Mixed-Use

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

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

Mixed-Use Southeast

ATLANTA MIXED-USE DEVELOPMENT COMPLETE

by admin February 11, 2009

ATLANTA — Atlanta-based Coro Realty Advisors has finished construction on Tremont, a mixed-use development encompassing 78 residences and street-level retail. The property is located at 15 Habersham Rd. in Atlanta. The building’s residential component includes 44 condominium units and 34 units to rent, all of which have been constructed to EarthCraft Home environmental standards. Amenities include a fitness center and a community room equipped with flat-screen televisions. No retail tenants have been announced.

February 11, 2009

Mixed-Use Texas

CADENCE MCSHANE SELECTED FOR 360,000-SQUARE-FOOT MIXED-USE PROJECT

by admin February 11, 2009

ALLEN, TEXAS — Cadence McShane Construction Co. has been selected to build a 360,000-square-foot mixed-use project at The Village at Allen, located at the corner of U.S. Highway 75 and Stacy Road in Allen. The project will comprise a three-level parking deck, as well as 45,978 square feet of ground-floor entertainment and retail space. Architecture+ is providing design services, and completion is scheduled for September. The Village at Allen is part of a 3 million-square-foot mixed-use project currently being developed in Allen and Fairview, Texas, by MGHerring Group. The Village at Allen held its grand opening in October 2008. The Village at Fairview, which is the other half of the project, is currently under construction.

February 11, 2009

Midwest Mixed-Use

MARCUS & MILLICHAP ARRANGES $1.78 MILLION SALE OF MIXED-USE BUILDING

by admin February 10, 2009

CHICAGO — Marcus & Millichap has arranged the sale of a 4,950-square-foot mixed-use building located in the Wicker Park/Bucktown neighborhood of Chicago. The vintage brick four-unit property houses three apartments above a ground-level retail space that has been extensively rehabbed. The building was acquired by an undisclosed buyer for approximately $1.78 million with a 6.8 percent cap rate. Evan Halkias and Michael Marks in the Downtown Chicago office of Marcus & Millichap represented the undisclosed seller; Shaun Buss and Sean Lyons, also in the Downtown Chicago office Marcus & Millichap, represented the buyer in the transaction.

February 10, 2009

Midwest Mixed-Use

NATIONWIDE REALTY INVESTORS BECOMES PARTNER IN NORTHSTAR COMMUNITIES

by admin February 4, 2009

COLUMBUS, OHIO — Locally based companies Nationwide Realty Investors and The Robert Weiler Company have become equal partners in Northstar Communities located near Interstate 71 and US 36-37 in Columbus. The 1,727-acre mixed-use project already includes a 400-acre, 18-hole resort golf course, which was not included in the deal. Future plans for the development call for 832 single-family homes, two condo projects, 1.5 million square feet of commercial space (retail and office), and 810 acres of green space, including walking paths, ponds, water features and parks. The Robert Weiler Company will continue to manage the day-to-day operations of Northstar Communities. Nationwide Realty Investors will work with the company with regards to all strategic planning decisions. Additionally Nationwide Realty Investors will lead the development efforts for the retail and office components of the project.

February 4, 2009

Mixed-Use Northeast

BANKNOTE BUILDING RENOVATIONS ADVANCING

by admin February 3, 2009

NEW YORK CITY — A joint venture between Taconic Investment Partners and Denham Wolf Real Estate Services has begun a new phase of the $25 million renovation project currently under way at The BankNote, a four-building, 405,000-square-foot office and retail property located in the Hunts Point neighborhood of the Bronx, New York City. The phase, scheduled for completion this year, will include parking lot renovations, the addition of landscaping and pedestrian walkways, new lobbies, a new cooling tower, corridor upgrades, new bathrooms, and a modernization of the elevators in the Lafayette and Barretto buildings. The joint venture is seeking LEED certification for the project. The project architect is Beyer Blinder Belle.

February 3, 2009

Mixed-Use Southeast

CONSTRUCTION COMPLETE ON $106 MILLION CITYPLACE SOUTH TOWER

by admin February 2, 2009

WEST PALM BEACH, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has completed construction on The Related Group’s $106 million CityPlace South Tower mixed-use project. The property encompasses a 20-story building that includes 420 residences and 9,333 square feet of ground-floor retail space. An adjoining parking structure features a 22,940-square-foot recreation space, which features a pool and spa, gardens and a cascading fountain.

February 2, 2009

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