WORCESTER, MASS. — Skanska USA has signed a contract to build a maintenance and operations facility for Worcester Regional Transit Authority. The 150,695-square-foot building will include administrative offices, a public meeting space, operations dispatching, bus storage, maintenance shops and additional parking. Construction has begun on the $60 million project and substantial completion is expected in first quarter 2016.
Mixed-Use
NEW YORK CITY — TerraCRG has arranged the sale of 65 Irving Avenue in Brooklyn’s Bushwick neighborhood. The property sold for $2.55 million, which equals $432 per square foot or $425,000 per unit. Located between Starr and Troutman streets, the 5,906-square-foot four-story building features five free-market residential apartments — four three-bedroom units and one studio unit —and 1,500 square feet of renovated ground-floor commercial space. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller.
LOS ANGELES — MacFarlane Partners has acquired Park Fifth, a 2.2-acre development site in Downtown Los Angeles, for nearly $40 million. The site is located on the corner of Fifth and Olive streets. MacFarlane plans to develop mid- and high-rise residential properties on the site, in addition to retail. The Fifth and Olive intersection has been a popular one with developers as of late. Aside from Park Fifth, new developments at this juncture include Metropolis, G12 and the Rosslyn Hotel. The seller of Park Fifth was Africa-Israel USA (AFI-USA). The sale was executed by Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobso of Newmark Grubb Knight Frank.
NEW YORK CITY — Cleveland-based Forest City Enterprises and Greenland USA, a subsidiary of Shanghai-based Greenland Group Co., have partnered to develop Atlantic Yards, a 22-acre residential and commercial real estate development in Brooklyn. The joint venture covers both phases one and two of the project, including infrastructure, a permanent MTA rail yard, a platform above the rail yard, future residential units and future commercial high-rise development. The initial joint venture does not include the Barclays Center and B2 BKLYN, the first residential tower. Under the agreement, Greenland USA has acquired 70 percent of the project and will co-develop the project with Forest City, with both companies sharing all project costs going forward in proportion to their ownership interests. Forest City Ratner Companies, the New York-based subsidiary of Forest City, will co-manage the daily activities and develop project consistently with the approved master plan along with Greenland USA. The project will bring 6,430 residential units, including 2,250 units of affordable housing, to the Brooklyn area.
AUSTIN, TEXAS — NorthMarq Capital has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. Paul Brighton, senior vice president/senior director of NorthMarq’s Dallas office, arranged the loan with a 10-year term and 30-year amortization schedule through a CMBS lender. Austin fashion retailer Julian Gold anchors the property.
MOUNTAINSIDE, N.J. — Vericon Construction has acquired a single-story commercial building at 191 Glen Road in Mountainside for $1 million. The buyer, which also owns the adjacent building, plans to expand its operations into the 11,685-square-foot property. The property is currently 46.5 percent leased to NBD Fitness Center and divisible for multi-tenant use with separate entrances. Jacklene Chesler of Colliers International represented the seller, Caiola Family Trust, in the transaction.
OKLAHOMA CITY — Milhaus has closed on financing and will begin construction on a $42 million mixed-use development in midtown Oklahoma City. LIFT, located at the northwest corner of 10th Street and Shartel Avenue, will include 329 units, comprised of eco-suites, studios, and one-, two- and three-bedroom apartments. Some of the features in the units include granite countertops, stainless steel appliances and hard surface flooring. The development will consist of 4,700 square feet of commercial space and a 445-space parking garage. The development will also feature a yoga room, café, bar, game room, fitness studio and children’s play area. Apartment units are set to be available in the summer of 2015. This is Indianapolis-based Milhaus’ first project outside of Indiana. Regions Bank provided construction financing for the project. Milhaus Construction LLC will construct the project, and Milhaus Management LLC will manage the property.
NEW YORK CITY — New York City-based The Bauhouse Group has secured a $35 million construction loan, which was provided by Doral Bank, for the development of 515 West 29th Street in Manhattan. At the gateway to Hudson Yards and surrounded by the High Line, the residential and retail property will total approximately 43,000 gross square feet when complete. The Bauhouse Group acquired the property, which contained a six-story former warehouse, for $24.4 million in September 2013 and purchased three separate pieces of air rights for the building in March 2014 for $6 million to enable additional square footage. 519 West 29th Street is slated to begin sales this fall through its broker, Corcoran Group.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged two loans totaling $24.2 million for three properties in New York City. A 30-unit multifamily property and a three-unit mixed-use commercial property on 10th Avenue received a loan for $14.7 million, and a mid-rise 30-unit residential building on West 51st Street received $9.5 million in financing. The two seven-year loans have 3.9 percent fixed rates and 30-year amortizations with 70 percent loan-to-value. Chris Marks and Steve Rock of Marcus & Millichap arranged the financing.
NEW YORK CITY — JMC Holdings has completed the disposition of 19 West Eighth Street in New York’s Greenwich Village neighborhood for $10.25 million or $1,160 per square foot. Built in 1920, the five-story, 8,831-square-foot building features one retail unit and eight residential units. The property recently underwent a high-end renovation for six apartments, the stairwell, roof, plumbing and security. All of the renovated, free-market units feature stainless steel appliances, granite countertops and marble bathrooms. Additionally, three units feature terraces, as well as two penthouse units with 16-foot ceilings and skylights. Peter Von Der Ahe, Joseph Koicim, David Lloyd, Sean Lefkovits and Assaf Tayar of Marcus & Millichap’s Manhattan office represented the seller and the buyer, a private investor, in the transaction.