ROYAL OAK, MICH. — Beaumont Health is set to demolish the Northwood Shopping Center and nearly two dozen row houses in Royal Oak to make way for a new development. Plans call for the demolition of the buildings, situated on the southwest corner of 13 Mile Road and Woodward Avenue, to begin July 1. Beaumont hasn’t disclosed any official plans for the area but says the new development will likely be mixed-use. Demolition costs are $2.6 million, excluding environmental cleanup costs. The 213,000-square-foot shopping center was built in 1954 and is 59 percent occupied by 12 tenants. The remaining tenants are on month-to-month leases. Beaumont has owned the property since 1982.
CHICAGO — CBRE has arranged the sale of three assets in Chicago in separate transactions totaling $8.5 million. New York-based Jenel Management Corp. purchased the mixed-use buildings and has plans to demolish all three properties and build a new retail and residential development. Joe and Annie Doppes sold a 9,885-square-foot property and a 4,800-square-foot lot at 1437-36 N. Wells St. The building was comprised of 5,660 square feet of commercial space and three residential units. Jenel also purchased a 5,000-square-foot retail property and 2,400-square-foot lot, located at 1435 N. Wells St., from Metro Park. The last property, situated at 1443 N. Wells St., is a 4,927-square-foot property with a 2,400-square-foot lot that was acquired from an undisclosed seller. Keely Polczynski, James Otto and Michael Gendell of CBRE brokered the transactions.
SUWANEE, GA. ¬— Stratford Land, a land investment company based in Dallas, has sold two tracts of land at the Terraces at Suwanee Gateway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The lots were purchased by Main Event Entertainment, a bowling-anchored entertainment retailer, and Children’s Learning Adventure, an early childhood education provider. Main Event operates 25 entertainment centers that feature bowling lanes, laser tag, gravity ropes courses and interactive games, as well as a full bar for adults and dining areas. Operating in 11 states, Children’s Learning Adventure locations typically include a planetarium, multimedia room with a mock TV studio, library, technology center, art studio, indoor basketball court, bowling lanes, cooking stations, dance studio, ballet studio, outdoor playground and outdoor basketball and tennis courts. Terraces at Suwanee Gateway is bounded by I-85, Satellite Boulevard, Lawrenceville-Suwanee Highway and McGinnis Ferry Road. McDonald’s and Starbucks Coffee have recently opened stores at the mixed-use development after purchasing lots from Stratford Land in 2015. Since purchasing 113 acres at Suwanee Gateway in 2010 and 2011, Stratford Land has sold tracts for a 345-unit apartment community; Salude, a 64-bed skilled nursing facility; and a site for a future data center.
ALPHARETTA, GA. — North American Properties (NAP), developer of the 86-acre, $600 million Avalon development in Alpharetta, has announced nine retailers coming to Phase II of Avalon, which is set to open in spring 2017. The new merchants include Hop City and The Spotted Trotter, which will work together to form a beer garden; Rumi’s Kitchen; Brine Fish House; The Boardroom Salon for Men; Lucky Brand; Brooks Brothers; Levi’s; and Urban Outfitters. In addition to the retailers, Phase II will include 550,000 square feet of office space, 276 multifamily units, a 330-key hotel and a 74,000-square-foot conference center. Five new retailers are set to open in Phase I of Avalon within the next six months: Tesla, AYA Med Spa, Farm to Ladle, Parisian Nail Salon and Café Intermezzo. Phase I of Avalon is fully leased and Phase II is 80 percent preleased, according to NAP.
BIRMINGHAM, ALA. — Retail Specialists will break ground tomorrow on The Waites, a four-story mixed-use building located at the corner of 7th Avenue S. and Richard Arrington Jr. Boulevard in downtown Birmingham. According to the Birmingham Business Journal, Williams Blackstock Architects is serving as the architect for the $13.6 million development. The project, which is a redevelopment of the former Waite’s Bakery building, will feature ground-floor retail space, covered outdoor seating, designated retail parking and three floors of loft apartment residences comprising 30 one-bedroom units and 15 two-bedroom units. Confirmed retailers at The Waites include Farm Burger, Blaze Pizza and Smoothie King.
MADISON, WIS. — Colliers International has brokered the $5.8 million sale of a mixed-use development in Madison. Lokre Development Co. acquired City Center Junction from Outlook Development. The 26,261-square-foot property, located at 610 Junction Road, includes two floors of retail and office space. The building was 90 percent occupied at the time of sale by tenants such as HuHot Mongolian Grill and Dragonfly Hot Yoga. A 1.4-acre pad site was also included in the sale. Kyle Robb and Tom Shepherd of Colliers International represented the seller in the transaction.
DALLAS — RED Development has begun construction on The Union Dallas, an 800,000-square-foot office, residential and retail project scheduled for completion in 2018. First announced in May 2014, the two-tower mixed-use project will offer 417,000 square feet of Class A office space, 309 residential units and 87,000 square feet of retail. StreetLights Residential is leading design and development for the 23-floor residential tower, which will be known as The Christopher. The development will also include a 10,ooo-square-foot restaurant known as The Henry, which will serve breakfast, lunch and dinner. Tenants in the office portion of the development will include Vinson & Elkins, which will lease 82,000 square feet across three floors beginning in 2018. Weaver, the largest independent accounting firm in the Southwest, will move its Dallas office to a 58,000-square-foot space within two floors in the office tower. Located at Field Street and Cedar Springs Road, the mixed-use project is within walking distance of many sports, entertainment, museum and outdoor park venues. Designed by Dallas-based architect HKS Inc., and with DPR as the general contractor, the project will include a 60,000-square-foot Tom Thumb grocery store on the ground floor. Landscape designer Office of James Burnett will design a 21,000-square-foot …
NEW YORK CITY — Meridian Investment Sales has arranged the sale of a mixed-use property located at 600 E. 178th St. in the Bronx. The six-story, elevator-serviced building sold for $8.8 million, equivalent to a 5.5 percent cap rate. Located in the Tremont neighborhood, the 47,200-square-foot property features 45 residential units and six retail units. Mark Steinmetz of Meridian Investment Sales represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
MIAMI BEACH, FLA. — Clarion Partners has purchased the leasehold interest in The Lincoln, a 161,824-square-foot mixed-use property in Miami Beach. HQ Capital Partners LP sold the five-story building for $109 million, according to The Real Deal. Built in 2003, the property was 94 percent leased at the time of sale to eight retailers including Pottery Barn and Williams Sonoma and 31 office tenants including Morgan Stanley and OnBoard Media. The Lincoln comprises 43,166 square feet of ground-floor retail space, 118,658 square feet of Class A office space and a 709-space parking structure. Christian Lee, Jose Lobon, Andrew Chilgren, Charles Foschini and Christopher Apone of CBRE collaborated with Stephen Rutchik and Jonathan Kingsley of Colliers International to represent HQ Capital Partners in the transaction.
MARIETTA, GA. — Atlanta United FC, Major League Soccer’s (MLS) 22nd franchise, has released details and renderings for its $60 million training facility underway in Marietta, a northern suburb of Atlanta. Designed by Atlanta-based tvsdesign, the project will include six playing fields and a 30,000-square-foot facility that will house both the professional and academy teams for the club, which will begin its first MLS season in 2017. Located along Marietta’s Franklin Road on a 33-acre site, the training facility will be used by professional and soccer academy players, along with the club’s executive and soccer operations staff. The project is expected to bring 80 high-paying jobs to the area. Atlanta United will play in the new Mercedes-Benz Stadium currently under construction in downtown Atlanta. The team is owned by Atlanta Falcons owner Arthur Blank and is led by club president Darren Eales.