WATERTOWN, MASS. — Boylston Properties and The Wilder Cos., owners of the Arsenal Mall in Watertown, have announced a new name and new look for the property. The Arsenal Project spans approximately 500,000 square feet and includes Arsenal Mall and One Arsenal Marketplace, plus several buildings housing Harvard Vanguard Medical Associates, Golfsmith and Charles River Saab. Just months after paying $81 million for the Arsenal Mall, the property's new owners have detailed $500,000 in planned upgrades, according to the Boston Business Journal. The owners recently completed Phase I of upgrades to the property, which included a new interior layout as well as upgrades to the buildings’ exterior and landscaping. The owners are now working with Watertown officials to design a redevelopment strategy that would maximize the economic impact of the project. Boylston Properties and The Wilder Cos. purchased the mall and two adjacent office buildings with Jonathan Bush Jr., CEO and co-founder of Athenahealth Inc., from Simon Property Group.
KATY, TEXAS — Developer Vista Equities Group has broken ground on Phase III of LaCenterra at Cinco Ranch in the Houston suburb of Katy. The new phase consists of 37,000 square feet of retail, 36,000 square feet of Class A office and a parking garage to the larger mixed-use development. The additions will be located on the southwest side of LaCenterra at Cinco Ranch, which totals 34 acres and 300,000 square feet. Hoar Construction is overseeing construction of the new phase, which is slated for completion in the fall of 2014.
FARMINGDALE, N.Y. —TDI Real Estate Holdings LLC has begun a $40 million construction project that will create 154 apartments, almost 20,000 square feet of retail space and secure parking across the street from the MTA/Long Island Railroad's Farmingdale Station. The project will feature high-end residential units with a range of common area amenities such as a clubroom, fitness facility, garage parking and courtyard recreation areas. The location is also a one-block walk from Farmingdale's Main Street, home to a variety of shops and restaurants. Ten percent of the development's residential units have been set aside for workforce housing. Bartone Properties, a Farmingdale-based developer, entered an agreement to purchase the property in 2007 but spent almost six years obtaining approvals for the project before seeking a partner. Yuri Kletsman of Berkadia Commercial Mortgage LLC assisted in sourcing the construction financing for the project.
NEW YORK CITY — Acadia Strategic Opportunity Fund II, a subsidiary of Acadia Realty Trust, has sold Fordham Place, a 262,000-square-foot mixed-use property in the Bronx, for $133.9 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the fully leased property. Sears, Best Buy and Walgreens, along with a mix of government service and not-for-profit office tenants occupy the property. Fordham Place was redeveloped in 2009 and is LEED Gold certified. Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented Acadia in the transaction.
GEORGETOWN, MASS. — Fantini & Gorga has arranged $3.1 million in first mortgage financing for a 21,418-square-foot mixed-use property in Georgetown, a northern suburb of Boston. Keith Wentzel, managing director at Fatini & Gorga, arranged the acquisition financing for a New Jersey-based investment group, which was funded by a Massachusetts-based community bank. A CVS/pharmacy anchors the property, while the office spaces are leased to a variety of medical practices and professional services. The non-recourse loan includes a fixed interest rate of approximately 4 percent and a 30-year amortization schedule.
NEW ORLEANS — HRI Properties has selected Roy Anderson Corp., a subsidiary of Tutor Perini Corp., to build the 225 Baronne mixed-use development project in New Orleans. The contract for the development is valued at $61.3 million. The development involves the conversion of an existing 31-story office building into an apartment project, hotel and public parking garage. The new development will feature on-site property management services, a fitness center, roof-top swimming pools and covered bicycle parking. The project will also include the demolition of the 919 Gravier Building. Roy Anderson Corp. will break ground on the project this month and will wrap up construction in December 2014.
HONOLULU — Symphony Honolulu, a 3.5-acre mixed-use development on the island of Oahu, has received $120 million in construction financing. The high-rise project will be located at 888 Kapiolani Blvd. in Kakaako, a commercial and retail district near the island’s southern shores.Construction will begin later this month. It is scheduled for completion by the end of 2015. Symphony Honolulu will feature 388 residential condos, along with ground-floor retail, which will be occupied by JN Automotive Group. The exclusive Hawaiian authorized dealer will have a luxury auto galleria showroom that features international brands like Ferrari, Maserati, Bentley, Lamborghini, Audi and Lotus. The project will be developed by OliverMcMillan, built by Nordic PCL, and designed by Gensler and Architects Hawaii. The syndicated construction loan was provided by First Hawaiian Bank. Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund are also involved in this transaction.
BALTIMORE — Elm Street Development, a McLean, Va.-based residential real estate developer, will partner with St. John Properties Inc. and Somerset Construction Co. to develop Greenleigh at Crossroads in Baltimore. Greenleigh at Crossroads is a town center, mixed-use development that will include mid-rise, Class A office buildings, retail amenities and housing options. Design Collective Inc. designed Greenleigh at Crossroads, which will be the next phase of Baltimore Crossroads, a 1,000-acre mixed-use community in eastern Baltimore County. The project team will break ground on the community in the summer of 2014.
HONOLULU — Symphony Honolulu, a 3.5-acre mixed-use development on the island of Oahu, has received $120 million in construction financing. The high-rise project will be located at 888 Kapiolani Blvd. in Kakaako, a commercial and retail district near the island’s southern shores.Construction will begin later this month. It is scheduled for completion by the end of 2015. Symphony Honolulu will feature 388 residential condos, along with ground-floor retail, which will be occupied by JN Automotive Group. The exclusive Hawaiian authorized dealer will have a luxury auto galleria showroom that features international brands like Ferrari, Maserati, Bentley, Lamborghini, Audi and Lotus. The project will be developed by OliverMcMillan, built by Nordic PCL, and designed by Gensler and Architects Hawaii. The syndicated construction loan was provided by First Hawaiian Bank. Central Pacific Bank, American Savings Bank and Washington Capital Joint Master Trust Mortgage income fund are also involved in this transaction.
ATLANTA — The Atlanta Braves organization has secured land at the northwest intersection of Interstates 75 and 285 in Cobb County, which will be the future site of its new stadium. The Braves have opted to not renew their lease at Turner Field, the team’s existing stadium. Although the new property has an Atlanta address, it will be located in Cobb County. The new site will feature an integrated mixed-use development, parking and greenspace in addition to the stadium. The Braves will be significant investors, along with Cobb County, in the project. The total estimated cost of the stadium, parking and infrastructure is roughly $672 million, and the Braves will pay all cost overruns for the project. The Braves will develop the remaining parcels surrounding the new stadium. The Cobb-Marietta Coliseum and Exhibit Hall Authority, owner of the Cobb Galleria Centre and Cobb Energy Performing Arts Centre, are planning on owning the new property, according to the Braves organization. During construction, nearly 5,227 jobs will be supported. The new stadium is slated to begin construction in the second half of 2014 and conclude by opening day in 2017.