NEW YORK CITY — Equicap has arranged a $4.5 million permanent loan for a mixed-use property located in Brooklyn’s Cobble Hill neighborhood. The newly developed building features one ground-floor retail unit and 10 apartments. Daniel Hilpert of Equicap arranged the loan, which features a five-year fixed interest rate, 30-year amortization schedule and three years of interest-only payments.
BROOKFIELD, WIS. — Brookfield Corners LLC has arranged three new leases at The Corners of Brookfield, a 750,000-square-foot upscale lifestyle center 13 miles west of Milwaukee. Free People, Paper Source and Francesca’s will join other retailers such as L.L. Bean, Arhaus, Twigs, Café Hollander, Evereve, Anthropologie and lululemon athletica at the development, which is scheduled to come on line in the spring of 2017. Bradford Real Estate Services Corp. is the development manager for the facility. The Corners of Brookfield will feature 400,000 square feet of retail and restaurant space, anchored by a 140,000-square-foot Von Maur department store and a 30,000-square-foot Sendik’s Food Market. The project will also include 244 luxury apartment homes and parking for more than 1,700 cars.
NEW YORK CITY — Cammeby’s International has started construction of Neptune/Sixth, a mixed-use development located at 532 Neptune Avenue and 626 Sheepshead Bay Road in Brooklyn’s Coney Island. As the comprehensive redevelopment of the former Trump Village Shopping Center and Royal Palace Baths, the community-oriented development will feature a variety of services and retail options, residential and office space, public space and parking for more than 800 vehicles. Construction on the first phase — a standalone, seven-story, 161,000-square-foot retail and commercial building at 626 Sheepshead Bay Road — is underway, with completion slated for summer 2017. Cammeby’s plans to begin site work for the 90,000 square feet of retail space at Neptune Avenue this fall, and the project’s second phase, including a residential component, is scheduled to break ground in late 2017. New York-based S9 Architecture is designing the project. Winick Realty Group has been retained as the exclusive retail leasing agent, while The Lawrence Group is overseeing leasing for the project’s office space.
WESTLAKE, TEXAS — Hillwood and The Howard Hughes Corp. (NYSE: HHC) have launched a 130-acre mixed-use development at Circle T Ranch, a 2,500-acre master planned community in Westlake that is part of the larger 18,000-acre AllianceTexas development. The project, which is situated at the junction of State Highways 114 and 170, will include more than 2 million square feet of office, retail and entertainment space and will be anchored by the 500,000-square-foot corporate campus for Charles Schwab Corp. The planned mixed-use development will include 1.2 million square feet of combined Class A mid-rise office space with retail and entertainment uses, as well as a 200-room hotel and residential options. The project will also include land for parks, open space and creeks. Nature trails and a fitness center in the retail district will offer individuals additional health and fitness options.
CHARLESTON, S.C. — Mission Capital Advisors has arranged $13.3 million in non-recourse financing to recapitalize a portfolio of four mixed-use buildings along King Street in Charleston. Situated a block from the College of Charleston, the properties total 41,545 square feet and include 36 apartment units and six ground-floor retail shops. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital arranged the loan on behalf of the borrower, Friedman Capital. EquityMultiple, Mission Capital’s sister company, raised limited partnership equity totaling $500,000 from a group of individual investors on behalf of the borrower.
ATLANTA — The Georgia State University Foundation has finalized its purchase of Turner Field and the surrounding 67 acres from the Atlanta-Fulton County Recreation Authority. Atlanta Mayor Kasim Reed and Georgia State University president Mark Becker held a press conference this morning at Turner Field, current home of the Atlanta Braves and former site of the track and field events at the 1996 Summer Olympic Games. Oakwood Development and Atlanta-based Carter & Associates were also participants in the purchase and sale agreement. The terms of the sale were not disclosed, but the Atlanta Journal Constitution reports the sales price as $30 million. Georgia State and Carter are expected to invest up to $300 million over a five-year period for the redevelopment project. The Atlanta Fulton County Recreation Authority passed a resolution in December naming Georgia State and development partners as the preferred bidders for the project. The university has been working with Carter since 2014 following the Atlanta Braves announcement in late 2013 to develop SunTrust Park, the team’s new ballpark set to open in April 2017 in Cobb County. The Braves will not renew its 20-year lease at Turner Field following the 2016 season. “The acquisition of the Turner …
WESTWOOD, MASS. — American Realty Advisors, an institutional real estate investment manager, has acquired the shops at University Station, a newly constructed, 400,000-square-foot retail asset in the Boston suburb of Westwood. Located within a 130-acre mixed-use development, the purchase price was $206 million. Wegmans, a regional supermarket chain, anchors the retail portion of University Station. Other tenants include Nordstrom Rack, Marshalls and PetSmart. “The average term of in-place leases for the property is approximately 15 years, while 95 percent of the asset’s total income is generated from its national tenant base,” says Shelley. “We believe these characteristics will provide stabilized, risk-adjusted returns for our investors over time.” University Station services a 13-town area with 214,700 residents and an average annual household income in excess of $121,000. The property is situated 15 miles from downtown Boston near I-95 and Route 128, which draw 140,000 vehicles per day. It is located across the street from the area’s sole Amtrak/MBTA commuter rail station, which transports 1.3 million travelers annually. New England Development will continue to serve as the management and leasing agent for the retail center. Robert Griffin Jr., who was with Cushman & Wakefield and is now with Newmark Grubb Knight Frank, …
WILLISTON, VT. — Cypress Equities has acquired Maple Tree Place, a mixed-use retail/office property located in Williston. Retail Properties of America sold the 488,975-square-foot property for $90 million. Developed between 2001 and 2005, Maple Tree Place is anchored by a variety of national and regional retailers including Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.
DALLAS — Drever Capital Management has announced the new name for 1401 Elm St., a 50-story, 1.5 million-square-foot tower occupying an entire city block in the Dallas central business district. The building, originally the First National Bank of Dallas, will now be known as The Drever. The building is being redeveloped into a combination of residential, hotel, spa, retail, office and restaurants with an expected delivery date of 2018. The building’s entrance faces Elm Street and is bordered by Akard Street, Pacific Avenue and North Field Street. Project specifics include a planned 236-room hotel, 27 floors of multifamily with 348 residential rental units, office space, a spa and wellness center, restaurants and entertainment options. On-site amenities for The Drever will include an outdoor terrace rooftop deck, infinity pool, fire pits, fitness center, dog concierge, dog park and public art throughout the interior and exterior of the building. When completed, the eight-story base of the tower will include more than 27,000 square feet of ground-floor retail space, 44,000-square-feet of office space, the hotel, residents’ lobbies and a ballroom. A wraparound amenity deck with sightlines to surrounding buildings, including a pool, a spa and exercise room, will be on the ninth floor. …
LOS ANGELES — Benchmark Contractors, a subsidiary of Morley Builders, has completed the construction of Blossom Plaza, located at the intersection of Broadway and College Street in downtown Los Angeles. Situated directly north of the Gold Line’s Chinatown Station, the plaza serves as the main pathway through Blossom’s Cultural Plaza and commercial arcade. Blossom features 237 apartment units in three five-story structures with 19,000 square feet of retail space over parking for 453 cars. Forest City developed the project, which Johnson Fair and Togawa Smith Martin designed. The project is targeting LEED Gold certification.
