NEW YORK CITY — Pembrook Capital Management has provided a $35 million first mortgage bridge loan for a mixed-use construction project located at 257-263 West 34th St. in Manhattan. The funds provided by Pembrook will refinance the developer’s existing debt and allow it to start construction on the project. When completed, the six-story building will include 15,000 square feet of retail space and 25,000 square feet of office space. The property is located in the garment district of Manhattan, near the Empire State Building, Macy’s Herald Square and Madison Square Garden.
SPRING, TEXAS — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston has broken ground on a 102,250-square-foot mixed-use property within the 60-acre CityPlace development in the northern Houston metro of Spring. The project will deliver a 52,250-square-foot building with approximately equal amounts of office and retail space, as well as a 50,000-square-foot, 10-screen Star Cinema Grill. Completion is slated for the first quarter of 2019.
DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.
GAHANNA, OHIO — Blue Horseshoe Ventures Ltd. is developing Hamilton Towne Centre, a $50 million mixed-use development in Gahanna near Columbus. The project will include a 48,000-square-foot office building that will serve as the corporate headquarters for Blue Horseshoe. Plans also call for a luxury apartment complex, four-story hotel, specialty coffee shop, fitness center and several restaurants. A timeline for completion was not disclosed.
SYKESVILLE, MD. — Warfield Cos. has acquired a 91-acre site in Sykesville, roughly 25 miles northwest of Baltimore, with plans deliver a new mixed-use project. Upon completion, the former site of the Springfield Hospital Center will include 600,000 square feet of office, light industrial and retail space, as well as roughly 180 residential units, a full-service hotel and a 27-acre town park. The site, which will be rebranded “Warfield at Historic Sykesville,” includes 12 buildings that were constructed in the early 20th century. The buildings carry historical designations from the National Park Service and Maryland Historical Trust. Three of the buildings are restored and leased to Nexion Health, Zeteo Tech and The Carroll County Dance Center. The remaining nine buildings will be rehabilitated and repurposed for future users, owners and tenants. Construction and restoration activities are scheduled to begin in a few weeks on the first speculative office building. Groundbreaking for the first phase of new construction, a 145-unit townhome project, is expected to begin this month, with completion slated for early 2019. Elm Street Development is developing the townhome portion of the project. Dennis Boyle of Lee & Associates is handling the leasing assignment for the project’s commercial, retail …
RED BANK, N.J. — HFF has brokered the sale of a 27,000-square-foot mixed-use property in Red Bank. The three-story building is located at 2-10 Broad St. in downtown Red Bank, 25 miles south of New York City. HFF represented the seller, Broad Street Realty Association, in the transaction. Saxum Real Estate purchased the property for an undisclosed sum. The property consists of ground-floor retail, which is fully leased to Urban Outfitters, as well as upper-floor office space. Amenities include views of the Navesink River from the upper floor and a rear terrace.
Construction Underway, First Tenants Announced at $40M Mixed-Use Project on Atlanta’s Upper Westside
ATLANTA — Eden Rock Real Estate Partners, in partnership with Stein Investment Group and Frank Buonanotte, has kicked off construction on Westside Village, a $40 million adaptive reuse project on Atlanta’s Upper Westside district. Redevelopment plans call for the transformation of the existing 51,000-square-foot warehouse building situated along Marietta Boulevard, the demolition of other smaller buildings and the new construction of three additional commercial buildings on the 10-acre site. The 100,000-square-foot development will also include 19 townhomes. The first announced tenants at the development are Primrose Schools, an early education and childcare provider, and The Refinery, a fitness training club. Primrose Schools will open a 12,400-square-foot facility, serving infants through Kindergarten-aged children. The Refinery will open an 11,700-square-foot facility that will offer adult fitness training, youth sports performance enhancement training, a private Pilates studio and a therapeutic “chiro-spa” for sports recovery, pain management and everyday wellness. Both tenants are expected to open at Westside Village in early 2019. Additional retailers, restaurant and service providers are expected to be announced within the next 60 days. Atlanta-based Shroeder Architects is the architect for the project, which is slated for completion by spring 2019.
NEW ALBANY, OHIO — Blue Horseshoe Ventures Ltd. has unveiled plans to develop Planet Oasis, a combined entertainment, attraction, action sport, food and beverage and health wellness venue. Project costs are estimated at $2 billion, according to local media reports. The 350-acre development will be located at the intersection of I-71 and State Route 36 in Delaware County and Berkshire Township near Columbus. Plans call for a 200,000-square-foot UltraStar Multi-tainment Center, which will house bowling, laser tag, video games, virtual golf, a movie theater and sports restaurant and bar. It will also house a “Uni-coaster” within a glass cylinder that will extend 150 to 200 feet in the air. Other attractions will include a 90,000-square-foot go-kart venue, a 10,000-square-foot indoor skydiving experience and a shooting gallery. The Mirage Entertainment District will be built around Lake Mirage, a 20-acre saltwater lake with sand beaches. The District will also feature an indoor waterpark and an indoor sports facility. The project will feature at least 15 hotels offering 4,000 rooms as well as 75 restaurants. A wellness resort known as Bloom will feature a 100-key hotel on its own lake. Blue Horseshoe expects to break ground in December, with a planned opening date of December 2019 …
NEW YORK — The Walt Disney Co. (NYSE: DIS) has acquired development rights in downtown Manhattan’s Hudson Square neighborhood for $650 million. The 4 Hudson Square site covers a full city block bordered by Hudson, Varick, Vandam and Spring streets. The global media firm plans to move its New York operations to the new site, including 1.2 million square feet of office and production space for WABC-TV, ABC News, Live with Kelly and Ryan and The View. According to ABC-7, Good Morning America will continue to broadcast from Times Square and Disney Streaming Services will relocate from Chelsea Market to the Hudson Square site. “We’re announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward,” said Robert Iger, chairman and CEO of Disney. “This move represents a historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community.” According to Iger, the new facility will …
CAMBRIDGE, MASS. — Nauset has started construction on additions to Crimson Galeria in Cambridge that will add 18,000 square feet of office space to the mixed-use property. Located at 57 JFK St. in Harvard Square, the redevelopment is being undertaken by Needham, Mass.-based Nauset Construction for owner Crimson Galeria LP. The Harvard Square submarket of Cambridge is experiencing lows of less than 2 percent in office vacancy, according to Nauset.