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.
DALLAS — HFF has arranged a $100 million, long-term loan for a portion of The Shops at Park Lane, a 1.2 million-square-foot mixed-use development in Dallas. The property consists of 600,000 square feet of retail, 340,000 square feet of office space and the 325-unit The Heights at Park Lane. Retail tenants include Whole Foods, Dick's Sporting Goods, Nordstrom Rack, Saks Off Fifth, Bloomingdale's — The Outlet Store, HomeGoods, Old Navy, Gordon Biersch and Grimaldi's Pizza. Office tenants include Kosmos Energy and the Art Institute of Dallas. Travis Anderson and Jim Curtin of HFF secured the loan through ING Investment Management on behalf of the borrower, Northwood Investors.
MIAMI — A 1.29-acre mixed-use development site at intersection of Coral Way and South Miami Avenue in Miami has traded for $18.5 million. South Miami Ave LLC sold the site, which is approved for the development of a 556-unit residential tower, 15,049 square feet of retail space and 38,357 square feet of office space, to Related Group. The site is close to the Mary Brickell Village and Brickell Citi Centre projects as well as I-95 in Miami’s Brickell Financial District. Manny de Zarraga and Jaret Turkell of HFF represented South Miami Ave LLC.
ROCHESTER, N.Y. — A Boston-based developer has completed its purchase of the Sibley Building, a 1 million-square-foot mixed-use building in Rochester. Sibley Redevelopment Limited Partnership, an affiliate of Winn Development, plans to spend up to $150 million to renovate the historic building into housing, retail, educational and office space. Genesee Regional Bank provided the acquisition and renovation financing. The current anchor tenant is Monroe Community Colllege, which leases 218,000 square feet of the building for its downtown campus. The property, located at 228 Main. St., is 30 percent leased.
WASHINGTON, D.C. — CBRE Capital Markets has arranged a $21.3 million construction loan for the redevelopment of The Wonder Bread Building at 641 S Street in Washington, D.C. The seven-year loan was arranged on behalf of Washington, D.C.-based Douglas Development Corp. The redeveloped building, formerly a Wonder Bread distribution warehouse for Hostess, will contain approximately 82,000 square feet of office and retail space. The project is an adaptive reuse of the industrial property.
NORTHLAKE AND ARGYLE — Hillwood Communities, in partnership with Realty Capital, has begun construction on Harvest, a 1,000-acre, mixed-use master-planned community located in Northlake and Argyle. The community is being developed with an urban agrarian focus. To celebrate the groundbreaking, Ross Perot, Sr. drove a truck that moved the historical Fraught House, which sat on the property for 130 years. The house will be repositioned into a community center and gathering area. Phase I of the development includes 323 single-family homes built near the 12-acre Harvest Lake, community pools, hike/bike trails, amphitheater, community farm, community center, playgrounds, parks, an event center and practice fields. Upon completion, Harvest will include 3,000 single-family homes, commercial properties, an elementary school and a middle school.