NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a development site located at 35-39 Cooper Square in Manhattan's East Village for $8.5 million. The lot size is 4,833 square feet, is zoned for mixed-use development and can accommodate 28,998 buildable square feet. Joe Sitt of Massey Knakal's Special Asset Strategy Group handled the transaction between the two undisclosed parties.
Mixed-Use
PASADENA, CALIF. — The joint venture of Urdang and Edgewood Realty Partners LLC has acquired the 84,000-square-foot Chamber of Commerce Building and an adjacent 246-space parking garage, located on Colorado Boulevard within Old Pasadena, from a corporate seller. Terms of the deal were not disclosed. A real estate investment manager and part of BNY Mellon Asset Management, Urdang made the acquisition on behalf of an institutional, separate-account client managed by Urdang Capital Management. Constructed in 1904 and 93 percent-occupied at the time of sale, the landmark Chamber of Commerce Building consists of five stories of offices above ground-floor retail space.
LEWISVILLE — Huffines Communities has begun development of Phase I of its master planned community Hebron 121 Station in Lewisville. The 90-acre, infill, mixed-use development is located near Vista Ridge Mall at the intersection of Interstate 35 East and State Highway 121, adjacent to the new Denton County Transit Authority (DCTA) Hebron rail and bus station. The initial phase includes 234 multifamily residences and is expected to be completed in late spring 2011. The $3 million development will ultimately include 1,755 multifamily units and 250,000 square feet of retail and office space.
PITTSBURGH — Forest City Enterprises has procured a $62 million loan to refinance its Station Square mixed-use property in Pittsburgh. The CMBS loan carries a 10-year term and a 5.85 percent interest rate. It will be used to retire three separate bank loans totaling $58.6 million. Station Square is a 652,800-square-foot property located along the Monongahela River on Pittsburgh's south side. Its tenants include Hard Rock Café, Gateway Clipper Fleet and U.S. Bank.
SAN ANTONIO — The first development parcel of the planned 2,400-home, 610-acre Luckey Ranch project, located at Loop 1604 North and Highway 90 in San Antonio, has sold. The Kalikow Group, on behalf of KEP Luckey Ranch Global Associates, sold the 93-acre parcel to LGI Homes and GTIS Partners for an undisclosed amount. The Luckey Ranch site consists of 539 acres slated for residential development as well as 71 acres zoned for commercial use.
SAN DIEGO — Holliday Fenoglio Fowler LP has arranged the $9.75 million refinancing for four mixed-use properties situated along 4th and 5th Avenue in San Diego’s historic Gaslamp Quarter. The 48,065-square-foot portfolio features retail, residential-loft, office and specialty-use space. HFF’s Patrick Burger and Tim Wright represented the borrower, Burni Enterprises, and its asset manager, Cardinal Group Investments LLC, in securing the 3-year, adjustable-rate, non-recourse loan through a major New York-based debt fund. Loan proceeds are retiring existing debt and funding the conversion of two assets to retail and residential-loft uses.
DALLAS — Dallas-based Centennial Real Estate Co., along with Dallas-based Corinthian Apartment Investments and equity partner Praedium Fund, has acquired The Èlan at Bluffview, a mixed-use multifamily and retail development located at 3850 W. Northwest Hwy. in Dallas. The property features 181 luxury one- and two-bedroom apartments with lofts ranging from 900 to 2,000 square feet, which are 95 percent occupied. It also includes 70,000 square feet of retail space originally built in the 1980s that is 30 percent leased.
NEW YORK CITY — POKO Partners is in the construction contract phase for the adaptive re-use of the Loews Pitkin Theater in Brooklyn's Brownsville neighborhood. The project will include 70,000 square feet of retail space and 90,000 square feet on the building's upper levels that will be occupied by a charter school. Wilk Auslander assisted POKO with the contracts. The construction timetable for the project was not released.
NEW YORK CITY — Massey Knakal Realty Service has completed the sales of two properties located in Manhattan's Upper East Side for a total of $31 million. In the first deal, a 16,790-square-foot commercial building at 29 E. 61st St. traded for $21 million. The five-story building contains the restaurant Serafina on the ground floor along with six retail and office tenants. Massey Knakal's Guthrie Garvin and Jeffrey Shalom arranged the deal between the seller, Hidrock Realty, and the undisclosed buyer. In the second deal, a five-story, 9,765-square-foot building located at 34 E. 61st St. traded for $10 million. The property contains five residential units on the upper three floors and the restaurant Aureole on the bottom two floors. Guthrie partnered with Paul Massey, Jr., to complete the deal between the two undisclosed parties.
BEVERLY HILLS, CALIF. — The high-profile, eight-acre property at 9900 Wilshire Blvd., situated at the thoroughfare’s prominent intersection with Santa Monica Boulevard in Beverly Hills, has been acquired by investors from Hong Kong and Singapore for $148.3 million. Architect Richard Meier’s plan for the property, which was approved by the City of Beverly Hills in 2008, calls for 235 condominiums and 17,000 square feet of retail and restaurant space set amidst extensive gardens. After being acquired for $500 million in 2007, the property fell into foreclosure early this year and was acquired by Carlos Slim ’s Banco Inbursa, one of the lenders. Joint Treasure won a private bidding auction administered by Eastdil Secured and the law firm Skadden Arps. The law firm Allen Matkins Leck Gamble Mallory & Natsis advised Joint Treasure in the transaction. In the $148.3 million transaction, Joint Treasure was acting on behalf of three of its consortium partners: Chow Tai Fook Group of Hong Kong, the holding company for publicly held New World Group; Wee Cho Yaw Family Group of Singapore that invests in banks, commercial properties and hotels; and David Chiu of Far East Consortium International Limited, a commercial property and hotel developer. The investor …