LAS VEGAS — MIG Real Estate, which was formerly known as Stoneridge Capital Partners, has acquired the 151,662-square-foot Rainbow Corporate Center in Las Vegas through the property’s special servicer. The sale terms were not disclosed. Rainbow Corporate Center is a mixed-use property that consists of two three-story office buildings comprising 147,116 square feet, as well as a 4,546-square-foot, single-story retail building that is anchored by a Starbucks. Cushman & Wakefield’s Michael Roberts, Steve Rowland, Bob Hawkins and Dana Berggren represented the seller. Newport Beach, CA-based MIG represented itself. MIG has closed about $300-million worth of West Coast acquisitions in the past two years, including properties in California, Arizona, Nevada, Colorado, Hawaii and Edmonton, Alberta.
BETHESDA, MD. — The Montgomery County Planning Board has approved a mixed-use initiative proposed by Donohoe Development for Woodmont Central, located at the Woodmont Triangle area in Bethesda. The 585,000-square-foot, multi-phase development will include two apartment towers and an office building. The 455-unit residential component, known as The Gallery at Bethesda, will feature 20,000 feet of retail space. Construction on the 234-unit first phase is expected to begin in January 2012, with completion in March 2014. Additionally, construction on the 91,612-square-foot office building with 10,505 square feet of retail space is expected to begin in January 2012 with completion in March 2013. The second building of The Gallery at Bethesda, containing the remaining 221 units, is expected to break ground in January 2013 with completion in November 2014. WDG Architecture is providing architecture and urban design services.
FRISCO — Forest City Development and its partner, Ernest Mahard Jr., is planning to develop a 320-acre mixed-use development on the southwest corner of the Dallas North Tollway and U.S. Highway 380 in Frisco. Bounded by Virginia Parkway and County Road 26, the development will encompass retail, residential, office, entertainment, hospitality, and municipal parks and services. Currently, the City of Frisco has executed a Memorandum of Understanding with Forest City Development and Ernest Mahard Jr. for the development. Specific plans will come at a later date.
SAN ANTONIO — The NRP Group LLC, in partnership with Balfour Beatty Capital and Alamo Colleges, will construct a $30 million mixed-use development featuring 215 student housing units, a 1,000-car parking garage and 27,000 square feet of commercial lease space in downtown San Antonio. Student housing units will be available in one-, two- and four-bedroom options. The NRP Group and Balfour Beatty Capital coordinated with the Tobin Hill Neighborhood Association, Campus Advantage Inc., and area businesses to tailor the development.
SANTA MONICA, CALIF. — MEI Real Estate Services has secured $11.5 million in construction financing for a mixed-use development in Downtown Santa Monica. The project will contain 40 high-end residential suites situated above more than 8,500 square feet of retail. The project is slated for completion in late 2012. MEI secured the financing on behalf of a private investor.
SMYRNA, GA. — CB Richard Ellis has arranged $41.38 million in financing for the 424,199-square-foot mixed-use property The Highlands of West Village in Smyrna. The property has nine buildings with 292 apartment units and 62,934 square feet of retail. Robert LaChapelle, Bill Tyler and Matt Forgione of Atlanta-based CBRE's Debt & Equity Finance Group represented the borrower, Branch Properties. Freddie Mac is the lender.
ROCKWALL — Rockwall Commons, a 216,651-square-foot mixed-use property located at 1309-1407 Ridge Rd. in Rockwall, has sold. Capmark Finance, Inc., sold the property to Dallas-based Tabani Acquisitions, LLC, an investment group. Lamont Rattler and David Ellis of Cushman & Wakefield's Dallas office represented the seller. Rockwall Commons includes 202 multifamily units, 7,769 square feet of retail space, 25,388 square feet of office space, and a 5,750-square-foot retail pad.
EAST RUTHERFORD, N.J. — The lenders controlling the troubled Xanadu project have reached an agreement with Triple Five Group to restart construction of the Meadowlands retail complex. Renamed American Dream Meadowlands, the project will feature an enclosed amusement park, an indoor water park, an ice rink, a cinema, an aquarium, a comedy club and a performing arts theater in addition to millions of square feet of retail space. The project's much-maligned exterior façade will also be changed. The complex will open in late 2013. Triple Five is also the owner of the Mall of America in Minnesota and the West Edmonton Mall in Alberta, Canada.
ATLANTA — OliverMcMillan has closed on its purchase of The Streets of Buckhead, a 6-block, 8-acre luxury mixed-use project in Atlanta. Construction, which halted in 2009 due to lack of financing, will begin later this year with an estimated completion in 2013. The firm will evolve architectural plans and re-engage leasing efforts, adding an additional $300 million investment to complete the project, on which $400 million has already been spent to date.
FORT WORTH — Fort Worth-based Trademark Property Co., a real estate services, investments and development firm, is relaunching its WestBend mixed-use development on University Drive in Fort Worth. Construction was halted in fall 2008 as the retail sector faltered. Completion of the seven-level garage to serve existing office buildings and restaurants will be Trademark's first order of business. New retail construction is slated to begin in mid 2012, with an opening date set for late 2013. Current tenants include Smashburger, Zoe's Kitchen, Silver Fox and the River Plaza office tenants. WestBend will include 90,000 square feet of retail space, 150,000 square feet of office space and 130 hotel rooms upon completion. Trademark is currently seeking a hotel developer for the mixed-use property.