TEMPE, ARIZ. – Core Campus Communities has purchased 1.7 acres on the southeast corner of College Avenue and 5th Street near Arizona State University and Sun Devil Stadium for $4.75 million. The LLC plans to develop a mixed-use project that consists of 24,000 square feet of retail space and more than 200 residential units. The seller, Logan Tempe, LLC, was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley BRE Commercial’s Land Group.
NEW YORK CITY — Bijan Nassi, a New York real estate investor, has purchased a mixed-use property in Union Square district after securing a $2.2 million mezzanine loan from Malkin Strategic Capital. In addition to the five-year mezzanine loan, Nassi also received $10.6 million in financing from Sovereign Bank, a U.S. subsidiary of Spain’s Banco Santander. The property is located at 220 Park Avenue South and is occupied by Haru, a Japanese restaurant. The property is a nine-story building that is made up of 37 rental apartments and 4,650 square feet of ground floor retail space.
MORAINE, OHIO — California-based Industrial Realty Group (IRG) has purchased the shuttered General Motors (GM) plant located in Moraine. The buyer plans to convert the 4.1 million-square-foot campus into Progress Park, a four-building, multi-use park containing approximately half as much space as the original plant. IRG purchased the property from The RACER Trust, which was created by the U.S. Bankruptcy Court to redevelop and sell 89 former GM sites in 14 states. IRG specializes in redeveloping large-scale industrial campuses. It recently acquired the former United Parcel Service hub at Dayton International Airport as well as the former Goodrich rubber plant in Akron.
ST. PETERSBURG, FLA. — A joint venture between Feldman Equities and Tower Realty Partners has begun a $2 million capital improvement and renovation at the 242,115-square-foot City Center, a Class A office building located at 100 Second Ave. South in St. Petersburg. The north tower is four stories and the south tower is 12 stories. Renovations will include parking garage lighting, elevator lobbies, restroom improvements and the installation of an energy management system. Also, the front entrance will be updated with granite pavers, and the lobby entrance doors will be re-done in an all-glass system. Construction began on the building’s new fitness center the first week of July.
NEW YORK CITY — Marcus & Millichap has arranged the $20 million sale of 220 Park Ave. South, a mixed-use residential and retail property in New York City. Peter Von Der Ahe, Joseph Koicim and David Lloyd of the firm's New York City office represented the seller, a Long Island, N.Y.-based family. The buyer was a locally based landlord and private investor.
SCOTTSDALE, ARIZ. – Concord Eastridge has purchased a 2.89-acre lot in Downtown Phoenix, where the firm plans to develop multi-unit residential properties along with retail and restaurant spaces. The firm hopes these 300 or so units will supply more student and workforce housing to the downtown area. Concord paid $3.1 million to ML Manager for the lot. Construction on the new mixed-use center is scheduled to begin in the first quarter of 2012, with an anticipated completion date of July 2013. Construction costs are estimated at $38 million.
ALEXANDRIA, VA. — The Alexandria City Council has approved plans for a $74 million development including a new 52,000-square-foot Harris Teeter and 175 apartments. The project is being developed by Gaithersburg, Md.-based Buchanan Partners, Bethesda, Md.-based The Pinkard Group and Theo Androus, and is backed by equity partner Bethesda-based Buvermo Properties. Groundbreaking is set for the first quarter of 2012.
JUPITER, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has been selected to construct an 1,100-foot extension of the Riverwalk at Harbourside Place located at Indiantown Road and U.S. 1 in Jupiter. The pedestrian walkway along the Intracoastal Waterway will also include a new seawall and public dock system. Construction on the Riverwalk component of the $144 million, mixed-use Harbourside Place is scheduled to begin today with completion in March 2012. The developer on the project is West Palm Beach, Fla.-based Allied Capital & Development of South Florida and the architect is Gentile Holloway O'Mahoney & Associates. Moss & Associates is the general contractor, with Jupiter's Community Redevelopment Agency providing the funding.
UNION CITY, N.J. – Procida Funding has purchased a $5.8 million loan for an incomplete 26,000-square-foot property, located at 115-117 42nd St. and 4115-4117 Park Ave. in Union City. The first-mortgage financing was restructured into a performing loan in cooperation with the borrower, while additional funds are being provided to complete construction. The 28 residential units and one retail unit that the property offers are scheduled to be available in the fall.
NEWARK, N.J. — CB Richard Ellis has brokered the $2.03 million sale of a 60-unit multifamily property located at 2 Osborne Terrace in Newark to a private individual. The mixed-use property includes 51 residential units, consisting of 42 one-bedroom and nine two-bedroom apartments, along with nine retail units. Charles Berger of CBRE's New Jersey Private Capital Group resented the seller and procured the buyer.