FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.
LOS ANGELES — Related Cos. and partner CORE USA have broken ground on The Grand, a $1 billion mixed-use development in downtown Los Angeles. Located across the street from the Walt Disney Concert Hall on Grand Avenue, world-renowned architect Frank Gehry designed the project. Upon completion, the property will include more than 176,000 square feet of retail space, an Equinox Hotel and more than 400 residences. The retail portion will include chef-driven restaurants and a collection of shops, as well as a movie theater complex. Approximately 20 percent of the residences will be affordable-rate units. The Grand and the Grand Avenue Redevelopment are the result of a collaborative public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint organization of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles. It is estimated that The Grand will generate 10,000 new jobs and $397 million in revenues to the City of Los Angeles and $68 million in revenues to the County of Los Angeles over the next 25 years, according to the developers. The development will connect multiple areas of downtown and is organized around several key urban …
NEW BRITAIN, CONN. — Northeast Private Client Group has brokered the $6.4 million sale of two mixed-use buildings in New Britain. Located at 99 W. Main St. and 160 Main St., the properties consist of a combined nine ground-floor retail suites with 30 residential units on the upper floors. The buildings are located within one block of each other. Rich Edwards and Jeff Wright in the firm’s Shelton office represented the seller, AKK Enterprises, in the transaction. The buyer was Melrose Solomon Enterprises.
HUDSON, MASS. — Cornerstone Realty Capital has secured a $2.2 million loan to refinance a 32-unit mixed-use property in Hudson. Located on Main Street, the property consists of 28 residential and four commercial units. Patrick Brady of Cornerstone secured the fixed-rate financing with 12 months of interest-only payments on behalf of the undisclosed borrower. An agency lender provided the financing.
NEW YORK CITY — Global coworking provider WeWork has closed on its $850 million purchase of the Lord & Taylor Building, a landmark Midtown Manhattan asset located at 424-434 Fifth Ave. The seller, Hudson’s Bay Co. (HBC), is the parent company of Lord & Taylor, which for 104 years had its flagship store on the ground level of the 11-story building. The retailer closed its doors and its famous Fifth Avenue display windows after the 2018 holiday shopping season. HBC and WeWork Property Investors (WPI), WeWork’s real estate division, originally announced the purchase back in October 2017. The final purchase price is consistent with the previously disclosed terms of the transaction. WeWork is in the midst of overhauling the property. The New York-based company is collaborating with architect BIG to restore the Lord & Taylor Building’s display windows on the street level, two-story entrance and its rooftop terrace. WeWork is preserving the basement, first and second floors for retail. “Preserving one of the most iconic buildings in New York City’s history is a monumental opportunity,” says Bjarke Ingels, founding partner at BIG. “Our design will honor Lord & Taylor’s past, building toward the future and ensuring this landmark continues to be …
NEW YORK CITY — A partnership between local investment firm TF Cornerstone Inc. and MSD Partners, the investment advisory firm of tech billionaire Michael Dell, will redevelop the Grand Hyatt hotel in Midtown Manhattan. The property, once partially owned by The Trump Organization, will be converted into a mixed-use destination. According to the New York Daily News, the 26-story building represents one of President Donald Trump’s first major real estate deals in Manhattan. In 1978, The Trump Organization partnered with Hyatt to buy the property, then known as Hotel Commodore, and undertake $100 million in renovations. The paper reports that Trump sold his share of the property in 1996 for $140 million. The new development, located at 42nd Street and Lexington Avenue, would replace the existing building with office and retail space, as well as a new luxury hotel, totaling roughly 2 million square feet of commercial space. The project would also upgrade the infrastructure of the existing public transit at the site. “Hyatt first entered the critical New York market with the flagship Grand Hyatt New York, and the hotel has always been one of our most iconic properties and vital locations,” says Mark Pardue, senior vice president of operations and …
FAYETTEVILLE, GA. — Pace Lynch Corp. will break ground next month on a 52,824-square-foot mixed-use building in Fayetteville. The site will offer coworking and retail space and is expected to be delivered in January 2020. The building will include ground-level restaurants and retail, three levels of coworking and medical office space and a 2,500-square-foot rooftop with a restaurant and bar. The building will be situated at the 25-acre town center within Pinewood Forest, a master-planned 235-acre development situated about 24 miles south of downtown Atlanta in Fayette County. Wakefield Beasley & Associates designed the building, and Brasfield & Gorrie is the general contractor.
NEW YORK CITY — JLL Capital Markets has arranged a $36.7 million construction loan for a mixed-use project on the border of the Chelsea and Flatiron neighborhoods of Manhattan. Located at 128-130 W. 23rd St., the 37,752-square-foot, 15-story project will include 30 residential units and 3,673 square feet of retail space. The property will also feature 2,500 square feet of amenity space including a fitness center and rooftop space. Jonathan Schwartz, Max Herzog, Brett Rosenberg and Chris Byrns of JLL Capital Markets secured financing for the borrowers, Pan-Brothers Association and Valyrian Capital. The lender was CapitalSource. Terms of the financing were not disclosed.
WAUWATOSA, WIS. — The city of Wauwatosa has approved the terms of a development agreement that will facilitate future phases of The Mayfair Collection, a 69-acre mixed-use project. HSA Commercial Real Estate is the developer. By demolishing existing warehouse buildings and installing additional infrastructure improvements, the agreement supports the creation of seven development sites, which can accommodate up to 750 additional residential units and 360,000 square feet of office space. Demolition and site work are scheduled to begin this summer, with development sites available as soon as spring 2020. Recent additions to The Mayfair Collection include a 146-room Hilton Homewood Suites and a 269-unit luxury apartment building. Both are located adjacent to more than 500,000 square feet of retail space anchored by Whole Foods Market and Nordstrom Rack.
HOUSTON — Local investment firm Braun Enterprises has acquired a 195,853-square-foot office and retail property in Houston’s Galleria neighborhood from WEDGE Properties Management Corp. Davis Adams, Wally Reid and Kelly Layne of HFF represented the seller and procured the buyer in the transaction. The property, which comprises two six-story office buildings, a single-story retail building and a two-story parking garage, was 54 percent leased at the time of sale. Braun plans to extensively renovate the interior and exterior of the office buildings and redevelop the retail space.