PLANO — A public-private partnership between Franklin, Tenn.-based Southern Land Co., Chicago-based NXT Capital and the City of Plano have plans to develop a $30 million mixed-use development in downtown Plano. The transit-oriented development will feature 279 multifamily units and 9,000 square feet of retail space, including an urban 7-Eleven store. Residents of the development will have access to a fitness facility, swimming pool and be within walking distance of Historic Downtown Plano. The project is slated for a spring 2014 completion.
MINNEAPOLIS — Construction is under way on the site of the former Plymouth Center, a strip mall located just west of Highway 169 at 11305 State Highway 55 in Minneapolis. The Plymouth Center was demolished in July and crews have started work on The Waters of Plymouth, a 90-unit senior living community that will offer assisted living and memory care. The community is expected to open in June 2013. McDonald's is also expected to begin construction of a 2,600-square-foot restaurant on the site in April 2013. Oppidan Investment Co., which owns the site, is aiming to finalize the sale of the remaining parcel of land later this month for construction of a 48,000-square-foot medical office building.
SAN ANTONIO — USAA Real Estate Co. and Houston-based Cambridge Development Group have begun construction on The Residences at La Cantera, a high-end, 323-unit multifamily property located at 6215 Via La Cantera in San Antonio. The development will also include 4,000 square feet of retail space and a three-acre park with an urban plaza, lawn, playground, pond and shaded picnic areas. The development is the first phase of a mixed-use development called Town Center at La Cantera, which will feature hotel, office, retail and multifamily components. The development will eventually be linked to San Antonio's planned Leon Creek Hike & Bike Trail. The Residences at La Cantera will feature a clubhouse, cyber cafe, resort-style swimming pool, Jacuzzi, fitness center with yoga classrooms, an outdoor kitchen, fire pit and rooftop terrace. Dallas-based CF Jordan Construction served as general contractors, San Antonio-based Pape-Dawson Engineers served as the civil engineers, Looney Ricks Kiss Architecture designed the project, J. Robert Anderson was the landscape architect and San Antonio-based Riverstone Residential Group will manage the property upon completion. The property is designed to meet Texas Green certification standards.
NEW YORK CITY — A 5,940-square-foot mixed-use building at 149th 4th Ave. in Park Slope has sold for $2.12 million. Sheep Station, an Austrian pub, occupies the ground floor space. Adam Hess and Jacob Colleran represented both parties in the transaction.
FORT WORTH — Bradford Commercial Real Estate Services has arranged the sale of a 53,652-square-foot, mixed-use campus on 5.03 acres, located at 1520 Everman Parkway in Fort Worth. Karen Simon, Brian Scott and Kevin Santaularia of Bradford Commercial represented the seller, Avcor Health Care Products, in the transaction. Jordan Foster of Peyco Southwest Realty represented the buyer, Everman Independent School District.
CARY, N.C. — Northwood Ravin has started construction on the first phase of the $55 million Bradford, a mixed-use development located at David and High House roads in Cary. Phase I will include 370 multifamily units and 20 townhomes. Amenities will include a fitness center with an indoor lap resistance pool, sauna and steamroom, demonstration kitchens, business centers, doggie daycare and a pet spa. Completion is slated for fall 2013.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of 1801-1811 North Clybourn, an apartment and retail property in Chicago's Lincoln Park neighborhood. The property has been owned by a private trust since the 1930s. The building includes seven apartments and one retail unit with a full basement. The retail space previously housed the US Beer Company. Kyle Stengle of Marcus & Millichap represented the seller in the transaction. Stengle and Stephen Rachman, also of Marcus & Millichap, represented the buyer.
NEW YORK CITY — CWCapital has arranged a $46 million loan for a mixed-use building on Manhattan's Upper West Side. Todd Trehubenko of CWCapital arranged the loan through Principal Real Estate Investors. The company did not provide details about the property, but stated that it is “a top-quality asset in a terrific location, with dedicated, long-term ownership.”
ENFIELD, CONN. — Baker Properties has purchased 1559 King St., a 184,000-square-foot office, warehouse and retail building in Enfield for $5.2 million. The building is situated on 17 acres at Exit 46 along I-91. Jay Morris and Colleen Sheridan of O,R&L Commercial represented both parties in the transaction.
CHAPEL HILL, N.C. — Capital Advisors has arranged $40 million in refinancing for East 54, a mixed-use development located on Highway 54 in Chapel Hill. The property contains 114,476 square feet of office space, 55,585 square feet of retail space, residential condos and a new W Aloft hotel, which is separately owned. The hotel and condos were not part of the collateral for the loan. Clark Jenkins of Capital Advisors arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, East West Partners, through JP Morgan.