MIAMI — Swire Properties has broken ground on the $1.05 billion Brickell CitiCentre, a 5.4 million-square-foot, mixed-use development located in downtown Miami. The development will include a luxury shopping center, two condominium residences, a hotel, a wellness center, apartments and two office towers. The first phase, which includes all elements except for one office tower, is slated for completion in 2015, with full completion expected in 2018. The project will create approximately 1,000 jobs during construction.
Property Type
JACKSONVILLE, FLA., AND RICHMOND, VA. — Denver-based UDR has sold 15 unencumbered multifamily properties, located in Phoenix, Dallas, Jacksonville, Fla., and Richmond, Va., for $477 million. The properties total 4,931 units.
MIAMI BEACH, FLA. — Plaza Construction (formerly known as KM/Plaza) has been selected by The LeFrak Organization, Starwood Capital Group and Invesco Ltd. for the $100 million redevelopment of the Perry South Beach Hotel, located at 2377 Collins Ave. in Miami Beach. The 17-story, 345-room hotel will be re-branded following completion. The hotel also offers 259 condominium units. HKS is the lead architect for the project and Nichols Brosch Wurst Wolfe & Assocates will restore the facade. Completion is slated for late 2013.
NASHVILLE, TENN. — A portion of the 700,000-square-foot Nashville West, an upscale, open-air shopping center located in west Nashville, has sold for $73.2 million. The sale includes the inline section from Dick's Sporting Goods to Books A Million, as well as Staples, Party City and PetSmart. Costco, Target and the outparcels were not included in the sale. Parkes Cos. and Newton Oldacre McDonald, the developers, were the sellers in the transaction. The buyer was Delaware-based Nashville West LLC.
CHARLOTTE, N.C. — CBRE Group has secured $119.8 million in acquisition financing for the 678,715-square-foot Fifth Third Center, a Class A office building located at 201 N. Tryon St. in Charlotte. The property is 98 percent leased to tenants that include Bank of America, McGuire Woods, Fifth Third Bank and Carousel Capital. Charles Foschini, Christian Lee and Christopher Apone of CBRE Group secured the two-part financing on behalf of the borrower, Miami-based Parmenter Realty Partners. SunTrust provided a three-year loan and Redwood Commercial Mortgage Corp. provided a mezzanine loan.
MILWAUKEE — Harbor Pointe, a 596-unit apartment property in Milwaukee, has sold to a Denver-based buyer for $27 million. The 531,186-square-foot property is located at 9200 North 75th St. Units range from 502 square feet to 1,359 square feet and amenities include a clubhouse, indoor pool and tennis courts. Scott Harris and Matthew Whiteside of Marcus & Millichap represented the seller, a private investment group. They also represented the buyer.
MINNEAPOLIS — First and First LLC has purchased three office buildings in Minneapolis located at 244, 248 and 252 First Ave. in the Historic Warehouse District for $1.2 million. The buildings, known as the Yamamoto Moss Offices, total 42,000 square feet. Together, there are three office users that occupy 75 percent of the buildings. Josh Floring of The Ackerberg Group represented the seller, Yamamoto Moss Leasing Co., in the transaction.
COLLEGEVILLE, PA. — The Dow Chemical Co. has agreed to move its Northeast USA Technology Center from Spring House, Pa. to Collegeville. The company plans to open a 750,000-square-foot research and development facility, located within the Pfizer Pharmaceutical campus on Acrola Road. Dow plans to relocate 800 employees, who will begin moving to the site as early as the first quarter of 2013.
NEW YORK CITY — Fairway Market has signed a lease for 42,000 square feet at Kips Bay Plaza, located at 542-580 Second Ave. in Manhattan. The grocery chain will occupy 2,000 square feet on the ground floor and 40,000 square feet in the basement. Fariway is replacing Office Depot and Crunch Gym within the plaza. Robert Futterman and Gary Alterman of RKF represented the tenant in the transaction. David Green of Cushman & Wakefield represented the landlord, DFD Development.
SECAUCUS, N.J. — ZT Systems has inked a lease for 23,451 square feet of office space in Secaucus, which will serve as the company's new headquarters. The building is located at 333 Meadowlands Parkway and the tech firm will occupy the entire second floor. Frank Lopriore of Colliers International represented the tenant in the transaction. Josh Osborne of Bergman Real Estate Group represented the building owner. Built in 1981, 333 Meadowlands is part of the Harmon Cove office complex. Other tenants in the park include MSNBC and Panasonic.