NEW YORK CITY — Daniel Hlipert of Mortgage Equicap has arranged a $6.2 million bridge loan for the acquisition of a development site in Soho. The borrower, a foreign developer, plans to develop retail and luxury condominiums on the site. The property currently contains a vacant, two-story structure.
CICERO, ILL. — Wirtz Realty is nearing completion of a 604,970-square-foot office, warehouse and distribution facility in Cicero for Wirtz Beverage Illinois (WBI), a beverage and alcohol distributor. Cicero is located about 16 miles west of Chicago. The $80 million facility will serve as WBI's Illinois hub for sales, wine and spirit distribution and training programs. Wirtz redeveloped 35 of 66 acres, formerly known as the Sportsman's Park Race Track, into an automated warehouse and distribution center connected with a two-story office and conference center. Site features include a pedestrian pathway, a public park, and a regulation-size Bobby Hull Community Ice Rink, which opened in December 2011. Chicago-based companies Cicero Warehouse LLC and 35L Sportman's LLC purchased the property from the Town of Cicero in January 2011. The facility's grand opening is scheduled for this May. The project team also includes architects Ware Malcomb, Spaceco Engineering and general contractor Ryan Cos.
NEW YORK CITY — Trevi Retail has purchased a mixed-use building at 22 E. 13th St., between Fifth Avenue and University Place in New York City, for $4.8 million. The five-story building contains 4,099 square feet. The building includes a two-story restaurant space occupied by City Tavern, which is leased until 2016. There are five apartment units above. James Nelson, Mitchell Levine, Caroline Hannigan, Matt Nickerson and Matt Bowman of Massey Knakal Realty Services represented the buyer in the transaction. They also represented the seller.
SACRAMENTO, MOUNTAIN VIEW, CALIF. — Matt Swanston of Preferred Capital Advisors has arranged two ground-up construction loans totaling $44.5 million. A $27-million loan was allocated for a 70,232-square-foot, build-to-suit facility in Mountain View for Nuance Communications. The project is located at 899 West Evelyn Road. A $17.5-million loan was also provided for an 84-unit mixed-use urban project at 16th and “O” streets in Sacramento. Both loans were provided by national banks.
AUSTIN — Austin-based HTH Capital has been selected to lead the development of the 62,000-square-foot Midtown Medical Tower, a mixed-use property consisting of office space, medical office space and retail, located at the intersection of 38th Street and Lamar Boulevard in Austin. The property is more than 50 percent pre-leased to tenants such as Texas Orthopedics and Texas Perinatal Group. Completion is slated for early 2013.
BOSTON — Boston-based EagleBridge Capital has arranged $4.5 million in permanent financing for a portfolio of three commercial properties in the Brighton section of Boston. The portfolio includes Brighton Heights, a 20,000-square-foot office at 167 Corey Rd.; 3 Washington St., which is leased to Brighton Auto Clinic; and 5 Washington St., which is leased to U.S. 1 Petroleum. Tenants at the Brighton office building include Medical Digital Photography and BioMedical Modeling. Brighton Auto Clinic is an auto repair shop and U.S. 1 Petroleum is a full-service gas station. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a regional financial institution.
CHICAGO — New York-based Samson Management has sold 2778 N. Milwaukee in Chicago for $2.4 million to an undisclosed buyer. The 42,000-square-foot, mixed-use property is occupied by Gap Outlet on the ground floor. The retailer recently renewed its 12,000-square-foot lease for another five years. The remaining storefront is leased to a currency exchange on a year-to-year basis. The buyer plans to redevelop the vacant top three floors into rental apartments. Michael Bennet of Newmark Knight Frank represented the seller in the deal. Matt Welke of Essex Realty represented the buyer.
SOUTH NORWALK, CONN. —South Norwalk-based Greenfield Partners, in partnership with Somerset Properties Inc., has acquired 34 office, flex and industrial buildings for $146 million. The properties total 1.9 million square feet and are located in Southern New Jersey; Milwaukee, Wis.; and Highpoint, N.C. Liberty Property Trust was the seller. The properties were approximately 86 percent leased at the time of sale.
DETROIT — Construction Partners LLC will host a preview event at Broderick Tower on Thursday, April 5, for visitors to view the ongoing $53 million restoration project at the historic, 34-story building. When complete in September, the Detroit tower will house a restaurant and lounge, three floors of office space and 125 apartments on floors 5 through 34. The Broderick, originally known as Eaton Tower, was built in 1928. The developer plans to unveil a fully finished 17th floor model unit at Thursday's event. Located in the heart of Detroit's sports and entertainment district, the Broderick event will coincide with the opening of the Tigers' 2012 MLB season at Comerica Park.
CHESTNUT HILL, MASS. — The former Macy's building is being demolished to make way for the second phase of redevelopment work at the Chestnut Hill Shopping Center. The 120,000-square-foot space will be used for a Sports Club/LA health and fitness complex, a cinema and several retail stores. The first phase of the redevelopment was completed in 2009 and included the renovation of Star Market. The third phase will begin later this year and include a new, 64,000-square-foot building located on the site that will include retail stores and restaurants. The developer, WS Development, plans to house its corporate headquarters in the building.