WEST BEND, WIS. — Madison, Wis.-based Ascendant Holdings has acquired a 21,534-square-foot multifamily, office and retail building in downtown West Bend for an undisclosed price. Originally constructed in 1893, the property is currently occupied by Robert W. Baird & Co. and Cafe Soeurette. Patrick Gallagher and Matson Holbrook of Siegel-Gallagher Inc. represented the seller, Sheoygan, Wis.-based Community Bank & Trust, in the transaction.
WASHINGTON, D.C. — NorthMarq Capital has arranged $31.5 million in acquisition and bridge financing for 1250 23rd Street Northwest in Washington, D.C. The 130,000-square-foot mixed-use/office building was 60 percent leased at the time of closing. Financing was based on a 3-year, interest-only term and was arranged for the undisclosed borrower by NorthMarq through a correspondent lender relationship. Gary McGlynn and Jason Smith of NorthMarq's Washington, D.C., Regional office secured the financing.
NEW YORK CITY — The Battery Park City Authority has signed a lease agreement with a joint venture between the Poulakakos family and The Dermot Company at Pier A, a redevelopment project located in Lower Manhattan between Battery Park City and Battery Park. The joint venture will open a restaurant with an oyster bar and outdoor seating, an event venue and a visitor's center in the building. Stalco Construction is currently redeveloping the pier's 36,000-square-foot building, which will contain a mix of restaurants, event space, a coffee shop and a visitor's center. H3 Hardy Collaboration designed the project.
HOUSTON — Landmark Houston Hospitality Group (LH2G) is revitalizing Scouts Square, a redevelopment of the former headquarters of the Boy Scouts of America building. Landmark will add an additional floor to the existing building as well as a full renovation and an outdoor area with a large patio and gardens. Phase I of the project, which broke ground earlier this year, will consist of 50,000 square feet of retail and office space with a seven-story parking garage. Anchor tenants will include the Moroccan themed Moor's Restaurant & Hooka Bar and Black Finn Saloon. Meanwhile, Phase II will consist of first floor retail, apartments and additional parking with a construction date slated for early 2012.
MIAMI — BVT Development Partners has completed the sale of Coral Station, a 3-acre development site located at 1420 S.W. First Court in Miami's Brickell Financial District. A private foreign investment group led by Miami-based Alex Vadia acquired the property for $14.78 million. Potential development options for the site include residential, hotel and retail.
ALEXANDRIA, VA. — Gaithersburg, Md.-based Buchanan Partners has partnered with Bethesda, Md.-based The Pinkard Group to develop a 51,500-square-foot Harris Teeter grocery store and 175 residential units for the Old Town North section of Alexandria. The $74 million, mixed-use development is scheduled to break ground in the second quarter of 2012, with Harris Teeter slated to open in 2014. The 65,000 square feet development site covers most of the city block bounded by North, Asaph, Madison and North Pitt streets. Bethesda-based Buvermo Properties is an equity partner in the development.
PRINCETON, N.J. — A joint venture between Investcorp International Realty and Lincoln Equities Group has purchased Princeton Forrestal Village, a 550,000-square-foot mixed-use project located in Princeton. Constructed in 1987 and renovated in 2007, the property comprises 10 freestanding buildings containing a mix of office, retail and restaurant users. A separately owned Westin Hotel and Conference Center is also located on the 42-acre site. The buyers' near-term plans include leasing the vacant space at the center, which will include converting some of the vacant retail space to medical office use. The seller's name and the sale price were not released.
LOUDOUN COUNTY, VA. — McLean, Va.-based Miller & Smith and Japan-based SEKISUI HOUSE are developing One Loudoun, a mixed-use project in Loudoun County. The 358-acre master-planned community will feature 1,040 residential homes, 702,000 square feet of retail space, including restaurants, shopping, a luxury hotel and a movie theater, 3 million square feet of office space, a community center and an amphitheater. The community will be constructed in phases, including South Village, North Village, Downtown and the fourth section, which includes the community amenities. The South Village and North Village will be completed in 2014 and 2016, respectively, with pre-home sales beginning in the fall. The Downtown phase and community center will be completed in 2013. The project is designed by Torti Gallas and The Eisen Group in conjunction with Miller & Smith.
NEW YORK CITY — Meridian Capital Group has arranged a $22.3 million loan to refinance an eight-story, 65,000-square-foot office and retail building located on Fifth Avenue in Manhattan. The property was fully occupied at the time of closing. The mortgage carries a 10-year term and a fixed interest rate; it was provided by UBS Securities. The borrower was not disclosed.
CHICAGO — Prime Group Realty Trust (PGRT) has entered into a joint venture agreement with an affiliate of Stamford, Conn.-based Five Mile Capital Partners for 330 North Wabash Avenue in Chicago Designed by Mies van der Rohe, the 52-story, mixed-use tower will undergo building redevelopments, tenant improvements and renovations. Five Mile has agreed to provide up to $75 million of additional capital to the joint venture for building improvements. PGRT completed a $24 million base building redevelopment of the property in 2010. Additionally, The Langham Chicago, a five-star luxury hotel, will occupy floors two through 13. Once complete in late 2012, the hotel will offer a chef-driven restaurant, a spa and fitness center, and meeting and conference facilities.