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.
AUSTIN — A partnership between the development arm of San Antonio-based Kairoi Residential and Dallas-based Lincoln Property Co. have planned 600 Guadalupe, a 62-story mixed-use tower in downtown Austin. Designed by global architecture firm Gensler, the building would be Austin’s tallest tower and include 300 multifamily units. The Austin American-Statesman also reported that the tower will feature about half a million square feet of office space and could ultimately exceed 62 stories. Construction is scheduled to begin this year and wrap up by 2022.
NEW YORK CITY — Merdian Capital Group has arranged $7.4 million in bridge financing for a mixed-use property located on Metropolitan Avenue in the Williamsburg neighborhood of Brooklyn. The sponsor’s existing loan was maturing, and the company is waiting on a certificate of occupancy before refinancing with a traditional, long-term, balance sheet lender. Meridian arranged an 18-month bridge loan with a rate of 7.8 percent with interest-only payments. Judah Hammer and Michael Ryback of Meridian arranged the transaction. The four-story property features 17 studio, one- and two-bedroom units as well as three retail tenants on the ground level.
UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.
IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.