NEW YORK CITY — TreeTop Development has purchased a 52-unit apartment building with 12,000 square feet of retail and commercial space in Manhattan for $8.8 million. TreeTop plans to invest $2.5 million in upgrades to the property, which is located at 165 West 127th St. Apartment rents at the property will start at $1,600 for one-bedroom units and $1,800 for two-bedroom units. Three-bedroom units will be priced at $2,200.
THE WOODLANDS — The Woodlands Development Company, a subsidiary of The Howard Hughes Corporation, has plans to break ground on a 66-acre mixed-use property called Hughes Landing at Lake Woodlands, located in The Woodlands. The mixed-use property is slated to have eight office buildings, a boutique hotel, retail and entertainment venues and multifamily housing. Construction of the first office building, the 195,227-square-foot One Hughes Landing, is expected to begin this fall and finish in the fourth quarter of 2013. Houston-based Gensler designed the facility to achieve LEED Silver certification.
KANSAS CITY, KAN. — Two major healthcare tenants have signed lease agreements to anchor the second phase of the $59 million 39Rainbow, a mixed-use development in Kansas City. The development is located near The University of Kansas Hospital and the University Kansas Medical Center at the southwest corner of 39th Street and Rainbow Boulevard. The first phase of the project is slated to open later this month and will include an 83-room Holiday Inn Express and Suites, Five Guys Burgers & Fries and additional retail shops. For the second phase, The University of Kansas Hospital will operate an inpatient acute rehabilitation center in 27,800 square feet on the second floor. Kansas City Transitional Care Center, a subsidiary of Skilled Healthcare Group, has signed a lease for 55,600 square feet on the third and fourth floors. The company plans to operate a post-acute skilled nursing rehabilitation facility. Site demolition has already begun on the 100,000-square-foot second phase and the building is scheduled to open in the fall of 2013. LANE4 Property Group is the project developer.
NEW YORK CITY — HH Realty Equities has purchased a 30,000-square-foot office and retail property at 1308 East 13th St. in Brooklyn for $6.5 million. The building is fully occupied, with Valley National Bank as the main retail tenant. Additional tenants include medical billing and insurance companies. Robert Klein of Kalmon Dolgin Affiliates represented the buyer in the transaction. He also represented the seller, Avenue M Associates.
NEW YORK CITY — Hudson Realty Capital has funded a $5.9 million first-mortgage loan for a 50,400-square-foot apartment and retail property on Woodhaven Boulevard in Queens. The borrower, a real estate owner and investor, plans to use the proceeds for a discounted first-mortgage payoff and to establish reserves to stabilize the property. The six-building property includes 42 apartment units and 11,250 square feet of retail space. Occupancies are 83 percent and 20 percent for the residential and commercial units, respectively.
HAPPAUGE, N.Y. — Stalco Construction has completed work on the U.S. headquarters of Genometrica Research Inc., which designs and makes molecular biology and DNA sequencing equipment, in Happauge. Crews have updated the office space into a state-of-the-art research, product development and engineering laboratory. The 4,500-square-foot project included the renovation of a laboratory, 10 private offices, an administrative area and boardroom.
ORLANDO, FLA. — The 252-unit Lexington Park Apartments, located on Westgate Drive in Orlando, has sold for $15.9 million. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks & Partners represented the seller, an institutional investor, in the transaction.
NEW YORK CITY — Madison Realty Capital has taken ownership of 224 Richmond Terrace, a 60,000-square-foot apartment and retail property in Staten Island. Madison previously purchased the non performing first mortgage for $8.4 million from Bank of New York Mellon and has now taken title by completing foreclosure proceedings. The 40-unit property, known as “The View,” stands 11 stories tall and features views of the Manhattan skyline and Statue of Liberty. The original owner planned to develop the property as a condominium, but defaulted on its construction financing in 2009. The original lender subsequently filed a foreclosure action. Today, construction is nearly complete with only some interior installations and cosmetic detailing remain. Casandra Properties is the leasing agent for the residential and retail portions of the property.
NEW YORK CITY — Marcus & Millichap has arranged the $3.2 million sale of 334 East 6th St., an 11-unit mixed-use property in New York City. Peter Von Der Ahe of Marucs & Millichap represented the seller, a private investor. Von Der Ahe, Joe Koicim and David Loyd, also of Marcus & Millichap represented the buyer, a private investor.
CUMMING, GA. —Atlanta-based Bull Realty has arranged the $2 million sale of the 32,463-square-foot The Village at Creekstone, a mixed-use development located on Peachtree Parkway in Cumming. The property includes two retail buildings totaling 27,190 square feet, a two-story office condominium totaling 5,273 square feet, as well as three 2,500-square-foot office pad sites, one 4,581-square-foot office pad site and a .65-acre retail outparcel. Rob Whitmire and Theresa Johnson of Bull Realty represented the seller, a super regional bank, in the transaction. John Harrison, also of Bull Realty, represented the buyer, Alpharetta, Ga.-based Penn Hodge LLC.
