WASHINGTON, D.C. — Marcus & Millichap represented a private party in its sale of the Axiom, a land parcel located at 1638 14th St. NW in Washington, to a local developer for $3.8 million. The Axiom will be the new site of a 30,000-square-foot mixed-use development comprised of 3,000 square feet of retail space and 32 apartment units. Marcus & Millichap’s Ari Firoozabadi and Ali Javad represented the seller. Hounshell Real Estate represented the buyer.
NEW YORK CITY — Last month, the topping out ceremony was held for the construction of 400 Fifth Avenue, a 60-story hotel and residential tower located in Midtown Manhattan, New York City. The approximately 570,000-square-foot building will feature a five-star hotel with 214 rooms, comprising 157 guestrooms and 57 hotel/suite apartments. Amenities will include a restaurant, a bar, a spa and a health club. The upper floors of the tower will feature 190 residential condominiums. Completion of 400 Fifth Avenue is slated for fall 2010. The project is being developed by Bizzi & Partners Development. The project architect is Gwathmey Siegel & Associates Architects.
LOS ANGELES — Construction has started for the $10 million Santa Monica Pavilion mixed-use project, located on Santa Monica Boulevard in Westwood, across from the Los Angeles California (Mormon) Temple. Developed by Santa Monica Pavilion LLC and designed by Los Angeles-based Nadel Architects, the three-story, 44,500-square-foot project consists of 9,000 square feet of retail space, 35,500 square feet of office space and multiple parking options. Santa Monica Pavilion is slated to open in late 2010.
FORT LEE, N.J. — An investment fund sponsored by Palisades Financial has partnered with Fort Lee Redevelopment Associates (FLRA) for the redevelopment of a 7-acre parcel located in Fort Lee. The project, which is known as The Center at Fort Lee, will consist of a mixed-use development containing luxury retail shops, restaurants, office space, a gourmet food market, a four-star hotel, two luxury rental towers and a landscaped central park. Additional plans call for a museum at the center of the development and potentially a multi-use theater. The Center at Fort Lee is being designed by Elkus Manfredi Architects. Palisades Financial is developing the project through Palisades Regional Investment Fund II. The fund recently entered into an agreement to sell the 7-acre site to FLRA, which is comprised of SJP Residential Properties and local attorney James Demetrakis. FLRA is undertaking the project as a result of a request for proposal sent out by the Borough of Fort Lee to redevelop a 15-acre assemblage situated adjacent to the George Washington Bridge that includes the 7-acre parcel. The construction timetable was not released.
NEW YORK CITY — Wells Fargo & Co. has provided a $63.5 million loan for the refinancing of Rentar Plaza, a mixed-use property located in the Middle Village neighborhood of Queens, New York City. Situated at 66-26 Metropolitan Ave., the property is currently subleased to a commercial wholesaler and 16 retail tenants. The building contains 24-foot clear ceiling heights on the first and second floors as well as 33-foot ceilings and loading docks on the lower level. The loan carries a 5-year term. The borrower was not disclosed.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the $120 million recapitalization of the W Hotel & Residences currently under construction in Austin. HFF's Whitaker Johnson arranged the new 5-year construction loan, which was originated by CLG Hedge Fund, an affiliate of Beal Bank Nevada. The loan replaces the original $165 million construction loan that was financed by now-defunct Corus Bank. As part of the recapitalization, the project's owners, Stratus Properties and Canyon-Johnson Urban Fund, will contribute $45 million in equity. The W Hotel & Residences is slated for completion in December 2010. Plans call for a 252-room W Hotel, 159 residential units on the tower's upper floors, approximately 54,000 square feet of retail and office space, an entertainment venue operated by Live Nation and a new studio for KLRU-TV's “Austin City Limits” television show.
BOSTON — Sawyer Enterprises has opened the new W Boston at 200 Newbury St. in Boston's Theatre District. The building features a W Hotel as well as The Residences at W Boston. The hotel portion, which takes up the lower 14 floors of the building, features 235 guestrooms, including 24 suites. The residential portion, which occupies floors 15 through 27, contains 123 condominiums ranging in size from studio to three bedrooms. The tower also contains casual restaurant Market, the first Boston location for Bliss spa, a fitness center and approximately 5,000 square feet of meeting space. Descent, an underground bar and lounge, will open at the building in early 2010. Sawyer Enterprises is the owner and developer of the project. The design team includes Boston-based William Rawn, New York City-based Bentel & Bentel, and TRO Jung|Brannen.
REDMOND, WASH. — Riverpark, Legacy Partners’ 6-acre mixed-use development in downtown Redmond, has opened at the intersection of Redmond Way and Bear Creek Parkway. The six-building complex features 319 luxury apartment homes, a 144-room Hotel Sierra, a 106,000-square-foot office building anchored by Group Health, street-level retail spaces for restaurants and boutiques, and a 750-vehicle parking structure. Tiscareno Associates was the project’s master-plan, retail-building and garage architect.
CHICAGO — Magellan Development Group is delivering the first phase of completed condominiums at Aqua, an 82-story mixed-use project located at 225 N. Columbus Dr. in Chicago. Situated within the $4 billion, 28-acre Lakeshore East community, the 262 units, including studios, three bedrooms, customized duplexes and single-level penthouses, are more than 90 percent sold. Completion is nearing on Aqua, which was designed by Studio/Gang Architects.
FARMINGTON, CONN. — New Boston Fund has disposed of The Exchange, a 250,412-square-foot mixed-use property located in Farmington. The property features professional office, medical office, restaurant and retail space. Occupancy was 80 percent at the time of closing. Office tenants at the property include UCONN Health Center and Energy Services; restaurant tenants include Japanica, Murphy and Scarletti's. Jones Lang LaSalle's Scott Jamieson, Mike Smith, Chris Ostop and Gary Schless represented New Boston Fund in the transaction. Steve Inglese of New Haven Group represented the buyer, The Acre Group. The acquisition price was undisclosed.