CHESHIRE, CONN. — WS Development will begin construction on The Outlets at Cheshire in early 2014. The 500,000-square-foot center in Cheshire, slated for completion in summer 2015, will be located at the I-84/I-691 Interchange along Route 10. The open-air shopping and entertainment complex will include walkways, recreational amenities, a residential component and a grocer. The development company is targeting fashion and designer outlet stores for the remaining retail space at the project.
NEW YORK CITY — A portfolio of six mixed-use buildings in Manhattan’s Greenwich Village has sold for $32.3 million. The portfolio includes 47 residential units and seven commercial spaces. Peter Hauspurg, chairman and CEO of Eastern Consolidated, represented the seller, multigenerational owner Noah Osnos, in the transaction. Ben Tapper, senior director of Eastern Consolidated, procured the buyer, a partnership between Dalan Management and RWN Real Estate Partners LLC. The six contiguous buildings include 89 & 91 Christopher St. and 329, 333, 337 and 341 Bleecker St. Attorneys in the transaction were Eric Kahan, Esq. of Sperber Denenberg & Kahan PC for the seller, and Dan Altman, Esq. and chair of Belkin Burden Wenig & Goldman LLP for the buyer.
WEST DES MOINES, IOWA — Hubbell Realty Co. and Persimmon Capital Partners have broken ground on Cityville on 9th, a $40 million mixed-use development in West Des Moines. Located on 10.5 acres in the Gray’s Landing neighborhood south of MLK Jr. Parkway, the Cityville on 9th will include 339 apartments, covered parking and 55,000 square feet of retail space within nine four-story buildings. The project will be built in three phases with the first phase, including 111 apartment homes, clubhouse and 20,000 square feet of commercial space, slated for completion in spring 2014.
EVANSTON, ILL. — Marcus & Millichap has arranged the sale of Church Street Station, a 16,871-square-foot, mixed-use property located in Evanston, a suburb of Chicago, for $3.7 million. Adrian Mendoza, Dominic Sulo, Sean R. Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, a developer. Brian Parmacek, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, represented the buyer, a private investor, in a 1031 tax-deferred exchange from an apartment sale. Church Street Station, located at 1642 Maple Ave., is fully occupied by five tenants, which operate under triple-net leases. Church Street Station is anchored by BMO Harris Bank.
PRINCE GEORGE’S COUNTY, MD. — George Smith Partners has arranged $46.3 million in construction and mezzanine financing on behalf of its clients, Walton Westphalia Development Co. and Walton Westphalia Europe LP, for Phase I construction on a new, 310-acre mixed-use development in Prince George’s County, a suburb of Washington, D.C. When complete, the project, known as Westphalia Town Center, will include a mix of residential, retail, office and hotel products. The construction loan closed with a combined loan-to-value of 59.1 percent and 66.7 percent combined loan-to-cost. Walton Group of Cos. managed the borrowers. Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partners originated the financing. The Westphalia Town Center project will span 310 acres and is anticipated to consist of 845 single-family residences and townhomes, 884 rental apartments, 600 hotel rooms, 2.2 million square feet of office space and 534,000 square feet of retail space.
BALTIMORE — St. John Properties Inc. has initiated construction activities on the first building within its new Route 100 Tech Park, an 18-acre mixed-use development configured to support more than 120,000 square feet of office, R&D/flex and retail space upon final build-out. Located at 1743 Dorsey Road in Baltimore, the inaugural building under construction is a single-story, 24,190-square-foot building that features 16-foot ceiling heights, ample glass lines and an adjacent surface parking lot. The project is a joint venture with Michael Stavlas and Jon Zhoulis of Hanover Princess LLC. The new building is also designed to achieve LEED Silver certification.
MORRISVILLE, N.C. — Four new tenants have signed on to Phase III of Park West Village, located at the southwest corner of Cary Parkway and NC-54/Chapel Hill Road in Morrisville. ULTA Beauty, Chico's, White House | Black Market and Soma Intimates will all open in spring 2014. Park West Village is a 100-acre mixed-use development that includes a town center district, community center, restaurants and a movie theater. The development will also feature a residential, office and hospitality component.
NEW YORK CITY — Silvershore Properties has sold 10 West 28th Street, a five-story mixed-use building in Manhattan, to the NoMad Hotel for $6 million. The property is adjacent to the NoMad Hotel on 28th and Broadway. “The NoMad Hotel saw this as a great opportunity to increase their space and offerings and we agreed,” says Jason Silverstein, a principal at Silvershore Properties. Jacques Garcia designed the hotel, which has 168 rooms and opened last year.
SILVER SPRING, MD. — MAC Realty Advisors has arranged a development joint venture for the redevelopment of the First Baptist Church located at 8415 Fenton St. in Silver Spring. Lead developer Grosvenor Americas is partnering with Lakritz Adler Real Estate Investments to replace the existing church with a more efficient building. The joint venture will also build a 259-unit apartment building with 19,000 square feet of street-level retail space and a two-story parking garage. The construction timetable was not released.
CHICAGO— NorthMarq has arranged a $20 million construction loan for Webster Square, a mixed-use development located at 558 W. Webster Ave. in Chicago. Webster Square is the redevelopment of a medical office building into 75 market-rate apartments, along with 16,000 square feet of ground-floor commercial space located in Lincoln Park. Sue Blumberg and Rup Patel of NorthMarq’s Chicago office arranged the financing for Sandz Development. The three-year loan includes two one-year extensions.