ATHENS, GA. — Batson-Cook Development Co. is nearing completion on a $16 million public-private partnership transforming the block surrounding the Georgia Theatre in downtown Athens into office, retail space and parking. The firm developed the property with the Athens-Clarke County Unified Government and the Athens Downtown Development Authority. Located along West Clayton and Washington streets, the development includes 14,600 square feet of retail space, 28,000 square feet of office space and 540 parking spaces. Retail tenants will include Waffle House, Fuzzy's Taco Shop, Yoforia and Momma Goldberg's Deli. Also, Partner Software, Inc., is taking 11,500 square feet of office space.
ALPHARETTA, GA. — North American Properties has acquired Prospect Park, a 106-acre mixed-use development site located at the northwest quadrant of Old Milton Parkway and Georgia Highway 400 in Alpharetta. The stalled plans include deploying design and operational aspects borrowed from the hospitality industry into a retail destination. North American Properties will develop the retail center with significant input from the Alpharetta community through direct engagement at local community meetings and events. It is also considering renaming the property and intends to survey local residents through social media channels. The project is slated for opening in 2013.
DURHAM, N.C. — Measurement, Inc. has chosen Choate Construction Co. to build the 91,150-square-foot Measurements Building, a mixed-use property to be located at the corner of Morris and Hunt streets in Durham. The five-story building will contain 65,950 square feet of Class A office space above 13,100 square feet of street-level retail space. Also included in the project is a 12,000-square-foot parking garage.
KATY — Houston-based Vista Equities Group reports a rise of lease activity in its mixed-use town center development, LaCenterra at Cinco Ranch, in Katy. Retailers have leased 3,100 square feet of Phase I retail space and almost 6,000 square feet of office space. New retailers include Another Round and Flip Flop Shop, and other retailers include Amerejuve Med Spa, Retina Consultants and Eventsia Group. The leasing activity has prompted Phase II construction on 36,000 square feet of retail space that will commence this fall, with an opening of spring 2012 expected.
COCONUT CREEK, FLA. — CB Richard Ellis has negotiated the $5.8 million sale of a 66,524-square-foot mixed-use property and a McDonald's outparcel located at 4400 W. Sample Rd. in Coconut Creek to Township Shoppers. David Donnellan and Scott O'Donnell, both with CBRE's Boca Raton, Fla., office, represented the seller, SCP-Capri Township Plaza Owner.
NEW YORK CITY — The Long Island and New York City offices of NorthMarq Capital have arranged $1.8 million in first mortgage financing for a three-story, 3,128-square-foot mixed-use property at 28 E. 13th St. in New York City. Charles P. Cotsalas and Ernest DesRochers of NorthMarq arranged the 5-year term loan with a 25-year amortization schedule through NorthMarq’s correspondent relationship with Stan Corp Mortgage Investors. The major tenant of the property is Souen Restaurant, a natural, organic and macrobiotic foods restaurant located on the first floor.
TEMPE, ARIZ. – Core Campus Communities has purchased 1.7 acres on the southeast corner of College Avenue and 5th Street near Arizona State University and Sun Devil Stadium for $4.75 million. The LLC plans to develop a mixed-use project that consists of 24,000 square feet of retail space and more than 200 residential units. The seller, Logan Tempe, LLC, was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley BRE Commercial’s Land Group.
NEW YORK CITY — Bijan Nassi, a New York real estate investor, has purchased a mixed-use property in Union Square district after securing a $2.2 million mezzanine loan from Malkin Strategic Capital. In addition to the five-year mezzanine loan, Nassi also received $10.6 million in financing from Sovereign Bank, a U.S. subsidiary of Spain’s Banco Santander. The property is located at 220 Park Avenue South and is occupied by Haru, a Japanese restaurant. The property is a nine-story building that is made up of 37 rental apartments and 4,650 square feet of ground floor retail space.
MORAINE, OHIO — California-based Industrial Realty Group (IRG) has purchased the shuttered General Motors (GM) plant located in Moraine. The buyer plans to convert the 4.1 million-square-foot campus into Progress Park, a four-building, multi-use park containing approximately half as much space as the original plant. IRG purchased the property from The RACER Trust, which was created by the U.S. Bankruptcy Court to redevelop and sell 89 former GM sites in 14 states. IRG specializes in redeveloping large-scale industrial campuses. It recently acquired the former United Parcel Service hub at Dayton International Airport as well as the former Goodrich rubber plant in Akron.
ST. PETERSBURG, FLA. — A joint venture between Feldman Equities and Tower Realty Partners has begun a $2 million capital improvement and renovation at the 242,115-square-foot City Center, a Class A office building located at 100 Second Ave. South in St. Petersburg. The north tower is four stories and the south tower is 12 stories. Renovations will include parking garage lighting, elevator lobbies, restroom improvements and the installation of an energy management system. Also, the front entrance will be updated with granite pavers, and the lobby entrance doors will be re-done in an all-glass system. Construction began on the building’s new fitness center the first week of July.