MCKINNEY, TEXAS — CB Richard Ellis has been named advisor in the sale of Times Square at Craig Ranch, a mixed-use apartment and retail center at 7951 Collin McKinney Parkway in McKinney. The 313-unit multifamily community and 88,284 square feet of ground floor retail space was constructed at an estimated cost of $52 million and was foreclosed upon by Bank of America in November 2009. Dirk Goris and Mark Stymiest with the CBRE Multi Housing team in Dallas will lead the marketing on behalf of Bank of America. The five-story development is approximately 50 percent leased.
CHICAGO — Northbrook, Ill.-based Brinshore Development has selected McShane Construction Co. for the construction of Hairpin Lofts and Logan Square Arts Center. The reconstruction project will feature a six-story, mixed-use development featuring 25 affordable and three market-rate apartment units on floors three through six, Logan Square Arts Center on the second floor and ground-floor retail space. Hartshorne Plunkard Architecture designed the project to meet LEED Silver certification. Green elements include a roof deck patio garden/green roof, solar thermal panels for domestic hot water, a geothermal HVAC system, low VOC materials, ENERGY STAR appliances, recyclable content material and an extensive construction waste recycling system. The project is scheduled for completion in March 2011.
CHICAGO — Prime Group Realty Trust (PGRT) has completed the $24 million base building renovation at 330 North Wabash, a 52-story mixed-use property located in Chicago’s River North neighborhood. The redevelopment included modernizing the base building, operational systems and select common areas. The company strived to maintain the building’s original architecture, which was designed by Mies van der Rohe. Renovations included updating common areas, restrooms, elevator cabs, and security, fire and life safety systems, as well as installing a state-of-the-art HVAC system on the redeveloped floors. PGRT will continue to renovate and modernize tenant space and common areas as new leases are signed in the building’s 37 through 47 floors.
NEW YORK CITY — Brooklyn Navy Yard Development Corp. has selected PA Developers to develop the Brooklyn Navy Yard project in New York City. One of the developer's first assignments will involve the construction of a 55,000-square-foot Shoprite supermarket at the site. In addition, 30,000 square feet of neighborhood retail space and 125,000 square feet of industrial space will be built as part of the initial phase of development. Construction will begin by 2012. Formerly known as Admirals Row, the Brooklyn Navy Yard project will consist of the mixed-use redevelopment of 300 acres at the shipyard.
NEW YORK CITY — Jones Lang LaSalle (JLL) has brokered the sale of a commercial loft property in New York City's TriBeCa neighborhood for $23 million. The property which is located at 60-66 White St., consists of three contiguous five-story buildings that contain retail and residential loft space. The seller, Blumberg Excelsior, will lease back a portion of the building from the buyer, Michelangelo Real Estate, and will hold a $14 million loan for the property for a 3-year period. JLL's Peter DeCheser and Rick DeRuyter negotiated the sale. The property traded at a 4.78 percent cap rate.
PALM COAST, FLA. — Colbert Lane LLC of Ormond Beach, Fla., has sold a 46-acre tract of land to Coral Gables, Fla.-based Gold Royal Asset for $4 million. The acreage, located on Colbert Lane in Palm Coast, is fully entitled and ready for more than 300,000 square feet of mixed-use development. This sale was the first part of a workout that includes an additional 32 acres. NAI Realvest's Chris Butera and Paul Partyka represented the seller.
EMERSON, N.J. — The Goldstein Group has brokered the sale of a former PNC Bank branch located at 55 Emerson Plaza East in Emerson for more than $740,000. The buyer, Grand Investments, plans to redevelop the site as a multi-use project featuring 18 units of residential housing over 3,000 square feet of retail space. C.J. Huter and Neil Goldstein of The Goldstein Group represented PNC Bank in the sale. Construction for the new project has already commenced. The Goldstein Group will be providing leasing services for the new project's retail component.
MIAMI — Marcus & Millichap has brokered the $1.2 million sale of a vacant mixed-use property in Miami. The 13,268-square-foot, two-story property is located on the southwest corner of 29th Street and Biscayne Boulevard. The buyer, a limited liability company based in New York, will operate the property as an owner/user and rent out space on the second floor. Mark Wohl of Marcus & Millichap brokered the sale.
MONROVIA, CALIF. — Urban Housing Group has completed Paragon at Old Town, a well-positioned, mixed-use development consisting of 163 one- and two-bedroom apartment homes built over 6,000 square feet of ground-floor commercial space. Located at 700 S. Myrtle Ave. in the south end of Monrovia’s historic Old Town district and designed by KTGY Group, the property’s residents will have access to a lounge with fireplace, flat-screen television and entertaining kitchen; a 24/7 fitness studio; a billiard room; and a large, resort-style courtyard with heated elliptical swimming pool and spa.
NEW YORK CITY — Eastern Consolidated has completed the sale of a 7,293-square-foot development parcel located at the corner of Lexington Avenue and East 56th Street in Midtown Manhattan. The site presently contains seven two-, three- and four-story buildings situated at 678-684 Lexington Ave. Ronald Solarz and Eric Anton of Eastern Consolidated represented both undisclosed parties. The site contains flexible zoning, the buyer has revealed intentions to redevelop the parcel for another use, most likely a hotel.