WILTON, CONN. — Avison Young has brokered the sale of a development site located at 200 Danbury Road in Wilton. The Kent House LLC sold the parcel to 200 Danbury Road LLC for $1.2 million. The buyer plans to develop a mixed-use residential and retail center on the site. Sean McDonnell and Alison Luisi of Avison Young represented the seller in the deal.
SAYREVILLE, N.J. — A joint venture between North American Properties (NAP) and PGIM Real Estate is set to break ground on Riverton, a $2.5 billion, 418-acre, mixed-use development located roughly 33 miles south of Manhattan along the Raritan River in Sayreville. Upon completion, the project is set to include residential, retail, entertainment, office and hotel space alongside a marina. The development will also incorporate passive recreation and open space along the riverfront, programmed gathering spaces and street-level commercial space. Key approvals for the site were initially obtained in 2014. NAP has updated the redevelopment plan for the property, and is in the process of securing the necessary state and local approvals required to begin development. A critical component of the project’s financing will be support from the New Jersey Economic Development Authority through the Economic Redevelopment & Growth Program, which the EDA approved in 2014 and will be asked to reaffirm for the updated development plan. Pending approvals and financing, the project is scheduled for completion in 2021. NAP recently appointed David Weinert as partner and senior vice president of leasing. Weinert will lead the leasing efforts for Riverton, alongside the other properties in NAP’s development pipeline. North American Properties …
BOSTON — Related Beal has placed the final beam in the redevelopment of 40 Water Street, which formerly served as the Fidelity Investment headquarters. The redeveloped property, called Congress Square, will create a 24-hour mixed-use environment connecting Government Center, Faneuil Hall, Post Office Square and Downtown Crossing. The building features a glass curtainwall addition on top of the more than 320,000-square-foot office building. The redevelopment also includes preserving the landmarked property’s efficient and versatile floor plates, active rooftops and retail and restaurant space on the lower and ground floor. The redevelopment plan for the building includes office, residential, hospitality and more than 43,000 square feet of retail space, as well as the transformation of Quaker Lane into a pedestrian-oriented food and beverage destination with boutiques and cafés. Related Beal Construction and Consigli Construction Co. are general contractors for the project and Arrowstreet is serving as architect. Congress Square is slated to open in 2018.
ROUND ROCK, TEXAS — California-based Mark IV Capital will develop The District, a $200 million mixed-use project that will be located at the intersection of Interstate 35 and State Highway 45 in the Austin metro of Round Rock. The property will be situated on 65 acres and will feature more than 1 million square feet of commercial and residential space. Construction is expected to begin within the next 12 months.
CHICAGO — Newmark Knight Frank (NKF) has been tasked with the pre-leasing of 1200 W. Fulton, a new 1.2 million-square-foot mixed-use development in Chicago’s Fulton Market. LAMB Properties LLC and IBT Group are developing the project. Plans call for approximately 900,000 square feet of office space, a boutique hotel, a ground floor plaza with a mix of retail and restaurants, as well as 700 underground parking spaces. NKF brokered the sale of the property site in March 2016. The transformation of Fulton Market, formerly known as the Meatpacking District, is in part due to Google, McDonald’s and WPP Group relocating to the area. William Rolander and Jon Cordell of NKF will lead the brokerage team assigned to lease the office space for the new development.
DES PLAINES, ILL. — Marcus & Millichap has brokered the sale of Metropolitan Square in Des Plaines, a northwest suburb of Chicago, for $13 million. The 120,983-square-foot mixed-use property is located at 518 Metropolitan Way. Completed in 2004, the property includes a 40,000-square-foot Shop & Save Market, a freestanding Fifth Third Bank, a 10,500-square-foot multi-tenant strip center and additional street-level retail space. Also included in the sale was a three-story, 22,000-square-foot medical office building. The property was 68 percent occupied at the time of sale. Other tenants include Tap House Grill, Panera Bread, Potbelly Sandwich Works, Giordano’s, Forever Yogurt, LA Tan, Elite Training & Fitness, Chiro One and Allstate Insurance. Sean Sharko and Austin Weisenbeck represented the undisclosed buyer and seller.
DALLAS — Dallas-based Oaxaca Interests plans to develop three new retail buildings at Sylvan | Thirty, a mixed-use development at Sylvan and Fort Worth avenues in West Dallas. Each building will span 3,500 square feet. Oaxaca will also demolish an existing drive-thru bank, reconfigure the parking lot and update the exterior of the existing office building at Sylvan | Thirty. The design team includes architect Lake Flato and landscape architect Hocker Design Group. Sylvan | Thirty’s existing retail space is more than 75 percent leased to tenants such as TacoDeli, Cibodivino, Whisk Crepes, Houndstooth Coffee, Pink Pedi, Cox Farms Market, Sync Yoga & Wellbeing, Betty Ringer, Craft & Co. Salon, Vernacular, Arnold Brothers Dry Cleaner and Ten. Cooper’s Meat Market is anticipated to open next month. Oaxaca Interests plans to break ground on the three retail buildings in early 2018.
NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.
KATY, TEXAS — PGIM Real Estate, the real estate investment vehicle of Prudential Financial Inc., has acquired LaCenterra at Cinco Ranch, a 412,900-square-foot mixed-use property in Katy. The 34-acre, Class A lifestyle center features 273,522 square feet of retail space, which is anchored by Trader Joe’s, and 139,378 square feet of office space. Those components are 93 percent and 89 percent leased, respectively. The final phase of the development features an eight-screen Alamo Drafthouse Cinema location, which is currently slated for a 2018 completion. Mark Seedorff of PGIM led the transaction.
ORLANDO, FLA. — HFF has arranged $103.3 million in financing for the development of a mixed-use, student housing development in downtown Orlando. The project is part of the University of Central Florida (UCF)/Valencia Downtown Campus at Creative Village. The Creative Village project is a redevelopment of the former Amway Arena site into a 68-acres mixed-use, transit-oriented community. Michael Weinberg, Brian Kelly and Mike Higgins of HFF arranged the financing on behalf of the project’s co-developers, DEVEN – Development Ventures Group Inc. and Ustler Development Inc. The financing included a $68.1 million construction loan from PCCP LLC, $29.9 million in joint venture equity from Halstatt Real Estate Partners and $5.3 million in sponsor equity contributed by the co-developers. The 15-story building will include 600 student housing beds, 11,000 square feet of ground floor retail space, 600 parking spaces and 102,500 square feet of space that is long-term leased to UCF and Valencia College for education and education support services. The project is slated for completion in August 2019 and will coincide with the opening of the UCF/Valencia Downtown Campus at Creative Village.
