BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased.The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.
SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.
NEW YORK CITY — A private Korean-American investor, through his representative in the United States, Tony Park of PD Properties, has purchased a 16,000-square-foot office/retail building in Manhattan for $16.4 million. The six-story property is located at 4 E. 46th St. in the Diamond District and includes 30,000 square feet of unused air rights. The seller was DJM Post Production, a longtime owner that occupied the building for 47 years. David Schechtman, Steven Zimmerman and Paul Nigido of Eastern Consolidated represented DJM and procured the buyer with assistance from Tony Park and Elad Dror of PD Properties. The buyer plans to utilize the property for personal use. Vitae Restaurant recently signed a 10-year lease for the ground-floor retail space, while the upper floors are vacant. Attorneys in the transaction include William Weisner of Tarter Krinsky for the seller and Samuel Ahne of Ahne Law PC for the buyer.
BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased. The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.
SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) andCornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of the Southeast Regency Mixed Use Development, which consists of a 67,000-square-foot office building and a 19,384-square-foot retail facility in Pearland, approximately 15 miles south of downtown Houston. The complex, located at 1910 – 1930 Country Place Parkway, commanded a list price of $4 million. Jerry Goldstein of Marcus & Millichap represented the seller, a financial institution. Goldstein also secured the buyer, a limited liability company.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) and Cornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of seven contiguous buildings in the Kips Bay section of Manhattan for $71.5 million. Silverstone Property Group purchased the properties, which include 146 apartment units and eight stores. The properties are located at 489, 493 and 495 Third Ave. and 203, 205, 207 and 211 E. 33rd St. Approximately 60 percent of the units are free-market apartments. Yosef Katz, a director at GFI Realty Services, represented the buyer, while Barak Jacobov, also of GFI, represented the sellers, local investors.
PEACHTREE CORNERS, GA. — The city of Peachtree Corners has awarded Fuqua Development the right to build the $150 million Carillon Village, a mixed-use project that will create a pedestrian-friendly environment. The 20-acre development will be located on Peachtree Parkway, approximately 20 miles northeast of Atlanta in Gwinnett County. The project will include 150,000 square feet of retail that will feature a health club, restaurants and fashion tenants. The project will also contain Class A office space above 15,000 square feet of retail, along with 356 multifamily units and a 120-room boutique hotel. Throughout Carillon Village, which will be complete in fall 2014, the streets and sidewalks will connect to open spaces through walkways, plazas and landscaped areas. Fuqua Development will be in charge of developing the retail component of Carillon Village. Pope & Land Enterprises Inc. is the development coordinator. AMLI Residential will focus on the apartment development. Norcross, Ga.-based Cheeley Development is also a partner on the project.