SIDNEY, OHIO — Echo Development Corp. has announced plans to develop a 16-acre business park adjacent to Vandemark Road near Interstate 75 in Sidney. Known as Echo Business Center, the park will contain space for retail, restaurant, professional office and medical office tenants. Plans are currently being finalized for the first tenant at the park, which will construct a 4,200-square-foot retail building that will break ground this spring. Industrial Property Brokers is handling marketing for Echo Business Center.
FORT WORTH, TEXAS — Beverly Hills, Calif.-based StarPoint Commercial Properties has acquired the commercial component of The Tower Complex, located at 500 Throckmorton St. in downtown Fort Worth. Included in the sale was two levels of retail and Class A office space at the base of The Tower that total approximately 73,000 square feet, as well as 109,000 square feet of retail and office space located in the Annex, which is situated directly across the street from The Tower. Notable tenants include Capital One, Chesapeake Energy, Cantina Laredo and Texas Capital Bank. The Tower also contains 295 residential condominiums over 37 floors that were not included in the sale. StarPoint Commercial Properties provided in-house representation in the transaction. Tom Salanty with the Dallas office of Cushman & Wakefield represented the seller, TLC Green Property Associates. The acquisition price was not disclosed.
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.