NOVI, MICH. — Lee & Associates of Michigan has brokered the sale of 16,048 square feet of flex space located at 46695 Magellan Dr. in Novi. The property was acquired by IPG Photonics, which plans to use the facility as its metro Detroit showroom and laboratory. The seller, Anlin Development, was represented by Jon Savoy and Joseph Pellerito of Lee, while the buyer was represented by Mark Schafer, also of Lee. The sale price was not disclosed.
Mixed-Use
CARSON, CALIF. — A joint venture between Newport Beach, Calif.-based LNR Property Corp. and Hopkins Real Estate Group has commenced work on Avalon at South Bay, an $850 million mixed-use development located along Interstate 405 between Avalon and Del Amo boulevards in Carson. The brownfield redevelopment will encompass 168 acres formerly occupied by a landfill. The project will include more than 1 million square feet of retail space, more than 1,300 residential units and 300 hotel rooms. Additionally, Tetra Tech has been awarded the contract to prepare the site for development, as well as perform operations and maintenance services for the landfill remedial systems through 2027.
BRANDON, FLA. — Charlotte, N.C.-based Crescent Resources is developing Crosstown Center, a 260-acre mixed-use development in Brandon, located along Lee Roy Selmon Expressway and Falkenburg Road. Construction of 300 multifamily homes will start this summer, with delivery of the first units in January 2009. The apartments will feature one-, two- and three-bedroom units, ranging from 782 to 1,563 square feet. Candlewood Hotels has acquired a 2.5-acre site in the development for a 100-room hotel, and Lifelink will build a 60,000-square-foot facility. Construction for both projects is slated to begin this year. The development will also include Crosstown Center One, a three-story, LEED-certified Class A office building.
FRANKFORT, ILL. — Marcus Theatres Corp., a division Milwaukee-based The Marcus Corporation, has signed a letter of intent to develop a new theater as part of a mixed-use center that is being developed by Chicago-based HSA Commercial in Frankfort. Located near the intersection of Lincoln Highway and LaGrange Road, the new development will feature upscale specialty retailers, entertainment venues, restaurants, office space, and will be able to accommodate future theatre expansion. Due diligence and planning will commence soon on the theater, with completion expected as early as summer or fall 2009.
TUSCALOOSA, ALA.— Birmingham, Ala.-based Capital Growth Buchalter is building Commons North, a $40 million, 50-acre mixed-use development in Tuscaloosa. The project includes 242 of Class A multifamily units; 8 outparcels for fast food, casual dining and financial tenants; and an 8-10-acre office park. The project is in the final phase of completion, which will deliver high-end retail shops in spring 2009. Current tenants include CVS Pharmacy, Buddy’s Food Mart, Regions Bank and a multi-story storage facility. The center is located at intersection of Rice Mine Road and New Watermelon Road.
MINNEAPOLIS — GE Real Estate has provided $28.5 million in fixed-rate financing for the acquisition of a mixed-use property located in the warehouse district of downtown Minneapolis. The property, which was formerly a John Deere factory, contains 316,375 square feet of office and retail space, as well as a five-level parking garage. The property is occupied by more than 40 tenants, including design firms, modeling agencies, architects, and other creative and professional firms. The borrower, City Center Retail, plans to invest $4 million in renovations and upgrades, which will bring the property to market-level rent and occupancy rates. United Properties has been hired to market the property. The transaction was arranged by Scott McMullin and John Crump of Holliday Fenoglio Fowler.
KING OF PRUSSIA, PA. — Brad Nathanson and Brent Waterman of Marcus & Millichap’s Philadelphia office have completed the $3.43 million sale of a two-story warehouse and office facility in King of Prussia. The 63,600-square-foot building is located off Route 202 at 320 S. Henderson Rd. and is tenanted by Tweeter Home Entertainment. Nathanson and Waterman represented the seller, Fred Lokoff Trust, and procured the buyer, Provco Henderson, in the transaction.
SAUSALITO, CALIF. — Westcore Properties, on behalf of Westcore Marin, has acquired an 11-building portfolio in Sausalito for $26 million. The 134,812-square-foot portfolio includes office, restaurant, industrial and artist space. Jeff Traynor of Orion Partners represented the buyer, while Jerry Suyderhoud, also of Orion Partners, represented the seller, Marin Freeholders, in the transaction. Financing for the acquisition was provided by California Bank & Trust.
CAMBRIDGE, MASS. — Allstate Real Estate Investment Group has provided a $52 million loan for a portion of University Park at MIT, a mixed-use development in Cambridge. Situated on 27 acres, the project will feature 1.5 million square feet of scientific research facilities as well as traditional commercial and residential real estate. The borrower’s portion, a joint venture between Forest City Enterprises and the Massachusetts Institute of Technology, includes a 101,222-square-foot office building, 68,000 square feet of retail and a 950-space parking garage. Chris Blechschmidt of Capmark Finance arranged the financing.
BEND, ORE. — Renaissance Homes is developing Fremont Place, a four-building, live-work multifamily community located within NorthWest Crossing in Bend. The project will feature 30 two-level townhomes each consisting of 600 square feet of commercial space on the first level and 1,200 to 1,600 square feet of residential space on the second level. The commercial space is restricted to services, such as beauty shops, law offices, neighborhood shops and other like businesses. Portland, Ore.-based Myhre Group Architects provided architectural and design services for the project, which is slated for completion in July.