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.
ASHEVILLE, N.C. —- Florida-based Babyfish Two has purchased the 95,781-square-foot Gerber Village, a mixed-use property located at the intersection of Hendersonville and Gerber roads in Asheville, from HMP Properties for $8.9 million. Mike Burkard and Steve Shields of CBRE's Charlotte, N.C., office represented the seller, and Key Commercial Real Estate's Asheville office represented the buyer. Gerber Village is anchored by Office Depot and was 64 percent leased at closing to tenants such as Charles Schwab, Verizon Wireless, Five Guys Burgers & Fries, Frankie Bones Restaurant & Lounge and The Thirsty Monk. The property features 60,111 square feet of retail space, 27,572 square feet of office space and seven residential units totaling 8,098 square feet.
PROSPER — Baylor Family Medicine at Prosper has opened in a 4,700-square-foot facility in the 16,000-square-foot Eagle Crossing II, a mixed-use development located at 861 N. Coleman in Prosper. Dallas-based Lee Design Group, under a contract with Health Texas Providers Network, designed the medical space. Eagle Crossings II was constructed by Crossland Construction Co.
NEW YORK CITY — Two mixed-use properties, located at 4906-4908 4th Ave. in New York City's Brooklyn neighborhood, have been purchased for $1.69 million. Matt Fotis and Jeb Hollingsworth of Marcus & Millichap's Manhattan office represented the seller, a private investor. Dolly Amigon of Marcus & Millichap's Brooklyn office represented the buyer, a private owner based in Brooklyn.
NEW CASSELL, N.Y. — The Community Preservation Corporation (CPC) has provided a $3.63 million permanent loan for two residential buildings in New Cassell on behalf of the borrower, Stoneridge Homes. The mixed-use buildings are located at 735 and 816 Prospect Ave., and they feature a combined 50 apartment units and 27,000 square feet of retail space. Construction financing was provided through tax credit proceeds raised by First Sterling Financial, a loan from The Bank of New York and Nassau County Home Funds.
PASSAIC, N.J. — CB Richard Ellis' Private Capital Group has brokered the sale of a 6,000-square-foot mixed-use property, located at 249 Main Ave. in Passaic. Charles Berger of CBRE's Saddle Brook, N.J., office represented the buyer, who plans to renovated the property as an investment.
NEW YORK CITY — Marcus and Millichap has arranged the $1.35 million purchase of the 8,747-square-foot 437-439 Tompkins Avenue, a free-market brownstone development in Brooklyn. Shaun Riney of Marcus & Millichap's Brooklyn office and Matthew Fotis of the firm's Manhattan office represented both parties in the transaction.
CHICAGO — Chicago-based Essex Realty Group has negotiated the $1.05 million sale of a mixed-use property, located at 7453 N. Western in Chicago. The property contains six multifamily units and two retail spaces. Doug Fisher and Matt Welke of Essex represented the seller in the transaction. Jim Darrow and Jordan Gottlieb, also of Essex, represented the buyer.
HOUSTON — Hoar Construction has commenced construction on the 120,000-square-foot CityCentre Three, a mixed-use property slated to be six stories, located in CityCentre in Houston. Midway Cos. is still developing the property, which was designed by by Munoz & Albin with Kirksey Architects to achieve LEED Silver certification. The exterior will have a courtyard featuring fountains and landscaped seating areas. Construction for the property is expecting to last 12 months.