PHILADELPHIA — Vesper Property Group has acquired 1619 Walnut St., a 39,305-square-foot, mixed-use building in Philadelphia. Located in city’s retail district, the six-story building contains 15,000 square feet of office space. Tenants include Claflen Associates, a local architecture firm, and Brasserie Perrier, a famed Philadelphia restaurant.
Mixed-Use
NEW YORK CITY — Red Apple Myrtle Avenue Development is currently constructing 162-184 Myrtle Ave., a 240,000-square-foot mixed-use development located between Flatbush Avenue and Ashland Place in Brooklyn, New York City. Built over three city blocks, the project will feature a low-rise, mid-rise and high-rise buildings. The retail component will encompass three levels, which will feature 61,000 square feet on the ground floor, 79,000 square feet on the lower level and 89,500 square feet on the second level. The building will be anchored by a 10,000-square-foot Duane Reade. The Myrtle Avenue development will also contain 500 residential units. The facility is scheduled for completion in January 2009. Winick Realty Group is handling the leasing for the retail component.
BUFORD, GA. — Lawrenceville, Ga.-based Brand Properties has developed Buford Village, a 10-acre, mixed-use project in Buford, located at the intersection of Buford Highway and Hamilton Mill Road. The project is comprised of 55,000 square feet of retail, 30,000 square feet of office space and 23 townhomes. One of two outparcels contains The Brand Banking Company. Anchor tenants opening this spring include Bella Vita, a casual Italian restaurant; Bin 33, a wine purveyor; Three Dollar Café; Flying Biscuit Café; and Seven & Co., a member of the Aveda family.
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.
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.