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.
WASHINGTON, D.C. — Cassidy Turley secured $46.5 million in debt financing for 293,845-square-foot Georgetown Center, two buildings located at 2121 and 2115 Washington Ave. in Washington, D.C. The two buildings are a major off-campus location for Georgetown University and MedStar Health. John Campanella of Cassidy Turley's Washington, D.C. office arranged the five-year, interest only loan from a CMBS lender on behalf of the owner, Chevy Chase, Md.-based JBG Companies.
NEW YORK CITY — Robert K. Futterman & Associates (RFK) has brokered the sale of the leasehold interest in two five-story mixed-use buildings located at 36 W. 34th St. and 41 W. 33rd St. in Manhattan. ISTA WEST 34 STREET LLC purchased the interest from ALGM Leasehold II LLC for $7.4 million. The two buildings total 20,000 square feet. Aerosoles occupies the retail space in the 34th Street building. Jeff Fishman and Brian Segall of RFK Investment Sales & Advisory Services represented both parties.
KANSAS CITY, KAN. — LANE4 Property Group is developing 39Rainbow, a multi-phased, mixed-use development in Kansas City. Located across from the University of Kansas Medical Center and Hospital, the project will offer upscale retail, commercial/medical space and hotel components. The first phase includes the demolition of the former Sun Inn Hotel at the southwest corner of Rainbow Boulevard and Marty Avenue in Kansas City. Upon completion in spring 2012, the property will include approximately 10,000 square feet of retail space on the first floor and an 83-room Holiday Inn Express & Suites on floors two through four. Current tenants for the first phase include Five Guys and Yogurtopia, among other retailers. The second phase, which is slated to break ground in spring 2012, will double the street-level commercial space and offer four floors of commercial and medical space. Project partners include Lodging One Hospitality, Davidson Architects and Engineering, Crossland Construction Co., Polsinelli Shughart Law Firm, Enterprise Bank and Center Bank of Kansas City.