CLEVELAND — First Market Properties LLC has purchased the first lien mortgage on a Class B, mixed-use complex in Cleveland. The property, Playhouse Square, is located at 1220 Huron Road N.E. The building includes 100,800 net rentable square feet and is currently 30 percent occupied. The loan was originated in 2011 and matured in June 2013 with an unpaid balance of approximately $1.7 million. Miami-based First Market Properties is a fully integrated real estate investment firm that originates first lien debt, purchases loans and REOs nationwide.
Mixed-Use
NEW YORK CITY — Delshah Capital has refinanced its existing debt on 1356 First Ave., located in New York City’s Upper East Side, for $11.5 million. The 20,000-square-foot property offers 26 one-bedroom condominium units and one retail unit. Petaluma, the Italian restaurant retail tenant, is being completely renovated and will reopen in this fall with C.J. Bivona as chef. Santander Bank originated the loan, which features a 4.05 percent interest rate with a 7-year term. Simon Rosenfeld of Meridian Capital Group represented both sides in the transaction.
NEW YORK CITY — Thor Equities has acquired 36 East 61st Street, a townhouse located in New York’s Upper East Side. The seven-story, 15,900-square-foot building features 2,600 square feet on the lower level, 2,500 square feet on the ground floor and 3,600 square feet on the each of the remaining floors. Currently, the property is used as office space, but it offers both commercial and residential opportunities for tenants. The seller, a high net worth family, sold the property for an undisclosed price.
KENOSHA, WIS. — Faris Lee Investments has arranged the $3 million sale of Williams Corner, a 10,100-square-foot multi-tenant retail center in Kenosha. The property is located at 7410 118th Ave. and is 100 percent triple-net leased to five tenants including Starbucks Coffee, Supercuts and Sparti’s Gyros. Jeff Conover of Faris Lee Investments represented the seller, San Diego-based Williams Corner Investors LLC. Suheil Sahouia of the Trafton Group represented the buyer, Forest Hills, N.Y.-based DJ Commercial Properties. The property sold at a 7.5 percent cap rate.
CHICAGO — Essex Realty Group has arranged the $620,000 sale of a mixed-use property in Chicago’s Lincoln Park neighborhood to an undisclosed buyer. The property is located at 2744 N. Lincoln Ave. The 4,200-square-foot building has 2,100 square feet of retail space on the first floor and a 2,100-square-foot loft style apartment on the second floor. The loft apartment features floor-to-ceiling windows, exposed brick and washer and dryer connections. Jim Darrow and Jordan Gottlieb of Essex Realty Group were the brokers in the transaction.
NEW YORK CITY — Florida-based Waterbury Meadow LLC has purchased 3450 Broadway in New York’s Hamilton Heights area for $8.5 million. The six-story, 32,010-square-foot building offers 24 residential units and five retail spaces, including Papa Juan Cigar Room. Built in 1925, the building was 100 percent rented at the time of sale. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the seller, 3450 Partners LCC, and the buyer in the transaction.
CHAMPLIN, MINN. —The city of Champlin, a suburb of Minneapolis, has selected Cassidy Turley to market 10 acres of a 60-acre riverfront site. The site is located at the Mississippi and Rum rivers and is across from the historic town of Anoka. Jim McCaffrey and Julie Lux of Cassidy Turley will market the land on behalf of the seller. The city of Champlin has invested more than $15 million to acquire several parcels of land for the development of Mississippi Crossing, a proposed mixed-use project. The development calls for 450 new rooftops and 185,000 square feet of new commercial space. The city of Champlin is the master developer for the project and plans to sell land parcels to multifamily developers.
NEW YORK CITY — A joint venture between Colt Equities and Ruby Ventures has acquired the leasehold of 11 Green Street in New York’s SoHo district. The joint venture plans to develop a mixed-use property at the site, which is currently a surface parking facility. The 13,900-square-foot lot allows for the development of a building featuring more than 75,000 gross buildable square feet, including sub-grade space in a seven-story envelope. Development plans include approximately 16,000 square feet of total ground-floor and lower-floor retail space, as well as more than 30 luxury residential rental units on the second and sixth floors with a partial mezzanine level on the seventh floor.
NEW YORK CITY — New York-based Madison Realty Capital (MRC) is consolidating all future equity and debt investments under a single brand: Madison Realty Capital. Historically, the company’s equity investments were made through Silverstone Property, a 100 percent controlled affiliate. In addition to the rebranding, MRC has acquired 440-442 Tenth Avenue, which includes two mixed-use properties located between 34th and 35th streets in the Hudson Yards district, as well as 2094-2104 Frederick Douglass Blvd., an 11,254-square-foot retail property in West Harlem. The Tenth Avenue properties, which sold for $9.75 million, total 20,000 square feet and offer 34 apartments. The Frederick Douglass property was acquired for $7.25 million.
DALLAS — RED Development will develop Akard Place, an 800,000-square-foot mixed-use project in the Uptown submarket of Dallas. To be located at the intersection of Field Street and Cedar Springs Road, the complex will include a 20-story multifamily tower with approximately 300 units, a 16-story office tower and 75,000 square feet of street-level retail and restaurant space. RED is partnering with locally based StreetLights Residential on the development of the multifamily component. Seattle-based Graphite Design Group is serving as design architect on the project, while Houston-based The Office of James Burnett is working as landscape designer. Burson Holman and Shannon Brown of CBRE will lease the office space. Akard Place is scheduled to open in 2017.