 West 125th St. features two retail units and 17 rent-stabilized apartments: one three-bedroom unit, seven two-bedroom units and six one-bedroom units. Shimon Shkury, Victor Sozio, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, Teaneck, N.J.-based Treetop Development LLC, and procured the buyer, a New York City real estate investment firm, in the transaction.
HOLLY SPRINGS, N.C. — Capital Advisors has arranged $17.2 million in refinancing for Main Street Square, a mixed-use development in Holly Springs, a suburb of Raleigh. The portion of the Class A property acting as collateral for the loan includes 172 apartment units and 32,285 square feet of commercial space. Main Street Square also includes 70,000 square feet of office and retail space, a 6,000-square-foot medical office building, 101 townhomes and 16 cottage homes. Cooper Willis of Capital Advisors’ Charlotte office arranged the 10-year loan with a fixed interest rate and 30-year amortization schedule through Morgan Stanley on behalf of the borrower, MSS Apartments LLC.
YONKERS, N.Y. — Forest City Enterprises has closed on a three-year, $350 million bridge financing for the company’s Westchester’s Ridge Hill retail center in Yonkers. The 1.3 million-square-foot regional shopping, dining and entertainment destination is home to Lord & Taylor, Whole Foods Market, National Amusements Showcase Cinema de Lux, LEGOLAND Discovery Center, Apple, REI, UNIQLO and Dick’s Sporting Goods, among others. Additionally, the property offers 160,000 square feet of office space, which is anchored by WESTMED Medical Group. The refinancing, which was provided by Morgan Stanley Bank, was led by Forest City Ratner Companies, Forest City’s New York subsidiary, which manages the mixed-use property.