BRANSON, MO. — Effective Aug. 1, General Growth Properties will assume management, marketing and leasing responsibilities for Branson Landing, an upscale mixed-use development located in Branson. Branson Landing, which is owned by HCW Development Co., includes more than 420,000 square feet of retail, luxury condominiums, the Hilton Promenade, the Hilton Branson and the city’s convention center. The development, which is anchored by Bass Pro Shops and Belk department store, includes a variety of specialty retailers and restaurants. Additionally, Branson Landing contains waterfront entertainment venues including Gage’s Branson Landing Marina & Shoppes, the Branson Landing Cruises and Ride the Ducks.
WASHINGTON, D.C. — Jim Kornick, Jerry Burg and Matt Clinebell of NorthMarq’s Washington office recently brokered the sale of the 8,780-square-foot Capitol Lounge building, which contains two floors of office space and a restaurant, for $5.87 million. Further details of the transaction for the building, located at 229 Pennsylvania Ave., were not released. Roy Hill of Marcus & Millichap represented the seller.
PHILADELPHIA — Girard Square Partners LLC has entered into an agreement with TCA Girard LP to acquire the leasehold interest in Girard Square, an 830,000-square-foot mixed-use complex located in Philadelphia. The complex spans an entire city block, and is bounded by Market, Chestnut, 11th and 12th streets. It comprises four buildings and a parking garage that contains 721,279 square feet of office and retail space, and 500 spaces of parking, respectively. The four buildings include the 13-story Stephen Girard Building, located at 21 S. 12th St.; the two-story 1100 Market Street building; the eight-story 34 South 11th Street building; and the four-story 1101 Chestnut Street building. The interest was acquired from the estate of Stephen Girard for an undisclosed amount. Girard Square Partners is a private partnership between PJSC – Joss Real Estate Partners I LLC, Philadelphia-based Young Capital and Philadelphia-based SSH Real Estate. The property will be leased and managed by SSH.
CONTRA COSTA COUNTY, CALIF. — AvalonBay Communities Inc., Millennium Partners, the San Francisco Bay Area Rapid Transit (BART) and the County of Contra Costa are breaking ground for the development of Avalon Walnut Creek at Contra Costa Centre, a transit-oriented mixed-use development in Contra Costa County. When complete, the project will feature 422 residential apartments, of which 85 will be affordable units; 100 condominium units; 35,000 square feet of local service retail space; a civic use area; a 19,400-square-foot business conference center; and 270,000 square feet of office space.
PEARLAND, TEXAS — Chattanooga, Tenn.-based CBL & Associates Properties has signed eight tenants to outparcel locations at Pearland Town Center, a 1.2 million-square-foot mixed-use development located at the intersection of FM 518 and Highway 288. Gringo’s Mexican Kitchen, Goodyear Auto Service, Burger King, Jared, Red Lobster, Pot Belly Sandwich Works, Pei Wei Asian Diner and Arby’s will join the 718,000-square-foot lifestyle center component of the project. The lifestyle center will be anchored by Dillard’s, Macy’s and Barnes & Noble. In addition to the retail component, Pearland Town Center will contain a 110-room Courtyard by Marriott hotel, office and residential space above the retail shops; as well as a 25-acre lake with walking paths and parks. Completion is scheduled for the end of this month.
INDIANAPOLIS — Indianapolis-based Ralston Square LLC has announced hotel and restaurant anchors for the $60 million mixed-use Ralston Square development, which is located at the northeast corner of South and Meridian streets in Indianapolis. Ceres Development Co. will construct a 155-unit Cambria Suites within the 11-story Ralston Square building. Occupying floors seven to nine, features of the hotel include a two-story lobby, as well as a restaurant and meeting space. In addition to the hotel, 37,000 square feet of first-floor retail space within Ralston Square will be occupied by three Landmark Leisure Group concepts including BlackFinn Restaurant & Saloon and Strike City Lanes. The second level of Ralston Square will house an additional 40,000 square feet of retail space, while floors four to six will provide 525 parking spaces. Ralston Square is attempting to become the first high-rise in Indiana to achieve LEED certification. Environmental features of the facility include street-level rain gardens and more than 11,000 square feet of green roof space.
WASHINGTON — Corus Bank closed a $60 million loan to a joint venture of The Cohen Companies and O’Connor Capital Partners for the construction of the 14-story Velocity, a mixed-use property located at 1025 First St. SE in Washington. The building will feature 200 condominiums and 1,400 square feet of ground-floor retail space.
BLUFFTON, S.C. — Crosland and Reed Development are developing the 57-acre Buckwalter Commons, a mixed-use property at the future intersection of U.S. Highway 278 and the planned Hampton Parkway in Bluffton, near Hilton Head Island. Construction on Phase 1, consisting of 135,000 square feet of retail space, will begin next year, with a 53,543-square-foot Harris Teeter opening in early 2011. A second phase will include medical facilities and office buildings.
GREENVILLE, S.C. — Construction began on Windsor/Aughtry Company’s $45 million six-story, mixed-use Main at Broad, located on the corner of Main and Broad streets in downtown Greenville, which will include a 135-room hotel and 65,000 square feet of office and retail space. When completed in fall 2009, Nantucket Seafood Grill will be one of the first tenants.
THE WOODLANDS, TEXAS — A partnership led by Fort Worth, Texas-based Trademark Property Co. has acquired a 50 percent interest in Market Street – The Woodlands, a 560,000-square-foot mixed-use development located in The Woodlands, from Kimco Developers. Trademark is the developer of the project, as well as the owner of the other 50 percent interest in the property. The partnership that purchased the interest comprises Trademark, private investors and Institutional Mall Investors LLC, an institutional investment entity owned by California Public Employee’s Retirement System and an affiliate of Miller Capital Advisory. Market Street – The Woodlands is located within the urban core of The Woodlands master-planned development. It comprises 400,000 square feet of retail space, 100,000 square feet of Class A office space and a soon-to-be-completed AVIA boutique hotel.