KINGWOOD, TEXAS — Austin-based Stratus Properties Inc. will develop Kingwood Place, a 54-acre mixed-use project in Kingwood, a 14,000-acre master-planned community located northeast of Houston. The project, which will be anchored by a 103,000-square-foot H-E-B grocery store, will also feature 41,000 square feet of additional retail space and approximately 300 multifamily units. Construction is scheduled to begin in November.
NEW YORK CITY — NKF Capital Markets has secured a $60 million loan for the recapitalization of an eight-story mixed-use project under development in the Clinton Hill neighborhood of Brooklyn. Located at 325 Lafayette Ave., the property will include 116 apartment units, 40 parking spaces and 16,943 square feet of street-level retail space. Key Food and Starbucks have pre-leased space at the property. Amenities will include a rooftop terrace, fitness center and a media and gaming lounge. NKF secured the loan on behalf of Slate Property Group. The lender was undisclosed. The project is scheduled for completion sometime this fall.
MOUNTAIN VIEW, CALIF. — Broadreach Capital Partners and Rockwood Capital have broken ground on Ameswell Mountain View, a mixed-use development situated on one of last fully entitled development sites in Mountain View, just northwest of San Jose. Located at the convergence of U.S. 101 and State Route 85, the property is the culmination of four years of planning and land assemblage by Broadreach. Situated on 10 acres, the project will feature a 220,000-square-foot, Class A office building and The Ameswell Hotel, a 255-room luxury hotel. The office building will feature 47,000-square-foot floor plates, ceiling heights up to 16 feet and full-height windows. On-site amenities include a roof deck, terraces and breakout areas to connect tenant space with the outdoor environment. Additionally, parking is structured as three parking stalls per 1,000 square feet of office space. Broadreach has retained Newmark Cornish & Carey as leasing agents for the office building, which is slated for completion in November 2019. Set to open in July 2020, The Ameswell Hotel will feature creative, local design with a strong emphasis on art and technology. The hotel will include more than 6,000 square feet of meeting space, a fitness center, restaurant with outdoor dining, beer garden, …
BOULDER, COLO. — NavPoint Real Estate Group has arranged the sale of a multi-tenant retail/medical office property located at 3280-3300 28th St. in Boulder. REM Investment sold the property to Peterman Properties for $6.5 million. The property features 39,368 square feet of retail and medical office space. John Witt and Matt Call of NavPoint Real Estate Group represented the seller in the deal.
UPPER DUBLIN, PA. — BET Investments Inc. (Bruce E. Toll Co.) has broken ground on The Promenade at Upper Dublin, a master-planned, mixed-use project in the Philadelphia suburb of Upper Dublin. Development costs are estimated at $200 million. The project’s residential component will include 402 units and 114 active adult homes. Amenities will include a resort-style pool, gourmet kitchens with quartz countertops, stainless steel appliances and a fitness center. A planned retail component will feature 128,000 square feet of retail space, anchored by a specialty grocer and outdoor lifestyle store as well as shops and restaurants. A 2.7-acre park, more than three miles of walking trails and an outdoor events stage are also planned. The developer is implementing sustainable design features like green roofs, bike sharing and electric car charging stations. “The Promenade at Upper Dublin will be the an exciting destination, with high-end, state-of-the-art apartments that will include resort-like amenities combined with a lively and interesting combination of restaurants and shops providing a great meeting place for the surrounding communities,” says Michael Markman, president of BET Investments. “This ‘live, work, play’ community, combining commercial and residential uses, will be the first of its kind in Eastern Montgomery County.” Upper …
BETHESDA, MD. — Carr Properties has broken ground on a 937,000-square-foot mixed-use project located at 7272 Wisconsin Ave. in Bethesda. The development will include a 360,000-square-foot office building with ground-floor retail, two residential towers housing 456 units and a shared above- and below-ground parking facility. The office portion of the project has been dubbed “The Wilson,” and the residential portion will be known as “The Elm.” The buildings will sit atop the future Bethesda Purple Line Metro station and a newly constructed tunnel for the Capital Crescent Trail, a multi-use trial that spans 11 miles from D.C.’s Georgetown district to Silver Spring, Md. WTTG-Fox 5 News will move its headquarters from Washington, D.C., to the new development in Bethesda. A construction timeline for the project was not disclosed. Bethesda-based building and civil construction firm Clark Construction Group is building the 23-story towers.
INDIANAPOLIS — Flaherty & Collins Properties has refinanced 360 Market Square, the company’s 27-story mixed-use tower in downtown Indianapolis. The real estate developer and property management firm used a $104 million loan from Chicago-based Heitman LLC to retire existing construction financing on the recently completed project. David Keller and Adam Mallory of HFF arranged the floating-rate financing through Heitman on behalf of Indianapolis-based Flaherty & Collins. Additional details of the loan structure were not disclosed. Delivered earlier this year, the residential and retail development features 42,000 square feet of ground-level retail space anchored by Whole Foods Market. The 40,000-square-foot grocery store opened in late March. The project also includes a 550-space parking garage, with 350 spaces reserved for residents. Sitting atop Whole Foods are 292 apartment units with 10,000 square feet of amenity space, including a fitness center, private yoga/spin studio, cyber café, screening lounge, business center and gaming lounge. Outdoor amenities include a landscaped courtyard, resort-style swimming pool and a 28th-floor sky deck that offers panoramic skyline views. According to Apartments.com, rental rates at 360 Market Square range from about $1,400 for a studio to more than $8,000 for a three-bedroom, two-bathroom unit. 360 Market Square sits on the …
CHICAGO — RMK Management Corp. has begun pre-leasing at The Residences at Addison & Clark, a 148-unit luxury rental development across the street from Chicago’s Wrigley Field. The Residences occupies the upper floors of the mixed-use development known as Addison & Clark. Floor plans, including a mix of studios through two-bedroom units, range from 501 to 1,409 square feet. Monthly rental rates range from $1,980 to $4,510. In keeping with the sports history of the neighborhood, The Residences at Addison & Clark features baseball-themed amenities such as the Upper Deck, an 8,746-square-foot outdoor rooftop space featuring a pool, hot tub and grilling stations; the Training Zone, a cardio and strength training facility; the Dugout, a conference room and shared technology space; the Bullpen, an outdoor dog park on the fifth floor; and the Diamond Lounge, a community kitchen and event space. Additional amenities include a concierge, dry cleaning and pick-up service and a package delivery system. The building will also have a separate space for oversized deliveries, as well as a refrigerator and freezer for perishable items. New retail leases at the property include: Beerhead Bar & Eatery, a craft beer bar franchise slated to open in spring 2019; and Do-Rite Donuts & Chicken, a …
NEW YORK CITY — Cushman & Wakefield has brokered the $61 million sale of a 95,000-square-foot development site in the Gowanus neighborhood of Brooklyn. Located at 313-331 Bond St., the property’s M2-1 zoning regulations allows for 185,040 of buildable square feet, according to Cushman & Wakefield. Stephen Palmese, Winfield Clifford, James Berluti and William Barrett of Cushman & Wakefield represented the undisclosed seller in the transaction. All Year Management purchased the property and plans to build a mixed-use project on the site.
FRISCO, TEXAS — Hunt Realty Investments Inc. has acquired 2,544 acres in Frisco for the development of a mixed-use project that will include office, retail, single-family, multifamily and educational components. Hunt Realty, along with investors such as Chief Partners LP and Cross-Tie Capital Ltd., acquired the site, known as Headquarters Ranch, from the estate of Bert Fields Jr. Development is expected to begin in 2019. Hunt Realty will serve as master developer alongside Plano-based The Karahan Cos.