Mixed-Use

PARTNERSHIP SELLS MIXED-USE ASSET FOR $12.9M

by admin August 15, 2013

NEW YORK CITY — The Praedium Group and partner NorthEnd Equities have sold the leasehold interest in 16 West 36th Street in Manhattan to Kiamie Industries Inc. In a little over a year since acquiring the asset, the partners sold the building for $12.9 million. The 13-story office and retail asset is located in the Midtown South neighborhood. Since acquiring the building in February 2012, the partnership has increased the building’s occupancy from 68 percent to 95 percent. Located between Fifth Avenue and Avenue of the Americas, the building was constructed in 1920. Neil Helman and Charles Kingsley, both principals at Avison Young’s Capital Markets Group, represented the sellers in the transaction.

August 15, 2013

MASSEY KNAKAL ARRANGES $8.1M SALE OF NYC LOFT BUILDING

by admin August 15, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of a four-story loft building located at 727 Sixth Ave. in Manhattan's Chelsea neighborhood for $8.1 million, or $1,358 per square foot. The 6,000-square-foot building includes a ground-floor retail unit, second-floor commercial space and live/work units on the third and fourth floors. This property is located between West 23rd and West 24th streets. Neighboring retailers include Best Buy, Trader Joe’s, Chase, and Staples. Long-time owner Robin Rice sold the property alongside her sister Lauren and father Sol. The Rice family owned the mixed-use property for more than 60 years. Brock Emmetsberger and Bob Knakal of Massey Knakal handled the transaction.

August 15, 2013

Mixed-Use Northeast

MERIDIAN CAPITAL ARRANGES $13M LOAN FOR NYC MIXED-USE PROPERTY

by admin August 13, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $13 million mortgage to refinance a mixed-use office and retail property located at 40 W. 14th St. in New York CIty. A local commercial bank provided the five-year balance sheet loan that features a 2.9 percent fixed interest rate. The five-story, 151,540-square-foot property includes 75,000 square feet of office space and 75,000 square feet of retail space, with additional space for common areas. The building is home to retail tenants including New York Sports Club, Party City and Jack Rabbit Sports. Jacob Schmuckler of Meridian Capital Group arranged the loan.

August 13, 2013

Mixed-Use Northeast

ISRAELI INVESTORS SNAG MANHATTAN MIXED-USE BUILDING FOR $4M

by admin August 13, 2013

NEW YORK CITY — GFI Realty Services Inc. has arranged the $4 million sale of 241 East 24th Street, a 7,410-square-foot mixed-use building in the Gramercy Park section of Manhattan. The five-story building includes 16 studio apartments and two commercial units. Ohad Babo and Yanni Simantov, both associates of GFI Realty Services, represented the seller and buyers, Israeli investors, in the transaction. The apartment building was built in the early 1900s and is located in close proximity to FDR Drive, Herald Square and the Flatiron District.

August 13, 2013

Midwest Mixed-Use

PARTNERSHIP TO DEVELOP MIXED-USE PROJECT IN CHICAGO

by admin August 7, 2013

CHICAGO — The Chicago City Council has approved development plans for Vue53, a mixed-use retail and apartment project in downtown Chicago. The development team includes Mesa Development, Peak Campus Development, the University of Chicago and their financial partner, Blue Vista Capital Management. The University of Chicago administered the RFP process for the team. The development will serve the Hyde Park and Kenwood neighborhoods and will include approximately 28,000 square feet of ground-level retail, 267 apartment units and 230 parking spaces. The project builds upon efforts by the University of Chicago, the city of Chicago, and the Hyde Park community to create a mixed-use district on 53rd Street and to broaden the scope of products and services available to the Hyde Park and Kenwood communities. Vue53 is expected to break ground in early 2014 and is slated for completion in summer 2015.

August 7, 2013

Mixed-Use Texas

CBRE ARRANGES SALES OF TWO HISTORIC HOUSTON BUILDINGS

by admin August 7, 2013

HOUSTON — In a deal arranged by CBRE, Braun Enterprises has purchased two historic downtown Houston buildings, totaling 107,879 square feet, from Spire Realty Group. The Great Jones Building, located at 708 Main Street, is a 10-story, 78,843-square-foot mixed-use property originally built in 1908 and renovated in 2002 and 2012. The McCroy Building entails 29,036 square feet of office and retail space and was known as the Isis Theater from its construction in 1912 until 1929. Mike Hassler and Todd Casper of CBRE’s Houston office represented the seller. Houston-based Braun Enterprises expands its portfolio to 2.2 million square feet with this transaction.

August 7, 2013

Mixed-Use Texas

SPRINGWOODS VILLAGE TOWN CENTER PLANS EMERGE

by admin August 7, 2013

HOUSTON — CDC Houston Inc., a subsidiary of Coventry Development Corp., has announced plans for phase one of Springwoods Village Town Center, a mixed-use development within the $10-billion, 1,800-acre Springwoods Village community north of Houston. Town Center will include a full-service hotel, approximately 250 luxury apartments and up to 100,000 square feet of office and retail space as well as Town Lake and a tree-lined plaza. CDC Houston and development partners Fein, Woodbine Development Corporation and the Patrinely Group LLC will break ground in early 2014.

August 7, 2013

Mixed-Use Texas

CONSTRUCTION OF $100M KINGWOOD PARK TO BEGIN IN SPRING 2014

by admin August 6, 2013

HOUSTON — Jefco Development Corp. and Crestwood Realty Group have announced a spring 2014 groundbreaking for the 600,000-square-foot, $100 million Kingwood Parc City Center in northeast Houston. The mixed-use development will include 300,000 square feet of retail space, 250,000 square feet of office space and 300 apartments. Kingwood, a master-planned community of 65,000 residents, currently contains mostly grocery-anchored shopping centers and small strip malls.

August 6, 2013

Mixed-Use Northeast

PARTNERSHIP SELLS MIXED-USE CENTER IN PITTSBURGH FOR $135M

by admin August 5, 2013

PITTSBURGH — Forest City Enterprises Inc. and Jos. L. Muscarelle Inc. have sold the Liberty Center complex in Pittsburgh to a subsidiary of Starwood Capital Group for $135 million. Liberty Center includes the 27-story Federated Investors office tower, the 616-room Westin Convention Center Hotel, a 25,000-square-foot shopping center and underground parking for 479 cars. An enclosed pedestrian bridge connects the hotel with the adjacent David L. Lawrence Convention Center. Cleveland, Ohio-based Forest City and Maywood, N.J.-based and Jos. L. Muscarelle had a 50/50 partnership in the property. The hotel will continue to operate as a Westin under a long-term management agreement with Starwood Hotels, which currently manages the hotel and is not affiliated with Starwood Capital. CBRE will manage the office building.

August 5, 2013

Mixed-Use Texas

PRESTON HOLLOW MIXED-USE IN DALLAS UNDERWAY

by admin August 5, 2013

DALLAS — Work is set to begin on Kroenke Holdings’ Preston Hollow Village, a new mixed-use development that will fill part of the 42-acre vacant lot at Walnut Hill and North Central Expressway in the North Dallas neighborhood. The first phase of the project includes a 14,000-square-foot Trader Joe’s, plus an additional 61,000 square feet of retail space and 46,000 square feet of office space. Kroenke, which acquired the lot in 2010, is partnering with Provident Realty Advisors Inc.

August 5, 2013

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