NEW YORK CITY — Marcus & Millichap has completed the sale of a 4,125-square-foot mixed-use building located at 213 Himrod St. in Brooklyn. The property was vacant at the time of the sale. Naomi Shu of Marcus & Millichap's Manhattan office represented the buyer and the seller, both private investors.
Mixed-Use
CHICAGO — Charlotte, N.C.-based Green Bear Real Estate Capital has closed a $87 million debt and equity private placement for a mixed-use construction project in Chicago. Located in Chicago's Old Town neighborhood, the 380,000-square-foot project will feature 250 apartment units and 30,000 square feet of retail space. Additionally, the property will feature a multi-level parking garage with 250 parking spaces and garage elevators that are accessible by residents and guests. The financing was provided by an insurance company and the structure consisted of a $59 million construction loan and a $28 million equity investment for the development of the LEED-certified, luxury residential building.
SANTA CLARITA, CALIF. — Madison International Realty has acquired a 50 percent equity interest in the 126,769-square-foot Bridgeport Marketplace, a mixed-use property located 30 miles north of downtown Los Angeles in the Valencia area of Santa Clarita. The value of the transaction was approximately $10 million. Developed in 2008 and 94.5 percent leased, Bridgeport Marketplace consists of a 97,786-square-foot retail component and 28,953 square feet of medical office space. Valley Produce Market, Walgreens and California Pizza Kitchen are the major retail tenants; the medical office component is long-term leased to the Southern California Orthopedic Institute.
SANTA MONICA, CALIF. — On behalf of a private investor, MEI Real Estate Services has arranged $11.5 million in construction financing for a mixed-use development in downtown Santa Monica. When completed in fourth quarter 2012, the project will consist of 40 high-end residential suites over 8,500 square feet of retail.
LOS ANGELES — Marcus & Millichap has presided over the $2.1 million trade of a 9,376-square-foot mixed-use property located at 410 North La Cienega Blvd. in Los Angeles. Built in 1937 and about 87 percent occupied at the time of the sale, the property consists of approximately 2,500 square feet of ground-floor retail space and five office suites totaling 4,716 square feet on the second floor. There is also 2,100 square feet of warehouse space, which is currently being used for tandem parking. Marcus & Millichap represented both the private-investor buyer and the seller, CRP Properties, in the transaction.
HAVRE DE GRACE, MD. — A $15.5 million first mortgage was arranged for the 82,400-square-foot Swan Creek Village, an office and retail property located at 2015 Pulaski Hwy. in Havre de Grace. Bill Libercci of NorthMarq Capital's Baltimore, Md., office arranged the loan through Susquehanna Bank. Upper Chesapeake Health System is the major tenant at the site.
LEXINGTON, KY. — A three-story, 46,000-square-foot mixed-use development called Main & Vine is planned in Lexington. The $10 million project will break ground in 2011 with expected completion a year after groundbreaking. Located at the intersection of Main St., Vine St. and Midland Ave., approximately 70,000 cars per day pass by the site. The more than 1 acre site will contain retail, restaurant and office space. Phil Holoubek of Lexington-based Lexington's Real Estate Company will lead the development team.
SAN FRANCISCO — Coast Capital Income Fund LLC has sold a mixed-use property, located at 1233 Polk Street in San Francisco, to an undisclosed investor for $2.25 million. Situated in the Polk Gulch neighborhood, the retail/hotel property is leased to Mayes Oyster House, one of the oldest restaurants in the City by the Bay. Kidder Mathews’ Clayton Jew and Morgan Thomas represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a 2,800-square-foot mixed-use property located at 45 Canal St. in New York City for $2.35 million. Peter Von Der Ahe, Christopher Sjurset and Matthew Fotis, all of the firm's Manhattan office, represented the seller, a private investor. The buyer was also undisclosed.
LOS ANGELES — Jones Lang LaSalle has completed the sale of Sunset Pacifica, a six-story, mixed-use residential building located at 17351 West Sunset Blvd. in the Pacific Palisades district of Los Angeles. Terms of the deal were not disclosed. Situated just minutes from downtown Santa Monica, the vacant 68,842-square-foot property was constructed in 1983. Jones Lang LaSalle’s Patrick Shiver and Javier Rivera represented U.S. Bank in the transaction, and Clark Everitt of Investment Real Estate Associates represented the Sonoma, Calif.-based buyer, Nine Mile Investments. The new owner will immediately begin the build-out of 16 luxury apartments units and two commercial condominiums.