NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the sale of 393 Lewis Ave., a 6,600 square-foot mixed-use building located in Brooklyn. The asset commanded a sales price of $1.7 million, which represented approximately $257 per square foot. Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor. Sproviero and Bestreich also secured and represented the buyer, a private investor.
FLORHAM PARK, N.J. — HFF has arranged $127.5 million in financing for a 37-property industrial, office and retail portfolio located in suburban Philadelphia and Melbourne, Fla. Working on behalf of The Henderson Group and Trinity Capital Associates, HFF placed the three-year, floating-rate loan with Natixis Real Estate Capital LLC. Proceeds from the loan will be used to refinance existing debt on properties and consolidate ownership under the company founder, Wilbur Henderson. The portfolio includes 2.3 million square feet within 33 industrial facilities, three office buildings and one retail property. Overall occupancy is 87.5 percent, and the three largest tenants in the portfolio include Northrop Grumman, Brokers Worldwide and Harris Corp. The majority of the properties are industrial facilities located in either the Folcroft East Business Park or Folcroft West Business Park near the Philadelphia International Airport. Jim Cadranell, managing director, and Michael Lachs, associate director, led the HFF team representing The Henderson Group and Trinity Capital Associates.
NEW YORK CITY — Madison Realty Capital (MRC) has closed $50 million in financing for Victoria Towers, a mixed-use development, along with an additional property in Queens. Victoria Towers is a 21-story building featuring 99 residential condominium units, a 24,000-square-foot commercial condominium and 88 parking spaces. “We were able to fund this first mortgage bridge loan at an attractive basis, while enabling the borrower to simplify the capital structure of this complicated, multi-use project and finish up construction of the condos,” says Josh Zegen, co-founder and managing member of MRC. Anand Melwani of ARM Real Estate Group and Francis Leung of Okada & Co. represented the borrower in the transaction.
HOUSTON — Davis Commercial has arranged the sale of three mixed-use buildings totaling 6,870 square feet near Rice University in Houston. The properties are located at 1840 and 1842 Bissonnet St. The buyer, Mary Rutherford, intends to use the buildings as an art studio and residence. Tracy Etie of Texas Real Estate & Co. represented the buyer in the transaction. Jonathan Hicks of Davis Commercial represented the seller, Key Maps Inc.
NORWALK, CONN. — Washington Trust’s Commercial Real Estate Group provided a $4 million loan for the refinancing of 327 Main Ave. in Norwalk, a 92,592-square-foot mixed-use property. CVS/pharmacy and eight other tenants occupy the building. The building is located along Route 7, and was renovated in 2002
HOUSTON — A 5,000-square-foot True Food Kitchen is set to open in Phase II of BLVD Place, a new mixed-use development under construction in Houston’s premier Uptown/Galleria area on the corner of Post Oak Boulevard and San Felipe Street. Phase II of the complex, anchored by a 52,000-square-foot Whole Foods Market and a 53,000-square-foot regional headquarters for Frost Bank, will contain 215,000 square feet total. True Food Kitchen is Green Restaurant Certified and contains environmentally friendly materials including high-efficiency kitchen equipment, low-voltage LED lighting, low VOC paint, reclaimed wood floors, recycled furnishings, Eco-Products compostable takeout products and a natural water purification unit. Wulfe & Co. is the managing partner of the development. Mike Wheeler and Jack Breard of UCR represented True Food Kitchen, and Elise Weatherall of Wulfe & Co. represented BLVD Place.
SAN ANTONIO — Two local retailers, San Antonio Bike Shop and Brown Coffee Co., have opened in the new 1800 Broadway Urban Residences, a 230-unit mixed-use property located at the intersection of Broadway and Grayson streets in San Antonio. The stores leased 1,500 square feet at the complex, which is already more than 80 percent occupied. Criterion Property Co. LP is the developer of the community.
NEW YORK CITY — An investor group led by Joseph Betesh of Milestone Equities has acquired The Bowery Portfolio, 11 mixed-use properties located between Houston and Canal streets in the Bowery neighborhood of New York City, for $62 million. The properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery St. and total approximately 143,230 square feet. The properties have been family owned since the 1930s.
NEW YORK CITY — Meridian Capital Group LLC has arranged the $55 million refinancing of the Five Columbus Circle office and retail property in New York City on behalf of 1790 Broadway Associates LLC. A national balance sheet lender provided the 10-year loan, which includes full-term, interest-only payments and carries an interest rate of 3.4 percent. The 21-story, 225,700-square-foot building is located at 1790 Broadway. The building features 8,700 square feet of ground-floor retail and is 95 percent occupied. Tenants at the property include Columbia Artists Management, Columbia University, Fordham University and HSBC in the retail portion. Five Columbus Circle is owned by an entity controlled by New York City-based Ionian Group.
CLEVELAND, OHIO — Cleveland Mayor Frank Jackson and Cuyahoga County executive Ed FitzGerald are partnering for a $350 million downtown development. The project includes a $260 million convention center hotel with 600 to 700 rooms; a $95 million endeavor that includes a pedestrian bridge to the lakefront; 740-space parking garage; overhaul of Public Square; and improvements to the grassy downtown malls, East 3rd Street and existing bridges over railroad tracks at West 3rd and East 9th streets. “This development will make downtown more attractive to residents and visitors and ensure better public pathways through the city,” Jackson said in a statement.
