SANTA BARBARA, CALIF. — Lee & Associates Central Coast has brokered the $11.5 million sale of the 36,767-square-foot Anacota Plaza, a mixed-use property located at 610 Anacapa St. in downtown Santa Barbara. The deal included the buyer, The Hutton Foundation, signing a long-term lease for Antioch University to occupy 31,429 square feet. Lee & Associates’ Clarice Clarke represented both the buyer and the new tenant. The remaining 5,338 square feet is occupied by a locally owned restaurant.
GLENARDEN, MD. — Annapolis, Md.-based Petrie Ross Ventures and Hutensky Capital Partners has opened Woodmore Towne Centre at Glenarden. Upon completion, the 245-acre mixed-use project will offer 715,000 square feet of retail space, 1 million square feet of office space, two hotels, a conference center, 556 residential units and 366 single-family homes. The retail portion of the property is anchored by Wegmans, Costco, JCPenney and Best Buy.
NORTHLAKE — Lester Day and Walter Floyd of Transwestern's Fort Worth office have represented Texas Speedway Return, LLC in its sale of approximately 160 acres of land known as Texas Speedway Center to a buyer, HW Indian Springs, LP, that intends to hold the site for future high-density development. Located at the northeast corner of Interstate 35 West and Highway 1171 in Northlake, the property is entitled for high-density residential and commercial uses. The property was a bank REO.
DALLAS — A joint venture between Prescott Realty Group, Northwestern Mutual and AREA Property has broken ground on a $45 million mixed-use development on the old Shamburger Lumberyard site near Southern Methodist University (SMU) in Dallas. Within walking distance of the DART Mockingbird rail station and a quarter mile from SMU, the development consists of 417 apartments and 9,100 square feet of retail space and is the final phase in the revitalization of the University Crossing neighborhood. Humphreys & Partners designed the mixed-use development, consisting of two levels of podium parking, street-facing retail space and three four-story buildings.
JAMES CITY COUNTY, VA. — Federal Capital Partners (FCP) and Westmoreland Partners (WML) have acquired Settler's Market, a multi-use development at the intersection of State Route 199 and Monticello Avenue in James City County. The $13.25 million acquisition from a bank's REO portfolio was made by FCP and WML. Settler's Market has an approved site plan for 349,890 square feet of retail and commercial space and 204 residential units. At the time of closing, 47,826 square feet of retail space was already developed and is occupied by tenants, including Trader Joe's, BB&T and Baker's Crust.
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.
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.
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.
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.
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.