NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a multifamily property located at 286 Clinton Ave. in Brooklyn’s Clinton Hill historic district. The five-story walk-up sold for $8.1 million, or $29 per square foot. The 19,000-square-foot property features 35 residential units. Mark Spinelli, Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Bermand and Daniel Tropp of Ariel Property Advisors represented the seller, a Brooklyn-based real estate development and management firm, and procured the buyer, a real estate investment group, in the transaction.
NEW YORK CITY — JMH Development and Madison Estates have received approval from The Landmarks Preservation Commission for the development of a five-story condo project at 70 Henry St. in Brooklyn. The former site of Brooklyn Heights Cinema will be transformed into a luxury condo building designed by Morris Adjmi. JMH Development and Madison Estates acquired the site in November 2014 for $7.5 million.
CLIFTON, N.J. — A private investor has acquired Harbor Freight Center, a retail property located in Clifton, for $5.8 million. The 35,000-square-foot property is located at 1016 Main Ave. Kevin Taub and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, while Lombardi also represented the buyer in the transaction.
PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of The Corinthian Apartments, an apartment complex located in Philadelphia’s Francisville neighborhood. The property, which was fully occupied at the time of sale, sold for $2.5 million, or $131,000 per unit. The 19-unit property features a mix of studio, one-, two- and three-bedroom apartments with a shared courtyard area.
SUGAR LAND, TEXAS — Marcus & Millichap has arranged the sale of Creekside at Town Center, a 13,925-square-foot retail property located at the southeast corner of Highway 6 and Southwest Freeway in Sugar Land. Tenants in the property include TDECU, Verizon Wireless, Mattress Firm and an orthodontist office. The immediate area is the focal point for Fort Bend County’s retail and office developments. The asset had a list price of $7.4 million. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Goldstein also secured and represented the buyer, a partnership. Creekside at Town Center is located at 2109 Highway 6 S.
EL PASO, TEXAS — Johnny Rockets has arranged a development agreement with Cruzar Group LLC to open Johnny Rockets restaurants in El Paso, including the brand’s new Route 66 expression. Johnny Rockets’ Route 66 drive-thru prototype will offer its all-American menu to travelers and consumers. In addition to the upcoming El Paso location, current Johnny Rockets franchise partners are under construction to open additional restaurants in San Antonio and Laredo. Franchisees are seeking new real estate to meet consumer demand, especially within the Hispanic market.
LUBBOCK, TEXAS — MJW Investments has acquired Gateway at Lubbock, a Class A, 744-bed student housing property located at Texas Tech University. MJW Investments closed escrow on Gateway at Lubbock on June 23. Gateway at Lubbock is the most recent acquisition associated with the $200 million student housing value-add fund established by MJW Investments. The company has acquired more than 3,000 beds in the past two years. Based in Santa Monica, Calif., MJW Investments is the majority owner of a $450 million diversified real estate portfolio. Over the past 30 years, the firm has developed and/or owned more than 5 million square feet and has a history of transactions in excess of $850 million.
FRISCO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA), a financial intermediary specializing in the representation of investors, developers and property owners, has secured a $3.8 million construction loan for Teel Crossing, a planned retail shopping center situated on 5.8 acres on the northeast quadrant of Teel Parkway and Main Street in Frisco. Teel Crossing will consist of 20,020 square feet of in-line retail and a one-acre pad site fronting Main Street. Scott Lynn and Brandon Wilhite of MCA placed the loan with the Dallas office of BB&T.
HOUSTON — Houston-based Baker Katz has acquired a 2.1-acre property with an existing 13,000-square-foot office building located near the cross streets of U.S. Highway 59 North and West Little York Road in Houston. Located at 10810 Eastex Freeway, the initial plans for the property include the addition of a 7,000-square-foot retail space and pad site for a restaurant. Construction on the new building is slated to begin in 2016.