NEW YORK CITY — HFF has arranged $89 million in refinancing for a retail and office building located at 401 W. 14th St. in the Meatpacking District. MetLife provided the borrower, Taconic Investment Partners, with a 15-year, interest-only, fixed-rate loan. The four-story building is 100 percent leased to Hugo Boss, The Kooples, Apple Inc. and Raptor Capital Management. HFF secured the financing on behalf of the borrower.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of The Duke Properties Brooklyn Portfolio, a package of four multifamily buildings and one mixed-use property in Brooklyn. The assets sold for $16.7 million, or $382 per square foot, in an all-cash transaction. The properties are located at 29 Brooklyn Ave., 137 MacDonough St., 235 Malcolm X Blvd., 1509 Pacific Ave. and 300 Palmetto St. Totaling approximately 43,750 square feet, the buildings feature 49 apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
HUNTINGTON, N.Y. — NorthMarq Capital has arranged a $4.2 million construction loan for a 17,340-square-foot retail and apartment building located at 425 New York Ave. in Huntington. The 2.5-year loan features an interest-only payment period during the construction with an option to convert to a permanent loan. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower through NorthMarq’s relationship with a regional bank.
BOYNTON BEACH, FLA. — Stiles Realty has sold the 62,573-square-foot retail component of Renaissance Commons, a mixed-use commercial complex in Boynton Beach, Fla. The property was sold for $18.2 million. Dan Coyle of Stiles Realty represented both parties in the transaction. Cohen Commercial Properties was the buyer, and Wells Fargo Bank affiliate Redus One LLC was the seller. Located at 1880 N. Congress Ave. and 1500 W. Gateway Blvd., the retail component of Renaissance Commons includes 17 ground floor units across two buildings. The retail space is 80 percent leased to tenants including Bonefish Grill, Starbucks, Village Tavern Restaurant and AT&T. Renaissance Commons includes 293,000 square feet of office condos, office rentals and a self-storage facility. Stiles Realty and Stiles Property Management, both of which had been leasing and managing the property since Wells Fargo foreclosed on it in early 2014, were retained under the new ownership.
HOUSTON — Thor Equities has begun construction on the Kirby Collection, a mixed-use development at 3200 Kirby Drive in Houston. The 1 million-square-foot project features a 25-story, 385,000-square-foot residential tower. The residential building includes 199 apartments including seven two-story townhomes, along with seven two-story loft spaces with private yards. The residences will overlook a deck with over an acre of amenities including a pool with cabanas, fire pits and a bar area. The penthouse level will feature a Skyview Suite available to all residents, offering a chef’s kitchen and views of the Houston skyline. Kirby Collection’s will also include a 13-story, 210,000-square-foot Class A office building is near Houston’s central business district, the Galleria/Uptown district, Greenway Plaza and the Texas Medical Center. Two levels of retail space totaling 65,000 square feet are also part of the development, which is scheduled to open in the fourth quarter of 2017. Richard Keating Architecture is the design architect for the Kirby Collection, and Dianna Wong Architecture + Design is the interior designer. Houston-based Kirksey is the architect of record.
FORT WORTH, TEXAS — StreetLevel Investments and ShowBiz Cinemas will open a 65,000-square-foot entertainment complex in the spring of 2017. Located near the intersection of Chisholm Trail Parkway and McPherson, the entertainment center will include 10 cinema auditoriums, 14 bowling lanes and a game room. The auditoriums will feature 70-foot wall-to-wall and floor-to-ceiling screens, surround sound and leather reclining chairs. Showbiz Cinema will also offer special events and provide party facilities for sporting events, college programs, local school programs and community gatherings.
SUMMERVILLE, S.C. — GBT Realty Corp. will develop a new BJ’s Wholesale Club in Summerville, S.C. The $12 million development is situated on a 10.5-acre site at the southeastern corner of Interstate 26 and North Main Street. The 87,800-square-foot membership warehouse club will feature a BJ’s gas station and is expected to open in late 2016. Construction is set to commence immediately following the acquisition of the site in December. Summerville is located 20 miles northwest of Charleston. BJ’s Wholesale Club Inc. currently has more than 200 locations in 15 states with, the closest store located in Charlotte, N.C.
DES PLAINES, ILL. — Tremont Realty Capital has arranged $4.8 million in equity financing for a Mariano’s grocery store that will be built in Des Plaines, a northwest suburb of Chicago. The 73,317-square-foot building will be constructed at the corner of Golf Road and Mt. Prospect Road. Abbott Land & Investment Corp. is the developer. Tom Lorenzini of Tremont arranged the equity investment. The equity investment and construction loan make up roughly 97 percent of the project cost.
LAKE JACKSON, TEXAS — Dallas-based Centennial Real Estate Co., in partnership with Atlantic Creek Real Estate Partners and The North Shore Properties Group, have acquired Brazos Mall, a 680,951-square-foot enclosed mall in Lake Jackson, 50 miles south of Houston. Built in 1976, Brazos Mall is the only enclosed retail center in the Brazosport area. The trade area is home to corporations including Dow Chemical, Chevron, Phillips 66 and BASF Corp. Brazos Mall is 92 percent occupied and features retailers such as JC Penney, Victoria’s Secret, Rue 21, Aeropostale, American Eagle Outfitters, Hot Topic, Ross Dress For Less and a new 14-screen Starplex Cinema. Brazos Mall is located at the intersection of Highway 288 and Oyster Creek Drive.
HOUSTON — Houston-based Baker Katz has completed a 7,000-square-foot lease on behalf of Uncle Julio’s. Uncle Julio’s will be located near the intersection of I-10 West and Westgreen Boulevard. The restaurant serves Mexican food, and the opening is slated for Feb. 15, 2016. Jason Baker of Baker Katz represented Uncle Julio’s in the transaction. Vincent Giammalva of Giammalva Interests represented the undisclosed landlord. Founded in 1986, Uncle Julio’s has grown to include more than 20 locations in the U.S.
