THE WOODLANDS, TEXAS — JLL has arranged $175 million in refinancing for Market Street — The Woodlands, a 493,400-square-foot mixed-use asset located at 9595 Six Pines Drive in The Woodlands. The property features approximately 375,600 square feet of retail space and 114,900 square feet of office space. Tom Melody and John Ream of JLL arranged the fixed-rate loan through a partnership between Morgan Stanley and Wells Fargo.
OLD SAYBROOK, CONN. — Northeast Private Client Group has negotiated the $2.2 million sale of a 6,500-square-foot retail property known as The Starbucks Building in Old Saybrook. The property is located at 15-19 Main St. Bradley Balletto of Northeast Private Client Group’s Shelton, Conn., office represented the seller, Prospect Realty Partners, and procured the buyer, Developers Consolidated Realty, in the transaction. Tenants at the property include Starbucks and Ben & Jerry’s.
WESTBURY, N.Y. — LNR Partners LLC has sold The Mall at the Source, a 723,326-square-foot shopping center in the Long Island community of Westbury, for $92 million. The transaction included the 210,798-square-foot Fortunoff Building, a vacant anchor property formerly occupied by now-defunct department store Fortunoff. The property, which includes a four-story parking garage, is situated on 38 acres at 1504 Old Country Road. Located 28 miles from New York City, the mall is positioned within the Nassau Hub submarket. LNR sold the property as the manager for CMAT 99-C1 Old Country Road LLC, which is a subsidiary of Starwood Property Trust Inc. There was also a co-seller on the transaction, a real estate mortgage investment conduit (REMIC) trust for which C-III Asset Management LLC is the special servicer. Jose Cruz, Kevin O’Hearn, Chris Phaneuf, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF marketed the property on behalf of the sellers. HFF also secured a loan for the Fortunoff Building. An undisclosed private foreign buyer purchased the mall and acquired the title to the Fortunoff Building. Starwood Property Trust is a commercial mortgage real estate investment trust. C-III Asset Management is a real estate investment management and commercial property services company. …
SCOTTSDALE, ARIZ. — HFF has arranged the $26 million sale of The Village at Hayden, a 156,751-square-foot mixed-use development located in Scottsdale. The property is home to retail and office tenants including Capital Consultants Management, Company Nurse, Phoenix Photonix, Zipps Sports Grill, Twisted Grove, Melting Pot and Grassroots Kitchen. CJ Osbrink and Derreck Barker of HFF marketed the property on behalf of the seller, Village at Hayden LLC, which is a partnership between AEW Capital Management L.P. and The Muller Co. HFF also procured the buyer, Arizona Partners.
LOS ANGELES — According to Westfield Corp., Jonathan Waxman’s NYCA Restaurant Group will be bring the chef’s cuisine back to Southern California with a restaurant to open in spring 2018. Waxman first gained fame with Alice Waters at Chez Panisse in Berkeley, and later worked at Michael’s in Santa Monica and Jams in New York City. Today, he is the chef and owner of Manhattan’s Barbuto restaurant, where he earned the 2016 James Beard Award as Best Chef – New York City. Waxman and NYCA Restaurant Group have now made the decision to open their first restaurant in Los Angeles at Westfield Century City. The restaurant will be located alongside the property’s front façade on Santa Monica Boulevard. Westfield Century Center is preparing for its grand opening in fall 2017. The redeveloped center will include more than 200 stores and restaurants including a new Nordstrom, new Macy’s, completely remodeled Bloomingdale’s and an Equinox fitness club. In addition to the new restaurant (which has yet to be named), other new dining options at Century City will include the West Coast’s first Eataly, Din Tai Fung, Javier’s Finest Foods of Mexico, Petros Benekos (Petros fine Hellenic cuisine, The Kafe and Kafe Bugatsa), Tender Greens, …
SAN FRANCISCO — The Gymboree Corporation has appointed Daniel Griesemer as the company’s new president and chief executive officer. Griesemer joins Gymboree after a five-year tenure leading Tilly’s, an action sports-inspired teen and young adult apparel retailer where he served as president and CEO. Griesemer assumes his responsibilities from interim CEO Mark Weikel, who will continue his role as a member of the board of directors. In addition to his experience at Tilly’s, Griesemer previously served as president and CEO at Coldwater Creek, a women’s clothier, and held executive leadership positions at Gap Inc., GapKids and Gap Inc. International division. Griesemer began his career with Macy’s Stores. As of April 29, 2017, the The Gymboree Corporation operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.
WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have inked a deal with supermarket chain Wegmans to anchor the redevelopment of the former Fannie Mae headquarters at 3900 Wisconsin Ave. in Washington, D.C. The redevelopment includes the original brick buildings that were constructed by Equitable Life Co. in 1958 and 1962, as well as nearly 10 acres surrounding the buildings. The redevelopment will feature retail, residential, cultural arts, hospitality and commercial space. The development team includes Shalom Baranes Associates and Michael Vergason Landscape Architects. A timeline for the project has yet to be announced.
MINOT, N.D. — Marcus & Millichap has brokered the sale of a retail property net leased to Wells Fargo in Minot, located in north central North Dakota, for $3.4 million. The property is located at 3106 16th St. Chris Lind, Jamie Medress and Mark Ruble of Marcus & Millichap secured and represented the buyer, a limited liability company.
MIAMI — Hines is set to break ground on 110 10th Street, a 45-story, 600,000-square-foot mixed-use tower located within Miami Worldcenter, a 27-acre development in downtown Miami. The tower will be the first Class A office building of scale constructed in Miami’s Central Business District in eight years, and will offer a mix of office space and retail. The project is located directly adjacent to Miami Worldcenter’s 360,000-square-foot retail promenade. “More companies are moving to downtown Miami each day and existing brands are expanding here,” says Nitin Motwani, managing principal for the master developer of Miami Worldcenter, Miami Worldcenter Associates. “An office tower at Miami Worldcenter will offer tenants a chance to be in a mixed-use setting that’s centrally located, walkable and connected.” New Haven, Conn.-based architecture firm Pickard Chilton Associates was chosen to design the building, which will feature three indoor/outdoor terraces. Construction on the first phase of Miami Worldcenter began in 2016, including a 60-story Paramount luxury multifamily community and retail space. Construction on 110 10th Street is expected to begin in the second quarter of 2018, with initial occupancy occurring in late 2020. Hines has been active in the Florida real estate market since 1982 with the development of …
EAST RUTHERFORD, N.J. — Triple Five Cos. and the Ghermezian family, developers of the American Dream Meadowlands project, have secured $1.6 billion in private construction financing for the project, which is under construction and scheduled to open in March 2019. J.P.Morgan led the construction financing and Goldman Sachs led a tax-exempt bond offering. The project will include DreamWorks Water Park and the Nickelodeon Universe Theme Park, both of which will be fully enclosed and open year-round. Other attractions will include the Big Snow Indoor Ski & Snowboard Park, a 1,350-seat Cirque Du Soleil theater, movie theaters by Cinemax, Sea Life Aquarium, Legoland Discovery Center, an 18-hole miniature golf course and an ice rink. Retailers will include Saks Fifth Avenue and Hermes.
