FRISCO — Cousins Properties Inc., on behalf of Dallas investor Tom Hicks, has sold 7.3 acres of land in Frisco to AMLI Residential, a Chicago-based multifamily firm. The parcel is part of Champions Park, a 75-acre mixed-use development located at the northeast corner of State Highway 121 and the Dallas North Tollway, home to Dr. Pepper Arena, which hosts the NHL's Dallas Stars, and Dr. Pepper Ballpark, which hosts the Frisco Roughriders. Cousins Properties will continue to manage and direct development for the remaining land at the site.
DETROIT — Riverfront Holdings, an arm of General Motors, has acquired a portion of Millender Center, a mixed-use complex in Detroit. Forest City Enterprises and its partners sold the portion for $37.8 million. The acquired asset includes a 1,850-space parking facility, the 242-room Courtyard by Marriott hotel, approximately 30,000 square feet of retail space and 9,800 square feet of office space. Forest City and its partners will retain ownership of the 339-unit Millender Center Apartments.
CHICAGO — Essex Realty Group has brokered the sale of a mixed-use planned development at 1824 West 103rd Street in Chicago's Beverly neighborhood. The project was originally planned for a 12-unit new construction mixed-use condominium building and a 28-townhome complex. The site currently consists of four one-bedroom/one-bath units, six two-bedroom/two-bath units, two commercial spaces and a vacant lot. Doug Fisher of Essex represented the undisclosed seller, while DOug Imber, also of Essex, represented the undisclosed buyer in the $1.2 million transaction.
CHICAGO — Chicago-based Newcastle Limited has acquired a mixed-use property, which is located at 2525 N. Clark in Chicago's Lincoln Park neighborhood, for $3 million. The property consists of 4,300 square feet of retail space and 12 apartment units. Current retail tenants include Starbucks Coffee, Austrian Bakery and Sultan's Market. Kyle Stengle and Steve Rachman of Marcus & Millichap represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — Washington, D.C.-based Perseus Realty has partnered with McLean, Va.-based Jefferson Apartment Group (JAG) to develop a mixed-use project at 14th and W streets in Washington, D.C. The 300,000-square-foot project will feature 231 rental apartments, an all-new 44,000-square-foot YMCA facility and more than 10,000 square feet of retail space. The first phrase, including the YMCA facility and initial apartments, will be available in summer 2012, with the project scheduled for completion in fall 2012. The development team plans to begin demolition of existing buildings in early December. The project received equity financing from Rockpoint Group and a $53 million construction loan from Wells Fargo Bank. Hellmuth, Obata & Kassabaum Inc. and Davis Carter Scott Ltd. are providing architectural services; Clark Construction is serving as general contractor for the project.
NEW YORK CITY — Massey Knakal has brokered the sale of a block-front, mixed-use portfolio in the Riverdale section of the Bronx for $16.2 million. The properties include a six-story, 66-unit apartment building located at 3300 Netherland Ave. and a 5,000-square-foot, single-story retail building located at 560-574 W. 235th St. Karl Brumback of Massey Knakal arranged the deal on behalf of the two undisclosed parties.
YONKERS, N.Y. — Three major tenants have been announced at Westchester's Ridge Hill, a new 1.3 million-square-foot mixed-use center under construction in Yonkers. The new tenants include Dick's Sporting Goods, Orvis and REI. In addition, three restaurants will join the lineup. They include Brio Tuscan Grille, Texas de Brazil and Yard House. Previously announced tenants at the center include Whole Foods, L.L. Bean and Cinema De Lux. Developed by Forest City Ratner Cos., Westchester's Ridge Hill is expected to be complete next year.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a seven-story commercial loft building located in Manhattan's Tribeca neighborhood for $13 million. The building, which is located at 481-487 Washington St., is currently occupied by office tenants on the upper floors and retail tenants on the ground floor. The new owner is considering several options for the building including converting it into high-end apartments. The Eastern Consolidated team of Eric Anton and Ronald Solarz represented the seller, 481 Washington Street Realty Corp., and procured the buyer, 481 Washington Street LLC.
CARLISLE, PA. — Reno, Nev.-based Equiterra Properties has commenced development for a new mixed-use project in Carlisle. The project will be built on 55 acres at the interchange of Interstate 81 and Allen Road. Right now, construction for $43 million in infrastructure improvements to the interchange is under way. The project's first phase will include two hotels, seven commercial pad sites and 37,000 square feet of retail space. Groundbreaking will occur in the spring. Additional phase of the project are being planned. Danie Alderman of NAI CIR is marketing the property.
NEW YORK CITY — The ribbon cutting ceremony has been held for The Setai Fifth Avenue Hotel & Residences. Located at 400 Fifth Ave. in Midtown Manhattan, the tower features 184 luxury condominiums, a 214-room hotel and the restaurant Ai Fiori. The developer was Bizzi & Partners, and the project architect was Gwathmey Siegel & Associates Architects.