PLANO, TEXAS — Aircraft manufacturing firm Boeing will establish the headquarters of its newly formed global services division at Legacy West, a 250-acre, mixed-use development located at 5905 Legacy Drive in the Dallas-Fort Worth metro of Plano. The division, which will be operational in July, will serve as the central hub for more than 20,000 employees worldwide.
HOUSTON — Stonelake Capital Partners has finalized plans for Phase III of Park Place River Oaks, an 835,000-square-foot, mixed-use development situated on 11.5 acres along Westheimer Road in the River Oaks submarket of Houston. Phase III will consist of two four-story buildings, including 105,000 square feet of retail space and 105,000 square feet of office space. Phase I of the project consisted of an eight-story, 344-unit multifamily building, which is now 90 percent leased. Phase II consisted of a 17-story, 297-unit high-rise, completion of which is slated for this 2017.
MINNETONKA, MINN. — Venture Mortgage has provided a $5.5 million loan for the refinancing of a mixed-use building in Minnetonka. The 55,095-square-foot building includes tenants such as Edina Realty and Snap Fitness. The 10-year loan includes a 25-year amortization schedule. Erik Johnson of Venture Mortgage originated the loan for the undisclosed borrower.
CHARLOTTE, N.C. — Vertical construction is underway at Rea Farms, a mixed-use development located in south Charlotte. Lincoln Harris, Greg Currie and the Rea family are the master developers of the development, which is situated at the intersection of Providence and Ardrey Kell roads south of Interstate 485. Life Time Fitness is developing the 200,000-square-foot Life Time Athletic Charlotte at the development, and Woodfield Investments is developing the 455-unit Links at Rea Farms. The fitness and aquatics facility is set to open in the fourth quarter of this year, and the Class A apartment community is set to open in early 2018. Construction on the Harris Teeter-anchored retail village and Greystar’s senior housing facility known as Overture Providence at Rea Farms will begin this summer. CalAtlantic Homes will also build 249 single-family homes and townhomes at Rea Farms.
NASHVILLE, TENN. — GBT Realty Corp. has announced the tenant lineup at Village 21 at Regions Park, a $45 million mixed-use development under construction near Vanderbilt University in Nashville. Situated at the intersection of 21st Avenue South and Wedgewood Avenue, the property will include 101 apartment residences, community amenities, 250 surface and below-grade parking spaces and 22,000 square feet of retail space that is 95 percent pre-leased. Committed retail tenants that are set to open this summer include Regions Bank, Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama. By May, GBT Realty expects to announce a celebrity-backed restaurant concept to fill the property’s two-story restaurant and rooftop bar overlooking the intersection of 21st and Wedgewood avenues.
NEW YORK CITY — HFF has arranged $290 million in financing for the development of 151 E. 86th St., a mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood. HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014. The property is located at the corner of 86th Street and Lexington Avenue and will include 151,500 square feet of residential space and 36,000 square feet of retail. There will be 61 condominium units averaging 2,485 square feet with floor-to-ceiling windows and views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom. HOK Architects designed the 18-story building and Shelton, Mindel & Associates handled the interiors. The property is due for completion in the first quarter 2019. David Nackoul, Christopher Peck and Scott Findlay led HFF’s debt placement team.
QUINCY, MASS. — Hines is nearing completion of Meriel Marina Bay, a mixed-use development in the Boston suburb of Quincy. Located on a seaside peninsula, the property is situated near I-93 and offers a complimentary shuttle to the Red Line North Quincy MBTA station and a water ferry to downtown Boston. Meriel Marina Bay is a mixed-use development comprising two five-story buildings featuring 352 apartments with garage parking, plus 20,000 square feet of ground-level retail space. Layout options include studios, one-, two- and three-bedroom homes offering views of the Boston skyline, Boston Harbor and the Marina Bay boardwalk. Hines is now leasing the property, with rents ranging from approximately $2,100 to $4,600 per month. The Bozzuto Group will manage Meriel Marina Bay.
NEW CANEY, TEXAS — Hobby Lobby has opened a new store in Valley Ranch Town Center, a 240-acre, 1.5 million-square-foot mixed-use development in New Caney, a city roughly 30 miles north of Houston. The Signorelli Co., a Houston-area builder, developed the property, which is situated within the 1,400-acre, master-planned community of Valley Ranch on Grand Parkway near Interstate 69. Valley Ranch Town Center, which also includes a 13,500-seat amphitheater and 1,000 multifamily residences, is the largest retail project currently underway in the Houston area.
ALPHARETTA, GA. — Hines and Cousins Properties have executed a 34,000-square-foot, 11-year lease transaction with Spaces, a co-working office space provider owned by Regus. Spaces will occupy the first two floors of 8000 Avalon, a nine-story, 224,000-square-foot office building underway within Boulevard East, the second phase of the Avalon mixed-use development in Alpharetta. Hines and Cousins entered into a joint venture to develop the $73 million office building, which will also be home to Microsoft. David Demarest, Brannan Moss and Jennifer Ziegler of JLL represented Spaces in the lease deal. In other Avalon news, Apple has confirmed plans to relocate the Apple Store at nearby North Point Mall to Boulevard East. The new store will open at 10 a.m. on Thursday, April 13.
MILWAUKEE — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 428,652-square-foot mixed-use property in downtown Milwaukee for $25 million. The building is located at 331 W. Wisconsin Ave. in the Westown neighborhood. The building is home to Boston Store and its corporate offices, The Bon-Ton Stores Inc. and Boston Lofts apartments. The iconic building was constructed in the late 1800s. Boston Store, a department store, has occupied the building for nearly 100 years, with 123,434 square feet of retail space on the first and second floors. Bon-Ton’s corporate headquarters occupy 170,358 square feet on the third through fifth floors. Boston Lofts consists of 74 apartment units spanning 134,860 square feet on the top floors. Patrick Gallagher of CBRE represented the seller, WISPARK LLC. Urban Innovations will provide property management services for the building. The Mandel Group will continue to manage the Boston Lofts.
