WORCESTER, MASS. — Finard Properties has acquired Greendale Mall, a 308,863-square-foot shopping mall in Worcester, located approximately 45 miles west of Boston. The mall was completed in 1987 and currently houses tenants such as TJ Maxx, Greendale Furniture and Reliant Healthcare. Located at 7 Neponset St., the mall offers immediate proximity to downtown Worcester and close access to metropolitan communities. Finard Properties plans to redevelop Greendale Mall as a mixed-use development. The project team includes architect Prellwitz Chilinski Associates and general contractor Bohler Engineering. Robert Griffin Jr. of Newmark Knight Frank represented the undisclosed seller in the transaction.
LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …
ARLINGTON, TEXAS — The Arlington City Council has approved an $810 million expansion of the city’s Entertainment District. The project is a continuation of the public-private partnership between the city, the Texas Rangers baseball team, Loews Hotels & Co. and The Cordish Cos. At the forefront of the expansion is a $550 million, 888-room Loews hotel with 1,500 parking spaces. The hotel will be connected to the new Arlington Convention Center, which will offer 216,000 square feet of meeting and outdoor space. Other components of the project include a 280-unit apartment building with 100,000 square feet of retail, entertainment and coworking space operated by Spark; a 200,000-square-foot office building; and a new public garage with 1,900 parking spaces. The expansion is the next phase of a greater $4 billion vision by the development partners that began with the $250 million Texas Live! entertainment center, which opened in August 2018, and Live! By Loews Hotel, which opened in August 2019. Paired with the Rangers’ new Globe Life Field set to open in March 2020, the total investment of new development by the partnership totals more than $2.25 billion. “As an owner and operator, Loews Hotels has the advantage of deciding when …
PITTSBURGH — The parent company of First National Bank (FNB) has signed a 160,000-square-foot office lease to open its corporate headquarters at the upcoming FNB Financial Center development in downtown Pittsburgh. The development will feature a 24-story tower with 387,000 square feet of Class A office space, 20,000 square feet of retail space and a two-story parking structure. The FNB headquarters will anchor the tower and its technology branch will occupy 2,000 square feet of retail space. The tower will be situated on the site of the former Civic Arena, home of the Pittsburgh Penguins hockey team, which will comprise multiple structures and over 1 million square feet of office, residential, retail and green space. Buccini/Pollin Group and the Penguins are co-developers of the mixed-use development, which is slated for completion in 2022.
DURHAM, N.C. — Starwood Real Estate Income Trust Inc. a non-traded REIT managed by Starwood Capital Group, has purchased the Exchange on Erwin for $111 million from an affiliate of Ram Realty Advisors. Located at 2610 Erwin Road in Durham, adjacent to Duke University, the mixed-use property contains 265 multifamily units and 96,949 square feet of commercial space. The multifamily property was completed in 2018 and the commercial property, consisting primarily of medical office space, was completed in 2007. The medical office space is fully leased to Duke University medical tenants. The Exchange on Erwin multifamily units were 99 percent occupied and the commercial space was 95 percent leased on the date of sale, resulting in overall occupancy of 98 percent. CBRE|Raleigh’s Howard Jenkins and Ben Kilgore, as well as Kevin Kempf and Mike Burkard of CBRE, represented Ram Realty’s affiliate in the deal.
EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project. The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code. Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking. Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022. The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.
STAMFORD, CONN. — Sema4, a medical research and diagnostic company, has signed a 70,000-square-foot office lease in the Harbor Landing mixed-use development in Stamford. The company will relocate from its current space at 333 Ludlow St. in Stamford’s Harbor Point district to the new office and lab space in 2020. Located at 62 Southfield Ave., Harbor Landing is a waterfront development offering 200,000 square feet of Class A office space, 218 multifamily units, multiple restaurants and direct access to a full-service boatyard and boardwalk. Building & Land Technology is the developer and landlord of Harbor Landing.
MISSION AND MCALLEN, TEXAS — Laredo-based Killam Development Ltd. has purchased 3,400 acres in the Rio Grande Valley cities of Mission and McAllen for the development of a new master-planned community. In addition to residential, office and retail uses, the development will include walking trails, park space and connections to entertainment districts and education centers. Carlos Marquez and Brett Lum of NAI Partners represented the seller, Hunt Valley Development, in the land sale. Killam could begin construction early next year.
AUSTIN, TEXAS — Ryman Hospitality Properties Inc. (NYSE: RHP) has reached an agreement with Stratus Properties Inc. (Nasdaq: STRS) to purchase Block 21, a mixed-use and entertainment development occupying a full city block in downtown Austin. Ryman has agreed to purchase the property from Stratus for $275 million, including a debt assumption of $142 million. Block 21 houses Austin City Limits Live at the Moody Theater, a 2,750-seat venue that hosts America’s longest running music series, Austin City Limits. Past artists that have played the annual concert series include Dave Matthews Band, Lauryn Hill, Beck, Elvis Costello, Coldplay, Robert Plant, Cyndi Lauper and B.B. King. The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants, including Starbucks and Urban Outfitters. Built in 2010, Block 21 anchors downtown Austin’s 2nd Street District. “Ryman Hospitality Properties’ expertise in both hospitality and live entertainment, plus their demonstrated stewardship of the iconic Ryman Auditorium and Grand Ole Opry, make them the ideal company to usher Block 21 and ACL Live into their next decade,” says William Armstrong III, president, CEO and chairman of the board …
ATLANTA — MetLife Investment Management, MetLife Inc.’s institutional asset management business, and Granite Properties have broken ground on Midtown Union, a large mixed-use development in Midtown Atlanta. Designed by Cooper Carry, with Brasfield & Gorrie as the general contractor, the project at 1295 Spring St. consists of a 26-story, 606,000-square-foot office building; an 18-story, 355-unit residential tower atop eight levels of parking; a 12-story, 205-room hotel; 30,000 square feet of retail space and a 635,000-square-foot parking deck providing 1,909 parking spaces. Midtown Union is adjacent to Interstates 75 and 85 via the 17th Street Bridge. The development will feature a pedestrian-friendly extension of Arts Center Way and connect between Spring and West Peachtree streets. StreetLights Residential, in partnership with MetLife Investment Management, will develop the multifamily tower featuring studio, one-, two- and three-bedroom homes. The lobby will offer 24-hour concierge service, a coffee bar, conference lab and coworking space. Amenities will include resident storage, pet spa, fitness center, club room and an outdoor deck with pool, seating and grilling stations. Stormont Hospitality Group and The Allen Morris Co., in partnership with MetLife Investment Management, will develop the hotel with over 5,000 square feet of meeting space, a restaurant and a bar. Granite Properties and MetLife Investment Management will deliver the LEED-Certified …