NEW YORK CITY — New York City-based Eastern Consolidated has sold two mixed-use buildings, located at 448-452 Broome St. in Manhattan, for $17 million. David Schechtman, Azita Aghravi, Marion T. Jones and Brian Ezratty represented the seller, Spain-based Caixanova, and procured the buyer, a joint venture between Tavros Capital and BLH Management.
CHICAGO — Marcus & Millichap has brokered the sale of a 23,600-square-foot mixed-use property located at 1825 W. Newport Ave. in Chicago's Roscoe Village neighborhood. The property traded for $2.03 million. Occupancy was 50 percent at the time of closing. The new owner plans to operate an upscale daycare on the building's ground floor. Michael Marks and Evan Halkias of Marcus & Millichap's Chicago office represented both undisclosed parties in the deal.
NEW YORK CITY — New York City-based Massey Knakal have brokered the sale of two mixed-use buildings located at 405-407 Atlantic Ave. in Brooklyn, New York City, for $1.87 million. The properties, which total 4,500 square feet, each contain a retail unit on the ground floor and two apartments above. Stephen Palmese and Winfield Clifford of Massey Knakal represented both the buyer and the seller.
SAN FRANCISCO — Holliday Fenoglio Fowler has sold The Cannery, a 98,983-square-foot mixed-use building in San Francisco’s Fisherman’s Wharf district, for $20.58 million. The property received more than 25 offers before it was purchased free and clear of debt. The Cannery was originally built in 1907 as a peach cannery. In the past 50 years, however, the property has operated as a multi-level mixed-use center. Samuel Brownell and Nicholas Bicardo, directors at HFF, represented the seller along with HFF senior managing director Michael Leggett.
NEW YORK CITY — Meridian Capital Group has secured a $7.1 million mortgage to refinance a mixed-use property located at 344-348 West 38th St. in Manhattan. The five-year loan was secured through a local savings bank. Judah Hammer of the New York City office negotiated the financing.
JERSEY CITY, N.J. — Hackensack, N.J.-based NAI James E. Hanson has brokered the sale of a mixed-use portfolio, located at 340-342 Seventh Street in Jersey City. The portfolio included two apartment buildings, totaling seven apartments, two stores and six garages. Enn Kunnapas represented the seller, a private family, and procured the buyer, an out-of-town owner/operator who plans to convert the two existing stores into a restaurant.
HENRICO, VA. — Richmond, Va.-based The Rebkee Co. has purchased a 41-acre, mixed-use development site, anchored by an 86,750-square-foot Kroger, located in the Short Pump area of Henrico. The seller was an affiliate of the Whitehall Street Real Estate Funds, managed by Goldman Sachs. Construction has started on 125,000 square feet of retail space, 85,000 square feet of which is pre-leased to Olive Garden, Bassett Furniture, Select Comfort and a Toys “R” Us/Babies “R” Us. Upon completion, the development will also feature 79 townhome lots, although no plans have been made for that portion of the site. Cushman & Wakefield | Thalhimer is the leasing agent and LF Jennings is the general contractor on the project.
LAS VEGAS — MIG Real Estate, which was formerly known as Stoneridge Capital Partners, has acquired the 151,662-square-foot Rainbow Corporate Center in Las Vegas through the property’s special servicer. The sale terms were not disclosed. Rainbow Corporate Center is a mixed-use property that consists of two three-story office buildings comprising 147,116 square feet, as well as a 4,546-square-foot, single-story retail building that is anchored by a Starbucks. Cushman & Wakefield’s Michael Roberts, Steve Rowland, Bob Hawkins and Dana Berggren represented the seller. Newport Beach, CA-based MIG represented itself. MIG has closed about $300-million worth of West Coast acquisitions in the past two years, including properties in California, Arizona, Nevada, Colorado, Hawaii and Edmonton, Alberta.
BETHESDA, MD. — The Montgomery County Planning Board has approved a mixed-use initiative proposed by Donohoe Development for Woodmont Central, located at the Woodmont Triangle area in Bethesda. The 585,000-square-foot, multi-phase development will include two apartment towers and an office building. The 455-unit residential component, known as The Gallery at Bethesda, will feature 20,000 feet of retail space. Construction on the 234-unit first phase is expected to begin in January 2012, with completion in March 2014. Additionally, construction on the 91,612-square-foot office building with 10,505 square feet of retail space is expected to begin in January 2012 with completion in March 2013. The second building of The Gallery at Bethesda, containing the remaining 221 units, is expected to break ground in January 2013 with completion in November 2014. WDG Architecture is providing architecture and urban design services.
FRISCO — Forest City Development and its partner, Ernest Mahard Jr., is planning to develop a 320-acre mixed-use development on the southwest corner of the Dallas North Tollway and U.S. Highway 380 in Frisco. Bounded by Virginia Parkway and County Road 26, the development will encompass retail, residential, office, entertainment, hospitality, and municipal parks and services. Currently, the City of Frisco has executed a Memorandum of Understanding with Forest City Development and Ernest Mahard Jr. for the development. Specific plans will come at a later date.