FOREST LAKE, MINN. — Gaughan Cos./CORFAC International has developed a 20,400-square-foot mixed-use property in Forest Lake, approximately 30 miles northeast of Minneapolis. The property is situated within the City Center Commons retail center. Tenants at the property include Keller Williams, Maplewood Oral Surgery and Thrifty White. There is approximately 3,000 square feet still available for a fast-casual restaurant.
CUMMING, GA. — Avison Young has brokered the $14.4 million sale of Shoppes at Vickery Village, a 77,794-square-foot mixed-use project located at 5802-5854 N. Vickery St. in Cumming. The property is situated within the master-planned Vickery Village community. Built in 2006, Shoppes at Vickery Village comprises roughly 47,000 square feet of ground-floor retail space below office or residential units; a 1,000-square-foot ice cream shop; a 1,200-square-foot, freestanding salon; a 2,525-square-foot medical space above retail; three two-story office buildings totaling 15,550 square feet; and an outparcel site approved for a 2,300-square-foot retail building. A.J. Belt III and David Duckworth of Avison Young represented the seller, Vickery Village Holding LLC, an entity led by Atlanta-based Cannon Equities that owned the project for 18 months and sold it at a $3 million premium. Vickery Village Community LLC purchased the asset.
IOWA CITY, IOWA — CA Ventures LLC, through its student housing arm CA Student Living LLC, has broken ground on RISE at Riverfront Crossings, a 575,000-square-foot, mixed-use development located near the University of Iowa in downtown Iowa City. The development will include a 15-story residential component with 332 market-rate apartments, 6,000 square feet of ground-floor retail and a 14-story, 151-room Hyatt Place Hotel featuring 25,000 square feet of Class A office space. When complete, the residential component will offer studio, one-, two- and three-bedroom fully furnished units. Community amenities will include a fitness center and yoga studio; a smart fitness kiosk that will provide virtual fitness programming; a club lounge with billiards and poker tables; a “Gameday Room” and theater; a business center with a study lounge; a 10,000-square-foot rooftop deck with an outdoor spa, Jumbotron and viewing area; and grilling stations with communal tables. The Hyatt Place Hotel will offer studio suites, each with separate living and sleeping areas, a large desk, an oversized sleeper sofa and a 42-inch television. Chicago-based Hartshorne Plunkard Architecture is the lead architect on the project, while Des Moines-based Beal | Derkenne Construction has been retained as general contractor. The development is scheduled for …
CINCINNATI — Development firm City Club Apartments LLC has broken ground on a luxury apartment project in Cincinnati. City Club Apartments will consist of 294 units and 45,000 square feet of retail, restaurant and office space. Construction on the building is slated for completion by the end of next year. The historic 11-story, 300,000-square-foot building was originally built in 1928 as an annex to the PNC Tower. Amenities at City Club Apartments will include a rooftop dog park, concierge, demonstration kitchen, indoor/outdoor pool with hot tub, grilling stations, a Zen garden, fire pit, fitness center, conference and business center, bike storage and 330 valet parking spaces. Unit amenities will include granite countertops, island kitchens, custom closets, hardwood and ceramic floors, and 10- to 18-foot ceilings. The building will offer over 50 distinct floor plans with units ranging from 400 to 1,500 square feet. Unit configurations include studio, one-bedroom, two-bedroom, three-bedroom, two-level and penthouse apartments. Brinkmann Constructors is the general contractor for the project, and Village Green will manage the property. US Bank provided financing for the development.
FAYETTEVILLE, GA. — A development team comprising Chick-fil-A CEO and Fayette County resident Dan Cathy and Jim Pace of Pace Lynch Corp. has revealed plans for a new master-planned development located adjacent to Pinewood Atlanta Studios, a major movie studio spanning 700 acres and 12 sound stages. Dubbed Pinewood Forrest, the 234-acre mixed-use project will feature more than 1,300 residences, 300 hotel rooms and 275,00 square feet of commercial offices, street-level retail space and restaurants. In addition to Cathy and Pace, the development team includes town planner Lew Oliver of Whole Town Solutions; construction manager Rick Halbert of Halbert Development; and project director Bill Lynch of Pace Lynch Corp. Pinewood Forrest will be situated 24 miles from downtown Atlanta, eight miles from Peachtree City, five miles from downtown Fayetteville and close to the corporate headquarters for global employers such as Chick-fil-A, Delta Air Lines, Rinnai and Porsche Cars North America. The residential component will comprise single-family homes, micro cottages, multifamily flats, townhomes and “tree homes” developed from natural materials. The project will also feature more than 15 miles of trails and pathways, 118 total acres of public green space, community gardens, pools, playgrounds, a dog park, wellness center and shared …
ATLANTA — A joint venture between Carroll Organization and Bluerock Residential Growth REIT (BRG) has purchased Tenside Apartments, a mixed-use apartment complex in Atlanta’s West Midtown district, for $74.5 million. Built in 2008, the Class A community features 336 residences averaging 900 square feet, nearly 40,000 square feet of ground-floor retail space and a seven-level parking garage. The joint venture financed its acquisition using a $52 million Fannie Mae loan and an equity investment totaling $22 million from BRG, which will have a 90 percent ownership stake in the project. Carroll Organization purchased its 10 percent stake in Tenside through its newest investment vehicle, Carroll Multifamily Real Estate Fund IV LP. Carroll’s management division, Carroll Management Group, will manage Tenside, which will be rebranded as Arium Westside. The asset is situated near Georgia Tech and Georgia State University, as well as major employers such as Turner Broadcasting, Coca-Cola and SunTrust Bank.
CHANTILLY, VA. — Akridge has sold The Preserve at Westfields in Chantilly to Elm Street Development and Northwood Ravin. Prior to the sale, Akridge had the site rezoned from 1.2 million square feet of office to mixed-use within Westfields. Westfields is located just south of Dulles International Airport off of Route 28 in Fairfax County. The development includes 155 townhomes, up to 650 multifamily units and up to 15,000 square feet of retail space. Situated next to the planned Wegmans retail development, the project will also include an amphitheater, pavilion, nature trail and lake. Elm Street will develop the townhome component, and Northwood Ravin will develop the multifamily and retail components. John Sheridan and Nathan Barth of CBRE represented Akridge in the sale of The Preserve’s multifamily and retail components to Northwood Ravin. Construction is slated to begin this month, with the first townhome scheduled to deliver in the summer of 2017. The multifamily project will include luxury finishes and amenities such as a resort-style spa, a health club featuring workout options such as yoga and crossfit, resident co-working space, a pet run and spa and retail shops. Construction on the first phase of the multifamily development is expected to …
MIAMI — The Miami-Dade Board of County Commissioners has officially approved Link at Douglas Station, a $464 million mixed-use, transit-oriented project at the Douglas Road Metrorail Station in south Miami. Link at Douglas Station will encompass approximately 970 residential units, including a workforce housing component; 70,000 square feet of retail space; a new hotel; and a public plaza. Miami-Dade executed a ground lease with Adler 13th Floor Douglas Station LP, a joint venture between 13th Floor Investments and Adler Group, setting the stage for the construction of the project, which will be constructed in four phases on a seven-acre site bordered by US 1, S.W. 27th Avenue, Peacock Avenue and S.W. 38th Avenue. Phase I will focus on the development of a residential tower, a 150-key hotel in partnership with Driftwood Hospitality Management LLC and a portion of the retail footprint, which includes a supermarket. Link at Douglas will maintain the Douglas Metrorail Station as its central element, providing access to Miami’s downtown financial, arts and entertainment districts. According to the joint venture, the project will be designed to increase public transit ridership.
WAUKESHA, WIS. — Siegel-Gallagher has brokered the sale of a 2,382-square-foot mixed-use property for an undisclosed price. Sania Investments LLC purchased the property from Sunset Bank & Savings. The building, located at 1710 Paramount Drive in Waukesha, approximately 20 miles west of Milwaukee, includes office and retail space. Shaun Dempsey and Devin Tessmer of Siegel-Gallagher brokered the transaction.
NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.
