LEWISVILLE — Bright Realty is planning to break ground on Phase III of Castle Hills Village Shops and Plaza, located at 2560 King Arthur Blvd. in Lewisville, in the coming year. Currently in its pre-leasing phase, Phase III will include approximately 20,000 square feet for retail and dining, including an expanded outdoor dining and entertainment area. Second floor office space will feature approximately 25,000 square feet and is successfully pre-leased. Phases I and II of Castle Hills Village Shops and Plaza are 90 percent leased and include more than 82,861 square feet of retail and office space. With the addition of Phase III, Castle Hills Village Shops and Plaza will total 128,000 square feet of office and retail space.
CHICAGO — Chicago-based Newcastle Limited has acquired 533 West Barry, a 17-story, 162-unit apartment tower located in Chicago's Lakeview neighborhood for $33.3 million. The property contains a mix of one- through three-bedroom units as well as an attached 162-space parking garage. Dan Cohen and John Jaeger of CB Richard Ellis represented the undisclosed seller in the deal. Newcastle purchased the property all-cash on behalf of its $500 million Chicago real estate investment platform.
CHICAGO — Chicago-based Newcastle Limited has purchased a 98-unit apartment building located at 426 West Belmont in Chicago's Lakeview neighborhood for $10.55 million. The 13-story building contains a mix of studio and one-bedroom units. Bill Baumann of Kiser Group represented the undisclosed seller in the deal.
CHICAGO — Chicago-based Newcastle Limited has purchased a 7,300-square-foot retail condominium located at 33 South Wabash in Chicago for $4 million. The condo is located on the ground level of The Legacy at Millennium park, a 355-unit residential condo building. At the time of closing the space was fully leased to Utrecht Art Supplies. The seller was a joint venture between Mesa Development and Walsh Investors.
CHICAGO — Chicago-based Newcastle Limited has purchased 670 West Diversey, which is located on the border of Chicago's Lincoln Park and Lakeview neighborhoods. The 10,700-square-foot retail property sold for $6.1 million. The single-story property is fully occupied by Firkin & Pheasant, Akira and The Counter. Newcastle purchased the property on behalf of its $500 million Chicago real estate investment platform.
CHICAGO — Newcastle Limited has acquired 227 East Ontario, a 15,500-square-foot retail property located in Chicago's Streeterville neighborhood. Newcastle plans to add 885 square feet of additional space to the two-story building, which was purchased for $5.9 million, and redevelop the property into a premier retail property. The property was recently vacated by the U.S. Postal Service. Paul Bryant and David Stensby of Mid America Real Estate represented the undisclosed sellers in the transaction. Additionally, Newcastle has retained Mid America to market the redeveloped property.
CHICAGO — Locally owned Newcastle Limited has purchased a 14,800-square-foot retail center in the Bucktown retail corridor of Chicago. Located at 2500 W. North Ave., the property sold for $4.65 million. The single-story property is currently 100 percent leased to tenants, including O'Reilly Auto Parts, Charter One Bank, H&R Block, GameStop, Subway and Acceptance Insurance. Additionally, the property offers 30 parking spaces and easy access to public transportation. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer and undisclosed seller in the transaction.
CHICAGO — Chicago-based Newcastle Limited has acquired a mixed-use property, which is located at 2525 N. Clark in Chicago's Lincoln Park neighborhood, for $3 million. The property consists of 4,300 square feet of retail space and 12 apartment units. Current retail tenants include Starbucks Coffee, Austrian Bakery and Sultan's Market. Kyle Stengle and Steve Rachman of Marcus & Millichap represented the undisclosed seller in the transaction.
NEW YORK CITY — Arbor Commercial Funding has arranged $83.1 million in Fannie Mae funds for the refinancing of Sand Castle Apartments in the Rockaway neighborhood of Queens. The 917-unit property has historically maintained 100 percent occupancy and units that are being continually renovated. The loan, which was originated by John Kelly of Arbor's Boston office, ccarries a 7-year term, a 30-year amortization schedule, an 80 percent loan-to-value ratio and a 1.2 debt service-coverage ratio. The borrower's name was not released.
NEW YORK CITY — Construction is complete for Castle Gardens, a new affordable housing project in Harlem. The building contains 114 residential units, including 50 supportive studio apartments and 13 units set aside for formerly homeless people and those recently released from incarceration. The building is located at 625 W. 140th St., adjacent to the non-profit Fortune Academy, which provides transitional housing for formerly incarcerated homeless people. The Fortune Society co-developed the project with Jonathan Rose Cos. as a way to provide permanent housing to complement its transitional housing. Castle Gardens is applying for LEED-Gold certification. Its sustainable features include a green roof with a rainwater harvesting system, aluminum solar shades on the south façade and VOC-free interior materials. The general contractor for the project was Lettire Construction Corp.