SCOTTSDALE, ARIZ. — Glimcher Realty Trust has entered into agreements to purchase the land for all three phases of its Scottsdale Quarter project in Scottsdale from the affiliates of its existing joint-venture partner. The deal would be for approximately $120 million. The purchase of the first and second phases is expected to occur this month, and the Phase III land purchase, along with the termination of the joint venture, is slated to close in October. Scottsdale Quarter consists of approximately 600,000 square feet of retail and office space in the heart of the city.
NEW YORK CITY — NorthMarq Capital has arranged $8.1 million in first-mortgage financing for a mixed-use building located in New York City. The five-story property is located at 111-113 E. 12th St. It contains approximately 10,000 square feet of retail and office space as well as 15 apartments. The loan carries a 7-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq's Long Island office arranged the loan on behalf of the undisclosed borrower through StanCorp Mortgage Investors.
NEW YORK CITY — United American Land is developing a new mixed-use project at the corner of Fulton and Bridge streets in Brooklyn, near the entrance to the Fulton Street Mall. Known as 505 Fulton Street, the project will consist of the construction of a new two-story building totaling 130,000 square feet and the renovation of an adjacent landmark structure. H&M has already signed on as the anchor tenant for one of the buildings. Coldwell Banker Commercial Hunter Phoenix is serving as owner's representative, Greenberg Farrow is the project architect, and the general contractor is OTCA/BDD-JV.
ATLANTA — Scott McGregor and John Haynes of Resource Real Estate Partners have brokered the $10 million sale of 6.5 acres of land between two undisclosed parties. The land, which is zoned for mixed-use development, is located on Pharr Road in the Buckhead neighborhood of Atlanta. The acreage can accommodate up to 1.2 million square feet of development.
SEMINOLE, FLA. — Kitson & Partners has purchased a 60-acre tract of land in Seminole known as Bay Pines from a private party for an undisclosed amount. The original owner had tried to develop multifamily housing on the site, but Kitson plans to pursue a mixed-use project. The acreage is located across the street from the 297-acre Bay Pines VA Medical Center.
PHOENIX — Cassidy Turley BRE Commercial has completed the $2 million sale of The Citadel, a 28,548-square-foot mixed-use property located at 8700 E. Pinnacle Peak Rd. in Phoenix, to Brentwood West LLC. Built in 1996, the Class B property, which features office and retail space, was 16 percent leased at the time of sale. Cassidy Turley’s Eric Wichterman, Michael Coover and Michael Kitlica represented the seller, Helios AMC, and the Chandler, Ariz.-based buyer during the sales transaction. Brentwood West LLC has indicated that it plans to renovate the property.
NEW YORK CITY — The unveiling has been held for the W New York Downtown and The Residences at W New York Downtown. The 58-story tower is located in Manhattan's Financial District at the corner of Washington and Albany streets. it features 223 W-branded residential condominiums atop a 217-room W hotel. The project features a fifth-floor lounge known as the Living Room Bar & Terrace as well as BLT Bar & Grill on the ground and second floors. The Moinian Group was the project's developer, and Gwathmey Siegel & Associates was the project architect.
NEW YORK CITY — Construction has topped out for 440 West 42nd Street, an $800 million mixed-use project under development in Manhattan. The 60-story complex will contain 800 rental and for-sale residences, including 163 affordable units; Manhattan's first Yotel-branded hotel; and Signature Center, a performing arts theater complex. The project is applying for LEED-Silver certification. Related Cos. is the project's owner/developer and Tishman Construction Corp. is the construction manager.
CORNELIUS, N.C. — 8325 Copely Drive LLC of Santa Monica, Calif., has renovated the 42,000-square-foot Palace theater into a multiple-tenant, mixed-use facility. The space can house retail, restaurant, office and performing arts tenants. The property, which was built in 2000, is located near the interchange of NC Highway 73 and West Catawba Avenue in Cornelius.
SOUTH SHORE AND BELMONT CRAGIN, ILL. — Jeffrey Baasch of Sperry Van Ness’ Chicago office has closed two bank-owned, mixed-use property sales in the Chicago area. The assets are a 28-unit building located at 7847-53 S. Essex Ave. in South Shore and a four-unit building located at 6323-25 W. Belmont in Belmont Cragin. Additional terms of the transactions were not released.