CHICAGO — Essex Realty Group has completed the disposition of a two-story, eight-unit mixed-use building in Chicago. Located at 2309-2311 W. Howard, the property offers six two-bedroom apartment units and 6,200 square feet of commercial space. Matt Welke and Jim Barcelona of Essex brokered the transaction. The sales price was approximately $750,000. The seller and buyer were not disclosed.
PATERSON, N.J. — The New Jersey office of Marcus & Millichap has completed the sale of a 7,400-square-foot multi-use building located in Paterson. The building contains six residential and commercial units, and the property also contains a three-bedroom house. Kevin McCrann and Thomas McConnell of Marcus & Millichap represented the local seller and procured the buyer, a New Jersey-based private investor. The property traded for $725,000.
BOSTON — Construction is advancing for Liberty Wharf, a $43 million mixed-use project located on the South Boston Waterfront. The project consists of three buildings totaling approximately 74,000 square feet of space. Tenants already signed on to occupy the restaurant component of the project include Legal Sea Foods and a steakhouse operated by Tavistock Group. The project will also include a 570-foot extension of the HarborWalk and will be LEED certifiable. The project is nearing shell completion, and restaurant build-out will commence in the second quarter. Bill Motley and Katherine Small of Jones Lang LaSalle will be leasing the project on behalf of Cresset Development. Elkus Manfredi Architects is designing it and John Moriarty & Associates is building it.
SEATTLE — Hendricks & Partners has brokered the sale of Rianna I and Rianna II located at 810 and 728 12th Ave. in Seattle. Built in 2000 and 2002, respectively, the mixed-use buildings total 156 apartment units and include retailers Starbucks Coffee and Subway. The seller was 12th and Columbia LLC, which includes local investor Laurel Spelman, and the buyer was Equity Residential. Hendricks & Partners’ Kenny Dudunakis represented both parties in the transaction.
SPRINGFIELD, ILL. — McCormick Mortgage Co. has arranged development financing for the first phase of Legacy Pointe Town Center, a 277-acre mixed-use development in Springfield. The $34 million loan includes loans for the infrastructure of the first phase and construction loans for Scheels Superstore. The center will be anchored by a 203,000-square-foot Scheels Superstore, which is slated to open in July 2011. The two-story store will feature a 16,000-gallon aquarium, a 65-foot Eli Bridge Ferris Wheel, a three-car NASCAR simulator, a shooting gallery, four larger than life-size bronze sculptures, four life-size bronze statues, a Walk of Presidents with life-size statues of former Presidents. Additional details of the loans, which were provided by a consortium of banks, were not disclosed.
SUGAR LAND, TEXAS — Sugar Land-based Curtice Commercial Real Estate is nearing completion for Mody Plaza, a three-story, 25,000-square-foot commercial project located within Sugar Land's Lake Pointe Development. Initial plans for the building call for retail space on the ground floor, with restaurants or professional office space on the second and third floors. The building will also feature an attached two-story parking garage. Johnson Atala & Associates is serving as project architect.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 40,300-square-foot mixed-use building located at 332 Keap St. in Brooklyn, New York City, for $4.3 million. Matt Fotis and Zachary Felson of Marcus & Millichap's Brooklyn office represented the seller, an estate. Fotis and Felson, along with Jeb Hollingsworth of the same office, represented the buyer, a private investor. The property traded at a 5.55 percent cap rate.
PENSACOLA, FLA. — Sandspur Development is gearing up to start construction on Airport and 12th, a $24 million mixed-use project, in Pensacola. Located at the intersection of Airport Boulevard and 12th Avenue, the property will feature 11 acres of office and retail space as well as a 127-room Hyatt Place hotel. SMB Architecture designed the development.
SAN DIEGO — The Peckham Family Trust is developing Harbor Point, a new two-story, 24,000-square-foot mixed-use building located at 5055 N. Harbor Drive in the Point Loma area of San Diego. Johnson & Jennings General Contracting is performing ground-up construction of the building, which is slated for completion in August 2010. Harbor Point will consist of nine office suites above three ground-floor retail suites and includes secured, covered parking and an open second-floor courtyard. F.L. Hope Architecture & Planning is the LEED project designer, SENTRE Partners is the development manager and B&G Consultants is the construction manager.
TEANECK, N.J. — Alfred Anzari Enterprises has completed a $6 million renovation project at its Glenpointe mixed-use property in Teaneck. Construction primarily occurred on the office component of the property. Glenpointe Centre East received a redesign of the lobby's waterfall, the addition of wood-paneled walls and ceilings, new seating areas and lighting upgrades. Glenpointe Centre West received new granite flooring and an updated color scheme. Finally, The Atrium at Glenpointe received new carpeting and columns in the cafeteria, new ceilings and lighting throughout the building, and a new glass-walled WiFi lounge with a tropical fish tank. Glenpointe consists of approximately 650,000 square feet of office space, 164 residential condominiums, a hotel and a spa.