SAN ANTONIO — Two local retailers, San Antonio Bike Shop and Brown Coffee Co., have opened in the new 1800 Broadway Urban Residences, a 230-unit mixed-use property located at the intersection of Broadway and Grayson streets in San Antonio. The stores leased 1,500 square feet at the complex, which is already more than 80 percent occupied. Criterion Property Co. LP is the developer of the community.
NEW YORK CITY — An investor group led by Joseph Betesh of Milestone Equities has acquired The Bowery Portfolio, 11 mixed-use properties located between Houston and Canal streets in the Bowery neighborhood of New York City, for $62 million. The properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery St. and total approximately 143,230 square feet. The properties have been family owned since the 1930s.
NEW YORK CITY — Meridian Capital Group LLC has arranged the $55 million refinancing of the Five Columbus Circle office and retail property in New York City on behalf of 1790 Broadway Associates LLC. A national balance sheet lender provided the 10-year loan, which includes full-term, interest-only payments and carries an interest rate of 3.4 percent. The 21-story, 225,700-square-foot building is located at 1790 Broadway. The building features 8,700 square feet of ground-floor retail and is 95 percent occupied. Tenants at the property include Columbia Artists Management, Columbia University, Fordham University and HSBC in the retail portion. Five Columbus Circle is owned by an entity controlled by New York City-based Ionian Group.
CLEVELAND, OHIO — Cleveland Mayor Frank Jackson and Cuyahoga County executive Ed FitzGerald are partnering for a $350 million downtown development. The project includes a $260 million convention center hotel with 600 to 700 rooms; a $95 million endeavor that includes a pedestrian bridge to the lakefront; 740-space parking garage; overhaul of Public Square; and improvements to the grassy downtown malls, East 3rd Street and existing bridges over railroad tracks at West 3rd and East 9th streets. “This development will make downtown more attractive to residents and visitors and ensure better public pathways through the city,” Jackson said in a statement.
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.
