NEW YORK CITY — Silverstone Property Group and Adam America Real Estate Group have sold a mixed-use property in the Williamsburg neighborhood of New York City for $28.7 million to an undisclosed buyer. Located at 65-69 N. 6th St., the property includes 28 apartments and 4,000 square feet of ground-floor retail. Silverstone and Adam America developed the mixed-use property after purchasing the stalled development from its prior owner. The developers started construction on the project in August 2011, which was completed in September 2012.
LOS ANGELES – A mixed-use property located in the Koreatown submarket of Los Angeles has sold to a private Seattle investor for $4.7 million. It is located at 800 S. Normandie. The property contains 44 residential units and 3,600 square feet of retail space. The retail component is leased to a single tenant that operates a small neighborhood market. Janet Neman and Bryan Glenn represented both the buyer and the seller, Executive Commercial Properties, in this transaction.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the sale of a mixed-use property in Chicago's West Loop for $3.4 million. The 23,000-square-foot property, located at 413 N. Carpenter/410 N. Morgan, includes 10 loft-style apartments, approximately 11,000 square feet of commercial space and an adjacent 30-car parking lot. Previously owned by a division of Chicago-based Ansley Materials, the property was purchased by an entity controlled by Skokie, Ill.-based Ravine Park Partners. Wayne Caplan of Sperry Van Ness was the sole broker in the transaction.
NEW YORK CITY — The University Avenue Portfolio, which includes a flex building and 10 surrounding development parcels in the Highbridge section of the West Bronx, has sold for approximately $13.2 million. The 142,030-square-foot flex building includes warehouse and office space, and is located adjacent to the Major Deegan Expressway. The 10 development parcels total more than 72,000 square feet and are located throughout the Highbridge neighborhood of the West Bronx. Tuck-It-Away Associates L.P., a self storage company, purchased the flex building and the five vacant parcels located at 930, 950, 969-973 and 998 University Ave. Tuck-It-Away plans to make the building its new headquarters. The remaining five lots located at 920 University Ave. and 939, 950, 977-979 and 985 Summit Ave. were sold to individual developers. Nicholas Burns and David Simone of Massey Knakal were the brokers in the transaction.
LOS ANGELES – A mixed-use property located in the Koreatown submarket of Los Angeles has sold to a private Seattle investor for $4.7 million. It is located at 800 S. Normandie. The property contains 44 residential units and 3,600 square feet of retail space. The retail component is leased to a single tenant that operates a small neighborhood market. Janet Neman and Bryan Glenn represented both the buyer and the seller, Executive Commercial Properties, in this transaction.
LOS ANGELES — A $53-million mixed-use complex that was developed by Holland Partners Group has debuted in Downtown Los Angeles. The project features 210 residential units and 7,900 square feet of ground-floor retail space. It is located at 1111 Wilshire Blvd. The project is situated on the metro bus line near the 7thStreet metro rail station. The complex was designed by Nadel Architects.
CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. KeyBank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet of ground-level retail space, including a new Corner Alley bowling alley. MRN Ltd. is developing the second phase, which is currently under construction.
LOS ANGELES — A $53-million mixed-use complex that was developed by Holland Partners Group has debuted in Downtown Los Angeles. The project features 210 residential units and 7,900 square feet of ground-floor retail space. It is located at 1111 Wilshire Blvd. The project is situated on the metro bus line near the 7th Street metro rail station. The complex was designed by Nadel Architects.
BONITA SPRINGS, FLA. — Real Capital Solutions (RCS) has acquired North Bay Village in Bonita Springs from CWCapital Asset Management for $7.45 million. Situated at 26381 S. Tamiami Trail, the distressed property totals 114,545 square feet and was developed in 2004. It includes a three-story, 28,819-square-foot office building; a 25,726-square-foot, small-shop retail space; and a 60,000-square-foot retail outparcel. The small-shop space features Bonefish Grill, First Watch, Mattress Giant, Edible Arrangements, Keller Williams Realty and a hair salon. The outparcel was formerly a Robb & Stucky Furniture Showroom, and RCS plans to target a similar tenant with its leasing efforts, which will be handled by Trinity Commercial Group.
CHICAGO —Essex Realty Group Inc. has arranged the $3.2 million sale of Thalia Hall, a historic mixed-use property located in Chicago’s Pilsen neighborhood. Thalia Hall includes a two-level restaurant with a large kitchen and office in the basement, a vacant theater, three first-floor commercial spaces with basements, eight duplex apartments and six garage parking spaces. The mixed-use property is located at 1215-25 W. 18th St. Doug Fisher, Matt Welke and Jason Fishleder of Essex represented the seller and the buyer in the transaction.