CHARLESTON, S.C. — Atlanta-based Reynolds Capital Group (RCG) and Charlotte, N.C.-based Lincoln Harris has acquired 16 acres of commercial property in Charleston. Known as Gateway Village, the property is located at the intersection of Highway 17, Main Road and Bees Ferry Road in the West Ashley submarket of Charleston. The companies plan to create build-ready opportunities for retailers, medical office groups and restaurants at the site. Infrastructure construction is scheduled to begin this fall.
STORRS, CONN. — Tuxedo, N.Y.-based LeylandAlliance has entered into a definitive agreement with Education Realty Trust (NYSE: EDR) to develop the first two phases of the Storrs Center mixed-use project. Located adjacent to the University of Connecticut in Storrs, the first two phases will contain 290 luxury apartments over 70,000 square feet of ground-floor retail and restaurant space. EDR will develop, own and manage the apartments, and LeylandAlliance will own and manage the retail component. At full build-out, Storrs Center will contain $220 million of residential, retail, restaurant and office space in a town center setting. Other features will include a network of pedestrian walkways, green spaces and consveration areas. The first two phases will be delivered in 2012 and 2013, respectively.
LAS COLINAS — Trademark Property Co. has begun a planning and feasibility analysis for FRAM Building Group and Hunt Real Estate Partners concerning a 27-acre tract of land in Las Colinas. FRAM and Hunt are hoping to develop a mixed-use property called North Shore on the land, which is located at the intersection of Las Colinas Boulevard and SH 348. In addition to commercial properties, the project will include a rail station.
CAMBRIDGE, MASS. — A joint venture between Canyon-Johnson Urban Funds, The HYM Investment Group and Atlas Capital Group have acquired the former Pan Am rail yard in Cambridge and plan to redevelop it into a transit-oriented, mixed-use project. The 44-acre site, which is being called Northpoint, is located across the Charles River from Massachusetts General Hospital. When complete, it will contain residential, commercial office, retail, hospitality and life sciences space surrounding a 10-acre park. The infrastructure is already in place, and a new Green Line MBTA station is set to open by 2015. Pan Am Railways is serving as an investment partner in the project.
SCOTTSDALE, ARIZ. — Glimcher Realty Trust has entered into agreements to purchase the land for all three phases of its Scottsdale Quarter project in Scottsdale from the affiliates of its existing joint-venture partner. The deal would be for approximately $120 million. The purchase of the first and second phases is expected to occur this month, and the Phase III land purchase, along with the termination of the joint venture, is slated to close in October. Scottsdale Quarter consists of approximately 600,000 square feet of retail and office space in the heart of the city.
NEW YORK CITY — NorthMarq Capital has arranged $8.1 million in first-mortgage financing for a mixed-use building located in New York City. The five-story property is located at 111-113 E. 12th St. It contains approximately 10,000 square feet of retail and office space as well as 15 apartments. The loan carries a 7-year term and a 25-year amortization schedule. Charles Cotsalas of NorthMarq's Long Island office arranged the loan on behalf of the undisclosed borrower through StanCorp Mortgage Investors.
NEW YORK CITY — United American Land is developing a new mixed-use project at the corner of Fulton and Bridge streets in Brooklyn, near the entrance to the Fulton Street Mall. Known as 505 Fulton Street, the project will consist of the construction of a new two-story building totaling 130,000 square feet and the renovation of an adjacent landmark structure. H&M has already signed on as the anchor tenant for one of the buildings. Coldwell Banker Commercial Hunter Phoenix is serving as owner's representative, Greenberg Farrow is the project architect, and the general contractor is OTCA/BDD-JV.
ATLANTA — Scott McGregor and John Haynes of Resource Real Estate Partners have brokered the $10 million sale of 6.5 acres of land between two undisclosed parties. The land, which is zoned for mixed-use development, is located on Pharr Road in the Buckhead neighborhood of Atlanta. The acreage can accommodate up to 1.2 million square feet of development.
SEMINOLE, FLA. — Kitson & Partners has purchased a 60-acre tract of land in Seminole known as Bay Pines from a private party for an undisclosed amount. The original owner had tried to develop multifamily housing on the site, but Kitson plans to pursue a mixed-use project. The acreage is located across the street from the 297-acre Bay Pines VA Medical Center.
PHOENIX — Cassidy Turley BRE Commercial has completed the $2 million sale of The Citadel, a 28,548-square-foot mixed-use property located at 8700 E. Pinnacle Peak Rd. in Phoenix, to Brentwood West LLC. Built in 1996, the Class B property, which features office and retail space, was 16 percent leased at the time of sale. Cassidy Turley’s Eric Wichterman, Michael Coover and Michael Kitlica represented the seller, Helios AMC, and the Chandler, Ariz.-based buyer during the sales transaction. Brentwood West LLC has indicated that it plans to renovate the property.