NEW YORK CITY — Massey Knakal has brokered the $11.9 million sale of a 187-foot by 80- foot development site in downtown Brooklyn, New York City. Tyler Hospitality, which purchased the property from Nevins Realty, plans to build a hotel at the site. Located at 300 Schermerhorn, the site contains approximately 83,000 square feet of buildable space for a mixed-use development project, or 90,000 square feet for a community-use property. Brian Leary of Massey Knakal represented the seller in the transaction. In addition, Massey Knakal has brokered the $1.6 million sale of a three-story, mixed-use building in the Greenpoint neighborhood of Brooklyn, New York City. The 25-foot-wide property, located at 916 Manhattan Ave., features two large floor-thru apartments and a ground-floor retail unit with a backyard. The 4,750-square-foot property is underbuilt according to C4-3 zoning, allowing for 8,500 square feet of commercial space. The building was vacant when delivered to the buyer, Brooklyn investor Marek Swiatkowski. Massey Knakal represented the buyer and the seller, Thomas McGinn of Brooklyn, in the transaction.
Mixed-Use
MONTGOMERY COUNTY, TEXAS — A new urban village is being planned at the intersection of Interstate 45 and FM 3083/Carter Moore Parkway in Montgomery County. The 147-acre property, which is located midway between Lake Conroe and the Lone Star Executive Airport, will comprise retail, restaurants, offices, medical facilities, a hotel, luxury rental apartments and brownstone townhomes. Madeley Interests, the owner, has engaged Roger Galatas Interests as real estate advisor to create a land use plan and marketing strategy for the property.
FORT MYERS, FLA. — East Lansing, Mich.-based Strathmore Development Co. is developing Alico Lakes Village, a 300,000-square-foot mixed-use project in Fort Myers. The project will consist of approximately 200,000 square feet of retail, restaurant and office space, together with a 172-room Holiday Inn and a conference center. City Furniture and Ashley Furniture, which are the result of a sale/leaseback transaction, will anchor the project and will occupy 115,000 square feet. Alico Lakes Village will be located at Interstate 75 and the Alico Road interchange. Completion is slated for third quarter 2008.
NEW YORK CITY — Metro Supply has purchased a 57,500-square-foot flex building from a partnership that includes Cook and Krupa for $6.05 million. Located at 43-50 10th St. in the Long Island City neighborhood of Queens, New York City, the property includes 10,000 square feet of parking space. The property will continue to be used as a combination office and incubator building. The buyer plans to use the upper floors to house office tenants, while the lower floors will house smaller businesses moving into the area. Joseph Eliasoph of Sholom & Zuckerbrot Realty represented the buyer in the transaction, and John Ritter, Larry Smith and Frank Zuckerbrot, also of Sholom & Zuckerbrot, represented the seller.
FORT WORTH AND CROWLEY, TEXAS — Tabani Group has purchased two neighborhood shopping centers, Golden Beach Marketplace in Fort Worth and The Shoppes at Deer Creek in Crowley, from Weingarten Realty Investors. The 93,430-square-foot Golden Beach Marketplace is located at the southeast corner of Golden Triangle Boulevard and North Beach Street and is the only grocery-anchored shopping center serving the northeast Fort Worth suburb. Its other major tenants include Blockbuster Entertainment, Pizza Hut and Sonic. The 87,571-square-foot Shoppes at Deer Creek is located on the northwest corner of FM 1187 and FM 731/South Crowley Road. It is 85.3 percent leased to 15 tenants, including Blockbuster Entertainment, Nationwide Insurance, Planet Beach and Pizza Hut. Tom Salanty of the capital markets group of Cushman & Wakefield of Texas represented the seller in the transaction. The sale price was undisclosed.
CINCINNATI — Atlanta developers Carter and The Dawson Company have received approval from the city of Cincinnati and Hamilton County, Ohio, for the development of the $600 million Cincinnati Banks project. The development will consist of 2.8 million square feet of residential, office, hotel and retail space on 18 acres along the Ohio River in downtown Cincinnati. Construction of the first phase will begin in early 2008, which will consist of approximately 300 apartments and 70,000 square feet of retail. Completion of Phase I is expected in 2010.
SOMERVILLE, MASS. — Upland Capital Corp. has purchased 212 Elm Street, an office and retail building in Somerville, from Paradigm Properties for $19.6 million. The four-story, 66,217-square-foot building was 100 percent leased at the time of sale. Tenants include Arrowstreet, Inc., Citizens Bank, Tibco and Powderhouse Productions. Tad Lee and Leigh Freudenheim of Meredith & Grew procured the buyer in the transaction. Lee and Freudenheim will continue to market the property, and Paradigm Properties will continue to manage it.
LOS ANGELES — Equity Office, an affiliate of The Blackstone Group, is developing the final phase of Howard Hughes Center, a 70-acre, 2.6 million-square-foot mixed-use development located in West Los Angeles. The $200 million final phase will feature two 250,000-square-foot office buildings and two potential residential structures. The first office building, 5901 Center Drive, is slated to break ground in December, with the second building, 5900 Center Drive, scheduled to break ground in early 2008. Two proposed residential developments are expected to follow, which will make Howard Hughes Center one of the largest live/work projects in West Los Angeles. Currently, the center features six office buildings, the Spectrum Athletic Club, a medical office building and Promenade at Howard Hughes Center, a two-level, 250,000-square-foot outdoor entertainment/shopping center. The Promenade features The Bridge Cinema de Lux, Callender’s Grill, On the Border Mexican Grill and Cantina, Islands, Johnny Rockets, Kabuki Japanese Restaurant, Borders Books & Music and Nordstrom Rack.
WHITE LAKE TOWNSHIP, MICH. — A joint venture between Farmington Hills, Mich.-based Gershenson Realty & Investment and Troy, Mich.-based KIRCO has broken ground for the construction of a $50 million, 28-acre mixed-use development located in White Lake Township. The Village Lakes Plaza, located at 1534 Elizabeth Lake Rd., will be anchored by a 104,000-square-foot JC Penney, and will contain an additional 60,000 square feet of retail and 77,000 square feet of medical office space. The retail component of the development will include Stucchi’s/Pappa Romanos, Verizon Experience Store and Famous Footwear. St. Joseph Mercy Oakland, a division of Trinity Health, has already committed to nearly half of the medical office space. The project, which is expected to be complete in July 2008, is the first joint venture project between the two companies.
CHARLOTTE, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore-based Alex Brown Realty have acquired Interstate Business Park for $12.3 million in Charlotte. Located on Stuart Andrew Boulevard at the intersection of Clanton Road and Interstate 77, the 162,763-square-foot property consists of nine single-story office/flex/warehouse buildings. Norfolk, Va.-based Charlotte Park Associates, represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, sold the property. CIP Real Estate will rebrand and rename the park Charlotte Commerce Center.