CENTERVILLE, OHIO — Marcus & Millichap has brokered the sale of a 19,722-square-foot retail property in Centerville, a southern suburb of Dayton, for $2.7 million. Cross Pointe IV is located at 199 E. Alex Bell Road and is fully occupied. Tenants include Firestone and AT&T. The property is an outparcel to a larger retail center that is anchored by Marshalls, Earth Fare, Petco and Bed Bath & Beyond. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the seller, a private investor. The team also secured and represented the buyer, an out-of-state private investor.
ROUND LAKE BEACH, ILL. — The Boulder Group has completed the sale of a retail building in Round Lake Beach, about 50 miles northwest of Chicago, for $2.1 million. The two-tenant, net leased building is located at 418-20 E. Rollins Road. Tenants at the retail property include Heartland Dental and AT&T, each of which has a 10-year lease. The buyer was a private partnership in a 1031 exchange, and the seller was a Midwest-based real estate development company. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both undisclosed parties.
SUNSET HILLS, MO. — Sansone Group has purchased a property formerly occupied by Sanders Automotive in Sunset Hills, a southwest suburb of St. Louis, for an undisclosed price. The seller was Gene Sanders Inc. The building on the site, located at 10775 Watson Road, is being torn down and will be redeveloped as a 4,345-square-foot retail center. Watson Plaza will feature a 1,650-sqare-foot Starbucks and a 2,695-square-foot Mattress Direct. Construction costs are estimated to be $2.5 million. Construction has already begun, and both stores are slated to open in the summer of 2016.
NEW YORK CITY — The New York City Economic Development Corp. has selected a joint venture of Urbane Development, BRP Development and Caribbean American Chamber of Commerce and Industry (CACCI) to redevelop and manage Flatbush Caton Market, located at 814 Flatbush Ave. in Brooklyn. The market was established in 2000 to provide former street vendors a permanent indoor market to sell their wares, and in 2013 NYCEDC released a RFP to redevelop and manage the market into a commercial, residential and community space. The joint venture’s winning 212,000-square-foot redevelopment plan includes more than 20,000 square feet of retail space, 10,000 square feet of community facilities and 166 affordable housing units, as well as an assemblage of business training and support initiatives to strengthen existing vendors and support entrepreneurial growth. Designed by Freeform + Deform, the project will feature convertible indoor/outdoor swing space, modular vendor pods, and multiple production spaces for food, natural personal care and fashion/textile uses. Redevelopment is underway with an expected completion date of late 2019 or early 2020.
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.