SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Kirby’s Steakhouse, a 7,900-square-foot net-leased property in Southlake. The property is located at 3305 E. State Highway 114 in Southlake, just south of East Southlake Boulevard. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, a local private investor. The transaction resulted in the investor leasing the property back to the seller and a new 20-year net lease was executed at the close of escrow.
Property Type
GLENDALE, CALIF. – The Osborn Office Building, an 8,762-square-foot office space in Glendale, has sold to 320 Harvard LLC for $4.1 million. The space is located at 320 East Harvard Street. The seller, the Osborn Family Trust, was represented by Shari Baner of NAI Capital’s Encino office.
BRUNSWICK, GA. — Blanchard & Calhoun Commercial has brokered the $4.7 million sale of Cypress Mill Square, a 260,516-square-foot shopping center in Brunswick. The retail property is located at the intersection of Cypress Mill Road and Altama Avenue. Cypress Mill Square was 92 percent leased at the time of sale to tenants such as Winn Dixie and Big Lots. Ryan McArdle, Steve Collins and David Rivers of Blanchard & Calhoun brokered the transaction. The team worked with the buyer, RCG Ventures, and the seller, Halpern Enterprises. Scott Tarbet of RCG Ventures and Bill Brown of Halpern Enterprises assisted in the transaction.
SAN LEANDRO, CALIF. — DSW Designer Shoe Warehouse has leased a 14,818-square-foot space in the Bayfair Center in San Leandro. The space is located at 15555 E. 14th Street. Other notable tenants at the center include Target, Macy’s, Old Navy, Bed Bath & Beyond and Kohl’s. DSW was represented by Tom Power of SRS Real Estate Partners. The landlord, Bayfair Center, was represented by Richard Wolf of Madison Marquette.
NEW YORK CITY — Meridian Capital Group has arranged $29 million in acquisition and construction financing for the development of a residential condominium project in New York City’s Chelsea neighborhood. Aggelos Sklavenitis of Meridian Capital Group negotiated the loan on behalf of Six Sigma. Located at 435 West 19thSt., the existing five-story, 21,800-square-foot office property will be expanded into a nine-story, 27,500-square-foot residential condominium. Knighthead Funding LLC provided the 30-month, interest-only loan. This financing coupled with the sponsor’s equity creates a total capitalization of $41.3 million or approximately $1,500 per buildable square foot.
ELMWOOD PARK, N.J. — Elmwood Park-based River Drive Construction has completed vertical construction of the second phase of Riverwalk, a luxury multifamily rental community located at 400 Riverfront Blvd. in Elmwood. Slated for completion by the end of 2014, the second phase includes the construction of 51 apartments and 17,000 square feet of ground-floor retail space. Additionally, the new building will house The Goddard School, an early childhood organization. The school recently leased 8,600 square feet of space at Riverwalk. Florian Suserman and Michael Rawlins of RIPCO represented the school in the transaction. Fred Fisher of F. Fisher & Co. LLC represented Riverfront Residential, which developed the Riverwalk project. Construction of the first phase included 107 apartments and was completed in 2012.
BEE CAVE, TEXAS — UCR has been awarded project leasing and management of retail for Hill Country Galleria, a 1.3 million-square-foot mixed-use development in Bee Cave. Peloton Commercial Real Estate handles the office leasing assignments. The property is located at the intersection of Highway 71 and Bee Cave Road just west of Austin with tenants including Dillard’s, Whole Foods Market and Dick’s Sporting Goods. Hill Country Galleria also includes a 14-screen Cinemark Theatre and an open amphitheater. The 257,000 square feet of Class A office space is home to the corporate headquarters of American Campus Communities, Summit Hotel Corp., Wilson Art International and True Car. The Avanti Hills apartment complex is also located on the property. Jack Breard and J. Michael Nagy of UCR Urban will lease the center’s retail space. Scott Weaver and Lori Weisenborn of UCR Asset Services will lead management of the retail assets.
DAYTONA BEACH, FLA. — CBRE has arranged the $17.9 million sale of Indigo Plantation, a 304-unit multifamily community located at 100 Powell Blvd. in Daytona Beach. Built in 1989, the apartment community is currently 97 percent occupied and features a resort-style swimming pool, fitness center, dog park, tennis courts and barbecue areas. Shelton Granade, Luke Wickham and Justin Basquill of CBRE led the sales team in representing the undisclosed seller in the transaction.
MIDDLE ISLAND, N.Y. — National Cooperative Bank (NCB) has provided a $4 million loan for Hidden Meadows, a 143-unit cooperative apartment community in Middle Island. The loan, which includes a $3.5 million first mortgage and a $500,000 line of credit, will be used to refinance existing debt and fund future capital improvement projects at the community. The planned work includes upgrades to the sewer treatment plant and repairs to the sidewalk, roadways and tennis courts. Built in 1971, Hidden Meadows consists of nine two-story cooperative apartment buildings and is currently 100 percent occupied. Mindy Goldstein of NCB arranged the loan for the cooperative, Hidden Meadows LLC. Mark Walsh, the financial advisor for Hidden Meadows, also helped negotiate the transaction.
CHICAGO — Marcus & Millichap has arranged the $16.5 million sale of a 16,047-square-foot Walgreens drugstore in Chicago’s Andersonville neighborhood. The sales price equates to $1,033 per square foot. The drugstore is located across the street from grocer Jewel-Osco at 5440 N. Clark St. The property underwent an extensive rebuild and retrofit to maintain its historic look. Walgreens signed an absolute-net, 75-year lease on the property in 2011. Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Chicago Oak Brook office represented the seller, an overseas partnership. Jamie Medress and Mark Ruble of the firm’s Phoenix office represented the undisclosed buyer.