CARLSBAD, CALIF. — Santa Monica, Calif.-based Pacific Development Partners LLC has acquired a three-story, 85,000-square-foot mixed-use building, which is located at 1265 Laurel Tree Lane in Carlsbad, for $29.9 million. Developed by Biltmore Holdings, the facility is currently 100 percent leased by 24-Hour Fitness. Bill Barnett, Doug Hogan and Greg Lewis of Burnham Real Estate•ONCOR International represented the buyer in the transaction; the seller, Ascent-Biltmore Carlsbad LLC, was self-represented.
Mixed-Use
CHANDLER, ARIZ. — Scottsdale, Ariz.-based Lees Mayfield Associates has broken ground for the construction of Chandler Echelon, a mixed-use business development located along Price Road Corridor in Chandler. The first phase of the project consists of a four-story, 190,000-square-foot office building, which was designed by Tempe, Ariz.-based DFD CornoyerHedrick. Phoenix-based The Weitz Company is acting as general contractor for the first phase. Additional plans for the development include the construction of a second, mirror-image office building; a 110-room Fairfield Inn & Suites; and a 150-room Courtyard, both hotels by Marriott International Inc. Delivery of the first phase is slated for fourth quarter 2008. Lees Mayfield is joined by co-developers REI Investments and White Lodging, both of Indianapolis, and Poe Companies of Louisville, Ky. Financing for the first office building was provided by Regions Bank of Birmingham, Ala.
SAN FRANCISCO — Houston-based Noteware Development has broken ground for the construction of 5800 Third Street, the company’s second venture in San Francisco’s Bayview Candlestick Point neighborhood. Located on the site of a former Coca-Cola plant, the project will include 360 one- to three-bedroom residential homes, including 47 affordable units, and 20,000 square feet of retail space. United Kingdom-based grocer, Fresh & Easy, will anchor the development.
NORTHBROOK, ILL. — Two new tenants have signed on at Center of the Northshore, a 500,000-square-foot mixed-use project located in Northbrook. Northshore Center LP has signed a contract with Pittsburgh-based Oxford Development Co. to build a 154-room Hyatt Place Hotel. Additionally, a letter of intent has been signed with Muvico Entertainment for the construction of a 12-screen movie theater. The theater project will feature a 21-and-over VIP area; a restaurant/bar by Levy Restaurant Group; a club for teens with a smoothie bar; interactive gaming and music; childcare facilities and valet parking.
COLLIERS DICKINSON FACILITATES 995-ACRE SALE JACKSONVILLE, FLA. — Hobart Joost, Jr., of Colliers Dickinson in Jacksonville has represented Bacardi Bottling Corp. in the $20 million sale of 995 acres, located at the northeast quadrant of Pecan Park Road and Interstate 95 in Jacksonville. University Park, Fla.-based Benderson Development, d/b/a Rum East, purchased the site for development of a regional activity center to include office and retail space as well as 319 acres of industrial land.
ORLANDO, FLA. — Lake Cay Commons, a 108,000-square-foot mixed-use retail project, is set to open in March 2008 at the intersection of Universal Boulevard and Canadian Court in southwest Orlando. It will feature a 13,000-square-foot grocery store anchor, adjacent 13,000 square feet of retail shops, another 42,000-square-foot building with retail shops and second-floor offices as well as outparcels. Newnan, Ga.-based Thomas Enterprises is the developer and J. Raymond Construction is the general contractor.
BIRMINGHAM, ALA. — Birmingham-based Arlington Properties has broken ground on the $37 million Phase I of Hallman Hill, a mixed-use development in the Birmingham suburb of Homewood, Ala. Phase I includes 9,000 square feet of retail space and 72 condominiums. Completion of Phase I is scheduled in spring 2009. The 5.4-acre project is located on the site of the former Homewood Gardens at the intersection of Oxmoor Road and 19th Street. The Garrison Barrett Group is the project architect.
NEW YORK CITY — Massey Knakal Realty Services has brokered the $20.35 million sale of a more than 2-acre site comprised of nearly 100,000 square feet at 1600 Sheepshead Bay Rd. and 1501 Voorhies Ave. in the Sheepshead Bay neighborhood of Brooklyn, New York City. The transaction was the largest in Sheepshead Bay in 20 years, and the second largest in the neighborhood’s history. Acadia Realty Trust purchased the properties, located on the north side of Voorhies Avenue between Sheepshead Bay Road and E. 14th St., from Leonard Halpern and Scott Feiden of Brooklyn. The buyer plans to construct a mixed-use development featuring national retail tenants and extensive parking. Currently a one-story, 8,400-square-foot building sits on the 1501 Voorhies Ave. parcel, which totals approximately 83,962 square feet. The approximately 12,709-square-foot 1600 Sheepshead Bay Rd. site includes an 11,870-square-foot, two-story mixed-use building containing five retail stores, five offices and one residential apartment. The properties encompass a total of almost 330,000 commercial buildable square feet, or almost 235,000 residential buildable square feet, and are in close proximity to the Sheepshead Bay waterfront. Massey Knakal was the sole broker in the transaction.
GLENDALE, CALIF. — Hollywood, Calif.-based 1027 Wilshire Associates LLC has purchased Glendale Exchange, a 92,154-square-foot retail/office development located along Maryland Avenue in Glendale, for $22.5 million. The property is 100 percent leased to a variety of tenants, including a 10-screen Mann Theater and a 6,000-square-foot Tony Roma’s restaurant. Dan Riley, Sam Alison and Geoff Martin of CB Richard Ellis (CBRE) represented the seller, Florida-based Glendale Exchange MW LP, in the transaction.
TAMPA, FLA. — Tampa-based McKibbon Hotel Management is developing Avion Park Westshore, a 19-acre mixed-use development in Tampa. The project, located near the Tampa International Airport and downtown Tampa, will include a 21,000-square-foot shopping center, four restaurants, three hotels, a 300,000-square-foot Class A office building and a 136,000-square-foot Class A office condo tower. TownePlace Suites by Marriott, Homewood Suites and Hilton Garden Inn are scheduled for completion in spring 2008, winter 2008 and fall 2008, respectively.