CHICAGO — Marcus & Millichap has arranged the $3.6 million sale of 1400 S. Michigan Ave., an 8,260-square-foot retail property in Chicago. The property sold at 92 percent of its original list price. Located in Chicago’s South Loop, the multitenant retail property is situated on the ground floor of a 455-unit luxury condominium tower. Tenants at the property include Waffles Chicago, Square One Bar and Sanctuary Music & Aesthetics audio design solutions. Sean Sharko, Alan Katamanin and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both limited liability companies.
ATLANTA — The Atlanta Braves and Comcast Corp. have announced a multi-year technology and real estate partnership for SunTrust Park and the surrounding mixed-use development in Cobb County. Comcast will anchor a new nine-story office tower in the mixed-use development surrounding the ballpark, which is set to open in April 2017 in advance of Opening Day. The Comcast space will house 1,000 employees and include an innovation lab that will be connected via high-speed fiber to the company’s other major research and development facilities in Silicon Valley, Denver and Philadelphia. The tower will also feature 15,000-20,000 square feet of restaurant and hospitality space facing into the SunTrust Park plaza. Construction on the office tower is slated for completion in 2017. As part of the deal, Comcast will provide video, voice and high-speed Internet connectivity throughout the 60-acre project. The Comcast network will include two datacenters, each with 10,000 fiber connections that are backed by dual 400 Megawatt generators. According to Comcast and the Atlanta Braves, SunTrust Park and the surrounding development will be the most technologically advanced mixed-use development in the United States.
ROSWELL, GA. — Meridian Capital Group has arranged $13.7 million in acquisition financing for Holcomb Woods Business Park, a four-building, 244,700-square-foot office park located at 1000 Holcomb Woods Parkway in Roswell. The office park was 75 percent leased at the time of financing to tenants such as Lennar of Georgia, Docufree, Arclin, Enveniam Inc. and Farmers Insurance. Michael Brown of Meridian’s Boca Raton, Fla., office arranged the three-year, non-recourse loan through an undisclosed bridge lender on behalf of the borrowers, RexHall Realty and Rugby Realty. The loan features a floating rate of 475 basis points over 30-day LIBOR, two one-year extension options and amortization beginning upon completion of renovations to the property.
MANASSAS, VA. — The Goldstar Group, a private real estate investment and development firm, has purchased a 186,000-square-foot industrial warehouse facility located at 9061 Euclid Ave. in Manassas for $9.4 million. Constructed in 1977, the warehouse was 92 percent leased at the time of sale to two tenants. Stephen Perkins of Newmark Grubb Knight Frank represented the buyer and seller, Euclid Avenue Investors LLC, in the transaction. Clifford Mendelson of Metropolis Capital Finance arranged the debt and equity financing for the acquisition.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $5.8 million sale of Pine Crest Square, a 40,409-square-foot retail property located at 901-959 E. Cypress Creek Road in Fort Lauderdale. The property’s tenant roster includes Subway, Jiffy Lube and 7-Eleven. Douglas Mandel, Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, MPI/Pine Crest Square Inc., an affiliate of Milestone Properties. Greg Matus and Peter Crane of Franklin Street Real Estate Services represented the buyer, Pinecrest AP, a private real estate investor based in the Northeast.
CHARLOTTE, N.C. — Piedmont Properties/CORFAC International has brokered the $4 million sale of an 80,000-square-foot industrial property located at 10210 Pineville Road in Charlotte. The purchase also included 10 acres of land. Jim Plyler of Piedmont/CORFAC and Xan Law of Investment Partners of Charlotte Ltd. represented the seller, Ellison Co. Inc., in the transaction. Plyler and Law also procured the buyer, TT of HY Pineville LLC.
ALLENTOWN, PA. — Patriot Equities has purchased a 600,000-square-foot office campus located at 1110 American Parkway in Allenton for an undisclosed price. Situated on approximately 145 acres, the property include two Class A office buildings connected by a glass atrium. Additionally, the properties have two parking garages and surface parking. There are also approvals in place to construct an additional 400,000 square feet of office space. Patriot Equities purchased the property from LSI Corp., which has retained 110,000 square feet of space on a long-term lease. Additional tenants include Intel Corp. and United Way. Patriot Equities has retained CBRE to provide property management services at the location.
NEW YORK CITY — Eastern Consolidated had brokered the sale of a vacant commercial building, located at 117-119 West 21st St. in the Chelsea/Flatiron district. The Amirian Group acquired the property for $28.5 million. The buyer plans to redevelop the four-story commercial building, which has 38,612 square feet of buildable space, into a residential building featuring one townhouse triplex unit, six full-floor units and two duplex penthouses. Amenities for the new development will include a doorman, storage and five on-site parking spots. Brian Ezratty of Eastern Consolidated represented the seller and procured the buyer in the deal. Manish Majithia of Eastern Consolidated facilitated the equity for the buyer. Richard Horowitz of Cooper Horowitz brokered the acquisition and construction financing. Andrew Albstein and Rob Loshiavo of Goldberg, Weprin, Finkel, Goldstein were the attorneys for the seller, while Matt Kasindorf and David Moss of Meister Seelig & Fein served as legal counsel for The Amirian Group.
READING, PA. — HFF has secured $17.7 million in financing for Spring Towne Shopping Center in Reading. HFF represented the borrower, Brandolini Cos., to secure a long-term, fixed-rate loan with an institutional quality insurance company. The loan will be used to refinance an existing mortgage on the property. Located at 2641-2679 Shillington Road, the four-building, 277,860-square-foot retail center is anchored by Lowe’s Home Improvement Warehouse and Giant. In addition to the anchor tenants, the center is more 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers. Ryan Ade and Christopher Bigos of HFF negotiated the financing on behalf of the borrower.
NEW YORK CITY AND MOUNT VERNON, N.Y. — Ariel Property Advisors has brokered the sales of two properties located in New York. In the first transaction, Post Graduate Center for Mental Health, a non-profit developer, acquired a development site at 130-134 East 177th St. in the Bronx’s Mount Hope section. The site, which offers 56,438 buildable square feet, sold for $2.5 million, or $45 per buildable square foot. Scot Hirschfield, Jason Gold, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and the procured the buyer in the deal. In the second transaction, a two-story commercial building located at 6 N. Third Ave. in Mount Vernon sold for $3.35 million. The 20,000-square-foot elevator building features seven commercial units, six street-level units and a catering hall on the second floor. Hirschfield, Gold, Sozio and Agbaba represented the seller and procured the buyer, both private investors, in the transaction.