NEW YORK CITY — Massey Knakal Realty Services has brokered the $20.35 million sale of a more than 2-acre site comprised of nearly 100,000 square feet at 1600 Sheepshead Bay Rd. and 1501 Voorhies Ave. in the Sheepshead Bay neighborhood of Brooklyn, New York City. The transaction was the largest in Sheepshead Bay in 20 years, and the second largest in the neighborhood’s history. Acadia Realty Trust purchased the properties, located on the north side of Voorhies Avenue between Sheepshead Bay Road and E. 14th St., from Leonard Halpern and Scott Feiden of Brooklyn. The buyer plans to construct a mixed-use development featuring national retail tenants and extensive parking. Currently a one-story, 8,400-square-foot building sits on the 1501 Voorhies Ave. parcel, which totals approximately 83,962 square feet. The approximately 12,709-square-foot 1600 Sheepshead Bay Rd. site includes an 11,870-square-foot, two-story mixed-use building containing five retail stores, five offices and one residential apartment. The properties encompass a total of almost 330,000 commercial buildable square feet, or almost 235,000 residential buildable square feet, and are in close proximity to the Sheepshead Bay waterfront. Massey Knakal was the sole broker in the transaction.
Mixed-Use
GLENDALE, CALIF. — Hollywood, Calif.-based 1027 Wilshire Associates LLC has purchased Glendale Exchange, a 92,154-square-foot retail/office development located along Maryland Avenue in Glendale, for $22.5 million. The property is 100 percent leased to a variety of tenants, including a 10-screen Mann Theater and a 6,000-square-foot Tony Roma’s restaurant. Dan Riley, Sam Alison and Geoff Martin of CB Richard Ellis (CBRE) represented the seller, Florida-based Glendale Exchange MW LP, in the transaction.
TAMPA, FLA. — Tampa-based McKibbon Hotel Management is developing Avion Park Westshore, a 19-acre mixed-use development in Tampa. The project, located near the Tampa International Airport and downtown Tampa, will include a 21,000-square-foot shopping center, four restaurants, three hotels, a 300,000-square-foot Class A office building and a 136,000-square-foot Class A office condo tower. TownePlace Suites by Marriott, Homewood Suites and Hilton Garden Inn are scheduled for completion in spring 2008, winter 2008 and fall 2008, respectively.
WEST HOLLYWOOD, CALIF. — Los Angeles-based CIM Group is developing 400,000 square feet of space at The Lot, the former Warner Hollywood Studios on Santa Monica Boulevard in West Hollywood. With construction slated to begin in 2008, the new buildings will vary in size and configuration, including two 150,000-square-foot, six-story office buildings. Designed by HLW Architects, the new project will feature modern features and state-of-the-art systems, as well as complement and reflect the architectural elements of the existing facilities in order to maintain the character of the historic property. Completion is scheduled for year-end 2009 or early 2010.
NORTHVILLE TOWNSHIP, MICH. — Sperry Van Ness has brokered the sale by auction of the former Northville Psychiatric Hospital property, a 414-acre, 20-building vacant property located at 41001 7 Mile Rd. in Northville Township, for $31.5 million. The property was acquired by REIS-Northville, a joint venture between Bloomfield Hills, Mich.-based Real Estate Interests Group and Livonia, Mich.-based Schostak Bros. & Co. The buyers plan to redevelop the property into Highwood, an $800 million mixed-use development that will consist of 42.2 acres of retail and medical office space, as well as 1,000 residential units. Robert Pliska of the Birmingham, Mich.-office of Sperry Van Ness and Louis Fisher of Sperry Van Ness Accelerated Marketing represented the seller, the state of Michigan.
DALLAS — Provident Realty Group and The Red Sea Group are developing The Glen at Preston Hollow, a 42-acre mixed-use project at the northwest corner of Central Expressway and Walnut Hill Lane in the Preston Hollow neighborhood of Dallas. The development will feature a walking village with 175,000 square feet of street-level retail and restaurants below approximately 1,100 multifamily units; a 100,000-square-foot mid-rise office building; and a gated community of 100 luxury single-family homes. The first phase is scheduled for completion by mid-2010. The Retail Connection and Blatteis & Schnur are handling retail leasing; WLK Interests/Bill Knopick is responsible for office leasing. WDG Architects handled design and site planning for The Glen.
ATLANTA — Hypo Real Estate Capital Corp., a member of Hypo Real Estate Group, has closed a $393 million construction loan for Phase II of 12th & Midtown, a luxury two-tower mixed-use property located at 1075 Peachtree St. in Atlanta. The sponsors of the deal are Daniel Corp., Selig Enterprises and MetLife. The property will consist of a 725,000-square-foot Class A office tower, more than 60,000 square feet of flagship retail space, the 414-room Loews Atlanta Hotel and 60 luxury residences.
NEWNAN, GA. — Two Atlanta-based firms, Diplomat Cos. and Kennedy Capital Group, have entered into a joint venture partnership to develop the 1 million-square-foot, $150 million multi-use development known as Newnan Village Crossing on a 125-acre tract in Newnan. The development will consist of three hotels, numerous restaurants, medical offices, an assisted living facility and retail space. Construction will begin by the end of 2007, with the first buildings scheduled for occupancy within 1 year.
CHARLOTTE, N.C. — The multifamily division of Crescent Resources has closed on a $68 million transaction on a 360-unit apartment community and 8,000 square feet of retail space in Charlotte’s historic South End submarket. Located on South Boulevard, adjacent to Bland Street Station, the community will feature one-, two- and three-bedroom apartments ranging in size from 550 to 1,650 square feet. The retail space will accommodate restaurants, coffee shops and other service-oriented businesses. Leasing is set to begin in spring 2009, with a completion date set for fall 2009.
CHICAGO — A joint venture between Chicago-based Structured Development and Wilton, Conn.-based Commonfund Realty has acquired the 8.2-acre New City YMCA site, located at 1555 N. Halsted St. in Chicago, for $54 million. The property currently features baseball fields, and a 50,000-square-foot building that was used as a recreation and daycare center. The site was acquired by the joint venture for the development of NewCity, a $270 million, 1 million-square-foot mixed-use development. NewCity will be built around a 60,000-square-foot park and plaza, and will feature 375,000 square feet of retail and up to 490 residential units. Demolition of the site will take place within the next 60 days, with construction set to begin in spring 2008. The first retail deliveries are expected in fourth-quarter 2009, with residential deliveries following shortly after. Vernon Schultz and Michael Senner of Rosemont, Ill.-based Colliers Bennett & Kahnweiler represented the seller, YMCA of Metropolitan Chicago.