LOS ANGELES — Equity Office, an affiliate of The Blackstone Group, is developing the final phase of Howard Hughes Center, a 70-acre, 2.6 million-square-foot mixed-use development located in West Los Angeles. The $200 million final phase will feature two 250,000-square-foot office buildings and two potential residential structures. The first office building, 5901 Center Drive, is slated to break ground in December, with the second building, 5900 Center Drive, scheduled to break ground in early 2008. Two proposed residential developments are expected to follow, which will make Howard Hughes Center one of the largest live/work projects in West Los Angeles. Currently, the center features six office buildings, the Spectrum Athletic Club, a medical office building and Promenade at Howard Hughes Center, a two-level, 250,000-square-foot outdoor entertainment/shopping center. The Promenade features The Bridge Cinema de Lux, Callender’s Grill, On the Border Mexican Grill and Cantina, Islands, Johnny Rockets, Kabuki Japanese Restaurant, Borders Books & Music and Nordstrom Rack.
Mixed-Use
WHITE LAKE TOWNSHIP, MICH. — A joint venture between Farmington Hills, Mich.-based Gershenson Realty & Investment and Troy, Mich.-based KIRCO has broken ground for the construction of a $50 million, 28-acre mixed-use development located in White Lake Township. The Village Lakes Plaza, located at 1534 Elizabeth Lake Rd., will be anchored by a 104,000-square-foot JC Penney, and will contain an additional 60,000 square feet of retail and 77,000 square feet of medical office space. The retail component of the development will include Stucchi’s/Pappa Romanos, Verizon Experience Store and Famous Footwear. St. Joseph Mercy Oakland, a division of Trinity Health, has already committed to nearly half of the medical office space. The project, which is expected to be complete in July 2008, is the first joint venture project between the two companies.
CHARLOTTE, N.C. — Irvine, Calif.-based CIP Real Estate and Baltimore-based Alex Brown Realty have acquired Interstate Business Park for $12.3 million in Charlotte. Located on Stuart Andrew Boulevard at the intersection of Clanton Road and Interstate 77, the 162,763-square-foot property consists of nine single-story office/flex/warehouse buildings. Norfolk, Va.-based Charlotte Park Associates, represented by Ryan Clutter of CB Richard Ellis’ Charlotte office, sold the property. CIP Real Estate will rebrand and rename the park Charlotte Commerce Center.
WINCHESTER, VA. — Conrad Koneczny and Betty Friant of Sperry Van Ness’ Winchester office have represented both parties in the $1.2 million sale of a 9,966-square-foot retail/office property, located at 1 N. Loudoun St. in Winchester. A Boyce, Va.-based private investor sold it to a Winchester-based private investor. Originally built in 1930, the building was restored in 2004 and 2005. The property was 75 percent occupied at the close of escrow with tenants including Daily Grind coffee shop.
DECATUR, GA. — OCP Trinity Square, an affiliate of Oakhurst Capital Partners, has acquired Trinity Square in Decatur for $4.4 million. The 22,863-square-foot office/retail property, located at the corner of Church Street and E. Trinity Place, is 100 percent leased.
OAK BROOK, ILL. — Kerasotes ShowPlace Theatres has plans to open a 14-screen multiplex in Clearwater, a mixed-use project under development in Oak Brook by The John Buck Company and San Francisco-based McMorgan & Co. The theater will break ground in the first half of 2008, and is expected to be complete in the first half of 2009. Clearwater, located on 29 acres at the corner of 22nd Street and York Road, is being designed by Chicago-based OKW Architects. In addition to the theater, the development will contain 80,000 square feet of retail and restaurant space, a 50,000-square-foot health club, a 139-room aloft Hotel, and a 13-story, 77-unit luxury condominium tower.
CHINO HILLS, CALIF. — Phoenix-based Opus West has broken ground for the construction of The Commons at Chino Hills, a 500,000-square-foot power center located at the intersection of Chino Hills Parkway and Romona Avenue in Chino Hills. The $150 million project will feature a 170,000-square-foot Lowe’s Home Improvement Center, as well as a mix of regional and national retailers and restaurants. Completion of the project is slated for late summer 2008. Pasadena, Calif.-based KKE Architects provided architectural services for the project.
JACKSONVILLE, FLA. — SIKON Construction Corp. has begun work on the two-story, 40,000-square-foot Tapestry Park, a mixed-use European Village development located at Southside Boulevard and Gate Parkway in Jacksonville. Joyce Development Group is developing the project. The ground floor will feature 24,000 square feet of retail space and the second floor will contain 16,000 square feet of Class A office space. Maitland, Fla.-based Charlan Brock & Associates designed the project, which is slated for completion in spring 2008.
DALLAS — Post Properties has broken ground on Post Frisco Bridges, a new 5-acre mixed-use development located off of the Dallas North Tollway in Dallas. Phase I of the project, which is positioned within the Champion Partners’ master-planned Sierra Frisco development, will feature 269 luxury apartment units and approximately 29,000 square feet of retail space. The residential portion will house one- and two-bedroom units with amenities including a pool, an outdoor fireplace, a fitness center, an Internet café and two landscaped courtyards. The first units will be available in the fourth quarter of 2008.
MIAMI — Argent Ventures is redeveloping the former Omni International Mall in Miami into a mixed-use complex. Miller Construction Co. will begin Phase I this month, which will include converting the top four floors into 320,000 square feet of Class A office space. Phase II will include 300,000 square feet of retail space and the addition of a fourth story to the building and parking deck.