PLYMOUTH, MICH. — Grand Sawa has purchased a 526,540-square-foot office and industrial building, located at 909 Sheldon Road in Plymouth. John Lominack and Gary Glotzhober of Colliers International represented the buyer in the transaction. He also represented the seller, CW Capital Asset Management. Colliers has also been retained to lease the facility, which sits on 34 acres.
NEW YORK CITY — 5 East 51st St. LLC has purchased a six-story mixed-use building, located across from New York City's St. Patrick's Cathedral on Fifth Ave., for $12.6 million. The 14,000-square-foot property includes 14 apartment units and 5,000 square feet of retail space. The sale also includes 21,000 square feet of air rights. Peter Carillo of Eastern Consolidated represented the seller in the transaction. He also produced the buyer.
NEW YORK CITY — City National Bank (CNB) has signed a 15-year lease for 45,000 square feet of retail and office space at 400 Park Ave. The property has served as the company’s New York headquarters since 2002, and CNB previously occupied 15,000 square feet. The building will house a new 5,400-square-foot, street-level banking center as well as expanded office space on the upper floors. Lynn Williams, Dale Schlather and Jeff Welch of Cushman & Wakefield represented CNB in the transaction. The building owner, Waterman Interests, was represented in-house.
FORT LEE, N.J. — Tucker Development Corp. has received plan approval from the Fort Lee Borough Planning Board for the 1 million-square-foot Hudson Lights, located on more than eight acres in downtown Fort Lee. Hudson Lights is the western portion of a 16-acre site adjacent to the George Washington Bridge. The mixed-use development will feature 165,000 square feet of retail, 477 residential units, a 175-room hotel, an office building and 1,200 parking spaces. Robert K. Futterman & Associates will market the retail space.
CHARLOTTE, N.C. — Developer Crescent Resources has started construction on the $52 million Circle South Park, a 321-unit luxury apartment community located on Carnegie Boulevard near SouthPark mall in Charlotte. Circle South Park is being financed by an equity investment from Crescent, construction financing from J.P. Morgan and mezzanine financing from Nationwide Real Estate Investments. The project team includes architect The Preston Partnership; landscape architect LandDesign; civil engineer Colejenest & Stone; interior designer Vignette Interior Design; general contractor State Building Group and property management firm Greystar. Circle South Park will feature a cyber lounge, business center, Wi-Fi throughout the amenity areas and a clubroom with a show kitchen and gaming area. The project will also feature a multistory health club; resort-style saltwater swimming pool with aqua sundeck, outdoor kitchen and lounging area; two-acre dog park and a pond with walking trail. The first apartments are expected to be available in summer 2013.
DOVER, N.H. — The Cocheco Waterfront Development Committee has approved plans for a $65 million, mixed-use project known as Dover Landing. The 21-acre site hugs the Cocheco River and is located on a former public works yard. The first phase will include a 16,000-square-foot, two-story building that will include one or two restaurants on the ground floor and offices on the second floor. The project will also include three townhouse-style buildings. The first floors will feature office or retail with residences above. Construction will be completed in two phases from 2013 to 2016. Quincy, Mass-based Dickinson Development will develop the property.
PROSPER — Dallas-based Terra Verde Group has purchased the 2,030-acre Three Stones, a master-planned community located in Prosper, for $30 million. The seller was a partnership that included developer Forest City Enterprises. Terra Verde plans to invest $250 million in development costs over the life of the project. Three Stones will ultimately feature a 120-acre mixed-use/office component, three school sites, four amenity centers and 3,500 single-family lots.
JERSEY CITY, N.J. — Gwathmey Siegel Kaufman + Associates has been selected to design a 1.2 million-square-foot, mixed-use project at 70-90 Columbus in Jersey City. The design includes two, 50-story towers and the plan will be presented to the community board later this month. Ironstate Development and Panepinto Properties have partnered to develop the property, which is slated to include 1,000 rental residences, a 150-room hotel and retail space. The towers will be adjacent to 50 Columbus, a 36-story rental building completed by the joint venture partners in 2007.
NEW YORK CITY — Stath Realty Corp. has purchased a development site at 1412-1425 Fulton St. in Brooklyn for $3.3 million. The site contains an existing medical health facility, located directly across from Restoration Plaza. The 10,247-square-foot lot can be built to a maximum of 57,391 square feet. The lease term for the lone tenant in the property will expire in October 2013. The new owner plans to hold the asset until the lease expiration and then reposition it for retail or mixed-use development. Brian Leary, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek of CPEX represented the seller, Shiloh Realty Corp. They also procured the buyer.
ABINGTON, MASS. — Campanelli Construction has broken ground on Cape Cod Lumber's new retail, warehouse and office building in Abington. The 136,000-square-foot building will serve as the lumber company's headquarters and operations center and the site will include a drive-through lumber yard for building professionals. The property is located at 225 Groveland St. and is slated for completion in January 2013.