GRAYSLAKE, ILL. — Skokie, Ill.-based Alter Group has released the final general development plan for Cornerstone, a 650-acre master-planned project that is slated for development in Grayslake. Plans call for approximately 3 million square feet of light industrial, research and development, and office space; 500,000 square feet of retail and entertainment space; and a unique residential component. Cornerstone will be constructed in multiple phases over a 12-year period. Infrastructure work, including utility extensions and road enhancements, will be undertaken in cooperation with the Village of Grayslake. A public hearing for the project is anticipated to take place in the next few months.
KAPOLEI, HAWAII — Tampa, Fla.-based DeBartolo Development is moving forward with its plans to develop Ka Makana Alii in East Kapolei. The company is currently in the process of selecting a general contractor for the $500 million project. The 1.5 million-square-foot, mixed-use, open-air shopping center will feature a department store anchor, an entertainment anchor, restaurants, a fitness center, two business hotels offering 300 to 500 rooms, 200,000 square feet of office space and more than 4,000 surface and underground parking spaces. The company plans to break ground in 2010, with phased construction through 2013.
SANTA ANA, CALIF. — Pasha Darvishian and Wes Griffin of Marcus & Millichap’s Newport Beach, Calif., office represented the undisclosed buyer and seller in the disposition and acquisition of 217 N. Broadway in Santa Ana. The 16,819-square-foot property sold for $2 million. The property consists of two separate mixed-used buildings and an income-generating parking lot.
ENGLEWOOD, N.J. — Marcus & Millichap has brokered a local developer’s sale of a 16,500-square-foot mixed-use property in Englewood to a local investor for $1.6 million. Urszula Zoltek of Marcus & Millichap’s New Jersey office represented the seller, and the firm’s Greg Babaian represented both parties.
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.
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.
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.
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.
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.
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.