FORT WORTH, TEXAS — KRS Realty Advisors has begun a 12,000-square-foot retail and office renovation project within Fort Worth’s historic stockyards district. The first building features 7,000 square feet of divisible space and can accommodate a drive-thru or patio seating for a restaurant user. The second building will offer 4,970 square feet in an open concept complete with mezzanine space and ample parking. Stream Realty Partners will handle leasing of the project.
CARY, N.C. — Beacon Properties Group has broken ground on a two-story, 28,231-square-foot mixed-use building located at 150 Wellesley Trade Lane in Cary. The building will feature 16,000 square feet of medical office and office space and 10,000 square feet of retail space, including 3,400 square feet for a restaurant. The project is situated about 18 miles west of downtown Raleigh and about 17 miles south of downtown Durham. Picket Sprouse Commercial Real Estate is handling leasing for the building. The project team also includes architect Barber Architects and civil engineer EarthCentric Engineering. The building is expected to be complete this summer.
NEW YORK CITY — Benchmark Real Estate Group has acquired a six-story, mixed-use building in Manhattan for $21 million. Located at 35 Bedford St., the property consists of 33 apartments and three retail units. The building was constructed in 1900 and is part of the Greenwich Village Historic District Extension. Aaron Jungreis of Rosewood Realty Group represented both Benchmark and the seller, Renaissance Properties, in the transaction. Benchmark plans to fully renovate the property.
NEW YORK CITY — Marcus & Millichap has negotiated the $1.2 million sale of a 3,500-square-foot mixed-use building in Brooklyn. The property is located at 1001 39th St. John Brennan and Samuel Finkler of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
DALLAS — Stream Realty Partners has acquired The Quadrangle, a 194,332-square-foot mixed-use building in Uptown Dallas. Originally built on four acres in 1966, the eight-story property features office and retail space and is located within walking distance of more than 75 restaurants and 55,000 multifamily units in various stages of development. HFF represented the seller, American Realty Advisors, in the transaction. HFF also represented Stream in securing acquisition financing. The sales price was not disclosed.
SAVANNAH, GA. — Spandrel Development Partners has named its mixed-use development in historic downtown Savannah: The Baxly. The project is located at 630 Indian St. on 1.7 acres. The Baxly will feature 360,000 square feet of residential and commercial space, 10,000 square feet of retail space, 22,000 square feet of amenity space and indoor parking. The seven-story, 275-unit residential building will offer studio, one- and two-bedroom floor plans. The City of Savannah approved the project in early 2018.
FORT LAUDERDALE, FLA. — New York-based Traina Cos. has sold a 2.8-acre parcel known as FATCity (Florida Arts and Technology City), a future mixed-use development in downtown Fort Lauderdale. An affiliate of Aventura, Fla.-based BH3 purchased the site at 300 N. Andrews Ave. from Traina Cos. for $23.1 million. The development is entitled to cover 1.35 million square feet of mixed-use space spanning a city block from N.E. Third Street to N.E. Fourth Street. At full build-out, FATCity is expected to comprise 612 residential units, 85,000 square feet of retail space, 270,000 square feet of commercial space and more than 1,300 parking spaces. Traina Cos. will continue to be co-developer of the project. A timeline for the project was not disclosed. Avison Young represented Traina Cos. in the land sale.
HOUSTON — Houston-based Medistar Corp. will develop Innovation Tower, a 48-story mixed-use project that will be located within Texas Medical Center in Houston. Phase I of the project will deliver 476,500 square feet of medical and life science office space, a 1,700-space parking garage and retail and restaurant space. Phase II will include either 410 luxury residential units or additional medical and life science office space, depending on market reactions. Construction is expected to begin toward the end of the third quarter. Transwestern will handle leasing of the project.
CHARLOTTE, N.C. — Beacon Partners, a Charlotte-based mixed-use developer, plans to build a 15-acre project in Charlotte’s South End neighborhood. Named LoSo Station, the project will include more than 500,000 square feet of creative office space, 30,000 square feet of retail and restaurants, 350 multifamily residences and a 150-room boutique hotel. The master plan also calls for rooftop entertainment, meeting space, outdoor retail plazas and other athletic amenities for tenants and residents. The transit-oriented development will be situated at the Scaleybark station for the LYNX Blue Line light rail system, as well as along Charlotte Rail Trail, a 3.5-mile long public trail for walking, biking and scooter access through South End. South End is an up-and-coming neighborhood in Charlotte, with nearby attractions including Queen Park Social, Victory Brewery and OMB (The Olde Mecklenburg Brewery). “The LoSo Station master plan is such a unique and rare opportunity to plan and develop a transit-oriented development at the convergence of South End and ‘LoSo,’” says Mike Harrell, senior partner at Beacon Partners, referring to the lower portion of South End (LoSo). “We are looking forward to bringing forth the mixed-use amenities that will enhance and complement the already existing business and merchant base …
CHESAPEAKE, VA. — Summit Pointe Realty LLC has begun Phase II of Summit Pointe, a $300 million mixed-use development in the Hampton Roads town of Chesapeake. The second phase will break ground in February and consist of Helix, a 133-unit multifamily complex; ground-floor retail space; and a six-story, 150,000-square-foot office building. The price to develop Phase II is estimated at between $150 million and $175 million. Helix is slated for completion in early 2020. The office building is slated for completion in early 2020 as well. Summit Pointe is currently zoned for 1,400 multifamily residences, 1 million square feet of office space, 500,000 square feet of retail space and about 250,000 square feet of hospitality and conference space. The project team includes apartment management firm Drucker + Falk, architect Saunders + Crouse Architects, general contractor Clancy & Theys and property management and leasing firm Colliers International. Phase I of Summit Pointe features the headquarters office tower for Dollar Tree Inc. With the consolidation of the Family Dollar employees from Matthews, N.C., in June 2019, the Dollar Tree campus will have the capacity for serving 2,300 employees.