PORTLAND, ORE. — Grant Park Village, a $60-million, mixed-use development in Portland, is scheduled to begin construction June 1. The new development will contain 211 units in five separate buildings. A 34,500-square-foot New Seasons Market will occupy ground-floor space. An additional 13,000 square feet of storefront retail space will also be developed. The site is located on NE Broadway. Grant Park is being developed by Capstone Partners LLC and PCCP, LLC. It will be built by Walsh Construction and designed by LRS Architects and Runberg Architecture Group.
PORTLAND, ORE. — Grant Park Village, a $60-million, mixed-use development in Portland, is scheduled to begin construction June 1. The new development will contain 211 units in five separate buildings. A 34,500-square-foot New Seasons Market will occupy ground-floor space. An additional 13,000 square feet of storefront retail space will also be developed. The site is located on NE Broadway. Grant Park is being developed by Capstone Partners LLC and PCCP, LLC. It will be built by Walsh Construction and designed by LRS Architects and Runberg Architecture Group.
ANN ARBOR, MICH. — Bloomfield Capital has sold a mixed-use building in downtown Ann Arbor to 212 4th Ave. LLC. Located at 210-216 S. Fourth Ave., the property consists of approximately 20,000 square feet of retail space on the first floor and loft office space on the second floor. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor, represented the seller and the buyer in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 359 Manhattan Ave., an eight-unit mixed-use property located in Brooklyn, for $2.2 million. Michael Salvatico, Shaun Riney and Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
AUSTIN, TEXAS — CBRE's Debt & Equity Finance team in Houston has arranged $83.5 million in construction financing on behalf of Seaholm Power LLC for the redevelopment of the Seaholm Power Plant. The historic facility is located in the southwestern portion of Austin's central business district. The borrower plans to transform the 117,000-square-foot power plant into office space and add approximately 60,000 square feet of mixed-use space, anchored by a Trader Joe's grocery store. The redevelopment also includes a 30-story, 309-unit apartment tower. Jim Richards and Jim Kirkpatrick of CBRE arranged the open-ended construction loans, which were funded by Bank of the Ozarks and IBC Banks. Seaholm Power LLC is a joint venture between Austin-based Southwest Strategies, Los Angeles-based CIM Group and the City of Austin.
ALPHARETTA, GA. — Construction is underway on the 25-acre Alpharetta City Center in Alpharetta. The development will include a City Hall building, municipal parking deck and a five-acre park, along with five development sites for future retail. The project is scheduled for a late July 2015 completion. Alpharetta City Center aims to transform Alpharetta's historic downtown into a blend of commercial, residential and community uses. Jones Lang LaSalle is managing the development of the project. Smallwood, Reynolds, Stewart and Stewart is the master architect for the project with primary architectural design services provided by David M. Schwarz Architects of Washington, D.C.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged $75.5 million in first mortgage debt and mezzanine financing for a mixed-use project located at 1400-1460 North Halsted in Chicago. A limited liability company sponsored by Structured Development was the borrower. In 2007, Structured Development developed the project, which encompasses an entire city block in the Clybourn Corridor. The project includes educational, retail, medical office and parking uses within the development. The project is 94 percent occupied with a variety of tenants including British Schools of Chicago, Advocate Health Centers, Northwestern Memorial Hospital, Diamond Headache Center, Town & Country Pediatrics, Pine Dental and REI. Deutsche Bank and Prime Finance provided the financing. The five-year, fixed-rate loan and additional capital allowed for Structured Development to refinance and recapitalize the project and buy out the former equity partner in the transaction. New York-based Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Attorneys from Kaye Scholer included Aaron Lehrfield, Jeannie Bionda, Michael Dougherty and Christine O’Connell. Kathryn K. Arnold of Shefsky & Froelich represented the borrowers. Mid-America Real Estate Corp handles the leasing and management for Structured Development.
CHICAGO — A limited liability company, sponsored by Structured Development, has secured a $75 million loan for a Chicago mixed-use property located at 1400-1460 N. Halsted St. Benjamin Kadish of Maverick Commercial Mortgage Inc. arranged the first mortgage debt and mezzanine financing through Deutsche Bank and Prime Finance. Structured Development completed the property in 2007, which includes educational, retail and medical office components. The property is 94 percent occupied and tenants include British Schools of Chicago, Advocate Health Centers and Diamond Headache Center. The five-year, fixed-rate loan and additional capital will allow the borrower to refinance and recapitalize the property, and buy out the former equity partner in the transaction.
WEST HARTFORD, CONN. — Starwood Capital Group has acquired Blue Black Square in West Hartford for a reported $105 million, according to GlobeSt.com. The mixed-use property contains 460,000 square feet of office, medical, retail and apartment space, and is 96 percent leased. The retail component includes tenants such as Crate & Barrel, Cheesecake Factory and Branes & Noble. A partnership between Ronus Properties LLC, Street-Works LLC and JDA Development was the seller. The companies developed the center in 2008.
BOSTON — Millennium Partners has selected Cushman & Wakefield to lease the retail section of the $630 million Millennium Tower/Burnham Building project in Boston, which is slated to break ground next month. Located in Boston's Downtown Crossing at the site of a former Filene's Basement store, the project consists of the 1912 Burnham Building and a mixed-use tower that will rise 625 feet. Cushman & Wakefield will serve as retail leasing agent for approximately 182,000 square feet of the 1.4 million-square-foot development. Gene Spiegelman, Kazuko Morgan and Emily Ou will lead the Cushman & Wakefield team representing Millennium Partners. Tenant occupancy in the Burnham Building, a retail and office building that Millennium will restore, is slated for September 2014. Occupancy is expected in June 2015 in Millennium Tower.