BIRMINGHAM, MICH. — Bernard Financial Group has arranged a $12 million loan for Merrillwood Building, a mixed-use property located at 225 E. Merrill St. in Birmingham, about 20 miles north of Detroit. The property includes 54 multifamily units and 42,344 square feet of office/retail space. Merillwood Building LLC was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Goldman Sachs Commercial Real Estate LP provided the loan.
CHICAGO — Essex Realty Group, Inc. has arranged the $1.4 million sale of a mixed-use property located at 2200 W. Lawrence Ave. in Chicago’s Lincoln Square neighborhood. The 12,500-square-foot property was vacant at the time of the sale. The building is situated on the northwest corner of Lawrence Avenue and Leavitt Street, within walking distance of the Western and Damen CTA brown line stations. Doug Fisher and Matt Welke of Essex represented the seller and Jim Darrow and Jordan Gottlieb of Essex represented the buyer in the transaction.
FORT WORTH, TEXAS — Brewsters Burger Bar and Chiro One Wellness Centers have signed leases to occupy space at West 7th, a mixed-use development located at the intersection of West Seventh Street and University Drive in Fort Worth. Brewsters Burger Bar will open a 2,969-square-foot location on Crockett Street across from LA Fitness. The Duncan Design Group of Dallas will design the space. Steve Brown of the BPSB Corp. will operate the restaurant, which is slated to open in December. Roger Smeltzer of Vision Commercial Real Estate represented the tenant, and Perren Gasc of Centennial Retail Services represented the landlord in the transaction. Chiro One Wellness Centers will occupy a 2,563-square-foot space situated between Moda Aveda SalonSpa and the Boardroom Salon for Men on Seventh Street. The center is slated to open in the fourth quarter of this year. Travis Ewert with Colliers International represented the tenant, and Karly Kilroy of Cypress Equities represented the landlord in the transaction.
ARLINGTON AND WICHITA FALLS, TEXAS — SkyWalker Property Partners has acquired two commercial properties in off-market transactions. The properties include the 28,211-square-foot Vandergriff Town Center at 200 N. Mesquite St. in Arlington and the 22,100-square-foot Wichita Falls Shopping Center at 2600 Central Freeway in Wichita Falls. Vandergriff Town Center features 13,327 square feet of street-level restaurant and retail space and 14,694 square feet of office space formerly occupied by a single tenant. SkyWalker Property has partnered with General Assembly Inc. on the acquisition. General Assembly plans to move its headquarters into a 5,893-square-foot space on the upper floor in September. The property is 63 percent occupied. Current ground-floor tenants of the space include a 4,100-square-foot Grease Monkey Burger Shop, a 2,580-square-foot Capital One Bank and a 1,577-square-foot Maren Karsen Salon. SCM Real Estate Services will be in charge of leasing. The 2.6-acre Wichita Falls Center was acquired from a community bank. The property is currently 20 percent occupied by a 2,400-square-foot H&R Block and a 1,800-square-foot GameStop. Chris Mendez with SCM will be the new leasing agent.
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.