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.
ODESSA — The 68-acre Parks Legado Town Center, an approximately 300,000-square-foot, mixed-use center under construction along State Highway 191 in Odessa, will add a 120-room Residence Inn by Marriott and a branch of Aim Bank. The Sewell Family of Cos. will finish the first phase of the development in the fall, which will include shops, restaurants, offices, hotels and new car dealerships. Dallas-based Don Epperson is developing the property. Dallas-based Western International is developing the Residence Inn and Texas Western Hospitality will manage the hotel, which is slated to open in spring 2013. Levelland-based AIMBancshares owns the new branch of Aim Bank, which will feature five drive-thru lanes.
NASHVILLE, TENN. — A joint venture between H.G. Hill Realty Co. and Southeast Venture have plans to build the 90-unit 12 South Lofts, a mixed-use project located at 2310 12th Ave. S. in Nashville. In addition to the multifamily units, the building will include 9,800 square feet of ground floor retail. Construction is expected to begin mid-April with completion slated for summer 2013.
COLUMBUS — Cleveland-based American Coach Sales has acquired a 56,000-square-foot retail and warehouse property in Columbus, located at 1239-1251 Alum Creek Dr. The purchase price was $900,000. The company, which specializes in the sale of limousines and other transport vehicles, is already a tenant in the property, leasing 15,000 square feet. The building was fully leased at the time of sale, with American Coach and PGW Glass as the major tenants. Dan Sheeran and Mike Semon of NAI Ohio Equities represented the building owner, Doyle Properties, in the transaction. Greg Skinner of ERA Real Estate Solutions represented the tenant.
MINNEAPOLIS — Ryan Cos. and its investment partners have broken ground on a 580,000-square-foot, mixed-use project in downtown Minneapolis. The project, known as 222 Hennepin, will include 286 apartments and will be anchored by a Whole Foods Market, the first in downtown Minneapolis. Ryan's joint-venture partners include an unnamed institutional client of Invesco Real Estate and The Excelsior Group. Construction is slated for completion in 2013. The project is valued at $70 million.
CHICAGO — McShane Construction has completed the conversion of a former office building to 28 loft apartments at 2800 N. Milwaukee Ave. in Chicago. The 50,560-square-foot Hairpin Lofts includes apartment units on the top four floors, plus a 7,000-square-foot community center on the second floor. The ground floor features 9,000 square feet of retail space. McShane began reconfiguring the former Morris B. Sachs building in mid-2010. Crews restored the existing facade that dates back to 1930 and refinished the aging marble flooring. The building also includes sustainable features such as a green roof and Energy Star appliances. The project was co-developed by Brinshore Development and Anixer Center.
NEW YORK — Delshah Capital has purchased 101 W. 126th St. in New York through a New York State Bankruptcy Court ordered sale for $11.2 million. In 2010, a DelShah affiliate purchased the non-performing senior mortgage note for the 32-unit apartment building with a ground-floor commercial space. DelShah was poised to purchase the property in May 2011 when the debtor declared bankruptcy. Delshah was able to reach an agreement with the debtor and junior creditors, resolve the bankruptcy and take the title in only 9 months.
SOMERVILLE, MASS. —Fantini & Gorga has originated $2.7 million in first mortgage financing for a mixed-use building in Somerville. A Boston-area investor acquired the fully leased property for $3.5 million. The building includes 15 apartment units and 4 street-level rental units. Keith Wentzel of Fantini & Gorga arranged the loan through a Boston area community bank.
WESTMINSTER, COLO. – The Village at Park Centre, a 38,892-square-foot retail and office complex in Westminster, has received a $6.1-million refinancing. The three-building property is located at 1001-1005 W. 120th Ave. Notable tenants include Qdoba Mexican Grill, Subway, State Farm Insurance and H&R Block. The refinancing was arranged by John M. Stewart and Brock Yaffe out of NorthMarq Capital’s Denver office through the firm’s correspondent relationship with one of its life insurance companies.
NEW YORK CITY — A mixed-use building at 37 Crosby St. in Manhattan has sold for $4.3 million. The seven-story building includes ground-floor retail space and 12 apartment units. Due to a fire on the top floor apartment, the entire building is currently vacant and in need of renovation. Two tenants plan to return to the building when construction is complete. Robert Burton of Massey Knakal Realty Services represented the buyers, Todd Cohen and Terrence Lowenberg of Icon Realty Management. They also represented the seller, Bob Kahn.