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.
Mixed-Use
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.
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.
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.