BOSTON — HFF has arranged $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Mass. HYM Investment Group is the borrower and buyer in the transaction. John Fowler, Anthony Cutone, Jennifer Keller and Andrew Gray of HFF secured the short-term, floating-rate loan with Bank of the Ozarks and advised the buyer in the deal. Adjacent to Route 1A, the site comprises 108.8 acres in Boston and 52.4 acres in Revere. The property is also served by two Massachusetts Bay Transit Authority Blue Line stations: Suffolk Downs and Beachmont. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer 2018.
MIAMI BEACH, FLA. — CBRE Global Investors and German investment company Universal-Investment have purchased 1111 Lincoln, a 146,327-square-foot mixed-use property in Miami Beach. The acquisition was made on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The sales price was not disclosed, but the South Florida Business Journal reports BVK paid $283 million for the asset. Designed by Herzog & de Meuron Architects, 1111 Lincoln includes 94,488 square feet of office space, 51,839 square feet of retail space and a 300-space parking garage and event space. The property was fully leased at the time of sale to tenants including Viacom International, public relations firm JeffreyGroup and Rosa Mexicano South Beach restaurant.
CHAMBLEE, GA. — Real estate development firm Connolly has added seven new tenants to the 45,000 square feet of restaurant and retail space at Parkview on Peachtree, a new mixed-use development in the Atlanta suburb of Chamblee. Children’s Healthcare of Atlanta, a pediatric clinical care provider, will open a 10,000-square-foot facility with 12 exam rooms and two procedure rooms at the development. The Alden, a 2,275-square-foot upscale-casual restaurant, and Bad Daddy’s Burger Bar, a 3,700-square-foot burger chain, will also join as the project’s newest restaurants. The other four tenants include Noire The Nail Bar, Atlanta Spine and Wellness, The Piedmont Bank and Cookie Cutters Haircuts for Kids. Parkview on Peachtree is slated to open later this year.
HOLLYWOOD, CALIF. — George Smith Partners has arranged $26.5 million in refinancing for Gershwin Apartments, a mixed-use property located on Hollywood Boulevard in Hollywood. The borrowers, which acquired the property in 2015, are Massie Capital and Glenn & Shannon Dellimore. The property features 163 apartments and 10,500 square feet of ground-floor retail space. Shahin Yazdi of George Smith Partners secured the financing for the borrowers.
FORT WORTH AND AUSTIN, TEXAS — Fort Worth-based homebuilder D.R. Horton Inc. has entered into a merger agreement with Austin-based residential and mixed-use developer Forestar Group Inc. Under the terms of the agreement, D.R. Horton will acquire 75 percent of Forestar’s outstanding shares for $17.75 per share in cash. Forestar has approximately 42 million outstanding shares, according to The Wall Street Journal, giving the transaction a value of roughly $558 million.
CHARLOTTE, N.C. — Corning Optical Communications, a division of Corning Inc., has revealed plans to move its corporate headquarters to Riverbend Village, a mixed-use development in northwest Charlotte. The materials science company’s new headquarters will comprise 182,500 square feet of office space. Riverbend Village will also include a 78,000-square-foot Harris Teeter and fuel center, as well as a tenant mix of restaurants, retail and residential units. Simpson Commercial LLC and Landmark Development Partners are co-developing the property, with completion slated for summer 2018. Joey Morganthall and Keely Hines with MPV Properties are handling leasing of the center.
SALT LAKE CITY — SALT Development, a privately held commercial real estate developer, has broken ground on Hardware Village, a $275 million, four-building mixed-use development situated on 400 West between North Temple Street and 200 North in Salt Lake City. Situated one block from the Vivint Smart Home Arena, home of the Utah Jazz NBA franchise, the project will include two seven-story multifamily buildings known as Hardware West and Hardware East, a 10-story office building known as Hardware Station and a four-story office building known as Hardware Crossings. “From the beginning we have envisioned creating a experience where residents are excited to work and live,” says Thomas Vegh, managing partner of Salt Lake City-based SALT Development. “Hardware District is the perfect complement to 4th West Apartments and the Salt Lake Hardware Building as it provides a sense of community with first-class living and working amenities.” The 265-unit Hardware West will feature 48 studios, 134 one-bedroom units and 83 two-bedroom units ranging from 450 to 1,800 square feet. The ground floor will feature 37 two-story brownstone townhomes averaging 1,400 square feet. Completion of the Hardware West building is scheduled for February 2018. The 144-unit Hardware East building will feature 32 one-bedroom …
DALLAS — Beck Ventures has begun demolitions of the Valley View Mall at the future site of Dallas Midtown, a $4 billion mixed-use project in Dallas that will encompass more than 400 acres. The development site will be located near the intersection of Preston Road and Interstate 635 in the city’s Galleria neighborhood. Phase I of construction will cost approximately $500 million and deliver 500,000 square feet of office space, 400,000 square feet of retail space, more than 1,000 apartments and an 18-story hotel, according to D Magazine. Completion of Phase I is scheduled for late 2019.
AUSTIN, TEXAS — Capital Metro and a partnership between Endeavor Real Estate Group and Columbus Realty Partners have broken ground on Plaza Saltillo District, an 11-acre, transit-oriented development near downtown Austin. The project will transform an abandoned site into a mixed-use community that will feature roughly 800 apartment units, 140,000 square feet of office space, 110,000 square feet of retail space and 1.4 acres of open public space. Multiple public transportation systems will serve the property. A time frame for delivery has not yet been established.
TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans for Water Street Tampa, a $3 billion mixed-use development located on the Garrison Channel and Hillsborough Bay in downtown Tampa. SPP is a real estate investment joint venture between Cascade Investment LLC and Jeff Vinik, owner of the Tampa Bay Lightning. Spanning 50 acres, the community will comprise more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; 3,500 new rental and for-sale residences and two new hotels totaling more than 650 rooms, including the city’s first five-star hotel. In addition, SPP donated an acre of land to the University of South Florida, which will relocate its Morsani College of Medicine and Heart Institute from its current suburban campus to a 380,000-square-foot facility in downtown. The development also includes over $200 million in new infrastructure. Roadway and public utility work began in the summer of 2016, and a new central cooling facility will break ground in the fall. The first phase of construction for Water Street Tampa will begin this year, with over 4 million square feet scheduled for completion in 2020. Subsequent phases of the project are slated …