NEW YORK CITY — A mixed-use building comprised of nine apartment units and seven retail stores located at 825-829 Flatbush Ave. in Brooklyn has been purchased for $2.8 million. The property has a total 13,059 square feet of rentable space, with 9,792 square feet as multifamily space and 3,267 square feet of retail space. Naomi Shu of Marcus & Millichap Real Estate Investment Services’ Manhattan office represented both the buyer and seller in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $13.5 million sale of a defaulted mortgage and judgment with a seven-story mixed-use building as collateral. The building is located at 148 W. 28th St. in Manhattan’s Chelsea neighborhood. The property includes 26,296 square feet of existing improvements and 66,800 square feet of developmental rights. Barbara Dansker, Adelaide Polsinelli and Matt Rosenzweig represented Marcus & Millichap in-house in the transaction.
NEW YORK CITY — Jericho, N.Y.-based Metropolitan Realty Associates (MRA) and its equity partner Angelo Gordon & Co. have sold a 188,500-square-foot mixed-use property for $39.25 million, or about $208 per square foot. The buyers are real estate investor David Werner and Carlton Associates Inc., both of New York City. The two building complex sits at 1000 Stewart Ave. and 500 Endo Blvd. in Garden City on Long Island. The sale is the result of an auction conducted by Eastdil Secured’s Michelle Mahl, Josh King, Adam Spies and Adam Etra. The buyers represented themselves in the transaction. MRA and Angelo Gordon acquired the building in 2005 from Bristol Myers Squibb.
NEW YORK CITY — Massey Knakal and Adams & Co. have arranged the sale of a $1.8 million mixed-use property at 180 E. 94th St. in Manhattan. The four-story property is 3,147 square feet and is comprised of one retail unit, currently leased by a nail salon, and two fair market residential units, which includes a duplex with a roof deck. James P. Nelson and Tom Gammino Jr. of Massey Knakal represented the seller and Adams & Co.’s Jeff Buslik and Staci Goodman represented the buyer. The sale works out to be about $645.86 per square foot.
ATHENS, GA. — Batson-Cook Development Co. is nearing completion on a $16 million public-private partnership transforming the block surrounding the Georgia Theatre in downtown Athens into office, retail space and parking. The firm developed the property with the Athens-Clarke County Unified Government and the Athens Downtown Development Authority. Located along West Clayton and Washington streets, the development includes 14,600 square feet of retail space, 28,000 square feet of office space and 540 parking spaces. Retail tenants will include Waffle House, Fuzzy's Taco Shop, Yoforia and Momma Goldberg's Deli. Also, Partner Software, Inc., is taking 11,500 square feet of office space.
ALPHARETTA, GA. — North American Properties has acquired Prospect Park, a 106-acre mixed-use development site located at the northwest quadrant of Old Milton Parkway and Georgia Highway 400 in Alpharetta. The stalled plans include deploying design and operational aspects borrowed from the hospitality industry into a retail destination. North American Properties will develop the retail center with significant input from the Alpharetta community through direct engagement at local community meetings and events. It is also considering renaming the property and intends to survey local residents through social media channels. The project is slated for opening in 2013.
DURHAM, N.C. — Measurement, Inc. has chosen Choate Construction Co. to build the 91,150-square-foot Measurements Building, a mixed-use property to be located at the corner of Morris and Hunt streets in Durham. The five-story building will contain 65,950 square feet of Class A office space above 13,100 square feet of street-level retail space. Also included in the project is a 12,000-square-foot parking garage.
KATY — Houston-based Vista Equities Group reports a rise of lease activity in its mixed-use town center development, LaCenterra at Cinco Ranch, in Katy. Retailers have leased 3,100 square feet of Phase I retail space and almost 6,000 square feet of office space. New retailers include Another Round and Flip Flop Shop, and other retailers include Amerejuve Med Spa, Retina Consultants and Eventsia Group. The leasing activity has prompted Phase II construction on 36,000 square feet of retail space that will commence this fall, with an opening of spring 2012 expected.
COCONUT CREEK, FLA. — CB Richard Ellis has negotiated the $5.8 million sale of a 66,524-square-foot mixed-use property and a McDonald's outparcel located at 4400 W. Sample Rd. in Coconut Creek to Township Shoppers. David Donnellan and Scott O'Donnell, both with CBRE's Boca Raton, Fla., office, represented the seller, SCP-Capri Township Plaza Owner.
NEW YORK CITY — The Long Island and New York City offices of NorthMarq Capital have arranged $1.8 million in first mortgage financing for a three-story, 3,128-square-foot mixed-use property at 28 E. 13th St. in New York City. Charles P. Cotsalas and Ernest DesRochers of NorthMarq arranged the 5-year term loan with a 25-year amortization schedule through NorthMarq’s correspondent relationship with Stan Corp Mortgage Investors. The major tenant of the property is Souen Restaurant, a natural, organic and macrobiotic foods restaurant located on the first floor.
