BEAVERCREEK, OHIO — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development have unveiled plans to redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is an example of WPG’s efforts to diversify its tenancy and transform its assets into town centers with a mix of retail, dining, entertainment and mixed-use space.
PORT ST LUCIE, FLA. — Summit Contracting Group has broken ground on The Mason Port St. Lucie, a 252-unit multifamily development located along South US Highway 1 in Port St. Lucie. The Mason Port St. Lucie will feature seven, three-story buildings totaling 301,039 square feet. The market-rate property will offer one-, two- and three-bedroom apartment homes, as well as amenities that include a clubhouse, fitness center, dog park, swimming pool and detached garages. Construction is planned to be complete in early 2023. A Waypoint Residential LLC subsidiary is the developer, and Group 4 Architectural Services LLC is the architect. Summit Contracting Group is a Jacksonville-based multifamily general contractor firm.
EDINA, MINN. — Marcus & Millichap has brokered the sale of 4001 Mavelle Drive, a 12-unit multifamily complex in Edina, for $2.1 million. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were undisclosed. The property is set within a few blocks of shopping destinations Galleria and Southdale Center. There are 11 two-bedroom units spanning roughly 625 square feet each that rent for $940 to $1,159 per month. The one studio unit spans 450 square feet and is rented for $760 per month. Residents have their own parking garage stalls and access to onsite laundry.
ALEXANDRIA, VA. — Avison Young’s Capital Markets Group has brokered the sale of a retail center in Alexandria. An entity doing business as Santay Realty of Alexandria LLC purchased the property, known as 6001 Kingstowne Village Parkway, from The Halle Cos. for $14.2 million. Jonathan Hipp, Richard Murphy, Chip Ryan and Matt Weber of Avison Young represented the seller in the transaction. Michael Patz of KLNB represented the buyer. The center is fully leased to Aldi, La-Z-Boy furniture and a newly opened Ashley Furniture HomeStore. Built in the late 1990s, the property spans approximately 72,000 square feet of retail space.
HOLLYWOOD, FLA. — Fort Lauderdale-based BTI Partners, along with equity partner Bridge Investment Group, has acquired the Hollywood Bread Building located at 1747 Van Buren St. in downtown Hollywood. MG3 Hollywood LLC sold the property to BTI and Bridge for $11 million. BTI plans to replace the existing Hollywood Bread Building with a 25-story high-rise totaling 362 market-rate apartments and approximately 16,000 square feet of retail space. Construction is slated to begin later this year. The Hollywood Bread Building used to be a landmark, but over the years has fallen into disrepair. BTI Partners plans to demolish the building this summer, but will preserve the original “Hollywood Bread Building” sign on the property. The developer is also planning to replace a rundown strip mall located close to the Bread Building with two modern towers on the east side of Young Circle. The project will include residential living, shops, restaurants, office space and a skywalk connecting the two towers. Both projects together will represent a direct investment of over $500 million in Hollywood’s Young Circle neighborhood. Steve Kohn, Chris Moyer, Brad Capas, Zachary Kraft and Ricky Giles of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented BTI in the …
DALLAS — Newmark has negotiated the sale of Granite Tower, a 241,378-square-foot office building in North Dallas. The 10-story, recently renovated building offers amenities such as a tenant lounge, conference center and fitness center. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was also not disclosed. Granite Tower was 92 percent leased at the time of sale.
HOUSTON — CBRE has arranged a $100.2 million loan for the refinancing of a portfolio of four multifamily properties located in Houston’s Westchase neighborhood totaling 1,330 units. Derek Fasulo and Frances Rogers of CBRE arranged the nonrecourse, floating-rate loan through an undisclosed bridge lender on behalf of the borrower, a joint venture doing business as Westchase Houston LLC. The loan was structured with a five-year term and 60 months of interest-only payments. The names of the properties were not disclosed.
IRVING, TEXAS — Bank of America has provided a $95 million loan for the refinancing of Urban Towers, an 850,000-square-foot office complex located on 11.2 acres in Irving. Built in 1982 and 1984, the property consists of a 22-story tower and a 17-story building with five- and seven-story parking structures, respectively. David Milestone of Newmark arranged the five-year loan on behalf of the borrower, San Diego-based Parallel Capital Partners Inc. At the time of the loan closing, Urban Towers was 82 percent leased to tenants such as The Pasha Group, Celanese, MultiPlan Inc. and Hyundai Merchant Marine.
COPPELL, TEXAS — General contractor Adolfson & Peterson has begun construction on VariSpace Coppell, a 180,000-square-foot office building near Fort Worth that will serve as the global headquarters for flexible workspace provider Vari. Designed by BOKA Powell with interior design by Corgan, the building includes 120,000 square feet of flexible office space with balconies. Amenities include a fitness center and grab-and-go food services. Completion is slated for summer 2022. Vari, formerly known as VariDesk, is known for incorporating standing desks into its workspaces.
TOMS RIVER, N.J. — Multifamily investment and management firm Universe Holdings has acquired Mariners Cove, a 225-unit townhome community in the coastal New Jersey city of Toms River, for $60 million. Built in 1972 and renovated in 2013, the waterfront property features two-bedroom units, about 90 percent of which offer water views. Amenities include a fitness center, playground and a pet play area, according to Apartments.com. Spencer Yablon of CBRE represented both Universe Holdings and the undisclosed seller in the transaction. Mariners Cove was 98 percent occupied at the time of sale.