NEW YORK CITY — A joint venture between RWN Real Estate Partners, Dalan Management and Standard Property Co. has acquired a mixed-use portfolio in New York City for $49.9 million. The properties are located at 380-386 Broome St., 9 Christopher St. and 55-59 and 61-63 Delancey St. The portfolio features 100 multifamily units and 14 fully-leased retail units. James Nelson, Michael DeCheser and Robert Burton of Massey Knakal represented both parties in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged the $6 million sale of a five-story, mixed-use building at 172-174 East 106th St. in East Harlem. The 21,500-square-foot building was fully renovated in recent years and includes 24 apartments and two ground-floor retail units. The retailers are Sweet Jane's restaurant and a florist. Michael Tortorici, Victor Sozio, Daniel Tropp and Jesse Deutch of Ariel Property Advisors represented the seller, a private operator. Jeffrey Tanenbaum of Halstead Property represented the buyers, a family of private investors.
OWINGS MILLS, MD. — Owings Mills Transit LLC has broken ground on a four-story, 200,000-square-foot Class A office building within Metro Centre at Owings Mills, a mixed-use development in Owings Mills. The office development represents Phase I of the 1.2 million-square-foot office component of Metro Centre at Owings Mills, and will be completed by mid-year 2013. The mixed-use development will also consist of 300,000 square feet of retail space and restaurant space; 1,700 residential units; a hospitality component of up to 250 rooms; and 120,000 square feet of educational facilities. David S. Brown Enterprises LTD is the site manager.
NEW YORK CITY — Co-developers Taconic Investment Partners and Thor Equities have broken ground on a 55,000-square-foot office and retail property at 837 Washington Street. The office section will include 40,000 square feet. There will also be exterior terraces: 500 square feet on the second floor, 3,500 square feet on the floor above and 3,000 square feet on the rooftop. Occupancy is slated for the fall of 2013.
NEW YORK CITY — An office and warehouse building at 60-62 John St. in Brooklyn's DUMBO neighborhood has sold for $7 million. The 34,200-square-foot property is located between Jay and Bridge streets. Stephen Palmese and Winfield Clifford of Massey Knakal represented both parties in the transaction.
AUSTIN — DPG Investments, Vintage Pacific and affiliates closed funding for a joint venture with San Francisco-based Coast Range Investments for the development of the $800 million XS Ranch, a 9,600-acre master-planned community in Austin. The project is fully entitled for 7,050 residential lots. Vintage Pacific and Coast Range Investments will develop and manage the community.
HOBOKEN, N.J. — Crews have broken ground on Waterfront Corporate Center II, a 500,000-square-foot office and retail building at 221 River St. in Hoboken. A partnership between SJP Properties and USAA Real Estate Co. will develop the 14-story property. Pearson, which earlier this year signed a 200,000-square-foot lease at the property, will be the site's lead tenant. The new building is the last phase of SPJ's 1.5 million-square-foot, three-building office and retail complex. Designed by HLW International Architects, the center will feature full-time building security, interior loading, floor-to-ceiling glass windows and 25,000 square feet of retail space.
WASHINGTON, D.C. — Property Group Partners has acquired the fee interest in three blocks of a recessed portion of I-395 in downtown Washington, D.C. The commercial real estate owner and developer will begin preliminary work on the 2.2 million-square-foot Capitol Crossing, a mixed-use project. Capitol Crossing will be built on an undeveloped site extending from Massachusetts Avenue to E Street. It will reconnect the Capitol Hill and East End districts that were cut off by the construction of I-395 in the 1960s. The mixed-use project is designed to achieve LEED Platinum certification. Development of the first office building on the site will begin in 2013. Plans call for five buildings on the site, including a 150-unit residential building and four office buildings spanning between 300,000 and 685,000 square feet. Each building will feature ground-floor retail space designed for restaurants and boutiques. Skidmore, Owings & Merrill designed the project’s master plan and Cassidy Turley is the project’s leasing agency.
DAYTON, OHIO — Love's Travel Stop and Country Stores has acquired the site of the former Delphi Automotive Plant in Dayton for $2.5 million. The company plans to build a mixed-use facility on the 18.5-acre site at the corner of Edwin C. Moses Boulevard and Cincinnati Street. It will include a convenience store, fast food restaurant and gas pumps. The Dayton's City Plan Board approved the project in July. Kelly Gray of Equity Inc. represented the seller, Industrial Realty Group, in the transaction. Dave Metz of NAI Bergman represented the buyer.
NEW YORK CITY — Prudential Mortgage Capital Co. has arranged a $71 million Fannie Mae loan for Olympia House, a 22-story mixed-use property in Manhattan. The seven-year, fixed-rate loan will allow the borrower to refinance the property with cash out above the current loan amount. Built in 1964, the property consists of 240 apartments and 12,170 square feet of commercial space. The property on East 44th Street is across from the United Nations headquarters and two blocks from Grand Central Station. Bob Bakhchi and Jonathan Aghravi of Hybrid Capital represented the borrower in the transaction.
