MORRISVILLE, N.C. — Four new tenants have signed on to Phase III of Park West Village, located at the southwest corner of Cary Parkway and NC-54/Chapel Hill Road in Morrisville. ULTA Beauty, Chico's, White House | Black Market and Soma Intimates will all open in spring 2014. Park West Village is a 100-acre mixed-use development that includes a town center district, community center, restaurants and a movie theater. The development will also feature a residential, office and hospitality component.
NEW YORK CITY — Silvershore Properties has sold 10 West 28th Street, a five-story mixed-use building in Manhattan, to the NoMad Hotel for $6 million. The property is adjacent to the NoMad Hotel on 28th and Broadway. “The NoMad Hotel saw this as a great opportunity to increase their space and offerings and we agreed,” says Jason Silverstein, a principal at Silvershore Properties. Jacques Garcia designed the hotel, which has 168 rooms and opened last year.
SILVER SPRING, MD. — MAC Realty Advisors has arranged a development joint venture for the redevelopment of the First Baptist Church located at 8415 Fenton St. in Silver Spring. Lead developer Grosvenor Americas is partnering with Lakritz Adler Real Estate Investments to replace the existing church with a more efficient building. The joint venture will also build a 259-unit apartment building with 19,000 square feet of street-level retail space and a two-story parking garage. The construction timetable was not released.
CHICAGO— NorthMarq has arranged a $20 million construction loan for Webster Square, a mixed-use development located at 558 W. Webster Ave. in Chicago. Webster Square is the redevelopment of a medical office building into 75 market-rate apartments, along with 16,000 square feet of ground-floor commercial space located in Lincoln Park. Sue Blumberg and Rup Patel of NorthMarq’s Chicago office arranged the financing for Sandz Development. The three-year loan includes two one-year extensions.
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.