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.
Mixed-Use
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.
MIAMI — Miami Beach, Fla.-based Flagstone Property Group and institutional equity partner ING Clarion Partners are developing Island Gardens, a $600 million mixed-use waterfront development on Watson Island in Miami. The project includes a 43-story tower featuring the 150-room Shangri-La Hotel Miami, 100 fractional ownership residences known as The Residences at Island Gardens and CHI, The Spa. The joint venture will also develop 221,000 square feet of high-end retail and restaurants, a 29-story business/hotel resort and Super Yacht Harbour, a marina that will support mega-yachts up to 300 feet in length. The project will begin construction in 2008 and is slated for completion in 2010. The Greenwich Group and BF Capital Partners arranged financing for the development.
LAKE SAINT LOUIS, MO. — Three new tenants have signed on at The Meadows at Lake Saint Louis, a 500,000-square-foot lifestyle center developed by Davis Street Land Co., and located in Lake Saint Louis. Von Maur will build its first Missouri store on a 64-acre site located at the interchange of Lake Saint Louis Boulevard and Interstate 64, anchoring the northern portion of the development. The building will be a two-story, 130,000-square-foot structure, and is scheduled to open in August. Additionally, Bed, Bath & Beyond has leased a 25,000-square-foot space as a junior anchor in the development. Finally, Kansas City-based Ferguson Properties has announced plans to construct a 110- to 120-room hotel that will be branded as a Marriott or Hilton. The $12 million project will be located on a 3-acre site at the Lake Saint Louis/I-64 interchange, and is scheduled to open in spring 2009.
NEW YORK CITY — Eastern Consolidated has completed the $27.5 million sale of a four-building residential portfolio. Located at 1343-1347 Second Ave. and 242 E. 71st St. in Manhattan, New York City, the portfolio totals 50 apartment units and eight commercial spaces. The property also includes 48,975 square feet of air rights that will allow the new owner to construct a ground-up residential development of 82,120 square feet with 16,424 square feet of commercial space. Brian Ezratty, Deborah Gutoff and Martin Ezratty of Eastern Consolidated represented the seller, the estate of Dr. Manuel Stapen, and Gutoff and Azita Aghravi, also of Eastern Consolidated, procured the undisclosed buyer.
ALLEN, TEXAS — Trademark Property Co. has signed 15 new tenants for Watters Creek, a mixed-use development located at the southwest corner of U.S. Highway 75 and Bethany Drive in Allen. The new tenants bring the total number of leases signed to 38 for the project’s first phase, which is scheduled to open in April 2008. The new leases were signed by Cheesecake Factory, Bath & Body Works, DSW, Le Creuset, Gymboree, New York & Company, Sample House, Victoria’s Secret, Strasburg Children, The Boardroom Salon for Men, Celebrity Bakery and Café, Paciugo, Woodlands Grill and Gathering Place, Potbelly and Patsy Grimaldi’s Pizza. Nearly 620,000 square feet of the 1.15 million-square-foot development are complete. Future phases will include additional residential, retail, dining and office space, as well as a lifestyle hotel.
GWINNETT COUNTY, GA. — Duke Realty has acquired 110 acres of land in Gwinnett County’s Sugarloaf Corridor for Legacy, a new mixed-use project that will feature 1.3 million square feet of Class A office space and 100,000 square feet of out-parcel retail. Development is slated to begin in mid-2008 for six, six-story, 172,000 square foot office buildings, as well as a 125,000-square-foot office building. The property is located at the intersection of Meadowchurch Road and Highway 120.
CLEVELAND — The K&D Group has acquired the approximately 10-acre former Ameritrust complex, located at East Ninth Street and Euclid Avenue in downtown Cleveland, for $35 million, and plans to redevelop the site into a $200 million mixed-use development. The Tower and Rotunda Building will be redeveloped with a 170-room luxury boutique hotel on the lower floors, and 200 residential suites on the upper floors. The Rotunda itself will be renovated as a grand entrance and lobby, with high-end retail and services to support the complex. Additionally, the H&P Building will be demolished and replaced with a 200,000 to 400,000-square-foot, Class A office building. The mall level of the building will contain 50,000 to 100,000 square feet of retail space. Finally, the 1010 Euclid Avenue Building is being studied for redevelopment, with options including Class B office space, residential space or an additional office tower.
BLOOMINGTON, MINN. — Minneapolis-based United Properties has received rezoning and preliminary plan approvals for a mixed-use development located at the intersection of Penn Avenue and American Boulevard in Bloomington. The company also closed on a parcel of land for the development located at 8051 S. Penn Ave. The land is the second parcel needed for the 8-acre redevelopment. Preliminary plans for the development consist of seven buildings with retail, office, and medical components, as well as 58 housing units. The redevelopment is expected to take two construction phases to complete, with the first phase beginning as early as this summer.