REBusinessOnline

JBG Smith Breaks Ground on $1B Virginia Tech Innovation Campus in Alexandria, Virginia

ALEXANDRIA, VA. — JBG Smith (NYSE: JBGS), a Maryland-based developer and REIT, has broken ground on the first building within the $1 billion Virginia Tech Innovation Campus at the university’s satellite campus in the Washington, D.C. area. The development is located about 275 miles from Virginia Tech’s main campus in Blacksburg.The 300,000-square-foot building will be situated on a 3.5-acre site within the Potomac Yard development. Construction of the first building is scheduled to be …

Oxford Properties Group Acquires Industrial Park in Metro LA for $133.5M

SANTA CLARITA, CALIF. — Oxford Properties Group, a real estate investment and management firm based in Toronto, has purchased Santa Clarita Innovation Park, a 14-building campus situated on 118.5 acres in the Los Angeles suburb of Santa Clarita.Funds managed by Oaktree Capital Management and Intertex Cos. sold the property, which was formerly known as Mann Biomedical Park, for $133.5 million.The acquisition of Santa Clarita Innovation Park falls in line with Oxford’s investment …

CBRE Facilitates $32.7M Sale of Tranquil Court Mixed-Use Property in Midtown Charlotte

CHARLOTTE, N.C. — CBRE has facilitated the sale of Tranquil Court, a 62,983-square-foot mixed-use property located in Charlotte’s Midtown submarket. Childress Klein Properties and Gottesman Real Estate Partners acquired the property from Asana Partners for $32.7 million. The acquisition is the second joint venture between Childress Klein and Gottesman Real Estate Partners.Located at 2820 Selwyn Ave., Tranquil Court is situated about 4.4 miles from downtown Charlotte and is fully leased …

Fidelis Begins Construction on 69.7-Acre Mixed-Use Project in Willis, Texas

WILLIS, TEXAS — Texas-based investment and development firm Fidelis has begun construction on The Market at Willis, a 69.7-acre mixed-use project in Willis, located about 50 miles north of Houston. Construction of Phase I will consist of a 200,000-square-foot shopping center that will be anchored by regional grocer H-E-B. Construction of Phase II, which is scheduled to begin in the third quarter of next year, will add more retail and restaurant space and a 250-unit multifamily community. …

Emerald Creek Capital Provides $15M Bridge Loan for Mixed-Use Building in Queens

NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $15 million first mortgage bridge loan for a 300,000-square-foot mixed-use building located in the Flushing neighborhood of Queens. The property consists of 22 floors of hotel space, 10 levels of medical office space and 50,000 square feet of retail and event space. The building also features 300 below-grade parking spaces. Dean Wang of Emerald Creek Capital originated the financing on behalf of the borrower, Fleet …

Cooper Commercial Brokers $17.2M Sale of Bluebonnet Parc Mixed-Use Center in Baton Rouge

BATON ROUGE, LA. — Cooper Commercial Investment Group has brokered the sale of Bluebonnet Parc, a four-building mixed-use center in Baton Rouge. Dan Cooper of Cooper Commercial Investment Group represented the seller, Viking Partners Bluebonnet LLC. Brannon 230 LLC purchased the property for $17.2 million.Located at 5915 Bluebonnet Blvd., Bluebonnet Parc is located close to Interstate 10 and is about 9.8 miles from downtown Baton Rouge. Additionally, the property is about 7.7 miles from …

Texas Medical Center to Break Ground on $1.8B Life Sciences Campus in Houston

HOUSTON — The Texas Medical Center (TMC) is set to break ground on Phase I of TMC3, a $1.8 billion life sciences campus in Houston. The 37-acre TMC3 master plan, which will encompass approximately 6 million square feet of development, was designed by Boston-based Elkus Manfredi Architects. Groundbreaking is scheduled for the fourth quarter of this year. Phase I of the campus will include 950,000 square feet of space dedicated to research, anchored by a 700,000-square-foot facility …

Avison Young Brokers Sale of 32-Acre Mixed-Use Development Site in Metro Austin

DRIPPING SPRINGS, TEXAS — Avison Young has brokered the sale of a 32-acre mixed-use development site in Dripping Springs, located about 25 miles west of Austin. John Baird, Michael Kennedy and Sullivan Johnson of Avison Young represented the seller, a locally based entity doing business as RRWS Inc., in the transaction. The buyer, Juliet Five LLC, plans to develop a project at the site comprising retail, commercial and multifamily uses. Specific details of the project are still being …

PMG, Raven Capital Secure $120M Construction Loan for Society Orlando Mixed-Use Tower

ORLANDO, FLA. — Property Markets Group (PMG) and Raven Capital Management has secured a $120 million construction loan for the development of Society Orlando, a 26-story multifamily and retail project located at 434 N Orange Ave. in downtown Orlando.Chris Peck and Mark Fisher of JLL arranged the loan through a fund managed by Los Angeles-based CIM Group. PMG was represented internally by Lowell Plotkin, Andrew Warman, Jonathan Blank and Randy Marble. The loan will provide financing for …

Midway Breaks Ground on 150-Acre East River Mixed-Use Development in Houston

HOUSTON — Houston-based developer Midway has broken ground on East River, a 150-acre mixed-use project that is located on the Buffalo Bayou in the city’s Historic Fifth Ward. Phase I will center around development of The Laura, a 360-unit apartment community, as well as 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. In addition, the first phase, completion of which is slated for 2023, will include 13,000 square feet of open green space for public …

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