WEST HOLLYWOOD, CALIF. — Los Angeles-based CIM Group is developing 400,000 square feet of space at The Lot, the former Warner Hollywood Studios on Santa Monica Boulevard in West Hollywood. With construction slated to begin in 2008, the new buildings will vary in size and configuration, including two 150,000-square-foot, six-story office buildings. Designed by HLW Architects, the new project will feature modern features and state-of-the-art systems, as well as complement and reflect the architectural elements of the existing facilities in order to maintain the character of the historic property. Completion is scheduled for year-end 2009 or early 2010.
Mixed-Use
NORTHVILLE TOWNSHIP, MICH. — Sperry Van Ness has brokered the sale by auction of the former Northville Psychiatric Hospital property, a 414-acre, 20-building vacant property located at 41001 7 Mile Rd. in Northville Township, for $31.5 million. The property was acquired by REIS-Northville, a joint venture between Bloomfield Hills, Mich.-based Real Estate Interests Group and Livonia, Mich.-based Schostak Bros. & Co. The buyers plan to redevelop the property into Highwood, an $800 million mixed-use development that will consist of 42.2 acres of retail and medical office space, as well as 1,000 residential units. Robert Pliska of the Birmingham, Mich.-office of Sperry Van Ness and Louis Fisher of Sperry Van Ness Accelerated Marketing represented the seller, the state of Michigan.
DALLAS — Provident Realty Group and The Red Sea Group are developing The Glen at Preston Hollow, a 42-acre mixed-use project at the northwest corner of Central Expressway and Walnut Hill Lane in the Preston Hollow neighborhood of Dallas. The development will feature a walking village with 175,000 square feet of street-level retail and restaurants below approximately 1,100 multifamily units; a 100,000-square-foot mid-rise office building; and a gated community of 100 luxury single-family homes. The first phase is scheduled for completion by mid-2010. The Retail Connection and Blatteis & Schnur are handling retail leasing; WLK Interests/Bill Knopick is responsible for office leasing. WDG Architects handled design and site planning for The Glen.
ATLANTA — Hypo Real Estate Capital Corp., a member of Hypo Real Estate Group, has closed a $393 million construction loan for Phase II of 12th & Midtown, a luxury two-tower mixed-use property located at 1075 Peachtree St. in Atlanta. The sponsors of the deal are Daniel Corp., Selig Enterprises and MetLife. The property will consist of a 725,000-square-foot Class A office tower, more than 60,000 square feet of flagship retail space, the 414-room Loews Atlanta Hotel and 60 luxury residences.
NEWNAN, GA. — Two Atlanta-based firms, Diplomat Cos. and Kennedy Capital Group, have entered into a joint venture partnership to develop the 1 million-square-foot, $150 million multi-use development known as Newnan Village Crossing on a 125-acre tract in Newnan. The development will consist of three hotels, numerous restaurants, medical offices, an assisted living facility and retail space. Construction will begin by the end of 2007, with the first buildings scheduled for occupancy within 1 year.
CHARLOTTE, N.C. — The multifamily division of Crescent Resources has closed on a $68 million transaction on a 360-unit apartment community and 8,000 square feet of retail space in Charlotte’s historic South End submarket. Located on South Boulevard, adjacent to Bland Street Station, the community will feature one-, two- and three-bedroom apartments ranging in size from 550 to 1,650 square feet. The retail space will accommodate restaurants, coffee shops and other service-oriented businesses. Leasing is set to begin in spring 2009, with a completion date set for fall 2009.
CHICAGO — A joint venture between Chicago-based Structured Development and Wilton, Conn.-based Commonfund Realty has acquired the 8.2-acre New City YMCA site, located at 1555 N. Halsted St. in Chicago, for $54 million. The property currently features baseball fields, and a 50,000-square-foot building that was used as a recreation and daycare center. The site was acquired by the joint venture for the development of NewCity, a $270 million, 1 million-square-foot mixed-use development. NewCity will be built around a 60,000-square-foot park and plaza, and will feature 375,000 square feet of retail and up to 490 residential units. Demolition of the site will take place within the next 60 days, with construction set to begin in spring 2008. The first retail deliveries are expected in fourth-quarter 2009, with residential deliveries following shortly after. Vernon Schultz and Michael Senner of Rosemont, Ill.-based Colliers Bennett & Kahnweiler represented the seller, YMCA of Metropolitan Chicago.
PARSIPPANY, N.J. — Gottesman Real Estate Partners has purchased 2 Cranberry Road, a 203,871-square-foot flex building in Parsippany from an affiliate of AVR Realty Co. for $19.05 million. The buyer assumed a $12.28 million first mortgage on the property. The facility was Gottesman’s first purchase under its new acquisition program. The two-story building offers flexibility to tenants with light industrial, warehouse, distribution, manufacturing or office needs. Six tenants — The Hammer Company, Ingersoll-Rand Security Technologies, Aviall Services, Tronex International, Diamondair USA and The Padded Wagon of New Jersey — occupy the property. Built into a gentle grade, the structure loads from all sides through 20 docks that access various models. The first floor contains a 22-foot ceiling, while the second floor features an 18-foot ceiling. Column space is 24-foot by 30-foot. Amenities include a ratio of 1.8 parking spaces per 1,000 square feet and usable outdoor balconies. The buyer plans to continue improvement of landscaping and visibility on behalf of the tenants. The building’s location offers access to interstates 80, 287 and 280, Route 46 and Highway 202. CB Richard Ellis’ Tri-State Regional Institutional Group was the sole broker in the transaction.
MIAMI — Adler Group is developing Airside International Business Park at Opa-locka Executive Airport in Miami. The approximately $200 million upgrade will include facilities and services to primarily aviation-related companies, including new build-to-suit office, industrial and retail space, hangers, hotel and parking. Opa-locka Executive Airport is owned by Miami-Dade County and is the largest of the five general regional airports in the county.
OMAHA, NEB. — Developers Dan and Sean Mulhall of Omaha have begun the development of Roanoke Business Park, a $30 million mixed-use development located at the intersection of 120th Street and Roanoke Boulevard in Omaha. The project will include 23 lots, all of which will be connected by walking paths that lead through the lots and around a 3-acre lake. Six or seven of the lots will be sold and developed for retail use, with the rest sold for office buildings. Three additional flex lots are located on the west side of 120th Street. The project will be applying for LEED certification, and will include a 30- to 40-foot green buffer around the development, in addition to the walking paths and lake. Construction has already begun on the first building, a 16,640-square-foot retail building. The building will contain 10 bays, all of which are facing the lake. In addition, Morrisey Engineering has acquired one of the 1.2-acre building sites for the construction of a 12,000-square-foot office building. Morrisey will occupy 8,000 square feet of space within the building, with the remainder occupied by an additional tenant. Omaha-based Investors Realty will be in charge of leasing and sales for the project.