NEW YORK — Marcus & Millichap has brokered the $3.5 million sale of a 9,625-square foot mixed-use building, located at 307 E. 85th St. in New York City. Peter Von Der Ahe, Joe Koicim and David Loyd of Marcus & Millichap's Manhattan office represented the buyer and seller, both limited liability companies, in the transaction.
BETHESDA, MD. — StonebridgeCarras, PN Hoffman and Northwestern Mutual have formed a joint venture to develop a $200 million mixed-use project, located at the corner of Woodmont and Bethesda Avenues in Bethesda. The development will contain 250 residential units and 40,000 square feet of retail space. SK&I Architectural Design Group designed the project and the Clark Construction Group has been retained as the general contractor. Stephen Conley, Dave Nachison, Alan Davis, Mark Remington and Dan McIntyre of HFF's Washington, D.C., office represented StonebridgeCarras and PN Hoffman in the creation of the joint venture. Ground breaking is slated for January of 2012.
LEBANON, TENN. — Nashville, Tenn.-based Vastland Realty Group has broken ground on the first two tenants at the 165-acre Cumberland Center, located on Interstate 40 at Highway 231 in Lebanon. The mixed-use development will contain 1 million square feet of retail space, 500,000 square feet of office space, and a 160,000-square-foot Community Events Center, as well as outparcels for hotels, restaurants and more. Construction has begun for Phase I, Section I, which has been approved for hotel, restaurant, office and retail elements, including a 6,500-square-foot Logan's Roadhouse and a 13,500-square-foot RCC Western Wear. The first tenants are slated to open in the fall of 2012.
FORT WORTH — Cypress Equities has arranged a $14.5 million construction loan for Phase III of West 7th, a mixed-use property located on the southeast corner of West 7th Street and University Drive North in Fort Worth. The property features 441 residential multifamily units, 254,107 square feet of retail space and a 103,220-square-foot office building. Phase III will add 32,000 square feet of retail space and 96 multifamily units to the property, which is currently leased to tenants such as Bar Louie, Sweet Tomatoes, The Boardroom Salon for Men, Keena's of Fort Worth, Peruvian Atelier and Wink. Cypress arranged the loan through OmniAmerican Bank and Southwest Bank on behalf of the owner, CRP Cypress West 7th LLC.
NEW YORK CITY — NorthMarq Capital has arranged $10.5 million in first mortgage financing for the Gateway building, a 41,832-square-foot mixed-use space located at 127-137 E. 125th St. in New York City. Tenants include Duane Reade, Raymour & Flanagan and NYSARC. Craig Bjornsund of NorthMarq's New York office arranged the financing for the borrower, 125th Street Gateway Ventures, through NorthMarq's correspondent relationship with Symetra Life Insurance Co. The seven-year loan has a 25-year amortization schedule.
CHICAGO — In a joint venture, Harper Court Partners and Los Angeles-based Canyon Johnson Urban Fund closed on a $65 million construction loan with Citi Community Capital for the mixed-use Harper Court in Chicago. The PrivateBank, a local subsidiary of PrivateBancorp, entered a participation agreement with Citi, through which it will provide a significant portion of the construction financing. The $106 million Harper Court project will include the construction of a 150,000-square-foot office tower and is slated for completion in 2013.
HARRISON, N.J. — Heller Urban Renewal, the redevelopment arm of Heller Industrial Parks, has started the demolition process to make way for Harrison Station, a 600-unit, mixed-use redevelopment project in Harrison. Designed by NK Architects, the project will include six mid-rise residential towers and 30,000 square feet of ground-floor retail space. The first phase of construction is expected to begin in 2013.
EMERYVILLE, CALIF. — Urban Outfitters has leased 9,713 square feet at the historic Emeryville Public Market in Emeryville. The 260,000-square-foot, mixed-use property was originally built in the 1870s. It is currently undergoing improvements to accommodate Urban Outfitters and its other new tenant, Guitar Center, which recently leased 17,174 square feet at the center. Both retailers plan to open in spring 2012. Emeryville Public Market is owned by TMG Partners and Rockwood Capital, LLC.
CHICAGO — Security Properties Inc. has introduced a plan to the Chicago City Council for the redevelopment of a 7-acre mixed-use site in Chicago. Built in 1977 by Security Properties Inc. and Crane Construction Company Inc., and in partnership with a consortium of four Chicago churches, Atrium Village currently includes more than 300 apartments. When complete, the project will be anchored by four residential towers and 1,500 new apartments. The project will also include 55,000 square feet of new ground-level retail space. The project's design team includes FitzGerald Associates, Bumgardner Architects and Hitchcock Design Group. All parties hope to have rezone permits in place by 2012 and break ground in 2013.
BOSTON — Suffolk Construction has broken ground on The Victor, a 377,000-square-foot residential tower, located at 95 Havehill St. in Boston. The $92 million project will include 17,000 square feet of retail space, 286 new apartments and a parking garage. Simpson Housing LLP will manage the building upon completion. The architect is ADD Inc. Construction is scheduled to be completed in 2013.
