LEE’S SUMMIT, MO. — Parrot Properties and Block & Company have received approval by the Lee’s Summit City Council for the previously announced Village at View High, a mixed-use development in Lee’s Summit. The city council approved a conceptual development plan and a change in zoning classification for the site to change it from district single-family residential to district planned mixed use. Situated on 71 acres, the $225 million development will feature 310 apartments, a 13-acre seniors housing facility, a 250,000 square feet of retail space, more than 100,000 square feet of office/medical space and entertainment and dining options. The project team includes Realtors, Engineering & Solutions, Sullivan Law, TranSystems, Hirst & Associates Architects, Bushyhead LLC, Boothe Architects and Humphrey, Farrington & McClain PC.
ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.
MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.
SACRAMENTO, CALIF. — Marcus & Millichap has brokered the sale of a recently redeveloped multi-tenant retail property located 2654 Marconi Ave. in Sacramento. A partnership sold the 18,510-square-foot retail center for $5.4 million, or $292 per square foot. At the time of sale, the property was 83 percent occupied by Domino’s Pizza, Pacific Dental, Sacramento Auto Insurance, Fabric Garden and CheVeux Salon. The center is part of a larger redeveloped retail center known at Mueller Corner Shopping Center. Edward Nelson of Marcus & Millichap represented the seller in the deal. The name of the buyer was not disclosed.
SACRAMENTO, CALIF. — Mathnasium, a national math learning center, has leased 1,400 square feet at 3333 Arden Way in Sacramento’s Arden Arcade district. Franchisee owner/operator Jeff Pudewell/Y Corp. plans to open a new franchise at the location in early 2017. Tom Conwell of Newmark Cornish & Carey represented the tenant, while Gretchen Tobin and Keith Mellor of ProEquity Real Estate Services, a division of ProEquity Asset Management Corp., represented the landlord, United Growth Capital Management Corp.
OXNARD, CALIF. — Shea Properties and CenterCal Properties have signed the first eight tenants for The Annex, a 16,000-square-foot public market-style space located within The Collection at RiverPark in Oxnard. The new tenants include the first brick-and-mortar location of Scratch, Ragamuffin Coffee Roasters, Cherry Hills Market, Sueño Jewelry Studio, Love Pho Café, Wok to Walk, Bottle & Pint and After Ice Cream. Construction of the center is slated to begin this month with the first tenants scheduled to open in spring 2017.
BRIGHTON, MICH. — Marcus & Millichap has brokered the sale of The Shoppes at Green Oak, a regional power center located at 6650 Whitmore Lake Road in Brighton. A private investor acquired the property for $13.1 million, or $127 per square foot. Built in 2005 on nearly 11 acres, the 103,231-square-foot center is occupied by Kohl’s, TGI Fridays, Fifth Third Bank, Wendy’s, Olive Garden and Discount Tire. Simon Jonna and Mike James of Marcus & Millichap represented the undisclosed seller, while Ashish Vakhariya, also of Marcus & Millichap, represented the buyer. Steven Chaben is Marcus & Millichap’s broker of record in Michigan for the deal.
RAYTOWN, MO. — Block & Company Realtors has brokered the sale of a 1.28-acre pad site located at the southeast corner of 75th Street and Raytown Road in Raytown, a suburb of Kansas City. Freddy’s Frozen Custard and Steakburgers acquired the site for an undisclosed price. The buyer plans to construct a restaurant on the site, with completion scheduled for early 2017. David Block and Phil Peck of Block & Company Realtors negotiated the transaction. The name of the seller was not released.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a four-building retail portfolio in the Homecrest neighborhood of Brooklyn. Embkay by Select LLC sold the contiguous buildings to 325 Realty Inc. for $12.1 million. The 19,300-square-foot portfolio comprises 1805-1811, 1815 and 1817 Avenue U and 2073-2075 E. 18th St. Michael Guttman of Rosewood Realty represented the seller, while Guttman and Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Oak Hill Centre, a 43,261-square-foot retail center in Austin. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a Texas-based limited partnership, and procured the buyer, another Texas-based limited partnership. Built in 1984, Oak Hill Centre is located at the intersection of William Cannon Drive and Highway 290. At the time of the sale, the property was 96.5 percent occupied.