NEW YORK CITY – Berko & Associates has brokered the $24 million sale of 809 Broadway, the former Blatt Billiards loft building south of Union Square in New York City, to IDM Capital. The new owner plans to build a 15-story commercial/residential tower on the site. In May 2013, Blatt Billiards, represented by its principals Ronald Blatt and Bruce Roeder, inked a deal to sell the 23,152-square-foot building between 11th and 12th streets. The building also includes an additional 7,045 square feet of air rights. Joe Berko of Berko & Associates represented both the seller and the buyer in the transaction. IDM Capital has hired ODA Architecture to design the planned building. Blatt Billiards, a pool table manufacturer, had owned the 126-year-old building since 1972 and was a tenant at the location before then.
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COTUIT, MASS. – Margulies Perruzzi Architects has provided retail design services for Eastern Bank’s newest branch location in Cotuit, a city located in southern Massachusetts. The 2,100-square-foot branch serves as a new model for interactive technology for Eastern Bank. The layout for the Cotuit location updates the traditional teller counter, opting instead for multiple kiosk type stations on the branch floor. The kiosks are staffed with employees who can assist customers with all their banking needs or direct them to a virtual expert in a private room for more information on a banking product or service. An interactive table with a touch-screen keyboard is available to customers who want to independently complete a transaction. A community wall with multiple touch screens offers alternate access points to information on banking products, tips for setting up banking apps, local news feeds, and video games like “Design a Dollar” for children accompanying their parents to the bank. The project team included general contractor Development Concepts Inc., exhibit designers Main Street Design Inc., multimedia designers Boston Productions Inc. and MEP consultants BLW Engineers.
DALLAS AND DESOTO, TEXAS — USAA Real Estate Co. and Seefried Properties have broken ground on Southfield Park 35, a four-building, 2.3 million-square-foot industrial complex located primarily in Dallas and stretching into the neighboring city of DeSoto. The speculative Class A development is the largest in the Metroplex. Construction is underway on the first building, which will total 1.1 million square feet and is slated for completion by the end of the third quarter of this year. The second building will measure 678,600 square feet, and the third and fourth buildings will each offer 241,800 square feet. Terry Darrow, Kurt Griffin and Nathan Orbin of JLL are marketing and leasing the property.
SAN ANTONIO — Financial services group Greystone has arranged a $38.8 million loan for the refinancing of Renaissance at Canyon Springs, a 360-unit multifamily community in San Antonio. The Class A property offers one- to four-bedroom townhomes, as well as communal amenities including multiple swimming pools, basketball and tennis courts, a media center, fitness center, playground and putting green. Located at 24245 Wilderness Oak, the complex is in close proximity to the Canyon Springs golf course. Reuben Dolny of Greystone arranged the 35-year HUD 223(f) loan on behalf of The Bascom Group LLC.
ADDISON, TEXAS — HFF and CBRE have jointly brokered the sale of Two Addison Circle, a 198,681-square-foot office property in the northern Dallas suburb of Addison. Completed in 2009, the six-story Class AA building is located at 15725 N. Dallas Parkway, at the entrance to Addison Circle, a 70-acre, mixed-use development. At the time of the sale, the asset was 89 percent leased to tenants including USAA and Gehan Homes. HFF and CBRE marketed the property on behalf of the seller, Brookfield Property Group. LPC Realty Advisors, an affiliate of Lincoln Property Co., purchased the building on behalf of a public pension fund.
SAN MARCOS AND TOMBALL, TEXAS — Berkadia Commerical Mortgage LLC has arranged $28 million in financing for the acquisition of two multifamily properties in central Texas. A fixed-rate loan of $21.9 million at a sub-4.5 percent interest rate funded the purchase of Palazzo Apartments, a 300-unit property located at 1011 Wonder World Drive in San Marcos. The community offers one- to three-bedroom floor plans and is currently 93 percent occupied. Additionally, a $6.1 million floating-rate loan funded the purchase of Dartford Square, a 124-unit property located at 1100 S. Cherry St. in Tomball. The complex includes one- to four-bedroom layouts and is currently 98 percent occupied. Andy Hill of Berkadia secured both loans, which include terms of seven years each, through Freddie Mac.
PASADENA, CALIF. — Urban Commons, LLC and Brighton Management have acquired the 333-room Sheraton Pasadena Hotel. The hotel is located at 303 Cordova Street near the Rose Bowl, the Norton Simon Museum, and The Huntington Library and Botanical Gardens.It is the only hotel that is situated directly next to the Pasadena Convention Center. The area falls within the city’s redevelopment district, which recently received a $150-million renovation and expansion. The Sheraton Brand has made a full 20-year commitment to keep the hotel under the Sheraton flag. The new owners plan to modernize the property, which contains a restaurant and bar, 12,000 square feet of interior meeting space, an exercise facility, outdoor heated swimming pool and tennis courts.
SAN CLEMENTE, CALIF. — Equity One has acquired Talega Village Center, a 102,282-square-foot, grocery-anchored center in San Clemente for $23 million. The center is located at 801 Via Suerte. Talega Village is anchored by Ralphs Fresh Fare. Other notable tenants include Panera Bread, Peet’s Coffee & Tea, Wells Fargo and State Farm Insurance. The center was originally developed by Rockwood Capital. Equity One and Vestar acquired an interest in the center in December 2010. Rockwood and Vestar have partnered together on a variety of other projects as well. They were represented by Palmer Capital in this sales transaction. Vestar continues to focus on the acquisition of value-add retail investment opportunities. The firm has acquired more than $1 billion in retail properties in the Western U.S. in the past 30 months alone.
PHOENIX – A five-center retail portfolio in the Phoenix metro region has received $20 million in financing. The portfolio contains a total of 117,300 square feet that was nearly 90 percent leased at the time of closing. All of the centers are shadow anchored by either Fry’s Food & Drug Store or Kohl’s Department Store. Other notable tenants include Subway, Panda Express, Peter Piper Pizza and The UPS Store. Most of the centers were built between 2002 and 2007, though one was constructed in the mid-‘90s. The new loan is secured by a blanket first lien on the five properties. The loan has a five-year term with a fixed interest rate, a 30-year amortization schedule and a loan-to-value ratio of 74 percent. The new loan was procured through a CMBS lender. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office. The borrower was a local property owner who develops and invests in retail and office properties throughout Arizona, California and Colorado. The properties included in this transaction are managed by an affiliate of the borrower.
SAN DIEGO — Alliance Diversified Holding, LLC, has purchased the Pyramid Building, a 131,218-square-foot office building in the Miramar Mesa submarket of San Diego, for $13.6 million. The building is located at 7310 Miramar Road. It was initially part of the Miramar Metroplex. The value-add private equity firm plans to convert the pyramid-shaped building into a creative office and technology hub. The space will also be rebranded as The San Diego Innovation Center. Alliance was represented by Jon Boland of Voit’s San Diego office. Brandon Keith, Ryan Bracker and Bob Brady, also of Voit, represented the seller, APEX 1 & 2 LP, in this transaction.