NEW YORK CITY — Eastern Consolidated has arranged the $18.5 million sale of a five-story, 25,000-square-foot mixed-use building located at 131 Duane St. in the Tribeca neighborhood of Manhattan. Ben Tapper, senior director, and Marion Jones, director at Eastern Consolidated, represented the seller, Duane Street Realty, in the transaction. The property includes eight residential units on floors two through five, as well as a ground floor and lower level retail space occupied by the City Hall Restaurant. The buyer was Duane 131 LLC. The attorney for the seller was Myron Cohen of Dornbush, Schaeffer, Strongin & Venaglia LLP. The buyer’s attorney was Francisco Augspach of Augspach Law PLLC.
Mixed-Use
NEW YORK CITY — Silvershore Properties has purchased 331 Hicks St., a 7,888-square-foot mixed-use building in Brooklyn Heights for $3 million. Built in 1910, the building includes two stores and four apartments and is located across the street from Long Island College Hospital. The seller was a long-term owner. No brokers were involved in the deal.
SAN MARCOS, TEXAS — CBRE has brokered the sale of four buildings previously owned by Hays County totaling 66,066 square feet in San Marcos. The assets, vacated when the new Hays County Government Center opened in February 2013, will be redeveloped for a variety of uses. Austin-based Primus Real Estate Services purchased the majority of the portfolio, including the former Courthouse Annex, Records Building and Justice Center. An undisclosed buyer acquired the fourth structure, a 3,229-square-foot building located at 302 W. San Antonio St. Walter Saad and Cathy Nabours of CBRE represented Hays County in the disposition.
BALTIMORE — HFF has secured $120 million in construction financing for the redevelopment of The Rotunda, a 661,872-square-foot mixed-use development in Baltimore. The Rotunda, which is expected to be delivered in 2016, will feature 379 luxury residential units, 170,675 square feet of retail space including a movie theater, 138,000 square feet of office space and more than 1,000 parking spots in a parking structure and surface lots. Thomas Didio, Cary Abod and Andrew Roland of HFF secured the 48-month financing through Wells Fargo Bank NA on behalf of the borrower, Grande Rotunda LLC, an entity owned by Hekemian & Co. Inc.
CHICAGO— Pembrook Capital Management LLC has closed $7.3 million in preferred equity financing for a recently renovated mixed-use building in Chicago. Proceeds from the funding will be used to recapitalize the property, which includes 192 apartment units and 20,833 square feet of retail space. The 11-story building recently received a $28 million renovation, which included façade work, improvements to the retail spaces and storefront upgrades. The 148,877-square-foot property is located at 5307 S. Hyde Park Blvd. Constructed in 1918, the building was previously occupied by the Del Prado Hotel until the early 1970s, when it was converted into apartments. The current owner acquired the property in January 2008. The building was 90 percent occupied at the time of the transaction.
LOS ANGELES — Greenland Group has purchased Metropolis, a 6.33-acre development site in Downtown Los Angeles, for a reported $150 million. The five-parcel site is located along Francisco Street. It spans from 8th Street to James W. Wood Boulevard between the Convention Center/LA Live Entertainment District and the Financial District. The land is entitled for about 1.65 million square feet of multifamily, hotel, office and retail space. The China-based group intends to break ground in the next 30 days. The seller, a joint venture between IDS and an institutional pension fund, was represented by Patrick Spillane and Rob Fuelling of IDS Real Estate Group, and by CBRE’s Laurie Lustig-Bower, Onno Zwaneveld, Brad McCarthy, Rod Apodaca, Bob Kaplan and Andrew Behrens.
NEW YORK CITY — Direct Realty has sold 334-336 West 46th Street, along Manhattan’s Restaurant Row. An undisclosed buyer acquired the property for $9.5 million. The property consists of two four-story, mixed-use buildings, including 10 free-market residential units and ground-level commercial space. Additionally, the parcel offers approximately 15,000 square feet of unused development rights. A master lease through January 2015 currently encumbers the residential units, and the lease of the commercial tenant, O’Flaherty’s Ale House Irish Pub, expires in February 2014 with no extension options. David Schechtman and Lipa Lieberman of Eastern Consolidated represented both parties in the transaction.
SAVANNAH, GA. — In a joint venture with The Kroger Co., Blanchard & Calhoun Commercial has broken ground on Market Walk, a grocery-anchored retail center in Savannah. The new development will house the city’s largest Kroger supermarket and its first Dick’s Sporting Goods store. Market Walk will also house Chipotle Mexican Grill, Fiddler’s Crab House, The Original Pancake House, Super Cuts and John B. Rourke. Kroger is expected to open in April, while Dick’s Sporting Goods and the rest of the center will open in the fall.
NEW YORK CITY — A private investor has acquired 115 Atlantic Avenue, a 5,370-square-foot mixed-use property in Brooklyn, from an undisclosed seller. The property sold for $3.4 million, or approximately $843 per square foot. Shaun Riney, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap’s Brookyln and Manhattan offices represented the seller. Shaun Riney and Patxi Colbern, also of Marcus & Millichap, represented the buyer in the transaction.
NEW YORK CITY — Massey Knakal has brokered the sale of 158 Rivington Street located in Manhattan’s Lower East Side. The six-story, 6,866-square-foot mixed-use building sold for $6.48 million or approximately $944 per square foot. The property consists of two ground-floor retail units and nine residential units. Built in the 1990s, the property holds approximately 2,151 square feet of additional air rights. Michael DeCheser of Massey Knakal exclusively handled the transaction. The seller was 158 Rivington Property Inc.