DALLAS — Parmenter Realty Partners has purchased the 326,000-square-foot VHA Place mixed-use property from a private buyer for less than $50 per square foot in a distressed transaction. The property, which is located in the Las Colinas submarket of Dallas, was purchased using the Parmenter Realty Fund III. VHA Place contains 256,000 square feet of office space, which is 82 percent leased. Parameter also owns the adjacent properties, Las Colinas Towers I & II, and plans to reposition VHA Place and synergize the three properties. Gary Dunkum and Suzanne Saunders of Grandbridge Real Estate Capital arranged the financing, which was provided by American National Insurance Co.
MIAMI — South Florida-based Link Construction Group has completed the 168,194-square-foot Causeway Square mixed-use building in Miami. The four-story structure, designed by Saltz-Michelson, has 29,374 square feet of restaurant and retail space on the ground floor. A 46,000-square-foot LA Fitness takes up the second floor, and 81,170 square feet of Class A office space span the third and fourth floors. TAUBCO designed the project.
WASHINGTON, D.C. — Skanska USA has broken ground on a mixed-use project located at 733 10th St. in Washington that will house eight floors of Class A office space, a worship space for First Congregational United Church of Christ and ground-level retail. The project, designed by Cunningham & Quill Architects and Tod Williams Billie Tsien Architects, will be built to LEED Gold standards. Delivery is expected during the latter half of 2011.
WASHINGTON, D.C. — Skanska USA Commercial Development has broken ground for the development of 733 10th & G, a mixed-use project located at 733 10th St. in Washington. The project will consist of eight stories of office space, 165,000 rentable square feet, ground-level retail space and worship space for First Congregational United Church of Christ. The project is seeking at minimum LEED Gold certification and will feature green elements, including a green roof, energy-efficient floor-to-ceiling windows, green housekeeping and improved indoor air quality. Cunningham & Quill Architects and Tod Williams Billie Tsien Architects are providing architectural services for the project, which is scheduled for completion in late 2011. Last year, Skanska acquired the development rights for project, which was originally being developed by PN Hoffman.
DALLAS — USAA Real Estate Co. has purchased The Mondrian at CityPlace, a mixed-use property in Dallas, from ZOM Cityplace for an undisclosed amount. The 5-year-old, transit-oriented development, which is located at 3000 Blackburn St., contains 218 apartment units and 19,497 square feet of retail space. The street-level retail space is populated by Med-Health, Toscana Pizza, The Cupcake Factory and others. Apartment amenities include a wireless cyber café and a resort-style pool.
PASCO COUNTY, FLA. — Dallas-based CoastOak Group has acquired Connerton from Terrabrook, the previous developer, for an undisclosed price. Located in central Pasco County, the 4,800-acre, mixed-use master planned community is the only “New Town” currently under construction in the greater Tampa Bay area. As planned the community will feature approximately 8,500 residential units and more than 3 million square feet of commercial space for office, industrial and retail uses. The community currently features onsite shopping, a long-term acute care facility, a soon-to-open elementary school, Club Connerton, neighborhood parks and conservation areas.
MCKINNEY, TEXAS — CB Richard Ellis has been named advisor in the sale of Times Square at Craig Ranch, a mixed-use apartment and retail center at 7951 Collin McKinney Parkway in McKinney. The 313-unit multifamily community and 88,284 square feet of ground floor retail space was constructed at an estimated cost of $52 million and was foreclosed upon by Bank of America in November 2009. Dirk Goris and Mark Stymiest with the CBRE Multi Housing team in Dallas will lead the marketing on behalf of Bank of America. The five-story development is approximately 50 percent leased.
CHICAGO — Northbrook, Ill.-based Brinshore Development has selected McShane Construction Co. for the construction of Hairpin Lofts and Logan Square Arts Center. The reconstruction project will feature a six-story, mixed-use development featuring 25 affordable and three market-rate apartment units on floors three through six, Logan Square Arts Center on the second floor and ground-floor retail space. Hartshorne Plunkard Architecture designed the project to meet LEED Silver certification. Green elements include a roof deck patio garden/green roof, solar thermal panels for domestic hot water, a geothermal HVAC system, low VOC materials, ENERGY STAR appliances, recyclable content material and an extensive construction waste recycling system. The project is scheduled for completion in March 2011.
CHICAGO — Prime Group Realty Trust (PGRT) has completed the $24 million base building renovation at 330 North Wabash, a 52-story mixed-use property located in Chicago’s River North neighborhood. The redevelopment included modernizing the base building, operational systems and select common areas. The company strived to maintain the building’s original architecture, which was designed by Mies van der Rohe. Renovations included updating common areas, restrooms, elevator cabs, and security, fire and life safety systems, as well as installing a state-of-the-art HVAC system on the redeveloped floors. PGRT will continue to renovate and modernize tenant space and common areas as new leases are signed in the building’s 37 through 47 floors.
NEW YORK CITY — Brooklyn Navy Yard Development Corp. has selected PA Developers to develop the Brooklyn Navy Yard project in New York City. One of the developer's first assignments will involve the construction of a 55,000-square-foot Shoprite supermarket at the site. In addition, 30,000 square feet of neighborhood retail space and 125,000 square feet of industrial space will be built as part of the initial phase of development. Construction will begin by 2012. Formerly known as Admirals Row, the Brooklyn Navy Yard project will consist of the mixed-use redevelopment of 300 acres at the shipyard.