NEW YORK CITY—Marcus & Millichap has arranged the sale of a 9,410-square-foot mixed-use building for $2.7 million located at 245 W.135th St. in New York City. Peter Von Der Ahe, Scott Edelstein, Joe Koicim and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor and the buyer, also a private investor. The buyer owns two properties in the East Village.
LA VERNE, CALIF. – Construction has commenced on La Verne Village, a 172-unit, mixed-use residential and retail community in La Verne. The $43-million development will be located at 2855 Foothill Blvd. on the site of a former automobile dealership. The project’s retail component will feature two buildings with suites ranging from 1,100 square feet to 7,800 square feet. It will target retail, office and restaurant users. Retail leasing is being handled by Fred Encinas of NAI Capital’s Ontario office. Pre-leasing for the residential component is expected to commence in the fourth quarter of 2013. Occupancy is slated for the first quarter of 2014. The project is being developed by Hutton Companies and designed by KTGY Group.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a 7,320-square-foot, mixed-use property located at 5902 5th Ave. in Brooklyn for $1.7 million. Erik Lundberg and John Brennan of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. Dolly Amigon of Marcus & Millichap’s Brooklyn office represented the buyer, also a private investor.
LA VERNE, CALIF. – Construction has commenced on La Verne Village, a 172-unit, mixed-use residential and retail community in La Verne. The $43-million development will be located at 2855 Foothill Blvd. on the site of a former automobile dealership. The project’s retail component will feature two buildings with suites ranging from 1,100 square feet to 7,800 square feet. It will target retail, office and restaurant users. Retail leasing is being handled by Fred Encinas of NAI Capital’s Ontario office. Pre-leasing for the residential component is expected to commence in the fourth quarter of 2013. Occupancy is slated for the first quarter of 2014. The project is being developed by Hutton Companies and designed by KTGY Group.
NEW YORK CITY — Rivercrest Realty Investors has sold an 18,850-square-foot, mixed-use building located at 138 Spring St. in Manhattan’s SoHo district for $48.5 million. Located on the southeast corner of Wooster Street, 138 Spring Street includes 4,600 square feet of retail space occupied by high-end eyewear retailer ILORI. The balance of the property includes 14,250 square feet of commercial loft space. Jeff Fishman, Brian Segall, Andrew Jacobs and Jonathan Butwin of RKF Investment Sales & Advisory Services represented the seller and the buyer, 138 Spring Owners LLC, in the transaction.
TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged $14 million in refinancing for a 58-unit mixed-use property in New York City. The five-year, fixed-rate loan carries a 2.6 percent interest rate with a 30-year amortization schedule. Christopher Marks of Marcus & Millichap’s Manhattan office arranged the loan. “Our client was eager to take advantage of the low interest rate environment,” says Marks. “They intend to use the proceeds of this loan for construction on another income-producing property.”
TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.
MONTECITO, CALIF. – A mixed-use development in Montecito that will contain two condo units atop 10,323 square feet of office and retail space has received a $7.3-million loan. The project will be located at 1255 Coast Village Road. Some of the retail space has already been pre-leased to a high end women’s clothing boutique and a restaurant owned by the Hillstone Restaurant Group. Financing was secured by Jeffrey Hudson of George Elkins Mortgage Banking Company on behalf of Black Valnar Properties, LLC.
SPRINGFIELD, MO. — Dalmark Development Group has plans to invest $15 million into the downtown Springfield Heer's building to convert the former department store into a mixed-use property. Jim Nichols, co-owner of Heer's Luxury Living and CEO of Dalmark Development Group, says while many of the details have yet to be ironed out, renovation plans include adding up to 90 market-rate rental apartments and 8,000 to 12,000 square feet of ground-floor retail space. Heer's Luxury Living LLC purchased the building from real estate investment group E and J HIDC LLC for an undisclosed amount. E and J HIDC LLC bought the building at an April 22 foreclosure auction for $960,000. Shawnee, Kan.-based Straub Construction Co. Inc. is serving as general contractor. The design team from St. Louis-based Rosemann and Associates will be led by Drury University graduate Jarret Cooper. Zac Nichols, a graduate of Missouri State University, is Dalmark's project manager. Construction is anticipated to take 12 to 14 months with an opening within the next 24 months.