SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) andCornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of the Southeast Regency Mixed Use Development, which consists of a 67,000-square-foot office building and a 19,384-square-foot retail facility in Pearland, approximately 15 miles south of downtown Houston. The complex, located at 1910 – 1930 Country Place Parkway, commanded a list price of $4 million. Jerry Goldstein of Marcus & Millichap represented the seller, a financial institution. Goldstein also secured the buyer, a limited liability company.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) and Cornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of seven contiguous buildings in the Kips Bay section of Manhattan for $71.5 million. Silverstone Property Group purchased the properties, which include 146 apartment units and eight stores. The properties are located at 489, 493 and 495 Third Ave. and 203, 205, 207 and 211 E. 33rd St. Approximately 60 percent of the units are free-market apartments. Yosef Katz, a director at GFI Realty Services, represented the buyer, while Barak Jacobov, also of GFI, represented the sellers, local investors.
PEACHTREE CORNERS, GA. — The city of Peachtree Corners has awarded Fuqua Development the right to build the $150 million Carillon Village, a mixed-use project that will create a pedestrian-friendly environment. The 20-acre development will be located on Peachtree Parkway, approximately 20 miles northeast of Atlanta in Gwinnett County. The project will include 150,000 square feet of retail that will feature a health club, restaurants and fashion tenants. The project will also contain Class A office space above 15,000 square feet of retail, along with 356 multifamily units and a 120-room boutique hotel. Throughout Carillon Village, which will be complete in fall 2014, the streets and sidewalks will connect to open spaces through walkways, plazas and landscaped areas. Fuqua Development will be in charge of developing the retail component of Carillon Village. Pope & Land Enterprises Inc. is the development coordinator. AMLI Residential will focus on the apartment development. Norcross, Ga.-based Cheeley Development is also a partner on the project.
YONKERS, N.Y. — Mark Scott’s Commercial Mortgage Capital has closed a $23.3 million first-mortgage loan for a 178,150-square-foot office and industrial building located in downtown Yonkers. The four-story building is located within the iPark Hudson Business Park, which is a 97.7 percent-occupied, 24-acre technology and office campus situated in the Waterfront District. iPark Hudson includes nearly 800,000 square feet across eight newly renovated buildings, which features a newly constructed 300-space parking facility. Tenants at the property include Kawasaki Rail Car, which occupies 68,400 square feet; medical product provider Skil-Care Corp., which occupies 55,000 square feet; and Mindspark Interactive Network Inc., which recently signed a 10-year, 36,750-square-foot lease.
SCOTTSDALE, ARIZ. – Galleria Corporate Centre, a 537,110-square-foot, mixed-use property in Scottsdale, has changed hands. It was acquired by a joint venture between Stockdale Capital Partners and funds managed by Oaktree Capital Management, L.P., for an undisclosed sum. The Class A office and retail center is located at 4301 and 4343 N. Scottsdale Road. It was nearly 90 percent leased at the time of sale. Notable tenants include McKesson Corporation, Yelp, SAP, Sagicor, Scottsdale Culinary Institute and CA Technologies. The seller, JEMB Realty Corporation, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office.
TEMPE, ARIZ. — Mill Avenue Retail LLC has purchased Centerpoint on Mill, a 127,027-square-foot, mixed-use property in Tempe, for $38 million. The project is located at the northwest corner of Mill Avenue and University Drive. The property was 87 percent leased overall at the time of sale. The office portion was fully leased. Notable tenants include Churchill's Fine Cigars, Devil's Diner, Fat Tuesday, Five Guys, Great Clips, The Handlebar Tempe, Jimmy John’s, Mellow Mushroom, P.F. Chang’s China Bistro, Pita Pit, Poppa Maize, Rita's Italian Ice, Robbie Fox's Public House and Sitewire. They will soon be joined by AMC Theatres, Zipps Sports Grill, El Hefe, Hot N Juicy Crawfish, Lincoln Strategy Group and One Energy. Mill Avenue represented itself in this transaction, while the seller, DMB, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office.
BOSTON — HFF has arranged $112 million in refinancing for Seaport Square, a master-planned development in Boston’s Seaport District. The Seaport Square project includes 20 buildings of varying sizes totaling 6.3 million square feet of commercial development. HFF worked on behalf of the borrower, a joint venture between Boston Global Investors and Morgan Stanley Real Estate Investing, to secure a six-year loan through Starwood Property Trust. The loan was structured to allow the borrower flexibility in selling parcels while maintaining leverage such that the loan will likely carry the sponsor through full execution of its business plan. Collateral for the loan consists of 15 development sites, which have been used as parking lots. The Boston Redevelopment Authority has granted the necessary approvals for the parking lots to be converted to 6.3 million square feet of offices, residences, shops, restaurants, schools, hotels and open space. Located across the Fort Point Channel and the Financial District, the parcels are situated in the heart of the Hub’s Seaport District. John Fowler, Anthony Cutone and Brett Paulsrud led the HFF team representing the borrower.