NEW YORK CITY — Marcus & Millichap has arranged the sale of 6203 5th Ave., a 3,527-square-foot, mixed-use property in Brooklyn for $950,000. The property is located in Chinatown and was sold in an all-cash transaction. Jakub Nowak and Derek Bestreich of Marcus & Millichap represented the seller, a private investor, in the transaction. Nowak, Bestreich, Mark Lu and Erik Lundberg of Marcus & Millichap represented the buyer, a private investor.
HOUSTON — HFF has closed the sale and arranged acquisition financing for Galleria Plaza, a 428,285-square-foot mixed-use complex in Houston. The complex consists of TeleCheck Plaza, 5333 Westheimer, Sage Plaza, Michaelyndon's on the Boulevard and Region's Bank. Dan Miller and Martin Hogan of HFF represented the sellers, Chase Merritt and PCCP, in the transaction. The buyer is a joint venture between Songy HighRoads LLC and The Carlyle Group. Wally Reid led the HFF team who arranged a three-year, 75 percent loan-to-value acquisition loan on behalf of the buyer through Bank of America Merrill Lynch – CMBS.
SAN ANTONIO — Lone Star Funds has purchased Eilan, a 120-acre luxury mixed-use development located at 17101 La Cantera Parkway in San Antonio, as part of a 20-property U.S. portfolio. The development includes 205,000 square feet of Class A office space, The Shops at Eilan, the 165-room Eilan Hotel Resort & Spa and a Sustenio restaurant. Lone Star Funds plans to expand Eilan to include a new 5,000-square-foot fitness center, two new pools, a hiking/biking trail and a Piatti restaurant. CBRE San Antonio is responsible for leasing Eilan's office and retail space, with Lindsey Tucker and Steve Thomas handling the office leasing and Gene Williams handling the retail leasing.
CHICAGO — Harbor Group International has completed the sale of the Burnham Center, a 22-story, 579,848-square-foot building, for $94.6 million to Alliance Partners HSP LLC. The building, which is located at 111 W. Washington St. in Chicago, features a two-story lobby with marble walls and floors, on-site retail, 24-hour security and access to an underground pedway system. Tenants include Tribeca Flashpoint Media Arts Academy, administrative offices for the Clerk of the Circuit Court and State’s Attorney, GrubHub and Burnham Nationwide. Bruce Miller, James Postweiler and Nooshin Felsenthal of Jones Lang LaSalle brokered the sale. Dave Hendrickson and Keith Largay of Jones Lang LaSalle secured the acquisition financing for Alliance Partners.
DALLAS — Canyon Capital Realty Advisors LLC has provided a $15 million mezzanine construction loan for the development of Sylvan | Thirty, a 6.34-acre mixed-use project in Dallas. The project will include 201 residential units and 49,134 square feet of retail space. Sylvan | Thirty will be located at the intersection of Interstate 30 and Sylvan Avenue. The development is pre-leased to Cox Farms Market, Matador Meat & Wine, Teiichi Fish Market, Pearl Cup Coffee and Sync Yoga. The borrower, a partnership between Ozxaca Interests LLC and Wood Partners, plans to complete the first retail building and initial phase of residential properties by the end of the year.
NEW YORK CITY — Procida Funding & Advisors LLC, a New Jersey-based real estate investment bank, has provided an $8 million bridge loan to Ladera II for its development site at 300 W. 122nd St. in Harlem. The mixed-use project will feature a 13-story, 164-unit residential development with ground-floor retail shops. Procida funded the project in conjunction with Romspen Mortgage Investment Fund, a Canadian-based lender. Construction is scheduled to begin within the next year.
HOLMDEL, N.J. — Holmdel Township has selected Somerset Development to redevelop the former Bell Laboratories property in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 473 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan for the adaptive reuse of the former Bell Labs building that will transform the structure into a vibrant, mixed-use town center. Somerset’s plan will transform the building’s existing atrium into a pedestrian-friendly public promenade and potentially include retail and shopping and dining options, a health and wellness center, skilled nursing facility, hotel and conference center, educational facilities, upscale spa and public facilities. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Somerset is currently under contract with Alcatel-Lucent to purchase the site.
CHICAGO — Acting on behalf of LaSalle Investment Management, Jones Lang LaSalle has secured $125 million in acquisition financing for Onterie Center, a two-building residential and commercial property located at 441 E. Erie St. in Chicago. New York Life provided the financing. Designed by Skidmore, Ownings & Merrill and completed in 1986, Onterie Center features a 60-story, 583-unit residential tower with 102,616-square feet of fully leased commercial space and an 11-story tower with 32 luxury loft units. Commercial tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center. David Hendrickson, Keith Largay and Ian Russell of Jones Lang LaSalle brokered the transaction.
ATLANTA — Crescent Resources has broken ground on Crescent Terminus, a $67 million mixed-use community that will bring the first apartment-living option to Buckhead's Terminus master development by Cousins Properties. The community will be built on the development's last vacant three acres, adding 355 luxury apartments. The site currently contains dining, retail and office space. The apartments are expected to be available by next spring.
PITTSBURGH, PA. — HFF has secured a $58 million loan for McCandless Crossing, a 385,000-square-foot, mixed-use development in Pittsburgh. HFF worked on behalf of the borrower, AdVenture Champion Partnership, to secure the three-year construction loan through Dollar Bank. Proceeds from the loan were used for construction of the fourth and final phase of the development and to refinance the existing bridge loan secured by Phase I and Phase II. McCandless Crossing is located at the intersection of McKnight Road and Duncan Avenue. Construction began in 2010, and the property is a four-phase development with the existing three phases leased to tenants such as Lowe’s, CVS/Pharmacy, LA Fitness and Fidelity Bank. The fourth phase is 50 percent pre-leased with construction slated for completion this year.
