MCCANDLESS, PA. — A new hotel will be coming to McCandless Crossing, a 130-acre mixed-use project located in McCandless Township. AdVenture Development, the project's developer, signed a contract for the sale of 3.58 acres to Widewaters McCandless LLC. The company plans to construct a 121-room Hilton Homewood Suites on the site, which is situated on the west side of McKinght Road. L.A. Fitness also recently closed on a land purchase within the mixed-use development.
DALLAS — 1400 Hi Line, a 23-story, 340,000-square-foot mixed-use project in downtown Dallas' design district, across from Victory Park, has broken ground. A joint venture between Houston-based PM Realty Group and the National Electrical Benefit Fund, a retirement account for electrical contractors, are developing the project, which will feature 314 residential units and 27,000 square feet of retail space. Scheduled for an opening date between mid to late 2012, the mixed-use design will include a state-of-the-art fitness center, and a rooftop pool lounge and club area. New York-based Broad Street Advisors has arranged equity and construction financing for 1400 Hi Line through U.S. Bank.
NEW BRUNSWICK, N.J. — Construction is advancing for a $150 million transit-oriented project in New Jersey. New Brunswick Gateway Transit Village is a 24-story, 632,000-square-foot mixed-use building that is being constructed at the intersection of Somerset Street and Easton Avenue, across the street from Rutgers University and adjacent to the New Brunswick train station. Upon completion, which will occur in June 2012, the building will contain a 14-story residential tower atop a 10-story parking garage that will be wrapped with commercial space. The residential component will contain 192 unit in a mix of 150 apartments and 42 condominiums. The units will sit atop a 657-space parking garage. At the lower levels will also be more than 120,000 square feet of office space and 58,000 square feet of destination retail. A pedestrian bridge with a large, iconic clock will link the Rutgers campus directly with the train platform. Barnes & Noble College Bookstore for Rutgers, the New Brunswick Parking Authority and Rutgers University Press have already signed on at the project. The development team includes the New Brunswick Development Corp. and Pennrose Properties. The project architect is Meltzer/Mandl Architects.
REDLANDS, CALIF. — Lee & Associates has closed the $6.25 million sale of a 70,377-square-foot mixed-use business park and 4.59 acres of adjacent vacant land located at 1020 to 1050 Nevada Street in Redlands. Lee & Associates’ Herrick Johnson and Rich Erickson represented the seller, MKJ-McCalla Investments LLC, in the transaction, and SD Stanson Co.’s Mark Stanson represented the buyer, Fainbarg Family Trust, which plans to lease the property out.
ORLANDO, FLA. — Behringer Harvard has acquired The District at Universal, a luxury mixed-use community located at 9702 Universal Boulevard in Orlando. Constructed in 2009, the community features 425 apartments and more than 25,000 square feet of retail space, which is anchored by Walgreens. Community amenities include a resort-style pool with private cabanas, poolside barbeque areas with gas grills and picnic tables, a two-level fitness center with tanning booths, a media room, a cyber cafe with a kitchen, a business center with a private conference room, and lighted jogging trails around Lake Cay. The one-, two- and three-bedroom apartments feature wood or stained concert floors in the living areas, walk-in closets, granite countertops, stainless-steel refrigerators, brushed nickel hardware, maple cabinetry and a washer and dryer in each unit. The acquisition was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.
MIAMI LAKES, FLA. — MCP EWE LLC, a joint venture between Boston-based Marcus Capital Partners Fund I and Miami-based The Easton Group, has purchased a 394,000-square-foot mixed-use property in Miami Lakes. The property, which was formerly occupied by Cordis Corp., sold for $8.15 million or $20 per square foot. Located on 27 acres at 14560 NW 60th Ave., the property consists of 11 buildings housing advanced laboratories, clean rooms, and air-conditioned warehouse, office and retail space. Additionally, Framingham, Mass.-based Heartware International has signed a 10-year lease for more than 130,000 square feet at the facility.
PRINCETON, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Princeton Forrestal Village, a 549,337-square-foot mixed-use project located in Princeton, for $55 million. The property consists of 10 freestanding office, retail and restaurant buildings situated over 42 acres. The property contains several outdoor amenities including pedestrian bridges, fountains, tree-lined streets, courtyards and gardens. It also contains three upscale restaurants, a 60,000-square-foot fitness center, a 12,700-square-foot food court and a day care center. It was originally built in 1987 and renovated in 2007. Jeffrey Dunne, Kevin Welsh and David Gavin of CBRE's New York Institutional Group represented the seller, PF Village LLC, and procured the buyer, an entity controlled by Investcorp International.
CHICAGO — J.P. Morgan Asset Management has invested $182 million for a majority stake in the 474-rental apartment portion and parking and commercial space of Aqua at Lakeshore East in Chicago. The 87-story, mixed-used tower includes 474 studio, one- and two-bedroom luxury apartment units on floors 19 through 52. The building also offers 262 condominium residences and the 14-story Radisson Blu Aqua hotel.
NEW ORLEANS — The Domain Companies is developing South Market District, a mixed-use, transit-oriented development in downtown New Orleans. The encompassing five blocks, the project will offer 450 luxury apartments and 170,000 square feet of upscale retail, restaurants and entertainment venue space. Cooper Carry Architects is providing architectural services for the project. Domain plans to break ground on the first phase in late 2011, with completion expected in the late 2013.
HOUSTON — Houston Pavilions, a mixed-use development in downtown Houston, has announced that an entertainment venue with a Houston past will reopen its doors there. Scott Gertner's Skybar closed its doors this past July and will be reinvented as Scott Gertner's at Houston Pavilions, opening in March 2011. The venue will complement the existing tenants including the House of Blues, Lucky Strike Lanes & Lounge and Pete's Dueling Piano Bar. Scott Gertner's at Houston Pavilion will be designed as a bi-level venue with approximately 8,200 square feet of space in the main area and a 3,500-square-foot rooftop deck.