EDGEWATER, N.J. — One Main Street Edgewater LLC has secured a $41.5 million loan for a multifamily and retail property at 1 Main St. in Edgewater. The 12-month loan will be used to pay off an existing construction loan and will allow for partial recapture of the borrower's equity. The 132,000-square-foot property, the second phase of a development of 495 residences and 100,000 square feet of retail, consists of two buildings containing 110 apartments and approximately 16,000 square feet of retail space. Construction is set to be completed in February. John DiCrocco of Berkadia Commercial Mortgage LLC arranged the loan.
NEW YORK CITY — Gale International has acquired a development site at 19-25 W. 20th St., between Fifth and Sixth avenues, for $9.7 million. The Landmarks Preservation Commission has approved plans for a 15-story residential building and a three-story addition to the existing parking garage. The project will include 19 apartments. Bob Knakal and John Ciraulo of Massey Knakal represented both parties in the transaction.
CHICAGO — Chicago-based Auctions by ATG will host a commercial real estate auction that will feature Arlington Ridge, a former Motorola corporate campus in Arlington Heights, about 25 miles northwest of Chicago. The eight-building, single-story office park is located parallel to Route 53 and south of Dundee Road. Other auction offerings include mixed-use, retail, multifamily and flex buildings as well as development sites and vacant land. Seven of the 22 properties currently offered are bank owned. Buyers can bid live or online on these Chicago-area properties, most of which are being sold absolute. The auction starts at 9 a.m. Wednesday, Feb. 13, at 1 S. Wacker Drive, 24th floor in downtown Chicago. Persons interested in participating should visit auctionsbyatg.com to register.
PORTLAND, ORE. – Lot 1 of RiverscapeDevelopment, a 1.5-acre parcel on Portland’s riverfront, has sold to Holt Distressed Property Fund for an undisclosed sum. The fund had previously purchased four additional lots in theRiverscapeDevelopment during summer 2011. The site is designated for residential mixed-use development.Charlie Kleier, Robert Black and Sierk Braam of NAI Norris, Beggs & Simpson represented both the buyer and the unnamed seller in this transaction.
PROSPER, TEXAS — Matthews Southwest, a Dallas-based development company, has purchased 157 acres of land, located at the corner of the Dallas North Tollway and U.S. Highway 380 in Prosper. The land will be the site of a regional mixed-use development, including more than 3 million square feet of retail, healthcare, office, hotel and entertainment space. Matthews Southwest has formed a public/private partnership with the town of Prosper for the development. The land is two separate tracts sold by the St. Clair family and Centurion American. Matthews Southwest was self-represented in the St. Clair tract purchase, and David Davidson Sr. of Davidson Realty Estate represented Matthews Southwest in the Centurion American tract purchase. Ray Utley of A. Ray Utley & Co. Realtors and John St. Clair of Henry S. Miller represented the St. Clair family. Ken Reimer, David Davidson Jr. and Edward Bogel of Venture Commercial represented Centurion American. Venture Commercial will assist Matthews Southwest in securing tenants for the property.
PORTLAND, ORE. – Lot 1 of Riverscape Development, a 1.5-acre parcel on Portland’s riverfront, has sold to Holt Distressed Property Fund for an undisclosed sum. The fund had previously purchased four additional lots in the Riverscape Development during summer 2011. The site is designated for residential mixed-use development.Charlie Kleier, Robert Black and Sierk Braam of NAI Norris, Beggs & Simpson represented both the buyer and the unnamed seller in this transaction.
MILFORD, CONN. — Institutional Property Advisors has arranged the sale of two portfolios in Milford to separate investors for a combined $72.4 million. Perpetual Real Estate Partners LP purchased Spinnaker Wharf, Spinnaker Walk and Spinnaker Square for $31.8 million. The portfolio overlooks Milford Harbor and features 107 rental units and 38,963 square feet of retail space. Wolff Enterprises II LCC acquired Spinnaker Brook, Spinnaker Chase, Spinnaker Crest, Spinnaker Green, Spinnaker Hunt and Spinnaker Station for $40.6 million. The portfolio includes 228 rental units and 8,731 square feet of commercial space.
NEW YORK CITY — A six-building portfolio of mixed-use properties in downtown Manhattan has sold for $19.2 million. The buildings include 122 Nassau St., a 5,480-square-foot property; 20 John St., a 5,952-square-foot retail property; 53 Nassau St., a 3,044-square-foot building; 8-10 Liberty Ave., a 4,900-square-foot building; and 20 Beaver St., a 6,760-square-foot building. All of the buildings, with the exception of 20 Beaver St., are situated in the epicenter of the Financial District. Bob Knakal and Nick Petkoff of Massey Knakal represented both parties in the transaction.
SHAKOPEE, MINN. — Arizona-based Liberty Property Trust has purchased two buildings at Park 2000 in Shakopee, Minn., south of Minneapolis. The first property, Park 2000 Phase II located at 5555 12th Ave. E., is a 128,172-square-foot office building and is fully leased to S.W. Anderson Co., My Pillow and North American Membership Group Inc. The second property, Park 2000 Phase IV located at 1150 Gateway Drive, is a 153,454-square-foot industrial building and is fully leased to Logistics International LLC. LNR Partners was the seller. Terms of the deal were not disclosed.
WASHINGTON, D.C. — Washington, D.C.-based MAC Realty Advisors LLC has placed $11 million in equity for acquisition and development of 2251 Wisconsin Ave., an existing commercial building in the Glover Park neighborhood of Washington, D.C., on behalf of Altus Realty Partners. Additionally, MAC placed a $28 million limited-recourse senior construction loan for the transaction. Altus Realty Partners, Chesapeake Realty Partners and Ellisdale Construction will renovate the existing 30,000 square feet of retail space currently occupied by Washington Sports Club and Glover Park Hardware, and build an 81-unit residential building with a two-level garage.