NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 10.5-acre waterfront development site located at 1110 Oak Point Ave. in the Hunt’s Point neighborhood of the Bronx. The asset sold for $24 million. The L-shaped irregular lot offers 874,685 square feet of buildable square footage and 1,000 feet of frontage along the East River. The site currently features a 68,787-square-foot building, which was vacant at the time of sale. The site is within a M3-1 zoning district, which allows for heavy industrial uses. James Nelson, Nick Burns and Ben Fox of Cushman & Wakefield represented the seller, while Tom Cisco of Feinberg Bros Agency represented the buyer in the all-cash transaction. The names of the seller and buyer were not released.
BOSTON — Chevron Partners has acquired the Sears Crescent building, located at 38-68 Cornhill in Boston. Copley Investments sold the historic property for $23.8 million. Located in Boston’s Government Center neighborhood, the 50,300-square-foot office building is 100 percent leased to 14 tenants and offers street-level retail space. Robert Griffin, Edward Maher, Matthew Pullen and Justin Smith of Newmark Grubb Knight Frank represented the seller in the transaction.
CARENCRO, LA. — Stirling Properties has brokered the sale of a 16.1-acre lot of land located at 3810 N.E. Evangeline Thruway in Carencro near the intersection of I-10 and I-49. The buyer, Wal-Mart Real Estate Business Trust, has begun to build a new 182,000-square-foot Walmart Supercenter at the site. The new store, which is set to open in early 2017, is expected to create 300 jobs. Seth Citron and Ryan Pecot of Stirling Properties brokered the land deal.
MIAMI — Swire Properties Inc. and its retail co-developers Whitman Family Development and Simon Property Group have inked a lease for a 38,000-square-foot Italian indoor food hall concept at Brickell City Centre in Miami’s Brickell district. The three-level dining space and market will anchor the 500,000-square-foot open-air shopping center at the 5.4 million-square-foot development. The food hall will offer several eateries, market fare such as produce and artisanal cheeses, gifts, live cooking demonstrations, cooking classes with Italian chefs and educational programming on wine pairings and other topics. Other dining and entertainment retailers already signed on at Brickell City Centre include Cinemex, Pubbelly Sushi, Pasion del Cielo, Quinto La Huella and Sugar, a rooftop bar that will be situated at the Brickell City Centre’s upscale hotel — EAST, Miami.
JACKSONVILLE, FLA. — Equicap, a real estate investment advisory firm based in New York, has arranged an $18 million acquisition loan for a 155,899-square-foot shopping center in Jacksonville. The center’s tenant roster includes Publix, H&R Block and Planet Fitness. Daniel Hilpert of Equicap arranged the seven-year, non-recourse loan with a fixed 3.54 percent interest rate through an unnamed regional lender.
ORLANDO, FLA. — Cite Partners has brokered the $14 million sale of a 199,100-square-foot industrial facility located at 4473 Shader Road in northwest Orlando. First Industrial Realty Trust Inc., a Chicago-based REIT, purchased the asset from Panattoni Development Corp. LLC. Wilson McDowell, Matt Sullivan and Bobby Isola of Cite Partners LLC represented Panattoni in the transaction, and Rich Cavano of Cavano Realty LLC represented First Industrial. The deal is the largest industrial sale in Orlando by square footage and dollar amount so far this year.
LAKE CITY, FLA. — Marcus & Millichap has arranged the $11.6 million sale of The Grove Apartments, a 200-unit apartment community located at 384 S.W. Dexter Circle in Lake City. The multifamily property was roughly 75 percent occupied at the time of sale. The community features all two-bedroom, 750-square-foot units with full-size washer and dryer connections, tankless water heaters and garbage disposals. Community amenities include gated access, a swimming pool with a paved sundeck and a children’s playground. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction.
ST. LOUIS, MO., BELLEVILLE, AND O’FALLON ILL. — Love Funding has arranged two loans totaling $7.4 million to refinance three apartment properties in Missouri and Illinois. In the first transaction, Kevin Kloster refinanced Mississippi Lofts, a 36-unit community in St. Louis. The apartment building is a fully rehabilitated former shoe factory. The second loan was used to refinance Bradford Place, a 68-unit garden-style complex in Belleville and Ansley Oaks a 69-unit garden-style community in O’Fallon. Fedcar LLP was the borrower. Harry Cheatham and Brian Robertson of Love Funding arranged the financing through HUD’s 223(f) program.
MADISON, WIS. — Colliers International has brokered the $5.8 million sale of a mixed-use development in Madison. Lokre Development Co. acquired City Center Junction from Outlook Development. The 26,261-square-foot property, located at 610 Junction Road, includes two floors of retail and office space. The building was 90 percent occupied at the time of sale by tenants such as HuHot Mongolian Grill and Dragonfly Hot Yoga. A 1.4-acre pad site was also included in the sale. Kyle Robb and Tom Shepherd of Colliers International represented the seller in the transaction.
CHICAGO — Lenox Hill Construction has broken ground on a six-story medical office building located at 710 N. Dearborn St. in the River North neighborhood of Chicago. The office will serve as an expansion for the Illinois Orthopedic Network and Wiesman Cosmetic Surgery & Wellness Institute. The building will be used primarily for administrative functions, but will also contain clinical space. Ron Kwaske designed the building, which will only be 20 feet wide. Construction of the building is scheduled to be completed by the end of the year.