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.
Mixed-Use
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.
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.
CHICAGO — J.P. Morgan Asset Management has invested $182 million for a majority stake in the 474-rental apartment portion and parking and commercial space of Aqua at Lakeshore East in Chicago. The 87-story, mixed-used tower includes 474 studio, one- and two-bedroom luxury apartment units on floors 19 through 52. The building also offers 262 condominium residences and the 14-story Radisson Blu Aqua hotel.
NEW ORLEANS — The Domain Companies is developing South Market District, a mixed-use, transit-oriented development in downtown New Orleans. The encompassing five blocks, the project will offer 450 luxury apartments and 170,000 square feet of upscale retail, restaurants and entertainment venue space. Cooper Carry Architects is providing architectural services for the project. Domain plans to break ground on the first phase in late 2011, with completion expected in the late 2013.
HOUSTON — Houston Pavilions, a mixed-use development in downtown Houston, has announced that an entertainment venue with a Houston past will reopen its doors there. Scott Gertner's Skybar closed its doors this past July and will be reinvented as Scott Gertner's at Houston Pavilions, opening in March 2011. The venue will complement the existing tenants including the House of Blues, Lucky Strike Lanes & Lounge and Pete's Dueling Piano Bar. Scott Gertner's at Houston Pavilion will be designed as a bi-level venue with approximately 8,200 square feet of space in the main area and a 3,500-square-foot rooftop deck.
FRISCO — Cousins Properties Inc., on behalf of Dallas investor Tom Hicks, has sold 7.3 acres of land in Frisco to AMLI Residential, a Chicago-based multifamily firm. The parcel is part of Champions Park, a 75-acre mixed-use development located at the northeast corner of State Highway 121 and the Dallas North Tollway, home to Dr. Pepper Arena, which hosts the NHL's Dallas Stars, and Dr. Pepper Ballpark, which hosts the Frisco Roughriders. Cousins Properties will continue to manage and direct development for the remaining land at the site.
DETROIT — Riverfront Holdings, an arm of General Motors, has acquired a portion of Millender Center, a mixed-use complex in Detroit. Forest City Enterprises and its partners sold the portion for $37.8 million. The acquired asset includes a 1,850-space parking facility, the 242-room Courtyard by Marriott hotel, approximately 30,000 square feet of retail space and 9,800 square feet of office space. Forest City and its partners will retain ownership of the 339-unit Millender Center Apartments.
CHICAGO — Essex Realty Group has brokered the sale of a mixed-use planned development at 1824 West 103rd Street in Chicago's Beverly neighborhood. The project was originally planned for a 12-unit new construction mixed-use condominium building and a 28-townhome complex. The site currently consists of four one-bedroom/one-bath units, six two-bedroom/two-bath units, two commercial spaces and a vacant lot. Doug Fisher of Essex represented the undisclosed seller, while DOug Imber, also of Essex, represented the undisclosed buyer in the $1.2 million transaction.
CHICAGO — Chicago-based Newcastle Limited has acquired a mixed-use property, which is located at 2525 N. Clark in Chicago's Lincoln Park neighborhood, for $3 million. The property consists of 4,300 square feet of retail space and 12 apartment units. Current retail tenants include Starbucks Coffee, Austrian Bakery and Sultan's Market. Kyle Stengle and Steve Rachman of Marcus & Millichap represented the undisclosed seller in the transaction.