PORTLAND, ORE. — Ode to Roses, a 5,780-square-foot, mixed-use building in Portland, has sold to 4440 NE Fremont, LLC for $1.2 million. The building is located at 4440 NE Fremont. It is named for the former site of Rose's Famous 24 Flavors ice cream shop. Grand Central Bakery currently anchors the center. The unnamed seller was represented by Robert Black of NAI Norris, Beggs & Simpson.
EAST CAMBRIDGE, MASS. — Rockwood Capital and Related Beal have completed the sale of One Kendall Square in East Cambridge to Divco West. Terms of the transaction were not disclosed. Rockwood and Related Beal acquired the property from Lincoln Property Co. and JER Partners for $211 million in 2006. One Kendall Square is a nine-building portfolio including approximately 670,000 square feet of office, laboratory and retail space. The property also features a 1,574-car parking garage, a nine-screen cinema and a development site. The 7.9-acre, transit-oriented campus includes six full-service restaurants, a variety of shops, daycare center, new fitness center and easy access to public transportation.
NEW YORK CITY — Marcus & Millichap has arranged the $2.6 million sale of 567 Vanderbilt Ave., a 4,864-square-foot mixed-use property in Brooklyn. The sales price equates to $535 per square foot. Derek Bestreich and Shaun Riney from Marcus & Millichap’s Brooklyn office represented the buyer and the seller, both limited liability companies. The property features seven apartments and a 450-square-foot store.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 215 Sterling St., a 32,120-square-foot mixed-use property located in Brooklyn. The sales price equates to approximately $155 per square foot. Lucien Sproviero and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, represented the buyer and the seller, both private investors. The property features 38 apartments and 100 feet of vacant retail space on Rogers Avenue.
NEW YORK CITY — Savanna, a New York-based private equity and asset management firm, has acquired 141 Willoughby Street, a development site in Brooklyn. The lot is approximately 18,000 square feet and is zoned for retail, residential and commercial use. The purchase price was undisclosed. Savanna purchased the asset in an off-market transaction from the Institute of Design and Construction (IDC). The school currently operates its not-for-profit college at the building on site. Woody Heller, executive managing director and group head of the capital transactions group at Studley, represented IDC in the transaction.
NEW YORK CITY — A mixed-use building at 5008 Broadway, located on the corner of Broadway and West 213th Street in Manhattan’s Inwood neighborhood, was sold in an all-cash transaction for $9.8 million. The sales price equates to $201 per square foot. The six-story, 52-unit building spans approximately 48,576 square feet and consists of five commercial and 47 residential units. Robert Shapiro of Massey Knakal arranged the transaction. The buyer was a private investor.
SAN FRANCISCO — Mesa West Capital has provided a $60.8-million first-mortgage loan to finance the fee acquisition of a 142,900-square-foot, mixed-use development in San Francisco. The development is located at 1700 California Street. The Hill Companies, which owns the property’s leasehold improvements, has acquired the fee interest under the development. The funds will cover the property’s fee acquisition, as well as the existing leasehold mortgage refinance. The property features 87,852 square feet of office and medical office space, 47 luxury multifamily units and 7,938 square feet of street-level retail, which is anchored by Ruth’s Chris Steak House. The development was built in 1987 and acquired by Hill in 2001. The property’s commercial component is fully leased, while the residential component is 95 percent leased. Financing was arranged by Ramsey Daya and Chris Moritz of Regency Capital Partners. It was originated by Ronnie Gul of Mesa West.
LOUISVILLE, KY. — GBT Realty Corp. has begun construction on Middletown Commons, a 32-acre mixed-use development located along Shelbyville Road at Interstate 265 in Louisville. The development is slated to cost around $50 million to construct. Middletown Commons will feature more than 225,000 square feet of retail space as well as six outparcels. A sports retailer will anchor the development, and several retailers have signed on to tenant the property, including Hobby Lobby, Liquor Barn, Rack Room Shoes, Ross Dress for Less, Chick-fil-A and Texas Roadhouse. The property is 80 percent pre-leased, and the first tenants are scheduled to open in late 2014. Along with GBT Realty, the project team includes project architect MJM Architects, engineers Gresham Smith and Partners and site work contractor Louisville Paving & Construction. PNC Bank is providing construction financing.
KNOXVILLE, TENN. — Blanchard & Calhoun Commercial, an Augusta, Ga.-based real estate developer and brokerage firm, has purchased a 23-acre waterfront property formerly known as Baptist Hospital in Knoxville for approximately $6.3 million. Blanchard & Calhoun plans to develop a $160 million mixed-use project known as Riverwalk at the Bridges at the waterfront site. The project will include luxury apartments, student housing suites, a waterfront hotel, restaurants, retail and office space. The development is expected to create 2,000 new jobs in the area. Demolition of the existing Baptist Hospital will begin early this year.
ATLANTA — CBRE has arranged a $24.6 million loan for the retail portion of Lindbergh City Center, a 187,751-square-foot mixed-use development located adjacent to the MARTA Lindbergh Center station in Atlanta. Carter developed the transit-oriented project in 2003. Anthem College is the anchor tenant alongside several restaurants and retailers. Bill Tyler, Brian Kelly and Tony Swann of CBRE’s Atlanta office arranged the loan through Prime Finance of New York on behalf of Carter.