NEW BRAUNFELS, TEXAS — Locally based developer Southstar Communities has begun construction on Mayfair, a 1,900-acre mixed-use development that will be located in the northeastern San Antonio suburb of New Braunfels. Southstar is developing the master-planned community in phases over a 15-year period and in partnership with the City of New Braunfels and the Greater New Braunfels Chamber of Commerce. Mayfair will ultimately consist of 6,000 residential units that will feature various product types and income restrictions, as well as 330 acres of public parks, 30 miles of trails and pathways and 70 acres of developable retail space. The initial phase of residential construction will deliver 750 single-family lots of varying sizes, 450 multifamily units and a 275-unit build-to-rent neighborhood. The development is expected to create about 2,000 permanent jobs and to generate $2 billion in tax revenue over that 15-year stretch.
PEACHTREE CORNERS, GA. — Cincinnati-based North American Properties and Nuveen Real Estate have acquired The Forum on Peachtree Parkway, a 500,000-square-foot shopping center in Peachtree Corners, about 22.9 miles from downtown Atlanta. The seller and sales price were not disclosed. Originally opened in 2002, The Forum on Peachtree Parkway is an open-air lifestyle center that is home to a mix of retail, restaurants and office space, including lululemon, Pottery Barn, Trader Joe’s and Ulta Beauty. Property amenities include walking trails, property-wide Wi-Fi, outdoor seating areas and a pedestrian bridge connecting to Peachtree Corners Town Center. North American Properties has plans to redevelop the property, including making the public realm bigger, improving the common areas and remerchandising the retail collection. No other redevelopment plans were disclosed.
SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.
OLD BRIDGE, N.J. — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $16.6 million acquisition loan for two commercial buildings in Old Bridge, about 40 miles south of Manhattan. The first property is an 18,728-square-foot mixed-use building, and the second is a 33-unit active adult community. Axiom Capital arranged the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower. The direct lender was also undisclosed.
LAS VEGAS — Oak View Group has unveiled plans for a $3 billion entertainment district spanning 25 acres south of the Las Vegas Strip. The project will be located at the intersection of Interstates 15 and 215, and is set to include an 850,000-square-foot arena, casino, hotel and an additional entertainment venue. The arena will host upwards of 20,000 seats and will offer amenities such as suites and premium hospitality clubs. Oak View Group is actively seeking a partner to operate the hotel and casino portion of the development, and has held talks with a number of potential participants, according to reports by Bloomberg. The arena portion does not yet have a tenant. “We are proud Oak View Group has chosen Nevada for its next and largest project,” says Nevada Governor Steve Sisolak. “This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans.” Groundbreaking on the project, which is designed by architecture firms Gensler and Populous, is scheduled for 2023. Marc Badain, former president of the NFL’s Las Vegas Raiders, will also partner with Oak View Group on the development. “South of the Las Vegas strip represents …
WELLINGTON, FLA. — Miami-based LV Lending has provided a $24 million loan for the refinancing of Lotis Wellington, a 64-acre mixed-use development underway in Wellington. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending worked with Sean Harrington of The Aztec Group to originate the loan on behalf of Lotis Wellington LLC, an affiliate of Lotis LLC and owned by JKM Wellington Capital LLC. The loan terms were not disclosed. The borrower acquired the Lotis Wellington site for $14.3 million in January 2019. The approved master-planned, mixed-use project features 191 apartments, 23,810 square feet of retail space, 17,203 square feet of professional office space, two signature restaurants, 40,000 square feet of medical offices, an early learning center and two senior living facilities. Construction began in January 2022 with the first restaurants scheduled to open in late 2022. Located at 1351-1381 South State Road 7, the property is situated adjacent to Wellington Regional Hospital.
MCKINNEY, TEXAS — De La Vega Capital and Development has unveiled plans for West Grove, a 600,000-square-foot mixed-use project being developed through a public-private partnership with the City of McKinney, located roughly 32 miles north of Dallas. Positioned at the southeast corner of U.S. Highway 380 and Custer Road, the 53-acre open-air development will include a mix of retail, restaurants and entertainment space anchored by Whole Foods Market; a 420-unit luxury residential complex; 55,000 square feet of office space; and a two-acre park. Architecture firm Gensler designed the project to promote outdoor gathering with open air paseos, outdoor decks, an experiential indoor/outdoor restaurant and entertainment space, and a central lawn that will feature live music, family movie nights and fitness classes year-round. “West Grove will be designed to bring people and a growing city together,” says Artemio De La Vega, president and CEO of De La Vega Capital. “A central green space and a mix of open-air, experience-driven retail and restaurant spaces will cultivate a sense of community, where visitors can connect meaningfully with each other and their natural environment.” A groundbreaking for the project is scheduled to take place during 2022. Dallas-based De La Vega Capital and Development is …
MIAMI — CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail space and an onsite parking garage with 474 spaces. CIM Group and co-developer One Real Estate Investment, a privately owned real estate investor and developer based in Miami, opened the property in October. Situated along North Miami Avenue and bounded by 22nd and 23rd streets, Strata Wynwood’s two towers feature retail space on the ground levels, three floors of offices and eight floors of apartments. “We were able to seamlessly blend these elements into an exceptionally functional and architecturally appealing property that enhances the dynamic Wynwood District,” says Shaul Kuba, co-founder and principal of CIM Group. Strata Wynwood’s apartments range from studios to three-bedroom units. Residential amenities include a 24-hour fitness center, swimming pool with cabanas, lounge areas, grilling stations, open-air theater, music room and coworking spaces. The apartments, offices and retail space feature floor-to-ceiling windows that maximize natural light. Additionally, locally based …
GREENVILLE, S.C. — Miami-based 13th Floor Investments has acquired 168 acres in Greenville with plans to build the first phase of On The Trail, a mixed-use project. The sales price for the land was not disclosed. In partnership with Miami-based developers Dean Warhaft and Warren Zinn, the team plans to redevelop the abandoned 250 acres surrounding Greenville’s historic Union Bleachery mill, which fronts the Swamp Rabbit Trail, a 22-mile, multi-use recreational greenway. Originally built in the 1990s, The Union Bleachery mill formerly was used as a commerce center but has sat vacant since a fire shut down its operations in 2003. 13th Floor Investments, which now owns a majority ownership stake in the development project, will take over the management, construction and implementation of Warhaft and Zinn’s strategic vision for the site. Warhaft is a licensed professional land surveyor with experience as a real estate development lawyer and manager of all aspects of construction projects. Zinn is an attorney with experience acquiring, developing and managing commercial properties. On The Trail will be built in multiple phases, featuring a variety of residential, commercial, office, retail and hospitality uses. Construction of the project’s first phase is slated to begin later this year …
GAITHERSBURG, MD. — PCCP LLC has provided a $83.9 million senior loan to WRS Inc. for the acquisition and renovation of Lakeforest Mall, a 102-acre retail development in Gaithersburg. The loan terms were not disclosed. Lakeforest Mall features tenants including Aeropostale, Bath & Body Works, Macy’s, T-Mobile, The Jewel Box, Waldin Jewelers, The Bridal at Lakeforest and Unique Eyebrows. The site also offers about 5,700 parking spaces. Mount Pleasant, S.C.-based WRS originally acquired the mall’s inner core in 2019, and now will purchase the four big-box department anchors with the loan that PCCP provided. With a simultaneous closing of the four anchor properties, WRS now controls the entirety of the site. The developer plans to renovate the mall into a mixed-use concept featuring residential, commercial and green space. The construction timeline for the redevelopment project was not disclosed. Located at 701 Russell Ave., the property’s infill site is located within Montgomery County and is approximately 24 miles northwest of Washington, D.C.