HOUSTON — Arch-Con Construction has commenced construction on the 23,500-square-foot Museum Point Professional Building, a Class A medical office building with a retail component located at 1401 Binz St. in Houston's Museum District. The ground floor will be designated for retail and healthcare tenants such as the Dermatological Association of Texas and The Center for Clinical Studies will occupy the second floor. Dermedica Property Group is the project's developer.
DALLAS — NorthMarq Capital has secured $2 million in first mortgage financing for the 41,000-square-foot Harry Empire Ltd. building, an office/warehouse/restaurant property located at Harry Hines Boulevard and Empire Central in Dallas. Bart Dickinson of NorthMarq's Dallas office arranged the 25-year loan with a 25-year amortization schedule through a life insurance company lender.
CHARLOTTE, N.C. — Charlotte-based Pappas Properties and Allen Tate Co. have finalized plans for Phase II of Sharon Square. The $52 million Phase II will include 239 luxury residences and 22,000 square feet of retail space at the corner of Sharon and Fairview roads, adjacent to Phillips Place, in Charlotte. Phase II is scheduled to open in the fall of 2013. LS3P and Niles Bolton Architects designed Sharon Square, and Adolfson and Peterson is the general contractor. Charlotte’s first Whole Foods Market opened in the first phase of the project.
WASHINGTON, D.C. — Skanska USA Commercial Development Inc. and Grosvenor Americas are planning to develop a 650,000-square-foot mixed-use complex in Washington, D.C.’s Capitol Riverfront district. It will be located between M and N streets, fronted by First Street, and close to the new Washington Nationals baseball park and the Navy Yard station on Metrorail’s Green Line. Skanska USA will develop an 11-story, 224,000-square-foot office building with 11,000 square feet of ground-floor retail space, and Grosvenor Americas will develop the remainder with a mix of residential and retail space. Gensler Architects will design the office building, which is aiming for LEED Platinum certification, and Skanska USA Building will be the construction manager. McCaffery Interests will oversee construction of Grosvenor Americas’ portion of the mixed-use development.
WHITE PLAINS, N.Y. — A joint venture between Inland Diversified Real Estate Trust and affiliates of Cappelli Group, acquired the majority interest in City Center Retail, a 381,905-square-foot mixed-use property in White Plains. The sale was valued at approximately $166.4 million. City Center is anchored by ShopRite Supermarkets, Nordstorm Rack and New York Sports Club. The property also contains 24 apartment units. City Center is adjacent to the Ritz-Carlton Hotel and the Trump Tower at City Center. The joint ventures includes 99-year air rights over the apartments and parking garage portion of City Center. Jeff Dunne, Steven Bardsley and David Gavin of CBRE Group represented Cappelli Group in the transaction.
LOWELL, MASS. — Fantini & Gorga served as lead advisor on a financing package for the $36.4 million Boott Mills West construction project in the National Historic Park in Lowell. The project used three kinds of tax credits — federal, state and new market — as well as a $19.1 million loan placed by Fantini & Gorga. A joint venture between Winn Development and Rees-Larkin Development is transforming a 19th century mill into 77 apartments and 42,684 square feet of office space. Boott Mills West is located at 141 John St. and is the last undeveloped phase in the Boott Mills complex, which includes the Boott Cotton Mills Museum, the Tsongas Industrial History Center and The Apartments at Boott Mills. Joe Eddy and Tim O'Donnell of Fantini & Gorga handled the assignment.
ATLANTA — The $100 million Emory Point project, a mixed-use development located near Emory University and the Centers for Disease Control (CDC) in Atlanta, has signed three new restaurants and two new retailers, including Burgerfi, Bonefish Grill, Paradise Biryani Pointe, LOFT and Francesca’s Collections. Emory Pointe is 82 percent committed with the addition of these five tenants. Retailers, restaurants and other services are expected to open at Emory Pointe this November. Atlanta-based Cousins Properties Inc. and Gables Residential are collaborating for the first time on Emory Pointe.
WASHINGTON, D.C. — Walker & Dunlop has arranged $93 million in financing for a portfolio of mixed-use properties in Washington, D.C. The four-property portfolio totals 257,000 square feet in D.C.’s Chinatown neighborhood. Deutsche Bank provided $55 million in permanent financing for two of the properties. A 119,000-square-foot building at 800 F St. N.W. includes the International Spy Museum, office tenants Varian Medical Systems, Washington Media and Ziemba Waid Public Affairs, and nine apartment units. A 35,000-square-foot property at 425 Seventh St. N.W. includes a cluster of three-story buildings with office and retail space, featuring restaurants Carmine’s and Luke’s Lobster. RBS Citizens provided $38 million in interim financing for the other two properties, including 704-718 Seventh St. N.W. and 726-738 Seventh St. N.W./702 H St. N.W. Those properties total more than 100,000 square feet in several buildings and Douglas Development is headquartered in the space.
SAN FRANCISCO – Jamestown has purchased 799 Market Street, a 142,902-square-foot, mixed-use property in Downtown San Francisco, for an undisclosed sum. The Class A retail and office building is located on the northeastern corner of Market and Fourth streets at the intersection of the city’s Union Square shopping district and South of Market (SOMA) tech corridor. The building’s 55,000 square feet of retail space is fully occupied by a Ross Dress for Less flagship store. The eight-story property also includes five floors of creative office space. It is currently 89 percent leased. The seller, a partnership between Urban Realty and Commonfund, was represented by Eastdil Secured, which also helped Jamestown secure financing.
BOSTON — Suffolk Construction has broken ground on a $127 million residential tower, known as 120 Kingston Street, in Boston. The 293,000-square-foot tower will border the city's Chinatown neighborhood and the Rose Fitzgerald Kennedy Greenway. The 26-story tower will feature 240 apartments ranging from studios to three-bedroom units and 4,500 square feet of street-level retail space. The building will be triangular in shape and is scheduled for completion in 2014. The project teams include developers Forest City and Hudson Group North America, architect firms Elkus Manfredi Architects and Perkins Eastman for the exterior of the building and RODE architects for the interior spaces.
