PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor plans from studio to three-bedroom units. On-site community amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, fitness center, and a rooftop deck with a swimming pool, grills and fire pits. The first apartments are slated for completion in fall 2019. Acquisition details were not released.
NEW YORK CITY — Marcus & Millichap has arranged the $8 million sale of 162-164 Court St., an 8,875-square-foot mixed-use building in the Cobble Hill neighborhood of Brooklyn. The sales price represents a capitalization rate of 3.87 percent. Jakub H. Nowak, Matthew Rosenzweig, and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The property has 50 feet of frontage on Court Street’s retail corridor.
GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. Opened in 2016, the Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House. Additionally, the property offers 159,026 square feet of Class A office space, as well as 76 multifamily lofts located on the upper floors.
LEWISVILLE, TEXAS — Bright Realty has broken ground on The Realm at Castle Hills, a 324-acre mixed-use project located in the northern Dallas metro of Lewisville. The development will deliver office, retail, entertainment and multifamily space. Phase I will center on Offices at The Realm, a nine-story, Class A office building that will span 235,000 square feet of office space and 15,000 square feet of ground-floor restaurant space. The building will front an outdoor park and entertainment space, all of which are slated for delivery in mid-2019. Groundwork on Phase II of the project, a 260-unit multifamily atop 35,000 square feet of retail space, is also underway.
BOSTON — Related Beal has acquired 451 D Street, a nine-story, mixed-use development in Boston’s Seaport District for an undisclosed price. The company previously owned the building before selling it in 2012. The seller was a joint venture between State Street and Meritage Properties. The development, which is 85 percent leased, offers more than 477,000 square feet of lab and office space as well as an amenities package that includes a 3,000-square-foot fitness center and a 20,000-square-foot on-site child care center. The tenant roster includes Alion Science & Technology, RDK Engineers and JPMorgan Chase.
TOWSON, MD. — Greenberg Gibbons has kicked off construction of the $350 million Towson Row mixed-use project in downtown Towson, about 10 miles north of Baltimore. The 1.2 million-square-foot development will be built on a five-acre site bounded by York Road, Towsontown Boulevard, Washington Avenue and Chesapeake Avenue. Plans call for over 100,000 square feet of retail and restaurant space, 150,000 square feet of Class A office space, 300 student housing units, a hotel and 250 high-rise residential units. Greenberg Gibbons is leading the development in a joint venture with Caves Valley Partners, an urban infill real estate developer based in Baltimore. Gilbane Development Co. has been selected to build the student housing portion of the project, which will house students of nearby Towson University. Home to more than 20,000 students, Towson University is located in downtown Towson and is part of the University System of Maryland. Shamin Hotels will develop the hotel, the brand of which has not yet been disclosed. Towson Row is expected to generate $220 million in annual business sales, create 5,500 jobs (2,000 permanent jobs and 3,500 construction jobs) and, when fully occupied, generate $92 million in annual employee compensation. At the kickoff celebration, Greenberg Gibbons also …
NORTH CHICAGO, ILL. — Structured Development and Carly Partners have planned Sheridan Crossing, a 37-acre mixed-use development in North Chicago. CBRE has been retained to market for lease more than 76,000 square feet of retail space at the 260,000-square-foot project, which will be located across from the Naval Station Great Lakes. A 107-room hotel and a 10-screen movie theater will anchor the property. KTGY Architecture + Planning is the project architect. Mary Bresnahan and Kim McGuire of CBRE will lead marketing efforts for the project. A timeline for completion was not disclosed.
GREENWICH, CONN. — Allied Property Group has orchestrated the sale of a mixed-use building at 171-173 Greenwich Ave. in Greenwich for $6.5 million. The three-story property consists of a 3,700-square-foot retail storefront leased to Club Monaco and four apartment units. Thomas Torelli of Allied Property Group represented the undisclosed seller in the transaction and Matt Torrance of Cushman & Wakefield represented the buyer, Winter HPG.
HOUSTON – McNair Interests, a private investment and management company founded by Houston Texans owner Bob McNair, has revealed plans to transform a vacant six-acre site in Houston’s Uptown District. The price tag for the 1.2 million-square-foot mixed-use development was not disclosed, but the Houston Business Journal reports the project is estimated to cost upwards of $500 million to complete. Located at 3200 Post Oak Blvd. near the intersection of Post Oak Boulevard and Richmond Avenue, the project will feature a Rosewood Hotel with luxury residences, multifamily tower, Class A office tower, chef-driven dining concepts, high-end retailers, green space and structured parking. “This is a defining development for McNair Interests and the city of Houston,” says Cary McNair, chairman and CEO of McNair Interests. “Our vision redefines the southernmost entrance of Post Oak Boulevard and the Uptown District, fusing a distinctive, sophisticated design with Houston’s future. We are excited for what this project will bring to our city and to visitors from around the world.” Rosewood Hotels & Resorts will manage the new hotel that will offer 150 hotel rooms and 80 upscale residences. The property will also feature multiple food and beverage options, ballroom and banquet facilities, meeting and …
NEW YORK CITY — JLL has arranged a $104 million loan to refinance Redbridge, an 85,000-square-foot mixed-use residential and retail property in the Williamsburg neighborhood of Brooklyn. The property is located at 237–241 Bedford Ave., 160–164 North 4th St. and 159–173 North 3rd St. Retail tenants at Redbridge include Sephora, Alo Yoga, Flywheel, by Chloe, Dig Inn, Sweetgreen and UVA Wines. JLL worked on behalf of RedSky Capital, JZ Capital Partners and Waterbridge Capital to place the loan with JP Morgan Chase & Co. RedSky Capital acquired the portfolio in 2012. The portfolio also includes 20,000 square feet of retail space at 247 Bedford Ave., which is currently occupied by Apple Inc. and The Corcoran Group.