Mixed-Use

CRONHEIM MORTGAGE SECURES $11 MILLION RETAIL/OFFICE LOAN

by admin March 9, 2009

BASKING RIDGE, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has secured $11 million in financing for 100 Marketplace, a retail/office lifestyle center located on Mountainview Boulevard in Basking Ridge. The property was completed in 2008 and was 97 percent leased at the time of closing. Major retail tenants include Wachovia, Panera Bread and Origins Restaurant. In addition, a medical day spa has leased 12,000 square feet of the property’s second floor. Cronheim Mortgage’s Andrew Stewart and Dev Morris originated the loan, which includes a 15-year term with a 30-year amortization schedule. The borrower and lender were not disclosed.

March 9, 2009

FINAL PHASE OF ATLANTA MIXED-USE PROJECT DELIVERS

by admin March 6, 2009

ATLANTA — Atlanta-based Kairos Development Corp. has delivered the 351,373-square-foot Astoria at The Aramore, the final phase to the mixed-use Aramore project. The residential complex spans 1.38 acres in Atlanta and features a pool, a heated spa, a fitness center and street-level retail. New York City-based Real Estate Capital Partners and Pittsburgh-based Flagstar Bank provided funding for the $36 million project.

March 6, 2009

Mixed-Use Northeast

LARKEN ACQUIRES 106,880-SQUARE-FOOT OFFICE/RETAIL PROPERTY

by admin March 6, 2009

SPRINGFIELD, N.J. — Hillsborough, N.J.-based Larken Associates has acquired a 106,880-square-foot retail and office property located at 899 and 901 Mountain Ave. in Springfield. The first building, Echo Plaza Shopping Center, is a 66,000-square-foot retail complex. The other building, Echo Executive Plaza Office Building, is a three-story, 40,880-square-foot professional office building. Larken Associates plans to undertake significant renovations and upgrades to the property. Construction at Echo Plaza Shopping Center will include a new exterior façade and roof, new tenant signage, a new marquee sign and exterior landscaping. Improvements at Echo Executive Office Building will include a new lobby, common bathrooms and corridors. Victor Kelly of Raider Realty represented the buyer in the transaction. The seller, as well as the purchase price, was not disclosed.

March 6, 2009

Mixed-Use Western

CONSTRUCTION COMPLETE FOR SEVEN SERIES @ HUGHES AIRPORT CENTER

by admin February 27, 2009

LAS VEGAS — Construction is complete for the Seven Series @ Hughes Airport Center, a mixed-use complex located at 740 Pilot Rd. in Las Vegas. The project comprises seven free-standing buildings offering a total of 100,000 square feet of office and industrial space. The park offers office buildings ranging from 2,500 to 22,000 square feet and research and development industrial buildings ranging from 2,500 to 10,500 square feet. Irvine, Calif.-based Centra Realty Corp. developed Seven Series @ Hughes Airport Center. WM Architects Nevada provided architectural services for the project.

February 27, 2009

Midwest Mixed-Use

PARTNERSHIP PLANS 21-ACRE MIXED-USE DEVELOPMENT

by admin February 26, 2009

BOLINGBROOK, ILL. — Podolsky Northstar CORFAC International and Peak Development have partnered to develop a mixed-use project on a 21-acre site located at Falcon Ridge Way and Janes Avenue in Bolingbrook. The project, named Promenade Place, will be constructed southwest of Promenade Bolingbrook, which is another mixed-use development that opened an approximately 1 million-square-foot retail component in 2007. Although designs are still being completed for Promenade Place, initial plans call for as many as three multi-story office structures and two residential buildings, with various business and lifestyle amenities. Promenade Place could house up to 170,000 square feet of conventional office space and 30,000 square feet of medical office space. Construction of the first phase of the multifamily component is scheduled to commence this year. The office component will be marketed for a corporate build-to-suit.

February 26, 2009

Mixed-Use Western

CONSTRUCTION COMPLETE FOR WATERMAN BUSINESS PARK

by admin February 24, 2009

SAN BERNARDINO, CALIF. — Voit Development Company has completed the second phase of Waterman Business Park, a 500,000-square-foot mixed-use office and industrial center located along Waterman Avenue in San Bernardino. The second phase features seven buildings totaling 185,000 square feet, ranging in size from 20,000 to 40,000 square feet. Herrick Johnson and Alexey Zabolotskikh of Lee & Associates Riverside, Calif., office are marketing the industrial portions of the property.

February 24, 2009

Mixed-Use Northeast

LARKEN ASSOCIATES ACQUIRES RETAIL, OFFICE PROPERTY FOR $16.3 MILLION

by admin February 19, 2009

SPRINGFIELD, N.J. — Larken Associates has acquired Echo Plaza, a mixed-use property located on Route 22 in Springfield, for $16.3 million. The property comprises a 66,568-square-foot neighborhood shopping center, as well as a three-story, 40,880-square-foot office building. The retail center is 71 percent leased to a tenant roster that includes Big Lots, Outback Steakhouse and Sherwin Williams. The office building is 91 percent leased to tenants that include financial, insurance and area service companies. David Bernhaut, Andrew Merin, Gary Gabriel and Jose Cruz of Cushman & Wakefield arranged the transaction, with John Garibaldi of GRC Management providing additional assistance for the seller, Paragano Development. The buyer plans to make significant capital improvements to the property in an effort to lease the vacant space.

February 19, 2009

Midwest Mixed-Use

MCKINLEY COMMERCIAL COMPLETES 150,000-SQUARE-FOOT WORK-OUT

by admin February 17, 2009

DAYTON, OHIO — McKinley’s Commercial Client Services Group has completed the work-out of a 150,000-square-foot distressed asset located in Dayton. The company took over Northtown Center, which includes an office and retail component, as a court-appointed receiver in June 2008. Within 6 months, McKinley improved the physical appearance of the property, renewed the leases of key tenants and successfully transitioned the asset to a purchaser of the property.

February 17, 2009

Mixed-Use Northeast

CONSTRUCTION COMPLETE FOR FORDHAM PLACE

by admin February 13, 2009

NEW YORK CITY — Construction has been completed for Fordham Place, a 276,475-square-foot multi-use project located at the intersection of East Fordham Road and Webster Avenue in the Bronx, New York City. The building consists of 14 stories of Class A office space and three stories of retail space. Retail tenants include Sears, Best Buy, 24 Hour Fitness and Walgreens. The office component features floor plates that range in size from 27,659 square feet in the base of the building to 8,165 square feet in the tower floors. Construction at Fordham Place consisted of the conversion of a conventional department store to the multi-use building. Approximately 90,000 square feet of space was added to the first six floors and the property’s cellar was expanded to 37,000 square feet. The loading dock was relocated and replaced with a two-story to five-story glass façade that serves as the entrance to the upper-level retail shops. The building has been pre-certified for LEED – Core & Shell designation. Fordham Place was designed by Atlanta-based GreenbergFarrow; it was developed by a partnership between Acadia Realty Trust and PA Associates.

February 13, 2009

Midwest Mixed-Use

$186 MILLION SCALED-BACK CENTENE HEADQUARTERS GETS GREEN LIGHT

by admin February 12, 2009

CLAYTON, MO. — The initial phase of construction is set to begin for St. Louis-based Centene Corp.’s $186 million headquarters campus, which will be located at South Hanley Road and Forsyth Boulevard in Clayton. The development agreement between the city of Clayton and CMC Real Estate LLC, a subsidiary of Centene Corp., was originally passed in July 2008. On February 10th, the Clayton Board of Alderman approved a new development plan for the mixed-use project, which was scaled-back from $215 million. Revised plans for the project call for an office tower measuring between 469,155 square feet to 576,883 square feet, with a ground-floor 28,125-square-foot retail component. An 882- to 1,208-space parking structure is also planned for the development. Changes in the project have reduced the net value of the tax abatement from $22 million to approximately $18.9 million. U.S. Equities is developing the project in conjunction with Clayco Realty Group. St. Louis-based based Koman Group is investing an undisclosed amount for the development.

February 12, 2009

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