ROYAL PALM BEACH, FLA. — Aztec Group Inc. has arranged a series of five loans totaling $14.7 million for the acquisition of approximately 100 acres located in Royal Palm Beach. Howard Taft and Charles Penan of Aztec Group arranged the loans through Lion Financial on behalf of the borrower, Tuttle Land Development. The acquisition completes the land assemblage necessary for the development of Tuttle Royale, a 200-acre mixed-use community that will be located at the intersection of Southern Boulevard and State Road 441. Prior to the acquisition, Tuttle owned 150 acres of land, which it acquired over the past two years. The proposed community would feature 1,100 multifamily units, medical offices, a 1,500-student charter school, village park, 400,000-square-foot lifestyle and activity center with high-end restaurants, a 100-room hotel, preschool, fitness center and retail space. A construction timeline for the project was not disclosed.
DENVER — A joint venture between RedPeak Properties and Allstate Investments has sold 1600 Glenarm Place, a mixed-use, high-rise property located on the 16th Street Mall in downtown Denver. Northland Investment Corp. acquired the property, along with a 0.77-acre land parcel at 14th Street and Glenarm Place, for an undisclosed price. Constructed in 1967 as an office tower known as the Security Life Building, the property was converted into a multifamily property in 2006 by RedPeak Properties. The 31-story building features 333 apartments in studio, one-bedroom, two-bedroom and penthouse layouts, and 29,000 square feet of commercial space, including frontage along Denver’s 16th Street pedestrian mall. On-site amenities include an outdoor terrace with barbecue grills and fireplace, fitness center, demonstration kitchen, cyber lounge, conference room, movie theater, game room, resident library, reading room, valet parking, 24-hour concierge service and room service from Earl’s Restaurant on the property’s ground floor. Jordan Robbins, Jeff Haag and Anna Stevens of HFF represented the seller in the transaction.
NEW YORK CITY — JLL has secured a $20.7 million acquisition loan for the High Line Portfolio, a four-building, mixed-use portfolio in the Chelsea neighborhood of Manhattan. Jonathan Schwartz, Aaron Appel, Brian Buglione and Patrick Cotter of JLL arranged the financing for Morgenstern Capital through an undisclosed lender. Terms of the loan were not disclosed. The portfolio includes three contiguous mixed-use buildings at 505 W. 22nd St., 203 and 205 10th Ave. as well as one retail building at 207 10th Ave. All totaled, the properties include 26 residential and four retail units.
WALLER, TEXAS — Wolff Cos. has unveiled plans for a 251-acre mixed-use project along U.S. Highway 290 in Waller, a northwestern suburb of Houston. Wolff will develop the infrastructure around the site and has developed a preliminary land plan. The Houston-based company calculates that this plan has the capacity for 1.3 million square feet of industrial space, 800,000 square feet of office space and 172,000 square feet of retail space. The project is part of a larger development that will bring more than 1,000 single-family homes to the site. A timeline for construction of the commercial components has not yet been established.
CHARLESTON, S.C. — Atlanta-based Gateway Development has broken ground on 22 WestEdge, a 156,000-square-foot office building located within the $300 million WestEdge mixed-use district in Charleston. The 3 million-square-foot development is situated along the Ashley River, between The Medical University of South Carolina (MUSC) and The Citadel. 22 WestEdge is the third building within the project. At 125 feet, the eight-story building will be the tallest multi-tenant office building on the peninsula and in Charleston’s metropolitan area when it opens in November 2019. The building is 48 percent preleased to MUSC, The South Carolina Research Authority, The City of Charleston, WestEdge Foundation Inc. and Heritage Trust Credit Union. In addition to office space, 22 WestEdge will include 15,000 square feet of street-front retail space. The building will feature restaurants, fitness facilities, conference and event facilities and a rooftop terrace overlooking the Ashley River. Recently completed projects at WestEdge include The Caroline, a 237-unit apartment complex with 20,000 square feet of ground-floor retail. Gateway has also topped out construction on 10 WestEdge, a 350-unit apartment community that will house a Publix, Woodhouse Spa and additional retail and restaurant space. Trident Construction is the general contractor for the project, Perkins + Will …
NEW YORK CITY — Marcus & Millichap has brokered the $18.7 million sale of two mixed-use properties in Brooklyn located at 984-994 Winthrop St. and 4512-4524 Church Ave. Matt Fotis, Matt Shapiro and Tyler Workman of Marcus & Millichap represented the seller, Renaissance Realty Associates, in the transaction. The Bauta Family purchased both properties. The first property, 984-994 Winthrop St., is a four-story building consisting of five retail units and 39 residential units. The second, 4512-4524 Church Ave., is a six-story building consisting of eight retail units and 50 residential units.
NEW YORK CITY — TerraCRG has negotiated the $8.5 million sale of a mixed-use portfolio in the Bushwick neighborhood of Brooklyn. The three adjacent properties are located at 373, 375 and 379 Knickerbocker Ave. and total 16,390 square feet, featuring three ground-level retail stores and four residential apartments. The properties also have approximately 8,900 square feet of additional buildable square footage. TerraCRG represented the sellers, Beth and Sue Kneller, in the transaction. Keller Williams Realty Gold Coast represented the buyers, Karthik Gujja and Gopi Punukollu. Long-term tenants currently occupy all three retail stores.
CORAL GABLES, FLA. — NP International (NPI) has selected Balfour Beatty to construct the 1.3 million-square-foot Gables Station mixed-use development in Coral Gables, a suburb of Miami. Comprised of three towers, the development will feature retail space, residential units, a hotel and a 1,000-car parking garage. The transit-oriented development is situated within a commercial corridor on U.S. Highway 1 and is adjacent to the Miami Metrorail, providing easy access to the Miami International Airport. The project will be directly connected to the Underline Park, a 10-mile park and urban trail. The development’s two apartment buildings will include a combined 450 units. Facing the Underline Park on the ground level, one of the residential buildings will feature 19,000 square feet of retail space, while the second will include 18,000 square feet of retail space. Gables Station’s third building will be home to a limited-service hotel, which will house 68,000 square feet of retail space for lifestyle and wellness tenants. Early this year, NPI received a $158.4 million construction loan for the project and negotiated a lease for Life Time Fitness at the development, according to the South Florida Business Journal. The project, designed to achieve LEED Silver certification, is slated for completion …
BOSTON — Developers Boylston Properties and The Wilder Cos. have secured $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown. HFF worked on behalf of the developers to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. HFF also arranged a $222 million construction loan from Wells Fargo Bank. “HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” says Brett Paulsrud, senior director at HFF. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.” Located on the site of the former Watertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, Boylston Properties and The Wilder Companies purchased the property with the intention of redeveloping it into a mixed-use project. Arsenal Yards is scheduled to open in 2019 and will feature 250,000 square feet of destination shops …
HURSTBOURNE, KY. — Viking Partners Fund III LLC has unveiled plans for the redevelopment of Hurstbourne Business Park, a 27-acre property located at the intersection of Shelbyville Road and Hurstbourne Parkway in Hurstbourne, roughly 13 miles east of Louisville. Viking originally acquired the site in 2016. The property currently includes 350,000 square feet of office space in two separate buildings; P.F Chang’s and Z’s Oyster Bar & Steakhouse; and Hurstbourne Plaza, an existing shopping center. Hurstbourne Plaza will be demolished to make way for the new mixed-use development. Plans for the project include a 266-unit multifamily community, 149-room hotel, two freestanding restaurant/retail buildings and a 9,500-square-foot retail building that will accommodate three to four users. Hills Properties is developing the multifamily portion, which is scheduled for completion in the fall, with the first residents moving in mid-2019. The community will feature a park, resort-style pool, and social plaza with fire pits and a bocce ball court. Construction on the hotel portion of the project is expected to begin in early 2019.