Mixed-Use

ESSEX BROKERS $1.1M SALE OF MIXED-USE BUILDING IN CHICAGO

by admin September 17, 2013

CHICAGO — Essex Realty Group Inc. has arranged the $1.1 million sale of 1270 N. Milwaukee Ave., a two-unit, mixed-use building in Chicago’s Wicker Park neighborhood. The yellow brick building includes two renovated rental units that feature spacious floor plans with two bedrooms and a den, a large living room with exposed brick, newer island kitchens, central air, private iron balconies and enclosed parking. The property also features 1,600 square feet of retail space. Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction.

September 17, 2013

PARTNERSHIP GETS $218M FOR REDEVELOPMENT PROJECT

by admin September 17, 2013

FORT LEE, N.J. — A partnership led by Tucker Development Corp. has secured $218 million in financing for the first phase of Hudson Lights, a 1 million-square-foot, mixed-use redevelopment in Fort Lee. Savills US arranged the debt and equity financing, including a $117 million construction loan from Sovereign Santander Bank. Tucker will soon begin construction on the first 517,000-square-foot phase, including 143,000 square feet of retail, 864 parking stalls and 276 luxury apartments. Tucker Development is building Hudson Lights with its development partner, KRE Group, and Ares Management. Tishman Construction Corp. is serving as the development’s general contractor. KRE Group will also assist with property management for the development’s residential portion upon completion. Robert K. Futterman & Associates is serving as the development’s exclusive retail leasing agent. Hudson Lights, designed by architecture and planning firm Arquitectonica, is the western portion of a 16-acre site in Fort Lee undergoing comprehensive redevelopment. The second phase of Hudson Lights will include an additional 201 residential units, about 50,000 square feet of retail space and parking and a 175-room hotel.

September 17, 2013

Midwest Mixed-Use

ARES CLOSES $37M MEZZANINE LOAN ON CHICAGO PROPERTY

by admin September 16, 2013

CHICAGO — Ares Commercial Real Estate Corp. has originated a $37 million mezzanine loan secured by the office and parking portion of a 49-story, mixed-use property in Chicago. The proceeds of the loan were used to refinance the mixed-use property and fund improvements. A joint venture between Walton Street Capital and GlenStar Properties owns the property, which is located in the central business district of Chicago.

September 16, 2013

Mixed-Use Northeast

MRC PROVIDES $7.2M LOAN FOR ASTORIA MIXED-USE PROPERTY

by admin September 16, 2013

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $7.2 million construction loan for a partially complete mixed-use property in Queens. The property is located at 28-18 Astoria Blvd. in the neighborhood of Astoria. Proceeds from the loan will be used to retire outstanding debt and fund the completion of construction for the building. The seven-story, 24,992-square-foot property includes 21,514 square feet of residential, as well as 2,289 square feet of retail space and 1,189 square feet of community space. The final phase of the project includes the construction of 28 one-bedroom units.

September 16, 2013

Midwest Mixed-Use

SPERRY VAN NESS SELLS LINCOLN SQUARE MIXED-USE PROPERTY

by admin September 13, 2013

CHICAGO — Sperry Van Ness Chicago Commercial has completed the sale of a mixed-use property in Chicago's Lincoln Square neighborhood. The corner property is located at 4660 N. Rockwell Ave. and includes four retail/office units and two apartment units. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor at Sperry Van Ness LLC, represented the buyer and seller in the transaction. The property sold for $875,000.

September 13, 2013

Mixed-Use Northeast

UC FUNDING PROVIDES $6.5M FOR MIXED-USE BUILDING IN PITTSBURGH

by admin September 13, 2013

PITTSBURGH, PA. — UC Funding has provided $6.5 million in financing for the acquisition of a 60,473-square-foot, six-story mixed-use building in downtown Pittsburgh. The borrower plans to renovate floors two through six, which are currently vacant, and convert them to 40 Class A apartments. Each unit will include stainless steel appliances, granite or quartz countertops, solid maple cabinets, side-by-side washer and dryer, marble bathroom vanities and tiled flooring. Built in 1900, the building includes 7,290 square feet of ground-floor retail that is fully occupied by a restaurant. Construction is slated to begin shortly after closing and will take 12 months to complete.

September 13, 2013

Mixed-Use Southeast

GREYSTEEL BROKERS SALE OF MIDRISE MIXED-USE PORTFOLIO IN D.C.

by admin September 9, 2013

WASHINGTON, D.C. — Greysteel, a Washington, D.C.-based investment real estate services firm, has arranged the sale of a two-building, midrise portfolio containing 92 apartments and one ground-floor retail unit. The portfolio is located at 7611 and 7701 Georgia Ave. N.W. in northwest D.C., one block from Silver Spring, Md. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown and Lance Ahmadian represented the seller, BBS Associates, in the transaction. The buyer was WC Smith, a generational family-operated real estate company based in D.C.

September 9, 2013

Mixed-Use Western

ROCKWOOD, FOUR CORNERS ACQUIRE WATER TOWER PLAZA IN SILICON VALLEY

by admin September 6, 2013

CAMPBELL, CALIF. — Rockwood Capital and Four Corners Properties have acquired Water Tower Plaza, a 100,000-square-foot office and retail property in Campbell, for an undisclosed sum. The plaza is located at 300 Orchard City Drive in the San Jose submarket.The building was originally constructed as the Hyde Cannery in 1887. It housed fruit and canning companies until 1971 when it was converted into a retail property. It became a mixed-use property that featured office and retail space in the 1980s. The seller was Water Tower 1, LLC.

September 6, 2013

Midwest Mixed-Use

SPERRY VAN NESS SELLS MIXED-USE PROPERTY FOR $1.4M

by admin September 6, 2013

CHICAGO — Sperry Van Ness has completed the $1.4 million sale of a mixed-use property in the heart of Chicago's Andersonville neighborhood. The building, located at 5356-58 N. Clark St., is fully leased and includes four apartments and four retail stores. Wayne Caplan of Sperry Van Ness LLC represented the seller in the transaction.

September 6, 2013

Mixed-Use Western

ROCKWOOD, FOUR CORNERS ACQUIRE WATER TOWER PLAZA IN SILICON VALLEY

by admin September 6, 2013

CAMPBELL, CALIF. — Rockwood Capital and Four Corners Properties have acquired Water Tower Plaza, a 100,000-square-foot office and retail property in Campbell, for an undisclosed sum. The plaza is located at 300 Orchard City Drive in the San Jose submarket. The building was originally constructed as the Hyde Cannery in 1887. It housed fruit and canning companies until 1971 when it was converted into a retail property. It became a mixed-use property that featured office and retail space in the 1980s. The seller was Water Tower 1, LLC.

September 6, 2013

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