STAFFORD, TEXAS — Pacific Coast Capital Partners (PCCP) has acquired the Fountains on the Lake retail center in Stafford in a joint venture with Dallas-based Dunhill Partners. The 589,201-square-foot center, located at 11222 Fountain Lake Dr., is 98 percent occupied by tenants such as Old Navy, Bed Bath & Beyond, Saks Off Fifth Avenue, Loews Cinema, Fuddruckers and Cold Stone Creamery. Dunhill Partners represented the PCCP/Dunhill Partners joint venture in the transaction. Randy Fleisher of CB Richard Ellis helped arrange the equity and debt financing with Prudential.
Mixed-Use
RANCHO CUCAMONGA, CALIF. — Phoenix-based Opus West has acquired a 10-acre land parcel from Inland Empire, Calif.-based JAFAM Corp. for the development of Haven Point, a 161,000-square-foot office/retail project in Rancho Cucamonga. The project will consist of a four-story, 140,000-square-foot office building, 16,000 square feet of retail space and a freestanding 5,000-square-foot, drive-through-approved bank pad. Construction is slated to being in spring 2008, with completion scheduled for summer 2009.
NEW ORLEANS — New OrleansDowntown Lofts is developing ICInola, a LEED certified, mixed-use development that will include 105 urban lofts and 50,000 square-feet of retail space in the historic Bywater district. Located on 3925 Burgundy Street, the site is directly adjacent to the French Quarter. Commercial business will open in March 2009 and residences in May 2009. The project will be spread out through four buildings that have a distinctive personality representing the German, French, Italian and Spanish presence in New Orleans. Each building will feature a different theme reflecting the four natural elements of water, fire, earth and wind.
HARRISON TOWNSHIP, N.J. — Madison Marquette, a Washington, D.C.-based developer, and New Jersey-based Canuso Communities, have formed a joint venture to acquire 370 acres in Harrison Township to build a mixed-use development. The Richwood Village will include a 300,000-square-foot town center, approximately 700,000 square feet of retail, office and commercial space, and 1,200 multifamily units. The development is located 20 minutes from Philadelphia, as well as nearby Rowan University and the South Jersey Technology Park. Completion is slated for fall 2010.
HOUSTON — Wolff Cos., a Houston-based real estate investment and development company, has finalized the sales of three pieces of land inside the 440-acre, master-planned Interwood business park located at the intersection of Beltway 8 and John F. Kennedy Boulevard. The buyers were Western International (8.6 acres for two hotels and a restaurant), Friendswood Development Co. (12 acres) and BRG Cornerstone Development (4 acres, office development). David Hightower of Wolff Cos. represented the seller in the transactions.
LAS VEGAS — San Francisco-based California Mortgage & Realty Inc., through its CMR Commercial Mortgage Fund, has closed a $25.5 million bridge loan for the development of a mixed-use project. Nevada Towers LLC holds entitlements to convert the property from a 200-unit apartment complex into a high-rise, mixed-use project. The new development will feature a hotel, residential units and retail space.
ANN ARBOR, MICH. — Strathmore Development Co. has broken ground for the construction of Lower Town, a $171 million mixed-use development located adjacent to the University of Michigan Health System medical campus in Ann Arbor. The brownfield redevelopment will feature 185 residential dwellings, 138,275 square feet of retail space, 152,689 square feet of general and medical office space, and a 760-space parking structure.
CHARLESTON, S.C. — Atlanta-based The Simpson Organization is developing The Cigar Factory, a mixed-use property located at 701 E. Bay St. in Charleston. Built in 1881 as an industrial plant, the property has been in constant use since then as a cotton mill, a cigar factory, offices and Johnson and Wales University. The company plans to redevelop the property in to a mixed-use project offering 76 residential condominiums, 37,000 square feet of retail space and 26,000 square feet of office condominiums. The residential units will feature solid hardwood floors; renovated windows; and open kitchen layouts with Siematic cabinets, granite countertops and oversized islands. Additionally, the property will feature concierge service, an elevated swimming pool, a fitness center, a pet park, a roof top observation deck with a view of the harbor, a club with individual wine storage, a wine tasting room and a private, walled Charleston garden. The retail and restaurant portion are designed to accommodate a white tablecloth restaurant, a gourmet-style grocery store, galleries and boutiques. The Cigar Factory sales and information center is currently open.
ASHEVILLE, N.C. — Crosland LLC and its joint-venture partner Biltmore Farms LLC have received commitments from P.F. Chang’s China Bistro and a 165-room Hilton hotel to join Biltmore Park Town Square in Asheville. The first location in Western North Carolina, P.F. Chang will feature a menu offering traditional and innovated Chinese dishes. Expected to open in spring 2009, the 165-room Hilton Asheville Biltmore Park will feature 5,000 square feet of meeting and event space, including a 2,040-square-foot ballroom, state-of-the-art visual equipment and personalized catering. Current tenants of the retail center include Barnes & Noble, REI and Consolidated Theatres.
ORLANDO, FLA. — Orlando-based Pineloch Management Corp. is developing Southgate Office/Restaurant/Retail project, which is located at the intersection of South Orange Avenue and Southgate Commerce Boulevard near downtown Orlando. The 11,600-square-foot mixed-use development will consist of a free-standing, one-story, 3,000-square-foot Tijuana Flats restaurant, and a two-story, multi-tenant building offering 4,300 square feet of ground-level retail space and 4,300 square feet of office space on the second level. Orlando-based Cuhaci & Peterson provided architectural services for the project, which is slated for completion in first quarter 2008.