SEATTLE – The mixed-use Shelby Apartments complex has received a $21.3-million loan. The property contains containing 98 units and 5,000 square feet of ground-floor commercial space. It is located in the Belltown section of Seattle. The 10-year, non-recourse loan was arranged by Amos Smith and Ryan Chapman of Johnson Capital’s Irvine office. Financing was provided by Fannie Mae.
SAN DIEGO — 1Mission, a mixed-use residential and retail property in the San Diego submarket of Mission Hills, has sold to Paragon Acquisitions, LLC for $8.6 million. It is located at 4033 Goldfinch Street. The 20,111-square-foot property was developed by CLB Partners. The buyer was represented in-house by Dan Berkus. The seller, Paseo de Mission Hills, LLC, was represented by Michael Burton of Cassidy Turley and Linville Martin of Perry Commercial Real Estate.
GERMANTOWN, MD. — A joint venture between Trammell Crow Co. and NVCapital Advisors has completed the purchase of a 55-acre site in Germantown form Multi-Employer Property Trust. Trammell and NVCapital plan to transform the former Orbital Sciences Corporate Campus into a new mixed-use community called Century, which will feature 2.4 million square feet of Class A office space, townhome and apartment units, retail and two hotels. The owners are in final negotiations with a developer for the purchase of two hotel parcels, and expect to begin construction on those sites within a year. The venture has begun marketing the first two residential parcels, which will include 350 apartments and 110 townhomes. They plan to partner with developers for these two parcels in the upcoming weeks and immediately begin site plan approval with Montgomery County. Trammell Crow has already obtained full site plan approval for three office buildings totaling 455,000 square feet. According to the company, the approval positions the owners to quickly respond to build-to-suit and prelease opportunities as they arise in the I-270 office market.
NEW YORK CITY — Massey Knakal has arranged the sale of 52 W. 21st St., a renovated mixed-use building, for $4.3 million. The five-story building, located on the south side of 21st Street between Fifth Avenue and Avenue of the Americas, includes ground-floor retail and four apartments above. Originally built in 1862, the building underwent a complete transformation that included façade work, gut rehabilitation of each floor and new mechanical systems. All units have individual gas boilers and hot water heaters with separate metering.
CARROLLTON, TEXAS — High Street Residential, the residential subsidiary of Trammell Crow Co., has broken ground on Phase II of Union at Carrollton Square in Carrollton. Union at Carrollton Square is a transit-oriented, mixed-use community spanning 100,617 square feet and consisting of 132 Class A residential units and ground-floor retail space. Additionally, Twisted Root Burger Co. has signed a 4,658-square-foot, long-term lease to occupy ground-floor space. The restaurant is scheduled to open this spring. Carter Wilson of Cambridge Cos. represented Twisted Root in the lease transaction. John T. Evans of John T. Evans Co. represented High Street. Phase II of the community will offer one- and two-bedroom units, a grilling area for entertaining, an outdoor fireplace and lounging area, bocce ball court, resort-style pool, fitness center, cyber cafe and a 155,330-square-foot parking garage with 337 private and 125 public spaces. Construction is slated for an early 2014 completion.
SAN DIEGO — 1Mission, a mixed-use residential and retail property in the San Diego submarket of Mission Hills, has sold to Paragon Acquisitions, LLC for $8.6 million. It is located at 4033 Goldfinch Street. The 20,111-square-foot property was developed by CLB Partners. The buyer was represented in-house by Dan Berkus. The seller, Paseo de Mission Hills, LLC, was represented by Michael Burton of Cassidy Turley and Linville Martin of Perry Commercial Real Estate.
FORT WORTH, TEXAS — Centergy West 7th LP, a partnership managed by Centergy Retail, closed on approximately 30 acres of land on West 7th Street in Fort Worth. Centergy purchased the land from Chesapeake Land Development, which originally wanted to build a corporate campus at the site. Centergy is planning to construct a 2 million-square-foot mixed-use development on the lot, which will include retail, residential, office and hospitality components. The tract of land links the Fort Worth Central Business District to the Cultural Arts District.
MINNEAPOLIS — Walgreens and Haiku Sushi have signed leases to take up all of the retail space at The Station on Washington, a student residential and retail complex on the University of Minnesota's East Bank campus. Walgreens will occupy approximately 7,000 square feet of space and is scheduled to open in August. Haiku Sushi will occupy 4,000 square feet of space. The six-story building will contain 11,000 square feet of ground-level retail space and 97 residential units. Amenities will include underground parking, a fitness center and study lounge space. The Station on Washington is slated for completion in August. The Opus Group is the developer of the project.
LINCOLN, NEB. — DLR Group has been selected to design a $32 million mixed-use development project in Lincoln. The Exchange at Antelope Valley, which will be developed by Hoppe Brothers, will include housing, retail and a 32,000-square-foot grocery store. The historic Windstream warehouse on the site will be renovated into apartments.
NEW YORK CITY — Brookfield Office Properties Inc. has secured leases with eight restaurants to operate casual concepts in the new waterfront-dining terrace the company is building at Brookfield Place in Lower Manhattan. The 600-seat terrace is part of Brookfield's $250 million redevelopment of the Brookfield Place complex, formerly known as the World Financial Center. The dining area is currently under construction and is scheduled to open in January 2014. Brookfield has partnered with AvroKO and BCV Architects to design the terrace, which will be located above a European-style marketplace.