PLANO, TEXAS — West Plano Village, a mixed-use project under construction at the northeast corner of the Dallas North Tollway and Parker Road, is nearing completion. The project was first announced before the recession started, but is now months away from opening. Cencor Realty Services is developing the project, set to open in early 2015 with 90,000 square feet of retail space and 60,000 square feet of second-floor office space fronting the Tollway and Parker Road. Residential developer Amli Residential is constructing 264 apartments in a four-story configuration. The apartments are set to open later this year. When completed, the site’s restaurants will include Kona Grill, Princi Italia, Mi Dia From Scratch and Pakpao. Other tenants will include AT&T and Charles Schwab. Michelle Caplan with The Weitzman Group is handling retail and office leasing at West Plano Village. Dallas-based Hodges & Associates is the project’s architect.
Mixed-Use
NEW YORK CITY — Ariel Property Advisors has brokered the sale of the leasehold at 840 Westchester Avenue, a commercial building in the Morrisania section of the Bronx. The newly constructed property sold to a local investor in a 1031 exchange for $18.4 million. The two-story property features 174 feet of prime Westchester Avenue frontage, 53,705 square feet of above-grade space for four office and retail units, 24,300 square feet of below-grade space for a 74-space parking garage, and 83,321 square feet of air rights. Victor Sozio, Scot Hirschfield, Jason Gold and Shimon Shkury of Ariel Property Advisors represented the seller, an affiliate of Columbus Pacific Properties, and procured the buyer in the transaction.
MINNEAPOLIS — PCCP LLC has provided a $43.1 million senior loan to Provident Real Estate Ventures LLC for the renovation and repositioning of Mayo Clinic Square, a 217,354-square-foot mixed-use project in downtown Minneapolis, formerly known as Block E. Located at 600 Hennepin Ave., the property was originally developed in 2001 as a mixed-use shopping and entertainment center. The building is now undergoing a renovation to the exterior façade, interior atrium and skyway level entrance. Several new restaurant spaces are also being added. The property also features a parking deck and billboard space. Earlier this year, the Mayo Clinic announced that it would open a sports medicine facility in partnership with the Minnesota Timberwolves and Lynx Ownership group. The facility will focus on sports medicine, enhanced athletic training, rehabilitation and physical therapy. The sports medicine facility is scheduled to open later this year. The Timberwolves have signed a long-term lease to use the property as its corporate office and state-of-the-art practice and training facility.
DETROIT — Olympia Development of Michigan, a company of Ilitch Holdings Inc., has released plans to transform dozens of underutilized blocks between downtown and midtown Detroit into a sports and entertainment district, including a new arena for the Detroit Red Wings hockey team. The Detroit Free Press reports the development is a $650 million project. In April, the city's Downtown Development Authority (DDA) approved Barton Malow-Hunt-White to serve as the general contractor for the construction of the new 650,000-square-foot multipurpose center. The new events center is a part of the public-private development project that includes a $200 million investment by Olympia Development of Michigan to redevelop an underutilized area in downtown Detroit. The project will connect existing and new development efforts in downtown and midtown Detroit along Woodward Avenue into five walkable, livable mixed-use district neighborhoods. Development in the district will be integrated with existing sports and entertainment venues in or adjacent to the space, including the Fox Theatre, Comerica Park, MotorCity Casino Hotel, Ford Field, the Detroit Opera House, the Fillmore Detroit and more. The new arena is set to open in the summer of 2017. The project is expected to have a total economic impact of at least …
LOS ANGELES – A 55,381-square-foot, mixed-use redevelopment property in East Los Angeles has sold to Primestor for $5.5 million. The three-building property is located at 4571-4591 Whittier Blvd., 760 S. McBride Ave. and 755 S. McDonnell. Primestor represented itself in this transaction, while the sellers, JB Realty LLC and Barsky, Barsky, & Rickey LLC, were represented by Scott Burns, Jason Gribin, Shauna Mattis and Geoff Tranchina of Wilson Commercial Real Estate.
NEW YORK CITY — New York REIT has entered into an agreement to purchase Twitter’s headquarters in Manhattan. Located at 245-249 West 17th St., the asset includes a 12-story office tower and an adjacent six-story mixed-use building. The properties total approximately 282,000 square feet of rental space. In addition to Twitter, Room & Board Inc. and Flywheel Sports occupy portions of the building. Adam Spies and Doug Harmon of Eastdil Secured represented the seller, Savanna, in the transaction.
ATLANTA — The Atlanta Braves organization has announced a trio of developers that it will team up for the 74-acre, $400 million mixed-use project that will be integrated with the team’s new stadium in Cobb County. The companies, including Fuqua Development, Pope & Land Enterprises and Pollack Shores Real Estate Group, will develop 630,000 square feet of Class A office space, 500,000 square feet of retail, 450 hotel rooms and 500 residences. Fuqua Development will handle the retail portion, Pope & Land will handle the office portion and Pollack Shores will handle the residential portion. The Atlanta Braves will partner with the Cobb-Marietta Coliseum and Exhibit Hall Authority for the project and retain a majority ownership stake, as well as continue to guide the development process. JLL will remain involved as a real estate and development consultant, and The Jerde Partnership will continue to guide the land planning aspect. The Atlanta Braves and the development team expect to open Phase I, or most of it, by spring 2017, coinciding with the stadium’s debut for Opening Day 2017.
CHEVY CHASE, MD. — The JBG Cos. and JBGR Retail have sold Phase I of Tysons West, a new mixed-use, transit-oriented development in Chevy Chase. LaSalle Investment Management purchased the project’s initial phase, which features more than 165,600 square feet of commercial space, including an urban-format Walmart, 24 Hour Fitness, several restaurants and 30,000 square feet of medical office space. Delivered in August 2013, the asset is located at 1500 Cornerside Blvd. immediately adjacent to the Spring Hill Metro station on the new Silver Line Metrorail. Phase II of Tysons West will include 400,000 square feet of residential space and another 50,000 square feet of retail, and Phase III will consist of 300,000 square feet of residential space, 380,000 square feet of office space and 50,000 square feet of retail. Eastdil Secured brokered the sale of Tysons West. JBGR Retail will continue to manage the property.
BOSTON — Gerding Edlen, Normandy Real Estate Partners and National Real Estate Advisors has topped off the construction of Troy Boston, a mixed-use complex at 55 Traveler Street in Boston’s South End. Situated on 1.27 acres, the $185 million complex will feature two residential towers offering 378 apartments and 6,000 square feet of retail and restaurant space. Designed by ADD Inc., the project is projected to receive LEED Gold certification and includes an internal power plant that co-generates electricity, hot water and heat. Each apartment features 82 percent post-industrial, recycled content wood floors, stone countertops, customer closet space, energy-saving washers and dryers, Nest Learning Thermostats and custom cabinetry in the kitchen and bathrooms. Building amenities include a 180-space parking garage, a bike room, dog walking facilities, pet washing stations, an outdoor pool with deck, a rooftop terrace, a chef’s kitchen, a multi-purpose room, a private yoga room and a fitness studio. Suffolk Construction is providing construction management for the project. Pre-leasing for the residential units will begin in August.
BERWYN, ILL. — Marcus & Millichap has brokered the $3.4 million sale of a mixed-use portfolio of apartment and retail spaces in Berwyn, a western suburb of Chicago.The portfolio includes nine retail spaces and a total of 80 apartment units in four buildings. The units include studio, one-, and two-bedroom apartments. The properties of the Berwyn mixed-use apartment portfolio are located at 2139 Clinton Ave., 2140 Kenilworth Ave., 2200 Scoville Ave. and 2202 Grove Ave. The four buildings are located within a half mile of each other along Cermak Road. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office and Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller, a limited liability company, and the buyer, a private investor.