LENEXA, KAN. — Darland Construction Co. has begun construction on the new Renner 89 @ City Center Lenexa, a 20,000-square-foot mixed-use complex in suburban Kansas City. The two-story development will feature retail and restaurant space on the first floor, while the second floor will include a conference center and meeting rooms for global enterprise software provider Perceptive Software. Kansas City-based Copaken Brooks is the developer, and Klover Architects is providing design services.
ROCKVILLE, MD. — Federal Realty Investment Trust has received approval from the Montgomerty County Planning Board for additional development at Pike & Rose, a 3.4 million-square-foot mixed-use, transit-oriented development under construction. Pike & Rose is located in the White Flint District of Montgomery County in Maryland. The approval will allow Federal Realty Investment Trust to add about 1.6 million square feet of commercial space to the 170,000 square feet of retail, 80,000 square feet of office space and 493 residential units currently underway, set to open in mid-2014. The approval includes six new city blocks, Rose Park, a boutique hotel with 200-300 rooms, about 200,000 square feet of additional retail space, more than 460 residential units and 1.4 million square feet of Class A office space. Federal Realty expects to break ground on some of the additional approved buildings in 2014.
BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased.The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.
SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.
NEW YORK CITY — A private Korean-American investor, through his representative in the United States, Tony Park of PD Properties, has purchased a 16,000-square-foot office/retail building in Manhattan for $16.4 million. The six-story property is located at 4 E. 46th St. in the Diamond District and includes 30,000 square feet of unused air rights. The seller was DJM Post Production, a longtime owner that occupied the building for 47 years. David Schechtman, Steven Zimmerman and Paul Nigido of Eastern Consolidated represented DJM and procured the buyer with assistance from Tony Park and Elad Dror of PD Properties. The buyer plans to utilize the property for personal use. Vitae Restaurant recently signed a 10-year lease for the ground-floor retail space, while the upper floors are vacant. Attorneys in the transaction include William Weisner of Tarter Krinsky for the seller and Samuel Ahne of Ahne Law PC for the buyer.
BELLEVUE, WASH. — Madison Marquette’s newest investment vehicle has purchased Bellevue Galleria, a 202,000-square-foot, mixed-use property, for a reported $88 million. It is located at 550 106th Ave. NE in Bellevue. Bellevue Galleria contains a mix of retail and creative office space. It is currently 97 percent leased. The investment vehicle is composed of a joint venture with two foreign institutional investors. Its goal is to build a national portfolio of infill retail and mixed-use assets in key markets throughout the nation.
SACRAMENTO, CALIF. — Curtis Park Village, a 71-acre, mixed-use development in Sacramento, has received a $41-million refinance. The vacant land is currently entitled for 181 single-family homes, 334 multifamily units, three commercial sites, open space, parks and public property. It is located at the intersection of Sutterville Road and 24th Street near Sacramento City College. The land is an infill location between Land Park and Curtis Park. It was formerly home to the Western Pacific rail yard. Petrovich Development acquired the site in 2003 and has spent more than $30 million over the past decade to clean up and entitle the site for development. It recently began Phase I infrastructure construction, which should be complete by next April. The full recourse senior loan was provided by PCCP, LLC. It will be used to refinance an existing senior loan and to provide future funding for the infrastructure’s completion.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) andCornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of the Southeast Regency Mixed Use Development, which consists of a 67,000-square-foot office building and a 19,384-square-foot retail facility in Pearland, approximately 15 miles south of downtown Houston. The complex, located at 1910 – 1930 Country Place Parkway, commanded a list price of $4 million. Jerry Goldstein of Marcus & Millichap represented the seller, a financial institution. Goldstein also secured the buyer, a limited liability company.
WEST HOLLYWOOD, CALIF. — A joint venture between Trammell Crow Residential (TCR) and Cornerstone Real Estate Advisers has purchased a 1.3-acre site in West Hollywood for an undisclosed sum. The site is located at 7141 Santa Monica Blvd. It will be used to develop Domain West Hollywood, a mixed-use project that will contain 166 apartments and about 9,300 square feet of ground-floor retail and restaurant space. A sound studio and industrial facility that currently exists on the property will soon be demolished. Construction on Domain West Hollywood is scheduled to begin this fall. Residents are scheduled to move in spring 2016. It will be built by TCR. The joint venture acted on behalf of an institutional client.
