THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of 3000 Research Forest, a 28,487-square-foot mixed-use building in The Woodlands. Situated on 2.7 acres just west of the Hughes Landing development, the property houses retail, office and healthcare tenants including Starbucks, Liberty Mutual, Texas American Title, Abundant Life Chiropractic and Preferred Bank. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, the Marcel Group, which is a developer based in The Woodlands. Miller and Hargrove also secured the buyer, a private investor.
Mixed-Use
BIRMINGHAM, ALA. — Cypress Equities has acquired Brookwood Village, an 816,000-square-foot mixed-use center in Birmingham’s affluent Mountain Brook neighborhood. A fund managed by Cypress Equities’ real estate investment management group secured the transaction. Brookwood Village consists of a 604,000-square-foot, two-level enclosed mall; a 41,900-square-foot grocery-anchored retail property; and a nine-story, 170,000-square-foot Class A office building. Tenants of the mall include anchors Macy’s, Belk and Books-A-Million, as well as Banana Republic, Brookstone, Jos. A. Bank, LOFT, Victoria’s Secret and Z Gallerie. Additionally, an 18,000-square-foot DSW Designer Shoe Warehouse recently opened a store adjacent to The Fresh Market. The office building is currently 98 percent leased to tenants including Kinder Morgan, Merrill Lynch and PWC. Martin Smith, Scott Tiernan, Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction. Smith will direct project leasing alongside Cypress Equities’ in-house team.
NEW YORK CITY — Ariel Property Advisors has arranged the $10.2 million sale of a development site featuring approximately 78,000 buildable square feet. The property is located at 14-01, 14-07, and 14-19 Broadway on the border of Long Island City and Astoria. Shimon Shkury, Howard Raber, Victor Sozio, and Michael Tortorici of Ariel Property Advisors represented the seller, a private investor, and procured the buyer, a real estate investment group. The site is zoned for residential or mixed-use development and includes three contiguous lots with 182 feet of frontage on the north side of Broadway between 14th and 21st streets.
CHARLOTTESVILLE, VA. — CBRE | Charlottesville has brokered the sale of a 10,190-square-foot building, located at 925 E. Market St. in downtown Charlottesville. The buyer, CMB Development LLC, plans to develop a seven-story, mixed-use building at the location. The property will feature 18,000 square feet of Class A office space with units ranging from 2,500-6,000 square feet on the first four floors. Leigh Hughes and Rob Stockhausen of CBRE | Charlottesville, along with Duffy Birkhead of Frank Hardy Inc., represented the unnamed seller in transaction. Rob Stockhausen and Mason Graham of CBRE | Charlottesville are handling the commercial sales of the renovated project, which is scheduled for a spring 2015 completion.
CLAREMONT, CALIF. – An institutional investor has purchased Park View, a 42-acre land site in Claremont, for $48 million. The site was entitled for 400 residential units and 100,000 square feet of commercial building areabefore an affiliate of Allied Retail Partners LLC purchased the land for $12 million in June 2011. The land is currently in raw condition. The sellers were LBG Real Estate Companies and Allied.
CINCINNATI — Kroger Co. has purchased more than 12 acres of land at Oakley Station in Cincinnati for an undisclosed price for the construction of a 145,568-square-foot Kroger Marketplace. The store, which will be the second largest Marketplace in the Kroger chain, is set to open in the first quarter of 2015. Developed by Vandercar Holdings, the Kroger Marketplace will be the third phase of the Center of Cincinnati, which includes existing retailers such as Target, Sam’s Club and Meijer. Oakley Station is a 74-acre, mixed-use development located along the I-71 corridor in Cincinnati. Co-tenants at Oakley Station include Cinemark Theater and The Boulevard at Oakley Station, a 300-plus unit residential development. Edge Real Estate Group represented Oakley Station in the sale. Additional retail and restaurant space, and up to 400,000 square feet of class A office space will complete the development.
FRANKLIN TOWNSHIP, N.J. — CBRE Group Inc. has completed the sale of 600 Atrium Drive, a 15-acre development site located in Franklin Township, for an undisclosed price. Charles Berger and Elli Klapper of the Private Capital Group, along with Artie Weiss and Sandra Herman of Brokerage Services in New Jersey, represented the seller and procured the out-of-state buyer in the transaction. The vacant tract of land is located at Exit 10 of State Route 287 and sits approximately 35 minutes from midtown Manhattan and 15 minutes from Newark Airport and Port Elizabeth/Newark. The surrounding area is home to more than 4.5 million square feet of office properties and nearly 9 million square feet of industrial properties.
MIAMI — The Melo Group has topped off a 32-story mixed-use tower located along the Miami River at 340 W. Flagler St. in downtown Miami. Known as Flagler on the River, the property will include 250 residential units, as well as office space and two street-level floors of retail and restaurant space facing the river. The tower is slated to open in June. Rental rates for the residential units start at $1,450 per month for a one-bedroom unit, $1,900 per month for a two-bedroom unit and $2,400 per month for a three-bedroom unit. The property will feature a pool deck, fitness center, garage parking and a social room for residents.
LOS ANGELES — Markwood Enterprises has acquired a 16,000-square-foot lot in Hollywood for $4.4 million. The lot is located at 7100 Melrose Ave. It currently houses a Chevron gas station. Markwood plans to build a retail and office development on the site. New development would range from 6,000 square feet to 10,000 square feet. Construction should be complete by mid-2015. Markwood was represented by Jason Gribin from Wilson Commercial Real Estate. The unnamed seller was represented by David Aschkenasy of CAG Commercial Asset Group. Wilson’s Scott Burns and Tom Breen from Epsteen and Associates will jointly represent Markwood in leasing efforts.
INDIANAPOLIS — Browning, an Indianapolis-based development and construction firm, will complete a building expansion for NorthPark Community Credit Union. The facility is located in the Northwest Technology Center Park, a business park at the corner of Technology Center Drive and Zionsville Road in Indianapolis. Browning will expand the NorthPark building by adding six new offices that will include exterior storefront glazing to allow natural light to flow into the interior space. NorthPark Community Credit Union is one of 12 properties located in the Northwest Technology Center Park. Some other businesses at the center include the American Heart Society, the American Cancer Society and HC-1. NorthPark has occupied space in the Northwest Technology Center Park for more than 10 years.