CHANTILLY, VA. — Regency Centers Corp. has broken ground on The Field at Commonwealth, a $44.5 million, 180,000-square-foot shopping center located at the intersection of U.S. Highway 28 and Westfields Boulevard in Chantilly, roughly 25 miles west of Washington, D.C. The project will be anchored by a 120,000-square-foot Wegmans, a Rochester, N.Y.-based chain that operates large, upscale supermarkets. Regency Centers plans to deliver the shopping center in 2018.
ALEXANDRIA, VA. — Edens and Gables Residential have broken ground on a new mixed-use project located at 530 First St. in Alexandria. The groundbreaking ceremony was attended by principals of Edens and Gables Residential, as well as Alexandria Mayor Allison Silberberg and members of the city government. The project will include 232 apartment residences and 50,000 square feet of commercial space. The property will also feature an enhanced streetscape, public art on-site and a Capital Bikeshare station. Edens and Gables Residential plan to open the 530 First Street project in 2019.
CHAMBLEE, GA. — McShane Construction Co. has been selected to build Mercy Housing at Mercy Park, a 79-unit affordable seniors housing community in the Atlanta suburb of Chamblee. Mercy Housing, a Colorado-based affordable housing developer and operator, is leading the project. The property will feature 57 one-bedroom units and 22 two-bedroom units, as well as 4,000 square feet of amenity space, on a 1.6-acre plot. McShane expects to complete construction by January 2018. Smith Dalia Architects provided architectural services.
EATONTOWN, N.J. — Ray Smith of Stafford Smith Realty has arranged the $5.5 million sale of 40 Christopher Way, Block 3901, Lot 46 in Eatontown to Victory International. The building formerly served as the headquarters of DSCI, a government defense contractor. Victory International is a distributor of cosmetics and perfumes and is relocating from Edison, N.J. Stafford Smith Realty was the broker for both the seller and the buyer. Stafford Smith marketed the property with Keen Associates for Bank of America. The building sits on seven acres and consists of 45,000 square feet of offices and 30,000 square feet of warehouse space.
ATLANTA — MetLife Real Estate has provided a loan for the refinancing of Buckhead Tower, a 348,000-square-foot, Class A office building located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. The 19-story office tower is situated on two acres and is directly connected to Lenox Square Mall and the JW Marriott Hotel. The property features a full-service café, fitness center, structured parking and 24/7 access. Ed Coco and Matt Casey of HFF placed the loan through MetLife Real Estate on behalf of the borrower, a partnership managed by Parmenter Realty Partners. Details of the financing were not released.
FAYETTEVILLE, ARK. — Little Rock-based BSR Trust LLC has completed the acquisition of Mountain Ranch Apartments, a 360-unit apartment community located in Fayetteville. Built in 2009, Mountain Ranch contains a mix of one-, two- and three-bedroom residences and sits on 15 acres across Interstate 49 from the University of Arkansas campus. BSR Trust owns more than 9,200 units in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.
NEW YORK CITY — On behalf of Li & Associates Development, Cushman & Wakefield has brokered the sale of a 16,500-buildable-square-foot development site at 296-300 St. Nicholas Ave. in Bushwick, Brooklyn to 300 St. Nicholas LLC. The all-cash transaction was valued at $4.5 million or approximately $273 per buildable square foot.
COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …
Ben Franklin, one of our nation’s Founding Fathers, famously said, “Well done is better than well said.” Milwaukee has a long history of ideas that are well said. There is no shortage of opinions and sound ideas on how to attract companies to the city, how to improve the public transportation system and how to get more people to live in the city. But these well-intentioned ideas, more often than not, don’t get implemented. Finally, after a decade of virtually no new development, things are happening. In the August 2015 issue of this magazine, I wrote a column focusing on development in downtown Milwaukee titled “Proposed New Arena for Milwaukee Bucks Could Lead to a Development Run.” Indeed, that’s what is happening. After much debate, the arena is finally under construction. It will span 715,000 square feet and hold 17,500 people. Just as impressive is the ancillary development surrounding the arena, including the Froedtert & the Medical College of Wisconsin Sports Science Center that will serve as the new practice and training facility for the Milwaukee Bucks as well as a health center. The new Arena District will also be home to a “live block” comprised of four to five …
DALLAS — Colliers International Group Inc. has brokered the sale of Banner Place, a two-building office property located at 12660 and 12770 Coit Road in north Dallas. Built in 1985, the property, which consists of a 12-story, 258,493-square-foot tower and a three-story, 27,018-square foot mid-rise and medical office building, was 70 percent leased at the time of sale. Creighton Stark and Chris Boyd of Colliers represented Gaedeke Group, which sold the property to Mark Jordan of JP Realty Partners for an undisclosed amount.
