DALLAS — Colliers International North Texas has been selected to oversee the property management of the office and retail portions of the 1.1 million-square-foot Republic Center, a mixed-use development located at 325 N. Saint Paul St. in downtown Dallas. The development includes a residential component as well. Four Point Star, LP, owns Republic Center, which was built in 1954 and underwent a $75 million renovation in 2000.
ALLEN — A joint venture between Fort Worth-based Trademark Property Co., New York-based Coventry Real Estate Advisors, Tennessee-based Southern Land Co. and Los Angeles-based PCCP has acquired Watters Creek at Montgomery Farm, a Class A mixed-use project in Allen. Watters Creek is a 706,000-square-foot development that consists of 100,000 square feet of office space, 356,000 square feet of retail space and the 233-unit Lofts at Watters Creek. The joint venture acquired the note on the property from a multi-bank syndicate led by PNC Bank. PCCP provided the capital through its PCCP Equity VI fund. Trademark has also signed leases at Watters Creek with Z Gallerie for 8,500 square feet and Texas Health Resources for 6,000 square feet.
NEW YORK CITY — Marcus & Millichap has arranged the $8.8 million sale of a mixed-use property at 220 West 116th St. and 449-451 W. 125th St. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a limited liability company. They also represented the buyer, a private investor.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners has purchased about 11 acres south of the Huntington Beach Pier along Pacific Coast Highway where it intends to build the retail and hotel portions Pacific City. The land for this new mixed-use development was purchased from Crescent Heights.
NEW YORK CITY — HFF has arranged $81 million in financing for Jamaica Center, a mixed-use property in the Jamaica section of Queens. The sponsor, Mattone Group, developed the urban retail center in 2002, which includes a 15-screen theater, office space and 375-space parking garage. Tenants include Old Navy, Bally Total Fitness and Walgreens. Robert Delitsky led the HFF team that arranged the 10-year, fixed-rate loan through Jefferies Loan Core.
STAMFORD, CONN. — ClearRock Properties has purchased a 270,000-square-foot, four-building mixed-use portfolio in Stamford. ClearRock and joint venture partner Contrarian Capital Management purchased the underlying non-performing mortgage in May, and recently completed a foreclosure. The real estate firm will begin a redevelopment and leasing project at one of the buildings, 700 Canal St., to modernize its exterior and redesign the main entrance. The property is a former industrial building that was converted to office space in the 1980s. The other buildings, 850, 860 and 880 Canal St., may undergo some renovations as well, the company stated. The portfolio is situated along the waterfront of one of the nation's largest redevelopment projects, Harbor Point, in the redeveloped South End.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners has purchased about 11 acres south of the Huntington Beach Pier along Pacific Coast Highway where it intends to build the retail and hotel portions Pacific City. The land for this new mixed-use development was purchased from Crescent Heights.
LAS VEGAS – Decatur Crossings III, a112,304-square-foot, mixed-use property in Las Vegas, has sold to Ready Mix Opportunity Group LLC for $7 million. The property contains two office/flex buildings that were 40 percent occupied at the time of sale. Ready Mix was represented by Kevin Higgins and Garrett Toft of Voit’s Las Vegas office and Darren Tappen of the firm’s Phoenix office. The seller, Next Gen Fund 5, LLC, represented itself in this transaction.
LAS VEGAS – Decatur Crossings III, a112,304-square-foot, mixed-use property in Las Vegas, has sold to Ready Mix Opportunity Group LLC for $7 million. The property contains two office/flex buildings that were 40 percent occupied at the time of sale. Ready Mix was represented by Kevin Higgins and Garrett Toft of Voit’s Las Vegas office and Darren Tappen of the firm’s Phoenix office. The seller, Next Gen Fund 5, LLC, represented itself in this transaction.
NEW YORK CITY — Hudson Realty Capital has arranged an $11 million first mortgage loan for a four-building, mixed-use portfolio in Manhattan. The borrower is using the financing to acquire the property and establish interest reserves. The property, located between 5th Avenue and Avenue of the Americas, consists of 48,350 square feet. The buildings also feature 85,920 square feet of buildable space to allow for future development.
