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.
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.