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.
WASHINGTON, D.C. — Cassidy Turley has arranged the $167.5 million sale of the 420,000-square-foot National Press Building in Washington, D.C. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley’s Washington, D.C. office represented the seller, Press Building, LLC. Affiliates of AEW Capital Management and Quadrangle Development Corp. acquired the property. The buyers will manage and lease it.
MASHPEE, MASS. — Boston-based Fantini & Gorga has arranged $25.25 million financing for the 156,000-square-foot, multi-phased South Cape Village, located in Mashpee. The property was developed by C. Talanian Realty and features a Marshalls, Walgreens and Roche Bros. supermarket. The financing, provided by a New England-based financial institution, represents a refinance of the borrower’s construction debt, plus closing costs and allowed the borrower to fund future construction needs and recapture equity.
GLEN FALLS, N.Y. — Scott DeVinney of NorthMarq Capital’s Rochester, N.Y., office has arranged $4 million in first-mortgage financing for a mixed-use property located on Warren Street in Glen Falls. The financing was secured through M & T Bank and was based on a 7-year term with a 25-year amortization schedule. The property contains 27 apartment units and 20,000 square feet of office space.
GARLAND — San Antonio-based USAA Real Estate Co. has sold 5th Street Crossing, a mixed-use development consisting of 188 Class A multifamily units and approximately 12,000 square feet of retail/office space at 351 N. 5th St. in Garland, to Minneapolis-based Oaks Properties LLC. The development was completed in 2009 through a development partnership between USAA Real Estate Co. and High Street Residential, a subsidiary of Trammell Crow Co. Mark Stymiest of CB Richard Ellis represented USAA Real Estate Co. in the transaction with Oaks Properties.