NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.
KATY, TEXAS — PGIM Real Estate, the real estate investment vehicle of Prudential Financial Inc., has acquired LaCenterra at Cinco Ranch, a 412,900-square-foot mixed-use property in Katy. The 34-acre, Class A lifestyle center features 273,522 square feet of retail space, which is anchored by Trader Joe’s, and 139,378 square feet of office space. Those components are 93 percent and 89 percent leased, respectively. The final phase of the development features an eight-screen Alamo Drafthouse Cinema location, which is currently slated for a 2018 completion. Mark Seedorff of PGIM led the transaction.
ORLANDO, FLA. — HFF has arranged $103.3 million in financing for the development of a mixed-use, student housing development in downtown Orlando. The project is part of the University of Central Florida (UCF)/Valencia Downtown Campus at Creative Village. The Creative Village project is a redevelopment of the former Amway Arena site into a 68-acres mixed-use, transit-oriented community. Michael Weinberg, Brian Kelly and Mike Higgins of HFF arranged the financing on behalf of the project’s co-developers, DEVEN – Development Ventures Group Inc. and Ustler Development Inc. The financing included a $68.1 million construction loan from PCCP LLC, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers. The 15-story building will include 600 student housing beds, 11,000 square feet of ground floor retail space, 600 parking spaces and 102,500 square feet of space that is long-term leased to UCF and Valencia College for education and education support services. The project is slated for completion in August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village.
PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN), in partnership with Drexel University, has broken ground on Phase I of the mixed-use, master-planned Schuylkill Yards Innovation Community in West Philadelphia’s University City district. The first phase of the $3.5 billion development will include a 1.3-acre community park at the corner of 30th and Market streets known as Drexel Square, which will be situated directly across from Amtrak’s 30th Street Station. Other components of Phase I include 4.6 acres of entrepreneurial space, educational facilities, research laboratories, corporate offices, residential and retail spaces, hotels and open public spaces. SHoP Architects and West 8 Landscape Architects designed Drexel Square, which represents the first swath of the 6.5 acres of green space planned for Schuylkill Yards. Brandywine and Drexel plan to deliver Drexel Square by the fourth quarter of 2018. “We are proud that our first project in Schuylkill Yards will deliver a green public gathering space where the community can connect, interact and share experiences,” says Jerry Sweeney, president and CEO of Philadelphia-based Brandywine Realty Trust. Later phases of Schuylkill Yards will include the redevelopment of the former Bulletin Building, and the development of two towers at 3003 and 3025 JFK Blvd. In conjunction …
COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for a new 32,000-square-foot mixed-use building at Grandview Yard in Columbus. Located at 1125 Yard St., the building will feature ground-level retail space and medical office space on the second floor. Columbus Obstetricians-Gynecologists Inc. will occupy 10,000 square feet on the second floor. The new Grandview Yard location will replace the company’s Mount Carmel West location when it opens in late 2018. The groundbreaking is slated for January. Owned and developed by Nationwide Realty Investors, Grandview Yard will include 1.2 million square feet of commercial space, several restaurants, grocery and service retail, hospitality and more than 1,300 residential units upon completion.
SUNRISE, FLA. — KGH International Development has completed the first of two planned infrastructure phases totaling more than $50 million at Metropica, a 65-acre planned mixed-use development in Sunrise. The infrastructure work, managed by John Moriarty & Associates, readies the community for its multi-phased construction. Conclusion of the first infrastructure phase also marks Metropica’s first two named streets: Metropica Boulevard and Metropica Way. At full build-out, the $1.5 billion Metropica development will span 4 million square feet and feature condominiums, apartments, a boutique hotel, office space and retail and entertainment offerings. Metropica’s initial tower, a 28-story residential condominium, will be topped off in the first quarter of 2018. Construction on Metropica’s retail phase, totaling approximately 280,000 square feet, will also begin in the first quarter of next year. Signed retailers at the project include Fogo de Chao, City Works Eatery & Pour House, Harry’s Pizzeria, Sugarboo & Co., Anthropologie and Free People.
ATLANTA — When it comes to creating a “connected Atlanta,” experts say the foundation is in building a connected community. At a Nov. 2 luncheon hosted by the Atlanta chapter of Commercial Real Estate Women (CREW Atlanta), representatives from Atlanta’s local transit authority, MARTA, and Dallas-based development firm KDC highlighted projects around the city all centered around a common theme: mass transit. “MARTA has five transit-oriented development (TOD) projects in various stages of development along the north and east rail lines,” said Debbie Frank, senior development project manager in MARTA’s office of TOD and Real Estate. “These developments are vibrant, pedestrian-friendly and generally integrated within our spaces.” The projects are part of MARTA’s larger goal to increase ridership, generate revenue and support both local community development and regional economic development. Each project will utilize underused parking lots for new commercial and residential development, which will include apartments, office space and retail. “We want to take a different approach to parking by reducing the number of parking spaces provided in our TOD projects,” said Frank. “A foundational principle of TOD is one that reflects the replacement of some car trips. Not all, but some, by taking the train, walking or biking.” …
MCKINNEY, TEXAS — Developer Shane Jordan will build Hub 121, a 22-acre mixed-use property that will be located within the Craig Ranch development in McKinney. The first phase of the project will deliver a 40,000-square-foot restaurant park with pedestrian walkways that connect to Independent Bank’s 400,000-square-foot headquarters and the development’s 2,500-unit residential community. Phase I will also deliver a 6,500-square-foot entertainment pavilion, 20,000 square feet of retail space and 287 residential units. Construction of Phase I will begin in January 2018, with the first restaurants scheduled to open in January 2019. Phase II will deliver a 200,000-square-foot office building, additional retail space and a hotel.
LINDON, UTAH — WI Commercial Properties (WICP), a developer based in Tampa, Fla., is building out a new master-planned campus in Lindon known as Mountain Technology Center. The $200 million development is situated about 12 miles north of Provo in Utah County. WICP has already invested over $80 million in the 55-acre development and will be investing another $120 million before the project’s completion. The campus sits west of the Pleasant Grove Boulevard freeway interchange and features unobstructed mountain views with lake views to the south. At full build-out, the mixed-use development will feature 650,000 square feet of Class A office and industrial space spread over 10 buildings, as well as a food court off Pleasant Grove Boulevard. The new components coming to the campus include Mountain Tech North, which comprises an 88,000-square-foot flex industrial facility known as Mountain Tech III and the new food court. Mountain Tech III will be the first building with 32-foot clear heights in Utah County, according to WICP. Mountain Tech South is planned on the south side of Pleasant Grove Boulevard. This phase will include two four-story office buildings and four office/warehouse hybrid facilities. Construction on Mountain Tech South is scheduled to begin in …
CHICAGO — Walker & Dunlop Inc. has arranged a $9.7 million loan for the refinancing of Portage Park in Chicago. Formerly a bank building, the mixed-use property now incorporates office and retail space. Situated on seven acres, the property features 60,500 square feet of rentable space and a 180-space parking lot. Tenants include Binny’s Beverage Depot, Retro Fitness and Immigration Lawyers PC. A portion of the vacant space is a historic theater that was formerly home to the Northwest Chicago Film Society, and will be preserved as a performing arts facility. Luke Erlandson, Jeff Robbins and Matt Ewig arranged the 10-year loan, which features a 30-year amortization schedule. Loan proceeds will be used to pay off an existing construction loan. Cui Properties was the borrower.
