AUSTIN — DPG Investments, Vintage Pacific and affiliates closed funding for a joint venture with San Francisco-based Coast Range Investments for the development of the $800 million XS Ranch, a 9,600-acre master-planned community in Austin. The project is fully entitled for 7,050 residential lots. Vintage Pacific and Coast Range Investments will develop and manage the community.
HOBOKEN, N.J. — Crews have broken ground on Waterfront Corporate Center II, a 500,000-square-foot office and retail building at 221 River St. in Hoboken. A partnership between SJP Properties and USAA Real Estate Co. will develop the 14-story property. Pearson, which earlier this year signed a 200,000-square-foot lease at the property, will be the site's lead tenant. The new building is the last phase of SPJ's 1.5 million-square-foot, three-building office and retail complex. Designed by HLW International Architects, the center will feature full-time building security, interior loading, floor-to-ceiling glass windows and 25,000 square feet of retail space.
WASHINGTON, D.C. — Property Group Partners has acquired the fee interest in three blocks of a recessed portion of I-395 in downtown Washington, D.C. The commercial real estate owner and developer will begin preliminary work on the 2.2 million-square-foot Capitol Crossing, a mixed-use project. Capitol Crossing will be built on an undeveloped site extending from Massachusetts Avenue to E Street. It will reconnect the Capitol Hill and East End districts that were cut off by the construction of I-395 in the 1960s. The mixed-use project is designed to achieve LEED Platinum certification. Development of the first office building on the site will begin in 2013. Plans call for five buildings on the site, including a 150-unit residential building and four office buildings spanning between 300,000 and 685,000 square feet. Each building will feature ground-floor retail space designed for restaurants and boutiques. Skidmore, Owings & Merrill designed the project’s master plan and Cassidy Turley is the project’s leasing agency.
DAYTON, OHIO — Love's Travel Stop and Country Stores has acquired the site of the former Delphi Automotive Plant in Dayton for $2.5 million. The company plans to build a mixed-use facility on the 18.5-acre site at the corner of Edwin C. Moses Boulevard and Cincinnati Street. It will include a convenience store, fast food restaurant and gas pumps. The Dayton's City Plan Board approved the project in July. Kelly Gray of Equity Inc. represented the seller, Industrial Realty Group, in the transaction. Dave Metz of NAI Bergman represented the buyer.
NEW YORK CITY — Prudential Mortgage Capital Co. has arranged a $71 million Fannie Mae loan for Olympia House, a 22-story mixed-use property in Manhattan. The seven-year, fixed-rate loan will allow the borrower to refinance the property with cash out above the current loan amount. Built in 1964, the property consists of 240 apartments and 12,170 square feet of commercial space. The property on East 44th Street is across from the United Nations headquarters and two blocks from Grand Central Station. Bob Bakhchi and Jonathan Aghravi of Hybrid Capital represented the borrower in the transaction.
DALLAS — Colliers International North Texas has been selected to oversee the property management of the office and retail portions of the 1.1 million-square-foot Republic Center, a mixed-use development located at 325 N. Saint Paul St. in downtown Dallas. The development includes a residential component as well. Four Point Star, LP, owns Republic Center, which was built in 1954 and underwent a $75 million renovation in 2000.
ALLEN — A joint venture between Fort Worth-based Trademark Property Co., New York-based Coventry Real Estate Advisors, Tennessee-based Southern Land Co. and Los Angeles-based PCCP has acquired Watters Creek at Montgomery Farm, a Class A mixed-use project in Allen. Watters Creek is a 706,000-square-foot development that consists of 100,000 square feet of office space, 356,000 square feet of retail space and the 233-unit Lofts at Watters Creek. The joint venture acquired the note on the property from a multi-bank syndicate led by PNC Bank. PCCP provided the capital through its PCCP Equity VI fund. Trademark has also signed leases at Watters Creek with Z Gallerie for 8,500 square feet and Texas Health Resources for 6,000 square feet.
NEW YORK CITY — Marcus & Millichap has arranged the $8.8 million sale of a mixed-use property at 220 West 116th St. and 449-451 W. 125th St. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller, a limited liability company. They also represented the buyer, a private investor.
HUNTINGTON BEACH, CALIF. — DJM Capital Partners has purchased about 11 acres south of the Huntington Beach Pier along Pacific Coast Highway where it intends to build the retail and hotel portions Pacific City. The land for this new mixed-use development was purchased from Crescent Heights.
NEW YORK CITY — HFF has arranged $81 million in financing for Jamaica Center, a mixed-use property in the Jamaica section of Queens. The sponsor, Mattone Group, developed the urban retail center in 2002, which includes a 15-screen theater, office space and 375-space parking garage. Tenants include Old Navy, Bally Total Fitness and Walgreens. Robert Delitsky led the HFF team that arranged the 10-year, fixed-rate loan through Jefferies Loan Core.
