Property Type

In March 2012 The El Paso City Council unanimously adopted Plan El Paso, a comprehensive development plan based on the principles of green and smart growth. Smart Code, which is based on these same princples, was largely chosen to combat sprawl, large land use and carbon pollution. After numerous citywide meetings with citizens, government entities, nonprofit groups and business leaders, the plan moved forward. Smart Code emphasizes new urbanism, density, walkability, mixed-use development and open space with access to public transit. Developers have the choice in most instances to pick the traditional zoning code or opt for Smart Code. The Smart Code offers potential Chapter 380 economic incentives with city council approval. Sales, use and property tax abatements are available for qualified projects. Higher densities and higher property values through Smart Code generate greater taxes, which justify the rebates. Some developers say project costs are about 30 percent higher under Smart Code when compared to the traditional code. Smart Code typically makes the most sense for infill development in higher-income areas. Prior to the economic downturn of 2008, a large mixed-use development in northeast El Paso was slated to become the first project in the city to implement elements of …

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Four-Seasons-Apartments

OMAHA, NEB. — NorthMarq Capital has secured a $4.7 million loan for the refinancing of two multifamily properties in Omaha. The properties are Four Seasons Apartments and South Park Apartments. Jason Kinnison of NorthMarq Capital’s Omaha office arranged the financing for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.

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Walgreens-Independence

INDEPENDENCE, MO. — The Boulder Group has arranged the sale of a single-tenant Walgreens property located at 2261 S. Sterling Ave. in Independence. A high-net-worth investor based in Miami acquired the 18,000-square-foot property for $4.6 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based institution, and the buyer in the transaction.

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NORTHERN OHIO — Cooper Commercial Investment Group has brokered the sale of a two-tenant office building in Northern Ohio. A Midwest-based private investment group acquired the property for $4.5 million, or 94 percent of the list price, from a Midwest-based private ownership group. The property is occupied by two well-known national/regional tenants. Dan Cooper of Cooper Commercial represented both parties in the transaction.

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Menomonee-Falls-WI

MENOMONEE FALLS, WIS. — The Dickman Company/CORFAC has brokered the sale of an industrial property located at N92 W15800 Megal Drive in Menomonee Falls. The 48,000-square-foot property sold for an undisclosed sum. Nick Keys of The Dickman Company represented the undisclosed buyer, while Barry Chavin and Adam Matson of NAI MLG represented the undisclosed seller in the transaction.

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Rivertowns-Square-Dobbs-Ferry-NY

DOBBS FERRY, N.Y. — Saber Real Estate Advisors has completed demolition and begun construction for Rivertowns Square, a $150 million mixed-use development in Dobbs Ferry. Slated to open next year, the project will feature a hotel, restaurants, and boutique retail and entertainment space. Rivertowns Square is currently 80 percent pre-leased to a variety of tenants, including Mrs. Green’s Natural Market, ULTA Beauty, Chipotle, Buddha Asian Bistro, My Gym, The Learning Experience, New York Sports Club, Starbucks Coffee, GNC and a luxury movie theater. Leasing for the project is being handled by Greenstone Realty of Manhattan.

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PITTSTON, PA. — Woodmont Industrial Partners has acquired a 437,000-square-foot warehouse building, located at One Commerce Road in Pittston, for an undisclosed sum. The property features 48- to 54-foot clear height with racking in place, a 269-car parking lot and rail service. Woodmont plans to implement a capital improvement program to the property, including new trailer parking and the addition of up to 20 loading docks. The property, which served as a book distribution center for Penguin Random House LLC, is currently available for lease. Andrew Houston and Adam Ardise of DTZ represented the undisclosed seller in the transaction.

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77-Commercial-St-Greenpoint-NYC

NEW YORK CITY — Meridian Capital Group has arranged $27.5 million in bridge financing for a development site located at 77 Commercial St. in Brooklyn. The borrowers are Chetrit Group and Clipper Equity. The two-year loan, funded by a regional balance sheet lender, features a fixed-rate and interest-only payments for the full term. The borrowers plan to transform the site, situated on the Greenpoint waterfront, into a 750,000-square-foot, 720-unit residential development. Aaron Brinbaum and Tal Savariego of Meridian’s New York City office negotiated the loan.

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173-Court-Street-NYC

NEW YORK CITY — CPEX has brokered the sale of a mixed-use property located at 173 Court St. in New York City’s Cobble Hill historic district. The property sold for $5.25 million, or $1,129 per square foot. The four-story building features approximately 2,000 square feet of commercial space and 3,000 square feet of residential space. Timothy King, Keat Chew and Ryan Condren of CPEX represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

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