Fort Lauderdale, Fla. — Mast Capital has acquired The Quay, a 73,000-square-foot mixed-use shopping center in Fort Lauderdale, Florida. The Quay sits on seven acres along South 17th Street near the Stranahan River, three miles south of downtown Fort Lauderdale. The property was fully leased at the time of the sale to tenants including Boatyard Restaurant, the United States Postal Service and Chipotle Mexican Grill. The property also includes a two-story office building and Boathouse of Fort Lauderdale marina. Hudson Capital Group Inc. sold The Quay. CIT Bank provided acquisition …
Mixed-use
Joliet, Ill. — Cullinan Properties Ltd. has broken ground on Rock Run Crossings, a 265-acre mixed-use project in Joliet. Cullinan is underway on clearing the site and plans to begin construction late this spring. A groundbreaking ceremony took place Friday, March 22. Cullinan has also revealed the first anchor tenant at Rock Run Crossings will be a 16-screen Regal Cinemas movie theater that will span 70,000 square feet. The developer plans to announce more tenants later this year.
Los Angeles — Nike, Smart & Final Extra, Ross Dress for Less and Blink Fitness have all signed leases at Primestor Development’s Jordan Downs Plaza, a mixed-use project in Los Angeles’ Watts neighborhood. The four retailers will occupy nearly 75 percent of the retail component of the $5 billion project. Situated on 9.5 acres, the 113,000-square-foot asset is scheduled to be complete this fall. At full build-out, the property will also offer 1,400 residential units. Financial backing for Jordan Downs is coming through the federal government through its New Market …
New York City — JLL has arranged a $19 million acquisition loan for a mixed-use property in New York City’s SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in acquiring mixed-use assets with the intent to restore and redevelop them.