ATHENS, GA. — Selig Enterprises Inc., an Atlanta-based real estate development firm, has reportedly abandoned its planned $90 million mixed-use development in downtown Athens, according to the Athens Banner-Herald. According to a statement from Selig, the company decided to not develop the property after market analysis and attempts to find funding for the project proved unfavorable. The development, which would have spanned three city blocks, drew criticism from community activists in the fall of 2011 after it was reported it would house a Walmart store. “Over the past two years, we’ve invested a lot of time, energy, and financial resources trying to bring the Foundry at Broad project to fruition,” said Jo Ann Chitty, Selig Enterprise’s senior vice president, in the statement. “It’s bitterly disappointing. It has been a dream of ours to build a project in Athens that the community could be proud of.”
LANSING, MICH. — Gillespie Group has broken ground on Midtown, a mixed-use development located along the Michigan Avenue corridor in Lansing, the state capital. Midtown will include 66 luxury apartment units and an 1,800-square-foot PNC Bank branch with drive-thru facilities. The development is on property formerly occupied by the Silver Dollar Saloon. Completion of Midtown is slated for August 2014.
WARRENSBURG, MO. — The University of Central Missouri (UCM) is developing a new 325-bed student living center on its main campus in Warrensburg, about 60 miles southeast of Kansas City. The $60 million investment is the largest in the history of the university. UCM has partnered with master planner and architect Gould Evans to create the new center, which will open in the fall of 2015. UCM is working on securing financing for the project and will own the facilities upon completion. The center will feature 22,000 square feet of retail and two- and four-bedroom apartments, along with study and social spaces.
CORAL GABLES, FLA. — Marcus & Millichap has brokered the sale of the retail, office and parking portion of 55 Miracle Mile, a mixed-use development in Coral Gables. The portion of the trophy asset sold for approximately $26.8 million. The retail and office portion totals 65,242 square feet and is 90 percent occupied by Ben & Jerry’s, Cibo Wine Bar, HSBC and Tarpon Blend. The parking garage features 400 spaces and is open to the public. Douglas Mandel of Marcus & Millichap’s Fort Lauderdale, Fla., office, along with Benjamin Silver of the firm’s Miami office, represented the seller, CF Miracle Mile LLC, in the transaction. CGI Merchant Group purchased the asset.
ATHENS, GA. — CBRE’s Atlanta Private Capital Group has arranged the sale of the West Washington Building, a 40,818-square-foot mixed-use property in downtown Athens, two blocks north of the University of Georgia campus. The property is LEED Gold certified and features 12,882 square feet of ground-level retail space, 27,936 square feet of penthouse office space and five levels of deck parking in between the office and retail components. The parking portion is owned by the city of Athens was not included in the sale. The 88 percent-leased property sold to a private investor based in the Southeast.
OCOEE, FLA. — Morgan Property Group LLC has acquired a 20-acre lot at the southwest corner of Ocoee Apopka Road and Ocoee Crown Point Parkway in Ocoee. The site will house a proposed mixed-use development that will consist of residential and retail components. Morgan Property purchased the land through affiliate Ocoee Land Trust from Redus Florida Land LLC, an affiliate of Wells Fargo.
CHARLESTON, S.C. — Regent Partners and Clement Crawford & Thornhill, along with their capital advisor Patterson Real Estate Advisory Group, have begun construction on Midtown Charleston, an $85 million mixed-used development on the Charleston peninsula. A Hyatt Place / Hyatt House hotel will anchor the development, which will feature 304 hotels rooms (191 Hyatt Place rooms and 113 Hyatt House rooms), a rooftop restaurant and event facility, a 398-space parking deck and approximately 37,000 square feet of office and retail space. Midtown Charleston is breaking ground in the Upper King district of Charleston along King Street between Woolfe and Spring streets. Bank of America is providing the construction financing. Upon completion in the spring of 2015, Midtown Charleston will represent the first major hotel built in the downtown Charleston market in more than 12 years, according to Patterson.
CARLSTADT AND PASSAIC, N.J. — Marcus & Millichap Capital Corp. (MMCC), has arranged $15.2 million in refinancing for two properties in northeast New Jersey for different sponsors. MMCC arranged $10.2 million for a 94,000-square-foot industrial property in Carlstadt. The 12-year loan includes a 20-year amortization schedule and 4.1 percent interest rate with a 70 percent loan-to-value ratio. The company also arranged a $5 million loan for a 108-unit garden apartment complex in Passaic. The 10-year loan amortizes over 30 years and includes a 2.9 interest rate with a 65 percent loan-to-value ratio. Joseph Belgiovine, an associate director in MMCC’s New Jersey office, arranged the loans.
FARMINGDALE, N.Y. — RRDHC LLC has signed a lease for 13 acres at 1024 Broadhollow Road in Farmingdale, a village in Nassau County. The initial 45-year lease is valued at more than $75 million. RRDHC plans to develop a mixed-use property on the site that will include restaurant and hospitality space. Blair Gilbert of Exton, Pa.-based KW Commercial represented RRDHC LLC in the transaction. Peter Hofrichter of Tack Development represented the landlord.
WESTPORT, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $10.5 million loan to 180 Westport Partners LLC for the acquisition and renovation of a mixed-used property in Westport. The 32,103-square-foot office/retail space is located in Westport’s downtown retail corridor at 180 Post Road, just one block from Main Street.