Mixed-Use

BILZIN SUMBERG CLOSES $76 MILLION LOAN FOR 11 11 LINCOLN ROAD IN MIAMI

by admin February 1, 2011

MIAMI — Bilzin Sumberg Baena Price & Axelrod LLP has closed a $76 million refinance loan for the 11 11 Lincoln Road project in Miami. Situated at the corner of Alton and Lincoln roads, the mixed-use project offers 40,000 square feet of retail and restaurant space, as well as residential, office and parking space. Designed by Herzog & de Meuron, 11 11 Lincoln's retail space is fully leased to Rosa Mexicano, Taschen Books, Y-3, Mac Cosmetics, Nespresso, Shake Shack and Juicy Couture. HSBC Bank USA and PNC Bank acted as co-arrangers of the loan, with HSBC serving as administrative agent for the loan. Adam Lustig led the Bilzin Sumberg team, which represented Robert Wennet, a principal of MBeach1, in the closing of the loan.

February 1, 2011

MOUNT VERNON BUYS BOSTON MIXED-USE BUILDING

by admin January 28, 2011

BOSTON — The Mount Vernon Company has purchased a 46,000-square-foot mixed-use property located at 434 Massachusetts Ave. in Boston's South End for $4 million. The building was created through the combination of four brownstones and serves as a business incubator for the local community. It features an outdoor courtyard and high ceilings. Mount Vernon plans to upgrade the property in the near term. The seller's name was not disclosed.

January 28, 2011

Mixed-Use Western

GATSKI CRE SERVICES BROKERS APPROX. $4.4 MILLION MIXED-USE SALE IN SO. NEV.

by admin January 26, 2011

LAS VEGAS — Gatski Commercial Real Estate Services has completed the almost $4.4 million sale of the 95,212-square-foot Scottsdale Plaza, a mixed-use property located at 8760-8880 Maryland Pkwy. in Las Vegas. The office and retail property was sold to Sonoran Real Estate Fund by Quality Properties Asset Management Company. Also the property manager, Gatski represented the seller of the property, and McMenemy Investment Services represented the buyer.

January 26, 2011

Mixed-Use Northeast

NEW HOTEL TO BE BUILT AT MCCANDLESS CROSSING IN PA.

by admin January 21, 2011

MCCANDLESS, PA. — A new hotel will be coming to McCandless Crossing, a 130-acre mixed-use project located in McCandless Township. AdVenture Development, the project's developer, signed a contract for the sale of 3.58 acres to Widewaters McCandless LLC. The company plans to construct a 121-room Hilton Homewood Suites on the site, which is situated on the west side of McKinght Road. L.A. Fitness also recently closed on a land purchase within the mixed-use development.

January 21, 2011

Mixed-Use Texas

1400 HI LINE BREAKS GROUND IN DALLAS DESIGN DISTRICT

by admin January 21, 2011

DALLAS — 1400 Hi Line, a 23-story, 340,000-square-foot mixed-use project in downtown Dallas' design district, across from Victory Park, has broken ground. A joint venture between Houston-based PM Realty Group and the National Electrical Benefit Fund, a retirement account for electrical contractors, are developing the project, which will feature 314 residential units and 27,000 square feet of retail space. Scheduled for an opening date between mid to late 2012, the mixed-use design will include a state-of-the-art fitness center, and a rooftop pool lounge and club area. New York-based Broad Street Advisors has arranged equity and construction financing for 1400 Hi Line through U.S. Bank.

January 21, 2011

Mixed-Use Northeast

CONSTRUCTION ADVANCING FOR NEW BRUNSWICK TOD

by admin January 20, 2011

NEW BRUNSWICK, N.J. — Construction is advancing for a $150 million transit-oriented project in New Jersey. New Brunswick Gateway Transit Village is a 24-story, 632,000-square-foot mixed-use building that is being constructed at the intersection of Somerset Street and Easton Avenue, across the street from Rutgers University and adjacent to the New Brunswick train station. Upon completion, which will occur in June 2012, the building will contain a 14-story residential tower atop a 10-story parking garage that will be wrapped with commercial space. The residential component will contain 192 unit in a mix of 150 apartments and 42 condominiums. The units will sit atop a 657-space parking garage. At the lower levels will also be more than 120,000 square feet of office space and 58,000 square feet of destination retail. A pedestrian bridge with a large, iconic clock will link the Rutgers campus directly with the train platform. Barnes & Noble College Bookstore for Rutgers, the New Brunswick Parking Authority and Rutgers University Press have already signed on at the project. The development team includes the New Brunswick Development Corp. and Pennrose Properties. The project architect is Meltzer/Mandl Architects.

January 20, 2011

Mixed-Use Western

LEE & ASSOCIATES LEADS $6.25 MILLION BUSINESS PARK SALE IN INLAND EMPIRE

by admin January 14, 2011

REDLANDS, CALIF. — Lee & Associates has closed the $6.25 million sale of a 70,377-square-foot mixed-use business park and 4.59 acres of adjacent vacant land located at 1020 to 1050 Nevada Street in Redlands. Lee & Associates’ Herrick Johnson and Rich Erickson represented the seller, MKJ-McCalla Investments LLC, in the transaction, and SD Stanson Co.’s Mark Stanson represented the buyer, Fainbarg Family Trust, which plans to lease the property out.

January 14, 2011

Mixed-Use Southeast

BEHRINGER HARVARD ACQUIRES THE DISTRICT AT UNIVERSAL IN ORLANDO

by admin January 6, 2011

ORLANDO, FLA. — Behringer Harvard has acquired The District at Universal, a luxury mixed-use community located at 9702 Universal Boulevard in Orlando. Constructed in 2009, the community features 425 apartments and more than 25,000 square feet of retail space, which is anchored by Walgreens. Community amenities include a resort-style pool with private cabanas, poolside barbeque areas with gas grills and picnic tables, a two-level fitness center with tanning booths, a media room, a cyber cafe with a kitchen, a business center with a private conference room, and lighted jogging trails around Lake Cay. The one-, two- and three-bedroom apartments feature wood or stained concert floors in the living areas, walk-in closets, granite countertops, stainless-steel refrigerators, brushed nickel hardware, maple cabinetry and a washer and dryer in each unit. The acquisition was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.

January 6, 2011

Mixed-Use Southeast

394,000-SQUARE-FOOT MIXED-USE FACILITY SELLS FOR $8.15 MILLION IN FLORIDA

by admin January 6, 2011

MIAMI LAKES, FLA. — MCP EWE LLC, a joint venture between Boston-based Marcus Capital Partners Fund I and Miami-based The Easton Group, has purchased a 394,000-square-foot mixed-use property in Miami Lakes. The property, which was formerly occupied by Cordis Corp., sold for $8.15 million or $20 per square foot. Located on 27 acres at 14560 NW 60th Ave., the property consists of 11 buildings housing advanced laboratories, clean rooms, and air-conditioned warehouse, office and retail space. Additionally, Framingham, Mass.-based Heartware International has signed a 10-year lease for more than 130,000 square feet at the facility.

January 6, 2011

Mixed-Use Northeast

PRINCETON FORRESTAL VILLAGE TRADES FOR $55 MILLION

by admin January 6, 2011

PRINCETON, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Princeton Forrestal Village, a 549,337-square-foot mixed-use project located in Princeton, for $55 million. The property consists of 10 freestanding office, retail and restaurant buildings situated over 42 acres. The property contains several outdoor amenities including pedestrian bridges, fountains, tree-lined streets, courtyards and gardens. It also contains three upscale restaurants, a 60,000-square-foot fitness center, a 12,700-square-foot food court and a day care center. It was originally built in 1987 and renovated in 2007. Jeffrey Dunne, Kevin Welsh and David Gavin of CBRE's New York Institutional Group represented the seller, PF Village LLC, and procured the buyer, an entity controlled by Investcorp International.

January 6, 2011

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