TEMPE, ARIZ. — Alberta Development Partners has acquired a 1.8-acre parcel of land in Tempe for $6.1 million. The land is located on the northwest corner of University Drive and Ash Avenue. Alberta plans to develop a mixed-use property that would include a popular grocer and a multifamily component. The buyer represented itself in this transaction, while the seller, Brookfield Asset Management, was represented by Barry Gabel and Chris Marchildon of CBRE’s Phoenix office, who worked in conjunction with CBRE’s National Loan Sale Advisory Group.
Mixed-Use
SAVANNAH, GA. — Ben Carter Enterprises, a full-service commercial real estate firm based in Atlanta, has acquired several buildings and has contracts on more than 20 more across five blocks on Broughton Street, a main thoroughfare in downtown Savannah’s historic district. The company will launch the Broughton Street Project, which will feature national retailers and restaurants alongside local boutiques, galleries and neighborhood eateries, according to Ben Carter, founder of Ben Carter Enterprises. The portfolio of buildings spans 150,000 square feet. The company plans to convert the upper level spaces to 100 urban lofts. Carter credits Lori Judge of Judge Commercial for the project.
MIAMI — Construction has begun on Wynwood Central, the first major ground-up, mixed-use real estate development in the Miami neighborhood of Wynwood. The approximately 385,000-square-foot development will include 69 residences integrated with 40,000 square feet of retail space specifically curated to fit the needs of the community, which is known as an arts hub. It will also provide approximately 50,000 square feet of mixed-use, showroom, office and commercial space for Miami's arts, technology and design sectors. The eight-story atrium building will consist of three floors of retail and commercial space, a parking garage with 420 covered spaces, and a rooftop pool and bar. Marc Kovens and Shawn Chemtov are developing the project. Other parties to the development are Amicon Construction Management and Chariff Realty Group. The project is expected to be completed by mid-2015.
NEW ORLEANS — The Domain Cos. has secured financing and begun construction of the second building in The South Market District, a four-block mixed-use development in downtown New Orleans. The Domain Cos. expects development costs for the building to total $21.3 million. The new property, The Park at South Market, will feature 27,000 square feet of retail space, a 2,200-square-foot public plaza and a 440-space parking garage. The property will feature charging stations for electric cars and an open rooftop that will serve as an entertainment venue. New Orleans-based Eskew Dumez and Ripple designed the five-story building, and Woodward Design+Build is the project’s general contractor. First NBC Bank provided a $16 million construction loan for the project and a $2 million New Markets Tax Credit equity investment. The Domain Cos. and Woodward Interests, an affiliate of Woodward Design+Build, provided equity for the project as well. Furniture retailer Arhaus has leased 15,500 square feet at the property, and pet groomer Fetch has leased 1,500 square feet. The Domain Cos. will deliver the property in October.
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.
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.