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.
ANDOVER, MASS. — Boson-based NAI Hunneman has brokered the sale of Olde Andover Village, a 55,000-square-foot apartment, retail and office building in downtown Andover, Mass. for $7.4 million. David Ross and Robert Tito along with Gina Barroso represented the seller, OVA Realty Trust. They also procured the buyer, Rockland, Mass.-based Lincoln Essex Capital LLC. The property is located near Phillips Andover Academy.
NEW YORK CITY — White Plains, N.Y.-based Q10 New York, an affiliate of Houlihan Parnes Realtors, has arranged $50 million in first mortgage financing for the 250,000-square-foot Two Fordham Square, a mixed-use property located at 2501 Grand Concourse in the Bronx neighborhood of New York City. Jeanne Cronin, Mike O'Neill, Jerry Houlihan and Kelly Houlihan of Houlihan Parnes and Q10NY arranged the loan with a 7-year term and a 30-year amortization schedule through a major New York bank on behalf of the borrower, a partnership between partners of Houlihan Parnes Realtors and members of the Jemal family.
NEW YORK CITY — New York City-based Massey Knakal has brokered the $1.6 million sale of a three-story, 2,667-square-foot mixed-use building, located at 274 Court St. in Brooklyn. The property includes retail space on the ground floor with two apartments above. Ken Freeman of Massey Knakal was the sole broker of the transaction.
OCEANSIDE, CALIF. — Ocean Village, a 63,000-square-foot, mixed-use residential and retail property in Downtown Oceanside, has sold to MG Properties Groupfor $11,750,000. The project was completed in 2009 and includes 33 condominium units atop 10,676 square feet of ground-level retail that fronts the famed Pacific Coast Highway. MGPG plans to renovate and lease the vacant condo and retail units. Ocean Village was purchased with capital from MGPG’s Private Capital Group. The balance of the transaction was financed by KeyBank National Association. The seller, 401 PCH Ocean, LLC, was represented by Voit’s Mike Bouma, Rob Socci and Paul Caputo.
HILLSBOROUGH, N.J. — Five tenants have signed leases with the landlord, Larken Associates, for space in The Shoppes and Offices at Wood's Tavern, located at the intersection of Route 206 and Amwell Road in Hillsborough. Pizza Hut signed a 1,525-square-foot lease; Tchorz, Granite & Marble signed a 511-square-foot lease; Earthfruits Frozen Yogurt signed a 1,700-square-foot lease; Northeast Wealth Planners signed a 509-square-foot lease; and IT Media signed a 408-square-foot lease. Robert Marek of Raider Realty represented the landlord in the Pizza Hut transaction, Victor Kelly of Raider Realty represented the landlord in the Tchorz, Granite & Marble and Earthfruits Frozen Yogurt transactions and Stephanie Williams of Raider Realty represented the landlord in the Northeast Wealth Planners and IT Media transactions.