NEW YORK CITY — Hudson Realty Capital LLC, a New York City-based real estate fund manager, has funded a $10.2 million construction loan for site demolition and construction of a 23,306-square-foot mixed-use building in New York City's SoHo neighborhood. The property on Greenwich Street will feature eight stories of luxury residential space, ground floor retail space, a gymnasium, laundry facilities and a bicycle room. Construction is slated for mid-2012 completion.
SEWICKLEY, PA. — GKK Sewickley, LP has purchased 501 Beaver St., an 8,357-square-foot retail/office building in Sewickley, a northwest suburb of Pittsburgh, for $1.23 million. Citizens Bank is a tenant and leases approximately 4,000 square feet of office and retail space. Michael Sell and Robert Geiger of Pittsburgh-based Grant Street Associates Investment Services Group, a member of the Cushman & Wakefield Alliance, brokered the transaction.
SAN ANTONIO — Dallas-based Crow Holdings Capital Partners has purchased Quarry Village, a 10.7-acre mixed-use development in San Antonio. Quarry Village is San Antonio's first urban main street development and includes The Artessa, a 280-unit apartment community, and a 70,785-square-foot retail development. Holliday Fenoglio Fowler's Craig LaFollette represented the seller, San Antonio-based Embrey Partners, and equity partner Nationwide Insurance in the transaction. The Artessa features a 6,700-square-foot clubhouse, demonstration/catering kitchen, a climate-controlled wine-tasting room, public terraces, a multi-level bocce ball courtyard, two pools, two five-story parking garages and 46,000 square feet of balcony space. The retail portion includes tenants AMAR Cosmetics, Ann's Nails, Avant Salon/Spa, Clear Communications, EyeMasters, Five Guys, Jamba Juice, Max's Wine Dive, Nancy's Boutique, Nest Modern, New Balance, Red Mango, South Texas Saddlery, Starbucks, The Shoe Club and Urban Taco.
PALO ALTO, CALIF. — Invesco Real Estate has purchased a 23,605-square-foot, multi-tenant office/retail building at 490 California Ave. in Palo Alto for an undisclosed sum. The four-story building is composed of three floors of pure office space atop a mix of ground-floor office and retail space. The building was 100 percent leased at the time of sale. The lease expirations ranged from 2011 through 2021. The seller, 490 CA – TMI, LLC, was represented by Laurence Blickman, Sam Wright, Michael Courson and Jamie D’Alessandro with Cassidy Turley Palo Alto.
NASHVILLE, TENN. — Franklin, Tenn.-based Southern Land Co. has broken ground for Elliston 23, a $50 million, mixed-use development project located at 2300 Elliston Place in Nashville. The property will feature 331 multifamily units, a 15,000-square-foot retail and restaurant component, and will be built to LEED Silver certification standards. Completion is slated for fall 2012.
NEW YORK CITY — A mixed-use condominium property at 1356 First Ave. on the corner of First Avenue and East 73rd Street has been sold for $9.13 million. The five-story property totals 19,840 square feet. Massey Knakal's Guthrie Garvin and Joan McLaughlin of The Corcoran Group handled the transaction. The commercial condominium is currently occupied by a restaurant, while the property's other condominiums are residential.
SAN ANTONIO — Hunter Lee LLC has purchased Judson Business Center, a 21,000-square-foot mixed-use complex at 13777 Judson Rd. in San Antonio. The business center has 10 occupants that include both office and retail tenants. Joe Linsalata of Linsalata Realty Services brokered the sale on behalf of the seller, James Krempen-Judson 35 Development and Construction. The buyer was self-represented.
FRANKLIN, MASS. — NorthMarq has arranged $44 million in first mortgage financing for Franklin Village Plaza, a 304,277-square-foot mixed-use shopping center in Franklin. NorthMarq's Doug Nickerson and Greg Nalbandian arranged the financing based on a 5-year term with a 30-year amortization schedule. The financing was arranged on behalf of borrower CSC Franklin Village LP through NorthMarq's correspondent relationship with Sun Life Assurance Co. of Canada. The shopping center sits on 32.07 acres and features 246,287 square feet of retail space and 57,990 square feet of office space. Tenants include Stop & Shop, Marshalls, British Beer Co. and Panera Bread.
NEW YORK CITY — A New York City mixed-use property in Manhattan’s Upper East Side has been purchased for $9.13 million. The property is located at 1356 1st Ave. and consists of 26 residential units and a ground-floor restaurant, Petaluma. The buyer, Delsha Capital, represented themselves in the transaction. Distinct New York, an affiliate of Delsha, is now the exclusive marketing agency for the mixed-use property.
NEW YORK CITY — Hudson Realty Capital has funded a $5.65 million DPO loan for a 14,000-square-foot mixed-use loft building in New York City’s Tribeca neighborhood. The five-story property is 100 percent occupied, and features 1,200 of retail space and four floor-through residential units. Hudson’s Spencer Garfield arranged the loan for the borrower and the loan will refinance and renovate the property with bathroom retrofits, sprinkler installation, exterior plantings and common area upgrades on the interior. The property was built in 1880 and offers an exterior brick façade and interior wood frames.
