NEW YORK CITY — RKF has arranged the sale of a 27,164-square-foot mixed-use property located at 257 Water Street in Lower Manhattan. 257 Water Street LLC bought the property from 810-257 Water Street LLC for $23 million. Located at the northwest corner of Water Street and Peck Slip, the property consists of two commercial and residential buildings, including 20 market-rate apartments. Mark Joseph Steakhouse and Acqua Restaurant & Wine Bar occupy the property’s ground-floor retail spaces. The transaction also included additional air rights that allow for future residential expansion. Jeff Fishman, Patricia Garcia and Jonathan Butwin of RKF represented both the seller and buyer in the transaction.
Mixed-Use
DAVENPORT, IOWA — Love Funding has arranged a $7.5 million HUD loan for the Union Arcade commercial building in downtown Davenport. The loan will be used to convert Union Arcade into a mixed-use, market-rate multifamily residential and retail space. Harry Cheatham of Love Funding’s St. Louis office secured the HUD loan for the building’s owner, Financial District Properties. The non-recourse loan features a 40-year term. The lower level of the Union Arcade was built in 1915 to house the Union Savings Bank and Trust. The upper level was built in 1924. The property has been awarded federal and state historic tax credits. Once the renovation is complete, Union Arcade will offer 68 rental units along with 8,100 square feet of commercial space.The historic building’s renovation is a part of the revitalization of downtown Davenport. Financial District Properties, which bought the building in 2012, is also investing $10 million to create 29 apartments in Davenport’s Wells Fargo building downtown.
DENVER – A 1.1-acre site at the corner of 18th and Wewatta in the Central Platte Valley area near Denver has sold to Portman Holdings for $10.8 million. The site is across the street from the newly renovated Union Station, which will open this July. Portman is partnering with Hensel Phelps Development Group to develop 200,000 square feet of office space, which will include retail and hotel components.
SAN DIEGO – A 15,400-square-foot parcel of land in the San Diego submarket of La Jolla has sold to SARE Investments (c/o Colrich) for $2.9 million. The parcel is located at 5702 La Jolla Blvd., in the Bird Rock neighborhood. The buyer plans to develop a high-end mixed-use project on the site. It will feature ocean-view condominiums, 5,500 square feet of ground-floor retail and a rooftop deck. The property had been fully entitled by the seller, the Krambs Family Trust. The off-market transaction was executed by Victor Krebs of Colliers International.
NEW YORK CITY — A joint venture between The Kalikow Group and Steelpoint Property Group has acquired a pre-war, four-story mixed-use building located at 517 Second Avenue in Manhattan’s Kips Bay/Gramercy neighborhood. Rana Associates sold the property for $5.1 million. The building features an existing ground-floor restaurant and apartments on the other floors. The apartments are currently vacant.
SAN ANTONIO — Uptown Square, a mixed-use redevelopment of a former church complex, has opened in San Antonio. Formerly Harvest Fellowship Community Church, the property includes a three-story, 36,004-square-foot office building and three retail pad sites. 1604 TC LP purchased the site in 2012 and redeveloped the asset with exterior building rock work; the addition of a pylon sign; landscaping, courtyard, parking and HVAC improvements; extension of the second floor; break room and common area amenities; and a detention pond that is currently under construction. Northrock Church purchased the adjacent 20,500-square-foot church building separately. Rialto Homes has leased 3,061 square feet of office space at Uptown Square, and gastropub The Hoppy Monk has leased one of the pad sites. The rest of the office building and the other two pad sites are available for lease. Scott Herbold, Carl Salvato and Lindsey Tucker of CBRE are marketing the property.
ATHENS, GA. — Juneau Construction Co. has commenced construction on a seven-story, 375,000-square-foot mixed-use project in downtown Athens, blocks from the University of Georgia. The $35.5 million Broad Street project will feature 252 residential units, retail space and a parking structure. The residential portion will feature one-, two-, three- and four-bedroom apartments, as well as a rooftop terrace, patio and pool. The project team includes developers GEM Realty Capital and Education Realty Trust, as well architect BKV Group. The Broad Street project will open in August 2015.
LOS ANGELES — The Wolff Company has announced it will develop a $54-million mixed-use project in Downtown Los Angeles’ South Park district. The project, 12th & Olive, is named after its location. The seven-story podium building will contain 293 apartment homes with 7,000 square feet of amenity space, which will include round-the-clock valet and concierge services. The development will also feature 17,300 square feet of ground-floor retail. The project will break ground later this month. It is scheduled for completion in mid-2016. Bernards will handle the construction, while TCA Architects will oversee its design.
TEMPE, ARIZ. — Mill Avenue Office LLC has acquired Hayden Station, a 107,508-square-foot, mixed-use project in Tempe, for $26.5 million. The property is located on the southwest corner of Mill Avenue and 3rd Street. It sits adjacent to a Light Rail station, and is just a short walk to Arizona State University. Hayden Station contains five buildings of office and retail users. The 74,307-square-foot building on 3rd Street serves as a multi-tenant office building. The other buildings are located on Mill Avenue. They range in size from 5,642 square feet to 9,548 square feet. The entire project was 97.9 percent leased at the time of sale. The seller was Holualoa Companies. Bob Buckley, Tracy Cartledge, Steve Lindley, Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee of Cassidy Turley represented both parties in this transaction.
JACKSONVILLE, FLA. — Avesta Communities has acquired Woods of Mandarin, a 401-unit apartment community located in Jacksonville’s Mandarin submarket. As part of the transaction, the property has been renamed Avesta Mandarin. Built in 1974, the community offers amenities such as two swimming pools, lighted tennis courts, a playground and a picnic area.