LOS ANGELES – The famous Farmers Market property in Los Angeles has received a $100-million credit facility. The open-air shopping center is located on the northeast corner of 3rdStreet and Fairfax Avenue in the Fairfax District. It is sits adjacent to The Grove and across from CBS Television City. The collateral property contains about 237,300 square feet of retail, restaurant and office space. It was redeveloped in 2001, at which time the A. F. Gilmore Company added four new Class A office and retail buildings on land adjacent to the Original Farmers Market. The new addition totaled about 168,200 square feet. Major Farmers Market tenants include Cost Plus, Zara USA, Planet Dailies LA, Sur La Table, Marmalade Café, Chipotle and Starbucks. The Original Farmers Market was also refurbished in 2001. It currently contains about 68,400 square feet of retail and restaurant space throughout a cluster of buildings. Most of the market’s 100 tenants occupy 1,000 square feet or less. The borrower, an entity controlled by the A. F. Gilmore Company, purchased the site in 1880. The Original Farmers Market opened in 1934. The company’s headquarters is still located in the Gilmore Adobe on the Farmers Market grounds. The credit facility …
Mixed-Use
LAKE MARY, FLA. — Chris and Dana Mahnken of Lake Mary plan to develop a 32,000-square-foot office and retail building at East Crystal Lake Avenue in Lake Mary. The mixed-use property will be adjacent to the planned Lake Mary SunRail Station platform and across from a new 200-unit luxury apartment project. SunRail is a planned $1.2 billion commuter rail line in Central Florida. The property, known as Station Pointe at Lake Mary, will feature a coffee shop, sandwich shop, drug store, dry cleaner and beauty salon, along with office space. Construction is slated to begin in 2015. Realtor Rick Bavec has begun pre-leasing the development on behalf of the development team.
NEW YORK CITY — Silvershore Properties has purchased 27 East 20th Street for $3.3 million. The 5,200-square-foot four-story walk-up building, located between Park Avenue South and Broadway, features Rohm Thai Restaurant on the ground level and Bove Hair Salon on the second floor. Two full-floor apartments fill the two top floors. The property includes an additional 4,000 square feet of air rights. AY & Associates, which owned the building for more than 30 years, sold the property.
CORAL GABLES, FLA. — Sperry Van Ness South Commercial Real Estate Advisors brokered the sale of a three-story mixed-use office building in Coral Gables. The asset sold for approximately $2.5 million. Laura Kefalidis of Sperry Van Ness’ Miami office represented the buyer, 815 Ponce investments LLC, in the transaction. The 14,376-square-foot property features ground-floor retail space and covered parking. Miguel Alcivar of CBRE represented the seller, GML LLC.
CHICAGO — Brokerage firm @properties Commercial has arranged a seven-year lease for a 3,072-square-foot multi-use building in Chicago. The space is in the Elston Corridor, located at 1731-1749 N. Elston Ave. Rebecca Lundstrom and Jim Moller of @properties Commercial represented the landlord, Urban Development LLC. Eric Myers of Avison Young represented the tenant, Edge Athletics Inc., an athletic training company. Other tenants in the building include Crossfit, Fresenius Medical, Akira, Creative Scholars and Language Stars.
FORT WORTH, TEXAS — Trademark Property Co. will expand its WestBend mixed-use development in Fort Worth with a new 81,150-square-foot building. The facility will include 23,500 square feet of retail space pre-leased to Fresh Market, and 57,650 square feet of Class A office space. Trademark has demolished the existing parking garage on the site, which is located on the southeast corner of WestBend, and will begin construction of the new structure this summer. Completion is slated for 2015, with Fresh Market opening shortly afterwards. Trademark also announced the lease of 3,950 square feet elsewhere within the WestBend development to Grimaldi’s Pizzeria.
WEST LAFAYETTE, IND. — Orlando-based Cuhaci & Peterson Architects Engineers Planners has completed the design of a Fresh City Market in West Lafayette, Ind. The 22,000-square-foot store will feature fresh food, groceries and produce and will be the anchor tenant in 720 Northwestern Avenue, a residential and retail development under construction on Northwestern Avenue across from Mackey Arena near the Purdue University campus. The West Lafayette store will include a Caribou Coffee Shop and in-store seating for ready-to-eat hot foods from the deli bar. Construction of the new market is set for completion in August.
BOSTON — Berkeley Investments Inc. has begun the total rehabilitation of 9 Channel Center, a seven-story office and retail building totaling 77,000 square feet in the Channel Center neighborhood of Boston’s Seaport District. JLL has been named the leasing agent for the office space. The property’s renovation will include the installation of new building systems and the addition of street-level retail. The building’s brick and beam architecture is being restored as a historic building in accordance with historic tax credit requirements of the National Park Service. The building will also feature a new atrium lobby, windows, modern lighting and finishes, elevators, open retail storefronts on the ground floor and a roof deck. The architect for 9 Channel Center is Bargmann Hendrie + Archetype Inc. The agents for retail leasing are Boston Retail Partners.
FAIR LAWN, N.J. — Bergen County’s United Way has acquired the second phase of the Gateway to Fair Lawn, a 3.9-acre residential and retail development in Fair Lawn, N.J., for $1.7 million. United Way purchased the 3.9-acre portion of a subdivided seven-acre parcel from the Borough of Fair Lawn. The site has been approved for 64 garden apartments, which Bergen County’s United Way will develop as affordable senior housing. Located at 18-35 River Road, the residential portion of the Gateway to Fair Lawn will be situated adjacent to phase one of the development, which includes 20,000 square feet of retail space that is currently occupied by CVS/pharmacy and Advance Auto Parts. Darren Lizzack and Hal Messer of NAI Hanson represented the Borough of Fair Lawn in the transaction.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.2 million loan for the refinancing of a six-story mixed-use building in New York City. The building features apartments and ground-floor retail. The 10-year loan includes a fixed interest rate of 4 percent and a 25-year amortization schedule. Jerry Kray of MMCC arranged the loan.