GRANDVIEW HEIGHTS, OHIO — Columbus, Ohio-based Nationwide Realty Investors (NRI) has released the conceptual plans for Grandview Yard, a $500 million mixed-use development located in the Columbus suburb of Grandview Heights, near the campus of Ohio State University. Encompassing 80 acres, the project will feature 1.5 to 2 million square feet of commercial space, comprising a significant specialty and anchor retail component, restaurants, and offices; as well as more than 600 residential units and three new community parks. Construction is set to begin in early 2009. The project is owned and developed by a joint venture involving NRI, with leasing, management and construction services being provided by Columbus-based Equity.
Mixed-Use
PASADENA, CALIF. — Cambra Real Estate/Angelo Gordon Co. has acquired Old Pasadena Plaza I and Old Pasadena Plaza II from Old Pasadena Plaza II LLC for $32 million. The mixed-use properties total 72,815 square feet and are located at 61, 75-85, 87-91 and 95 N. Raymond Ave., and 54-56 E. Holly St. Bob Safai of Madison Partners represented the buyer in the transaction.
FRANKLIN, WIS. — Ryan Cos. has announced plans to develop a 28-acre mixed-use campus located adjacent to Wheaton Franciscan Healthcare in Franklin. The project, called Franklin Medical Center, will comprise 180,000 square feet of Class A medical/specialty office space, 50,000 square feet of retail space, 6 acres of outlot parcels for build-to-suit development and approximately 1,200 parking spaces. Inland Cos. will serve as the exclusive leasing agent for the project. Wheaton Franciscan Healthcare is a 275,000-square-foot outpatient care facility that is scheduled for completion this spring.
BALTIMORE — N.J.-based ARC Properties, and its affiliate ARCWheeler, have acquired the 2-acre McCormick Spice land site in Baltimore’s Inner Harbor area from Sparks, Md.-based McCormick & Co. ARC will develop a 60-story, 1.6-million-square-foot mixed-use project on the property, which will include 600,000 square feet of office space, 225 hotel rooms, 150 condominiums and 80,000 square feet of retail. Construction will be completed in three phases.
AVONDALE ESTATES, GA. — A.G. Armstrong Development’s Tampa, Fla. and Atlanta offices will develop a 5-acre, 350,000-square-foot mixed-use project in Avondale Estates, located east of Atlanta. The project will include retail, offices and multifamily residences that reflect the area’s Tudor-style architecture as part of the redevelopment of the city’s downtown. Phase 1 will include a Publix grocery store, retail, parking structure and residential building. Phase 2 will feature a second residential building with retail on the first floor. Roswell, Ga.-based Randall-Paulson Architects designed the project. Construction is slated to begin in April and be completed in mid-2009.
GEORGETOWN, TEXAS — Realty Capital Partners (RCP) has formed a company, RCP Georgetown Mixed-Use Land Ltd., to provide equity capital for the acquisition of approximately 185 acres in Georgetown for future development. Tucson, Ariz.-based Bourn Partners is the other party in the limited partnership, which purchased the land in order to hold, entitle, improve and sell it as mixed-use locations. The purchase price was undisclosed.
EDWARDSVILLE, ILL. — IMPACT Strategies has been selected by Joseph E. Meyer & Associates to provide construction management services for the development of Park Plaza, a $12 million mixed-use development located in downtown Edwardsville. Upon completion, the project will contain 42,350 square feet of retail space, 7,000 square feet of Class A office space and 17 lofts. Phase I construction is currently underway, and should be complete by April.
NEW YORK CITY — Matt Fotis of Marcus & Millichap has completed the $1.66 million sale of a mixed-use property in Brooklyn, New York City. Located at 757 Nostrand Ave., the property was 95 percent vacant at the time of the sale. Fotis represented the undisclosed buyer and seller in the disposition.
JACKSONVILLE, FLA. — Jacksonville-based Newcom Development broke ground on the Greenland Commerce Center, a 215,000-square-foot mixed-use center in Jacksonville’s Mandarin district, located on Greenland Chase Blvd. The LEED-certified project will be comprised of seven buildings featuring retail, office, industrial and flex space. Wakefield Beasley’s Jacksonville office designed the project.
NEW YORK CITY — Tanya Khabay and Deanne Draeger of Marcus & Millichap have completed the $11.5 million sale of a development site in the Greenwich Village/Union Square area of Manhattan, New York City. The site, located at 52-54 W. 13th St., includes a vacant mixed-use building as well as air rights that were acquired from 50 W. 13th St. Khabay represented the seller, an undisclosed California trust, and Draeger represented the buyer, an undisclosed Manhattan-based hospitality developer.