MILLS, N.Y. — Thomas Grzebinski of The Rose Hill Group has arranged $3.4 million in permanent financing for The Mill #3 Building, a mixed-use project in Mills. The 104,000-square-foot property features retail tenants, professional offices and service business. The borrower was undisclosed.
Mixed-Use
FORT WORTH, TEXAS — Hillwood, a Perot company and commercial real estate developer, is on course to open the initial residential phase of the 130-acre mixed-use development Monterra Village next month. The property, located at the southeast intersection of North Tarrant Parkway and Interstate 35W in Fort Worth, is part of the 17,000-acre AllianceTexas master-planned community. The soon-to-be completed residential portion of the development includes 288 of more than 1,000 total units and an 8,500-square-foot clubhouse. The residences are the first completely non-smoking apartments in North Texas. Plans for additional properties in the mixed-use community include a medical office park, neighborhood retail and restaurant spaces, as well as suburban-style office structures with residential spaces above.
WINSTON-SALEM, N.C. — Virginia Beach, Va.-based The Tetra Companies is developing Stafford Place, a $67 million, 36-acre mixed-use development in Winston-Salem. The project will include 266 apartments, 51,000 square feet of office space and 34,560 square feet of retail space. The development is located on Peters Creek Parkway and will be completed in 2011.
NEW YORK CITY — Eastern Consolidated has completed the $24.5 million sale of a six-building portfolio of mixed-use properties throughout the Bronx, New York City. The portfolio contains a total of 30 commercial units and 179 residential units. Four properties — 2195 Grand Concourse, 117 Kingsbridge Rd., 25 Gunhill Rd., and 2424 E. Tremont Ave. — are corner apartment buildings with retail components. The other two properties include 535 E. Tremont Ave. and 4216 Third Ave. Peter Hauspurg, Marcia Rose Yawitz and Harrison Douglas of Eastern Consolidated represented the seller, Intervest Development Corp., and Eastern’s Ronda Rogovin procured the undisclosed buyer in the transaction.
YONKERS, N.Y. — Robin Herko and Steve Lorenzo of NAI Friedland have completed the sale of 49-52 Main St. in Yonkers. The 16,500-square-foot parcel was purchased by an investment group that plans to incorporate the site into a new mixed-use development project. Herko and Lorenzo represented both the undisclosed buyer and seller in the disposition. The sale price was not specified.
ORLANDO, FLA. — Indianapolis-based Premier Properties is developing The Current at Lee Vista, a 800,000-square-foot mixed-use, open-air retail center in Orlando. Located on State Rd. 436 between Lee Vista Blvd. and Hazeltine National Dr., the 85-acre project is being designed by Coral Gables, Fla.-based Beame Architectural Partnership. Deerfield, Fla.-based Sikon Construction is the general contractor. The development is slated for completion in spring 2009.
NORTH OLMSTED, OHIO — Carnegie Management & Development Corp. has completed construction on the third of four buildings comprising North Olmsted Towne Center, a 321,000-square-foot mixed-use project located at the corner of Great Northern Boulevard and Brookpark Road in North Olmsted. When completed, the center will include 249,000 square feet of street-front retail, as well as 72,000 square feet of second-floor office space. The retail portion of the project is anchored by Target; other retail tenants include David’s Bridal, La-Z-Boy Furniture Galleries, Men’s Wearhouse, G&G Fitness, Pearle Vision, Massage Envy, Inkstop, Allcare Dental, Jimmy John’s Gourmet Subs, Moe’s Southwest Grill, Fatburger and Fuji Oishi Japanese Steakhouse. The last building in the development is expected to be complete in the fourth quarter.
NEW YORK CITY — Eastern Consolidated has completed the $24.5 million sale of a six-building portfolio of mixed-use properties throughout the Bronx, New York City. The portfolio contains a total of 30 commercial units and 179 residential units. Four properties — 2195 Grand Concourse, 117 Kingsbridge Rd., 25 Gunhill Rd., and 2424 E. Tremont Ave. — are corner apartment buildings with retail components. The other two properties include 535 E. Tremont Ave. and 4216 Third Ave. Peter Hauspurg, Marcia Rose Yawitz and Harrison Douglas of Eastern Consolidated represented the seller, Intervest Development Corp., and Eastern’s Ronda Rogovin procured the undisclosed buyer in the transaction.
ALLEN, TEXAS — Cadence McShane Corp. has been selected by Dallas-based developer The MGHerring Group to construct the first phase of The Village at Allen, a mixed-use project located at the southeast corner of U.S. Highway 75 and Stacy Road in Allen. The 900,000-square-foot project will feature retail, restaurants, a 7,500-seat event center and a 250-room hotel and convention center. Cadence McShane will build the initial phase of the project, a five-building retail site totaling 153,014 square feet situated within the 168-acre site. Architecture+ will be the architect for the project, which is scheduled for completion in early 2009.
MILPITAS, CALIF. — San Jose, Calif.-based Lap Tang Development Co. has acquired Serra Center, a 16.4-acre mixed-use center located in Milpitas, for $43.9 million. Located at 200 Serra Way, the site includes a 42-year-old shopping center plus 3 acres of vacant land. The buyer plans to level part of the existing site and redevelop it into a mixed-use project consisting of 375 luxury condominiums and 135,000 square feet of for-sale retail shops. The eventual build-out is estimated to cost as much as $200 million. Michael Federle, Nicholas Bicardo and Colin Federle of Grubb & Ellis’ San Francisco office represented the seller, Piedmont, Calif.-based Donovan Trust, in the transaction; Brian Phumg of AMB Commercial Brokerage represented the buyer.