ATHENS, GA. — CBRE’s Atlanta Private Capital Group has arranged the sale of the West Washington Building, a 40,818-square-foot mixed-use property in downtown Athens, two blocks north of the University of Georgia campus. The property is LEED Gold certified and features 12,882 square feet of ground-level retail space, 27,936 square feet of penthouse office space and five levels of deck parking in between the office and retail components. The parking portion is owned by the city of Athens was not included in the sale. The 88 percent-leased property sold to a private investor based in the Southeast.
OCOEE, FLA. — Morgan Property Group LLC has acquired a 20-acre lot at the southwest corner of Ocoee Apopka Road and Ocoee Crown Point Parkway in Ocoee. The site will house a proposed mixed-use development that will consist of residential and retail components. Morgan Property purchased the land through affiliate Ocoee Land Trust from Redus Florida Land LLC, an affiliate of Wells Fargo.
CHARLESTON, S.C. — Regent Partners and Clement Crawford & Thornhill, along with their capital advisor Patterson Real Estate Advisory Group, have begun construction on Midtown Charleston, an $85 million mixed-used development on the Charleston peninsula. A Hyatt Place / Hyatt House hotel will anchor the development, which will feature 304 hotels rooms (191 Hyatt Place rooms and 113 Hyatt House rooms), a rooftop restaurant and event facility, a 398-space parking deck and approximately 37,000 square feet of office and retail space. Midtown Charleston is breaking ground in the Upper King district of Charleston along King Street between Woolfe and Spring streets. Bank of America is providing the construction financing. Upon completion in the spring of 2015, Midtown Charleston will represent the first major hotel built in the downtown Charleston market in more than 12 years, according to Patterson.
CARLSTADT AND PASSAIC, N.J. — Marcus & Millichap Capital Corp. (MMCC), has arranged $15.2 million in refinancing for two properties in northeast New Jersey for different sponsors. MMCC arranged $10.2 million for a 94,000-square-foot industrial property in Carlstadt. The 12-year loan includes a 20-year amortization schedule and 4.1 percent interest rate with a 70 percent loan-to-value ratio. The company also arranged a $5 million loan for a 108-unit garden apartment complex in Passaic. The 10-year loan amortizes over 30 years and includes a 2.9 interest rate with a 65 percent loan-to-value ratio. Joseph Belgiovine, an associate director in MMCC’s New Jersey office, arranged the loans.
FARMINGDALE, N.Y. — RRDHC LLC has signed a lease for 13 acres at 1024 Broadhollow Road in Farmingdale, a village in Nassau County. The initial 45-year lease is valued at more than $75 million. RRDHC plans to develop a mixed-use property on the site that will include restaurant and hospitality space. Blair Gilbert of Exton, Pa.-based KW Commercial represented RRDHC LLC in the transaction. Peter Hofrichter of Tack Development represented the landlord.
WESTPORT, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $10.5 million loan to 180 Westport Partners LLC for the acquisition and renovation of a mixed-used property in Westport. The 32,103-square-foot office/retail space is located in Westport’s downtown retail corridor at 180 Post Road, just one block from Main Street.
HOLLYWOOD, CALIF. — La Brea Regency Lofts in Hollywood has received $19.3 million in construction financing. The lofts will be located at 1616 North La Brea Ave near the Roosevelt Hotel and Grauman’s Chinese Theatre. It will contain 56 residential units and 9,000 square feet of retail space.The three-year balance sheet loan features interest-only payments and a LIBOR-based floating rate. It was negotiated by Tal Savariego and Zev Feder of Meridian Capital Group.
BOCA RATON, FLA. — Johnson Capital has arranged an $11.3 million loan secured by The Boardwalk at 18th Street, formerly known as the Wharfside Village Shopping Center, in Boca Raton. The mixed-use center includes more than 107,000 square feet of medical, retail, office and restaurant space, in addition to 13 freestanding kiosks. Tenants include Wells Fargo, Berlitz Language Center, Carrabba’s Italian Grill, Women’s Healthcare Associates, Ress Plastic Surgery and Boca Pointe Association. Eric Fixler of Johnson Capital’s Boca Raton office arranged the five-year, interest-only loan through a national lender.
HOLLYWOOD, CALIF. — La Brea Regency Lofts in Hollywood has received $19.3 million in construction financing. The lofts will be located at 1616 North La Brea Ave near the Roosevelt Hotel and Grauman’s Chinese Theatre. It will contain 56 residential units and 9,000 square feet of retail space. The three-year balance sheet loan features interest-only payments and a LIBOR-based floating rate. It was negotiated by Tal Savariego and Zev Feder of Meridian Capital Group.
DETROIT —Rock Ventures and its real estate arm, Bedrock Real Estate Services, have purchased two mixed-use properties in downtown Detroit totaling 84,000 square feet. The properties are located at 1505 Woodward Ave. and 1265 Griswold St. The eight-story, 48,000-square-foot building at 1505 Woodward was designed by renowned architect Albert Kahn and built in 1931. Its original tenant was the Richman Brothers clothing store. The six-story, 36,000-square-foot 1265 Griswold building was built in 1897 by architectural firm Spier & Rohns. Bedrock Real Estate Services brokered the acquisitions and will oversee renovations, management and leasing of the currently unoccupied spaces.