COVINGTON, LA. — Colonial Properties Trust and Robert B. Aikens & Associates have broken ground on the 1 million-square-foot Colonial Pinnacle Nor du Lac. The $240 million development, located in St. Tammany Parish in Covington, will feature a hotel, 35,000 square feet of office space and 115 retailers and restaurants. Future tenants include Mignon Faget, Dillard’s, Kohl’s, Barnes & Noble and Dick’s Clothing and Sporting Goods. The project is slated for delivery in October 2009.
Mixed-Use
CHERRY VALLEY, ILL. — On October 23, Walter Wayne Commercial Real Estate will formally announce construction plans for a 30,000-square-foot development, which will be located at the northeast corner of Newburg and Bell School roads in Cherry Valley. The $8 million Cherry Valley Crossing project will consist of four buildings situated across a 4-acre site. OSF Medical Group will occupy 7,000 square feet of space within one of the buildings; Bell Pantry & Liquor also has plans to occupy space at the project. In addition to Cherry Valley Crossing, the company has plans to develop Cherrywood, a $10 million office campus, which will be located at Newburg Road and Interstate 90 in Cherry Valley. The environmentally sustainable office complex will be situated on a 6-acre site, and will feature more than 600 feet of frontage along I-90.
CANTON, MICH. — LaKritz-Weber & Co. has brokered the sale of a mixed-use building within Cherry Hill Village, which is located at 50409 Independence St. in Canton. M & M International Enterprises LLC has acquired the 13,500-square-foot property from Cherry Hill Investors LLC. Adam Goodman and Tony Schmitt of LaKritz-Weber represented the seller in the transaction. The acquisition cost was not disclosed.
INDIO, CALIF. — Highland Realty Capital Inc. has arranged a $26.5 million loan for the land development of Northgate Crossing, a mixed-use, master-planned community in Indio. The 80-acre development is entitled for commercial, hospitality and residential uses and is located within an Enterprise Zone, which allows employers to obtain state tax credits. The borrower was Northgate Crossing LLC.
BLUE MOUND, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has completed the sale of a 27-acre land parcel located in Blue Mound. The buyer, California-based Hearthstone Properties Delaware LLC, plans to use the property to expand its current industrial facility, which is used as an auctioning arena and storage facility for Truckcenter.com. The seller was Santa Barbara, Calif.-based Hilzer Family Trust. Pete Richardson and Drew Richardson of HSMC represented both parties in the transaction.
WASHINGTON, D.C. — Washington-based Perseus Realty, in partnership with YMCA of Metropolitan Washington, FLGA Real Estate Group and Capmark Investments, has broken ground on a $97 million mixed-use project, located at the intersection of 14th and W streets in Washington’s U Street Corridor. The property includes 231 apartments, a 46,000-square-foot redevelopment of a historic YMCA and 12,200 square feet of retail space. The $15 million YMCA building will feature fitness and childcare facilities, meeting rooms and a 25-meter indoor swimming pool. Hellmuth, Obata & Kassabaum and Davis Carter Scott Ltd. are designing the 263,000-square-foot development. Delivery is expected by December 2010.
MORRISVILLE, N.C. — Raleigh, N.C.-based JDavis Architects and Fairfax, Va.-based Dewberry have completed the $32 million Grace Park, a mixed-use community located at the intersection of Morrisville Carpenter Road and Davis Drive in Morrisville. The project includes 250,000 square feet of residential space broken up into apartments, two-story brownstones and townhomes. A proposed 87,0000 square feet of retail and restaurant space will house tenants such as Starbucks Coffee, Quiznos Sub, Salon SOS, Dairy Queen, Buffalo Wings and Rings and Anytime Fitness.
WOOD-RIDGE, N.J. — Lakewood, N.J.-based Somerset Development has received final approval for the development of Phase I of Westmont Station, a 70-acre, transit-oriented, mixed-use project located at the former Curtiss-Wright site in Wood-Ridge. Phase I will include the construction of four buildings containing 406 apartment residences, as well as 27 single-family homes, 36 townhomes, 11 live-work townhomes, and approximately 25,000 square feet of retail and commercial space. Of the apartments, 61 will be affordable housing units. The apartments are being developed by AvalonBay Communities; occupancy for the first phase is scheduled for 2010 Additional construction will consist of the project’s anchor, a New Jersey Transit Train Station. Construction for it is slated to begin in 2009, with completion in 2011. Ultimately, the project will contain 788 residential units, 130,000 square feet of retail and office space, a public square, a new middle school, athletic fields, and walking and biking paths. The project is also participating in the LEED Neighborhood Development pilot program.
WOODBRIDGE, VA. — Catons Ridge Office Park LLC has broken ground on the 200-unit Fairfield at Catons Crossing, part of the 400,000-square-foot Catons Crossing mixed-use project located in the Potomac Mills area of Woodbridge. The apartment complex will encompass six four-story buildings, and amenities include a clubhouse and a pool.
EL PASO, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the purchase of a nine-story, mixed-use building located at One Union Fashion Center in downtown El Paso. The building comprises 212,000 square feet; it features retail space on the first two floors, and office and residential space on the top seven floors. Shawn Ackerman and Jason Gaines of HSMC represented the buyer, J&M Sales of Texas, which is a subsidiary of Gardena, Calif.-based National Stores. Doing business as Fallas Paredes, the buyer plans to move into the retail portion of the building by the end of 2009. The seller, VEK#2 LP, was represented by Dan Foster of the El Paso office of Grubb & Ellis.