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.
SOUTHPORT, CONN. — Clearview Investment Management has acquired a partially completed component of Southport Green, a 64,600-square-foot mixed-use project located in Southport. Included in the sale is an approximately 40-room hotel, a restaurant, office space and luxury residential units. Clearview plans to complete the components and operate the hotel, which will open next spring under the name Delamar Southport. The CB Richard Ellis team of Jeffrey Dunne, Steven Bardsley, Christopher Leonard and David Gavin represented the undisclosed seller and procured Clearview. The sale price was not disclosed.
WESTLAKE, TEXAS — Turner Construction Co. has been selected by Deloitte LLP to build the new Deloitte University learning and leadership development center. The $130 million project will be built on 107 acres in Westlake. It will contain 712,000 square feet of construction, which will include 800 guest rooms, multiple conference spaces, 35 classrooms, dining venues, a ballroom, a business center and recreational facilities. The project will also be seeking LEED-Gold certification. Completion is slated for 2011.
THORNDALE, PA. — Marcus & Millichap has completed the sale of Caln Plaza, a 57,400-square-foot mixed-use property located in Thorndale, for $4.24 million. The property contains a shopping center, a residential apartment building and a self-service car wash. Matthew Gorman, Tom Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the seller, a private investor. Both Gormans, along with Derrick Dougherty, Mark Taylor and Dean Zang, all with the firm's Philadelphia office, represented the buyer, an investor group led by Scott Homel and Pintzuk Brown Holdings.
SAN FRANCISCO — Marcus & Millichap has brokered the $3.15 million sale of a 14,342-square-foot mixed-use property located at 1007-1017 Valencia St. and 3285-3287 21st St. in San Francisco. Constructed in 1900, the property consists of six one-bedroom/one-bath units, two two-bedroom/one-bath units and six commercial units. Marcus & Millichap’s Brad Lagomarsino and James Devincenti represented both the seller, a partnership, and the buyer, a private investor.
ANNE ARUNDEL COUNTY, MD. — Bill Libercci of NorthMarq Capital's Baltimore office has arranged a $4 million loan for the Horizons mixed-use facility. Located in Anne Arundel County, the property spans 116,000 square feet. Advantus Capital Management financed the loan.
ALLEN AND FAIRVIEW, TEXAS — Cadence McShane Construction Co. has completed a multi-phase construction assignment at The Village at Allen and The Village at Fairview on behalf of developer The MGHerring Group. Over the course of five phases of construction, Cadence McShane built 12 retail buildings and two parking structures totaling more than 592,000 square feet and more than 900 parking spaces. The project architects were Architecture+, Alliance Architects and JPRA Architects. The Village at Allen and The Village at Fairview are the two components of a 3 million-square-foot mixed-use project located at the corner of U.S. Highway 75 and Stacy Road on the border of the cities of Allen and Fairview.