ATLANTA — OliverMcMillan has closed on its purchase of The Streets of Buckhead, a 6-block, 8-acre luxury mixed-use project in Atlanta. Construction, which halted in 2009 due to lack of financing, will begin later this year with an estimated completion in 2013. The firm will evolve architectural plans and re-engage leasing efforts, adding an additional $300 million investment to complete the project, on which $400 million has already been spent to date.
FORT WORTH — Fort Worth-based Trademark Property Co., a real estate services, investments and development firm, is relaunching its WestBend mixed-use development on University Drive in Fort Worth. Construction was halted in fall 2008 as the retail sector faltered. Completion of the seven-level garage to serve existing office buildings and restaurants will be Trademark's first order of business. New retail construction is slated to begin in mid 2012, with an opening date set for late 2013. Current tenants include Smashburger, Zoe's Kitchen, Silver Fox and the River Plaza office tenants. WestBend will include 90,000 square feet of retail space, 150,000 square feet of office space and 130 hotel rooms upon completion. Trademark is currently seeking a hotel developer for the mixed-use property.
ARLINGTON, VA. — Prudential Mortgage Capital Co. has closed a $125 million loan for Saul Centers, a Bethesda, Md.-based REIT on behalf of Prudential's General Account. The loan provides financing for Clarendon Center, a new 402,00-square-foot mixed-use development located in Arlington. The 15-year loan has a 25-year amortization. The south tower contains 244 luxury apartments, 75,500 square feet of Class A office space and 29,500 square feet of ground floor retail anchored by Trader Joe's. The north tower contains 95,500 square feet of Class A office space and 13,000 square feet of fully leased ground floor retail.
LAFAYETTE AND VALPARAISO, IND. — New York-based Broad Street Advisors has arranged an equity investment for two Indiana lifestyle centers totaling 440,449 square feet. The joint venture is between an undisclosed U.S.-based institutional investor provided equity to Indianapolis-based Lauth Group, the prior owner and developer of the property. The first property is the 337,652-square-foot, Class A lifestyle center Lafayette Pavilions, located in Lafayette. It is 85 percent occupied and anchored by TJ Maxx, Office Depot and Hobby Lobby. The second is the 91,897-square-foot, Class A shopping center Porter's Vale, located in Valparaiso. It is 81 percent leased and anchored by Cinemark, Justice and Rue 21.
PENSACOLA, FLA. — Construction has begun for Airport and 12th, a $24 million, 11.44-acre mixed-use development at Pensacola Gulf Coast Regional Airport in Pensacola. The developer of the project is Sandspure Development, an affiliate of Gulf Breeze, Fla.-based Innisfree Hotels. The project contains more than 11 acres of office and retail space as well as a 127-room Hyatt Place Hotel. Innisfree Hotels will build and manage the hotel, which will connect directly to the airport terminal. Philip Partington of Pensacola-based SMB Architecture has been selected as the architect, Birmingham, Ala.-based Robins and Morton has been selected as the general contractor, and Justin Beck of Pensacola-based Beck Property Co. has been chosen to market the five outparcels. Airport and 12th will open in March 2013.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 4,125-square-foot mixed-use building located at 213 Himrod St. in Brooklyn. The property was vacant at the time of the sale. Naomi Shu of Marcus & Millichap's Manhattan office represented the buyer and the seller, both private investors.
CHICAGO — Charlotte, N.C.-based Green Bear Real Estate Capital has closed a $87 million debt and equity private placement for a mixed-use construction project in Chicago. Located in Chicago's Old Town neighborhood, the 380,000-square-foot project will feature 250 apartment units and 30,000 square feet of retail space. Additionally, the property will feature a multi-level parking garage with 250 parking spaces and garage elevators that are accessible by residents and guests. The financing was provided by an insurance company and the structure consisted of a $59 million construction loan and a $28 million equity investment for the development of the LEED-certified, luxury residential building.
SANTA CLARITA, CALIF. — Madison International Realty has acquired a 50 percent equity interest in the 126,769-square-foot Bridgeport Marketplace, a mixed-use property located 30 miles north of downtown Los Angeles in the Valencia area of Santa Clarita. The value of the transaction was approximately $10 million. Developed in 2008 and 94.5 percent leased, Bridgeport Marketplace consists of a 97,786-square-foot retail component and 28,953 square feet of medical office space. Valley Produce Market, Walgreens and California Pizza Kitchen are the major retail tenants; the medical office component is long-term leased to the Southern California Orthopedic Institute.
SANTA MONICA, CALIF. — On behalf of a private investor, MEI Real Estate Services has arranged $11.5 million in construction financing for a mixed-use development in downtown Santa Monica. When completed in fourth quarter 2012, the project will consist of 40 high-end residential suites over 8,500 square feet of retail.
LOS ANGELES — Marcus & Millichap has presided over the $2.1 million trade of a 9,376-square-foot mixed-use property located at 410 North La Cienega Blvd. in Los Angeles. Built in 1937 and about 87 percent occupied at the time of the sale, the property consists of approximately 2,500 square feet of ground-floor retail space and five office suites totaling 4,716 square feet on the second floor. There is also 2,100 square feet of warehouse space, which is currently being used for tandem parking. Marcus & Millichap represented both the private-investor buyer and the seller, CRP Properties, in the transaction.