HOLLYWOOD, CALIF. — Champion Real Estate Company has purchased a 1.14-acre commercial parking lot in Hollywood where it plans to develop a mixed-use project. The firm will continue to operate the parking lot, located at 1717 Cherokee and 1718 Las Palmas, until construction commences. This is Champion’s second Hollywood acquisition within a year. It also recently purchased a $20-million, 2.76-acre redevelopment site for another mixed-use development.
PLANTATION, FLA. — A joint venture between Stiles and Prudential Real Estate Investors has commenced construction on the 321-unit One Plantation, a luxury apartment community located at the intersection of University Drive and Interstate 595 in Plantation. The partnership obtained $40.6 million in construction financing from PNC Bank for the project, which Stiles Construction is building. Amenities will include a pool, spa, fire pit, fitness center and an entertainment area with game rooms, a movie theater and a lounge. Cohen Freedman Encinosa designed the complex. In addition, Stiles has plans to renovate its 65,000-square-foot University Shoppes, which is adjacent to One Plantation. Construction is slated to begin later this spring. Both projects are scheduled for completion in the third quarter of 2013.
ARLINGTON, VA. — The Arlington County Board has approved the site plan for a 200,000-square-foot mixed-use development, located at 3901 N. Fairfax Dr. in Arlington. The property will include retail and office space, as well as a 13,000-square-foot performing arts theater and a conference center. Avison Young has been selected to lease the property, which is slated for completion in early 2014.
TAUNTON, NORTH DIGHTON, WALPOLE, MASS. — The Manzo Co. has purchased a portfolio of four properties totaling more than 1 million square feet in Massachusetts for $25 million. The properties include a 396,765-square-foot industrial property in Taunton and a 400,000-square-foot manufacturing, warehouse and distribution facility in North Dighton. The third property is a 315,000-square-foot office, retail and flex building in Walpole. Doug Jacoby and Scott Dragos of NAI Hunneman represented the seller, New Jersey-based Rubenstein Properties, in the transaction. Dragos, Jacoby and Dan Jacobson of Hunneman Capital Group represented the buyer.
NEW YORK CITY — A mixed-use property at 304 Bleecker St. has sold for $5.7 million in the Greenwich Village area of New York City. John Stewart of Marcus & Millichap's Manhattan office represented the seller, a private investor. Shlomo Manne, also of the firm's Manhattan office, represented the buyer, a partnership.
YONKERS, N.Y. — The conversion of 19th-century row houses in Yonkers to 10 loft-style apartments with street-level shops is underway. The retail space will total 9,000 square feet. Edwin A Quick & Son, the firm that designed Yonkers City Hall, designed 50 Warburton Ave. The buildings will be restored to their circa-1900 appearance. L+M Development Partners is the project developer. The $10 million project is expected to be complete in spring 2013.
HIGHLAND PARK, ILL. — Erik Kunz of NorthMarq's Chicago office has arranged a $6 million loan for the refinancing of Port Clinton Square, located at 600 E. Central Ave. in Highland Park. The mixed-use property includes 130,000 square feet of office and retail space. The 10-year loan has a 10-year amortization schedule. Nationwide Life Insurance Co. provided the loan.
NEW YORK CITY — Vornado Realty Trust has refinanced 100 W. 33rd St., a 1.1 million-square-foot property in Manhattan for $325 million. The high-rise contains the 243,000-square-foot Manhattan Mall and 847,000 square feet of office space. The loan bears interest at LIBOR, plus 2.5 percent, and matures in March 2015 with two one-year extension options (LIBOR is currently 2.74 percent). The company realized net proceeds of about $87 million after repaying the existing loan on the property and closing costs.
NEW YORK CITY — A local real estate developer has purchased three properties on adjoining lots for $2.8 million. The properties are located at 284, 286 and 288 Atlantic Ave. in Brooklyn. The first site includes a 3,600-square-foot mixed-use building, the second is a vacant lot and the last site is a mixed-use property with six apartments and one retail tenant. The new owner plans to renovate the existing buildings and develop the vacant land. Brian Leary, Scott Burk, Andre Sigourney, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek of CPEX Real Estate represented the seller in the transaction. They also procured the buyer.
BOSTON — Skanska USA Commercial Development and Twining Properties have purchased a 1-acre parcel for a reported $18.6 million. The companies plan to develop Watermark Seaport, a planned residential tower with more than 300 apartments and 25,000 square feet of retail space. The project will be located on the southeast corner of Seaport Boulevard and Boston Wharf Square. The development will be contained within the 25-acre Seaport Square, which calls for 6.3 million square feet of residential, office, retail, hotel and civic space upon completion. Cushman & Wakefield Sonnenblick Goldman served as an advisor to Twining in the transaction. MS Boston Seaport was the seller.