CHICAGO — Essex Realty Group Inc. has completed the $1.65 million sale of a mixed-used property in Chicago's Wicker Park neighborhood. The building, located at 1914 W. Division and formerly known as the Russian and Turkish Bath House, is fully vacant. It includes 6,000 square feet of first-floor commercial space and five apartments. The property was owned through an entity of American Chartered Bank. Jason Fishleder and Doug Fisher represented the bank in the transaction.
BROOKLYN, N.Y. — Marcus & Millichap Real Estate Investment Services has completed the sale of 567 Vanderbilt Ave. in Brooklyn, N.Y. for $1.3 million. The mixed-use building includes 4,864 square feet. Bruce Thomsen, Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor. The buyer, a limited liability company, was secured and represented by Riney and Bestreich.
CAMBRIDGE, MASS. —Alexandria Real Estate Equities Inc. has broken ground on the first phase of a $500 million science and technology complex in Cambridge, Mass. Alexandria Center at Kendall Square will ultimately include 1.7 million square feet of office, laboratory and residential space. Biogen Idec, a global biotechnology firm, will occupy the first six-story, 307,000-square-foot building at 225 Binney St. when it delivers in 2013. The building is designed by architectural firm Spagnolo Gisness & Associates Inc.
VIRGINIA BEACH, VA. — The 18-acre London Bridge Commerce Center, a mixed-use property located at 130 London Bridge Rd. in Virginia Beach, has sold for $6 million. Chris Zarpas of Norfolk, Va.-based S.L. Nusbaum Realty Co. represented The Seay Family, LLC, the seller, in the transaction. The buyer was the City of Virginia Beach.
NEW JERSEY — G.S. Wilcox & Co. has arranged a $17 million mortgage loan for a warehouse, office, distribution and training facility located at Exit 8A on the New Jersey Turnpike. The borrower constructed the 352,812-square-foot property for the tenant, an automotive company. The 10-year loan was arranged through Great West Life, a correspondent lender of G.S. Wilcox.
CHICAGO — Canyon-Johnson Urban Funds and a joint venture between Vermillion Development Inc. and JFJ Development, will work together on a $106 million redevelopment of the mixed-used Harper Court in the Hyde Park neighborhood in Chicago. The two phase project will include the construction of a 150,000-square-foot office tower and more than 425 residential units. James McHugh Construction Co., the project's general contractor, has begun to mobilize the Harper Court site. The project is slated for completion in 2013.
MANHATTAN — RURU & Associates LLC has purchased a mixed-use building, located at 68-70 Second Ave. in Manhattan for $8.7 million. The six-story property includes 25 apartments and three stores. Roberto Ortiz of Eastern Consolidated Inc.'s New York office represented the seller, Bar None LLC, and procured the buyer.
RICHMOND, VA. — A joint venture between Charlotte, N.C.-based Crosland Southeast and Hartford, Conn.-based Hutensky Capital Partners has broken ground on the first phase of the $54 million, 83-acre Stonebridge, a mixed-use development located on the site of the former Cloverleaf Mall in Richmond. The first phase includes a 123,600-square-foot Kroger, a Kroger fuel station, 20,400 square feet of additional retail space and four out parcels. Phase II is anticipated to break ground in mid-2012, with 175,000 square feet of retail space and approximately 350 multifamily units. McMillan Pazdan Smith designed the development, which will be engineered by the Timmons Group and constructed by HOAR Construction. Additionally, S.B. Cox is demolishing the existing mall.
GILBERT, ARIZ. — NorthMarq Capital has arranged $3.7 million in first-mortgage financing for Higley Park Commons in Gilbert. Financing for the 68,000-square-foot mixed-use property was based on a three-year, interest-only term. It was arranged through NorthMarq’s relationship with A-10 Capital. The building’s largest tenant is San Tan Learning Center, a charter school that occupies four for the site’s seven buildings. NorthMarq’s team was led by Jim Cooper, vice president of the firm’s Phoenix regional office.
WEST CHESTER, PENN. — CBRE Inc. has brokered the sale of a 10,000-square-foot light industrial/flex/office space at Park Valley Corporate Center in West Chester, Penn. Steve Italiano of CBRE represented the seller, West Chester, Penn.-based Park Valley Associates, a private real estate developer. The buyer, Illuminations Inc., was represented by Frank Englund of West Chester-based First Liberty Partners. Illuminations is moving to West Chester from its prior headquarters in Edgemont, Penn.
