NEW YORK CITY — SL Green Corp. has agreed to acquire 304 Park Ave. South, a 215,000-square-foot, mixed-use building in New York City, for $135 million, or $628 per square foot. A partnership headed by David Berley, chairman of Walter & Samuels Inc., was the seller. The office and retail building is located on the southwest corner of Park Avenue South and 23rd Street, directly across the street from SL Green's One Madison Avenue. The property is 95 percent leased and the lead tenant is IMG Models. Retail tenants include H&R Block, Bath & Body Works and Time Warner Entertainment. Walter & Samuels represented the seller.
NEW YORK CITY — Hudson Realty Capital has funded a $5.2 million first mortgage loan, secured by a 13,707-square-foot, mixed-use building in Manhattan's Nolita neighborhood. The 15-unit building is fully occupied. The sponsor used the funds to recapitalize the property's maturing debt and establish operating reserves.
CHICAGO — A joint venture between McCaffery Interests and Canyon Johnson Urban Funds (CJUF) has secured financing for the Roosevelt Collection, a mixed-use development in Chicago. The property is located at 150 W. Roosevelt in Chicago's West Loop. Completed in 2009, the building includes 400,000 square feet of retail space, 342 apartment units and a 1,500-space parking garage. The apartment units are 95.6 percent leased and Kerasotes Show Place ICON Theater is currently leasing the retail space. Negotiations are under way with several other retail and restaurant operators to complete retail leasing for the project. Mike Kavanau and Steve Skok led the HFF team that arranged the senior loan through Prime Finance. The loan will fund the repositioning of the retail component of the Roosevelt Collection. The CJUF and McCaffery team is working to construct a new public plaza that will include water features and children's play areas. The improvements are scheduled for completion by the end of the summer.
MESA, ARIZ. — Udall Shumway & Lyons has signed a 10-year lease for 17,895 square feet at Riverview Point, a master-planned, mixed-use complex in Mesa. The law firm will be relocating from downtown Mesa in August 2012. It was represented by Tom Auther of Jacor Partners LLC in Phoenix. The landlord, R & R Riverview, was represented by Bryan Taute and Michael Strittmatter of CBRE’s Phoenix office.
LIVONIA, MICH. — Infineon Technologies, a semiconductor supplier for the automotive industry, has broken ground on a 46,000-square-foot facility in Livonia. Northern Equities of Farmington Hills is constructing the facility on a four-acre site at 19401 Victor Pkwy. The building will include an expanded testing lab, additional engineering facilities and added office space, compared to the company's current offices at 19111 Victor Pkwy. The space will allow Infineon to grow its staff by 50 percent from its current size of 90 employees in Livonia. Infineon plans to occupy the new facility in the winter of 2013.
BOSTON — L&B Realty Advisors has purchased 625 Massachusetts Ave., a mixed-use property in the Cambridge submarket of Boston, for $40.1 million. Built in 1929, the office and retail building underwent a complete renovation in 2000. The 122,104-square-foot property is located across the street from the Massachusetts Bay Transportation Authority's red line. The building is fully leased to tenants such as TD Bank and Walgreens. Scott Jamieson, John Osten and Peter Bekarian represented the seller, Samuels Property Group, in the transaction.
LIBERTYVILLE, ILL. — TCi Tires has signed a lease for 30,845 square feet at Liberty Pointe Business Corporate Center III in Libertyville. TCi, a national tire service dealer, plans to use 1,370 square feet in the building for office space and will devote 29,475 square feet to its distribution operations. McShane Development Co. and MetLife Real Estate Investments co-developed the property, which is located at 1400 Harris Rd. Keith Puritz, Brett Kroner, Ryan Bain and Zachary Graham of CBRE Group represented the owner in the transaction. Grant Glattly of CBRE Group represented the tenant.
NEW YORK CITY — The Global Food International Corp. has signed a lease for 25,000 square feet at 11 Times Square, a 1.1 million-square-foot office and retail tower in Manhattan. The company will occupy a ground-floor and mezzanine-level space, and plans to open a two-level restaurant featuring cuisines from around the world. The restaurant is scheduled to open in 2013. James Emden, Robert Koslow and Dmitry Levkov represented Global Food in the transaction. Robert Futterman and Joshua Stauss of RKF represented the landlord, SJP Properties.
NEW YORK CITY — A Century 21 store will be the anchor tenant for the second phase of Brooklyn's City Point, a 1.3 million-square-foot, mixed-use development in the center of downtown Brooklyn. The second phase includes two apartment buildings to be built atop a five-story retail podium. BFC Partners has been selected to develop Tower I, which will include 250 mixed-income rental units. The building will be financed through the NYC Housing Development Corp. and Mayor Bloomberg's New Housing Marketplace plan. The Brodsky Organization will develop Tower 2, which will contain 440 apartments. The second phase is expected to be complete in 2015. Acadia Realty Trust and Washington Square Partners are the master developers for the project.
AMHERST, N.Y. — Ellicott Development has started work on a new $28 million mixed-use development in Amherst. The 122,000-square-foot building will include a 120-room Wyndham Garden Hotel & Suites, 33 apartments and 3,500 square feet of ground-floor retail space. Trautman Associates Architects and Tedo Engineers of Buffalo, N.Y. designed the hotel. Concept Construction Corp. is the project's general contractor.