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.
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.
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.