NEW YORK CITY — A six-building mixed-use portfolio in the South Bronx has sold for $20.7 million. The portfolio totals 303 apartment units and 14 commercial units for a combined 307,400 square feet. Each of the properties was renovated in 1990. The buildings are located at 1658 Selwyn Ave.; 1254 Sherman Ave.; 1231 Fulton Ave.; 615 E. 168th St.; 1340 Merriam Ave.; and 818 E. 149th St. David Simone, Nicholas Burns and Andrew Essick of Massey Knakal represented both parties in the transaction.
BRENTWOOD, TENN. — H.G. Hill Realty Co. and GBT Realty Corp. have unveiled plans for The Streets of Brentwood, a mixed-use development totaling 970,212 square feet of residential, office, retail, restaurant, theater and hotel space in Brentwood. The joint venture filed a request for a zoning change to the City Brentwood for the 16.98-acre development, which includes the former Tennessee Baptist Convention property at 5001 Maryland Way.
NEW YORK CITY — Taconic Investment Partners and Square Mile Capital Management are set to begin construction at 837 Washington St. in the Meatpacking District, to transform a vacant structure into a 55,000-square-foot building with retail and office space. Morris Adjmi Architects will design the building, which is slated for occupancy in the fall of 2013. The project will break ground later this month. The office portion of the complex will feature 12-foot ceiling heights and private terrace spaces. The retail space will total 28,000 square feet.
FORT LEE, N.Y. — SJP Properties has broken ground on two 47-story apartment towers in Fort Lee, decades after the site near George Washington Bridge was first cleared for development. SJP is working in partnership with Prudential Real Estate Investors and Northwestern Mutual Life Insurance Co. on the $500 million project. The redevelopment, known as The Modern, will feature 900 luxury apartments and a public park with a 7,000-square-foot restaurant. SJP will also develop a 13,000-square-foot building to be donated to the Borough of Fort Lee, which will house a theater and museum. The buildings will be located at 100 and 800 Park Ave. and residents should be able to move in during the summer of 2014. PNC Bank and Wells Fargo are providing the construction financing.
AURORA, COLO. — Southlands Town Center, a 900,000-square-foot, mixed-use development in Aurora, has sold to Northwood Investors for an undisclosed sum. The outdoor lifestyle center contains 730,000 square feet of retail space and 170,000 square feet of office space. Notable retail tenants include AMC Theaters, Bed Bath & Beyond, Sports Authority, Ross, Barnes & Noble, Ulta, Victoria’s Secret, White House Black Market, American Eagle Outfitters ad Gymboree. This is Northwood’s first Colorado-based investment. Northwood Retail, a Northwood Investors subsidiary, will lease and manage the center.
NEW YORK CITY — A joint venture between Witkoff Group, Maefield Development, Infinity Urban Century and New Valley LLC has completed the $430 million acquisition of a development site at 701 Seventh Ave. in Times Square. The companies plan to build a 340,000-square-foot multi-use complex that will include retail, a hotel and the nation's largest single LED screen. The $800 million project is expected to be operational within two years and fully complete in three years. Starwood Capital is providing $475 million in combined acquisition and construction financing for the project. An existing 11-story office building at the site will be partially demolished to make way for the complex.
AURORA, COLO. — Southlands Town Center, a 900,000-square-foot, mixed-use development in Aurora, has sold to Northwood Investors for an undisclosed sum. The outdoor lifestyle center contains 730,000 square feet of retail space and 170,000 square feet of office space. Notable retail tenants include AMC Theaters, Bed Bath & Beyond, Sports Authority, Ross, Barnes & Noble, Ulta, Victoria’s Secret, White House Black Market, American Eagle Outfitters ad Gymboree. This is Northwood’s first Colorado-based investment. Northwood Retail, a Northwood Investors subsidiary, will lease and manage the center.
WASHINGTON, D.C. — Cathedral Commons, a 264,272-square-foot mixed-use development at 3336 Wisconsin Ave. in Washington, D.C.’s Cathedral Heights neighborhood, has secured $91 million in construction and permanent financing. The project will include 137 luxury multifamily rental units, eight luxury townhomes, and 128,852 square feet of ground-floor retail space anchored by a 56,000-square-foot Giant Food grocery store. Mark Remington and Daniel McIntyre of HFF worked on behalf of the borrower, a joint venture between Giant of Maryland and The Bozzuto Group, to secure the 13-year, fixed-rate loan through Northwestern Mutual.
HOUSTON — Arch-Con Construction has commenced construction on the 23,500-square-foot Museum Point Professional Building, a Class A medical office building with a retail component located at 1401 Binz St. in Houston's Museum District. The ground floor will be designated for retail and healthcare tenants such as the Dermatological Association of Texas and The Center for Clinical Studies will occupy the second floor. Dermedica Property Group is the project's developer.
DALLAS — NorthMarq Capital has secured $2 million in first mortgage financing for the 41,000-square-foot Harry Empire Ltd. building, an office/warehouse/restaurant property located at Harry Hines Boulevard and Empire Central in Dallas. Bart Dickinson of NorthMarq's Dallas office arranged the 25-year loan with a 25-year amortization schedule through a life insurance company lender.