NEW YORK CITY — Allianz Real Estate has acquired a 44 percent stake — an investment of approximately $420 million — in 10 Hudson Yards, located on Manhattan’s west side. The tower is the first building completed in Related Cos. and Oxford Properties Group’s mixed-use Hudson Yards development. A limited partnership that includes Allianz, Related Cos., Oxford and institutional investors advised by J.P. Morgan Asset Management now own the property. 10 Hudson Yards is 94 percent leased to a variety of tenants, including Coach, L’Oreal USA, SAP and Boston Consulting Group. The planned mixed-use development will feature more than 17 million square feet of commercial and residential space, with more than 100 shops, a collection of restaurants, approximately 4,000 residences, cultural space, 14 acres of public open space and a 750-seat public school. Paul Meyer of Mayer Brown provided legal counsel to Allianz on the transaction.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
JACINTO CITY, TEXAS — Flaming Grill & Supreme Buffet has leased the remaining space in the 217,004-square-foot Market at Hunting Bayou as its first location in metro Houston. The restaurant chain is planning to invest $2 million into the interior of a 21,164-square-foot space in the retail center, located at 11900 E. Freeway in Jacinto City. Construction on the junior anchor space is expected to take five months. The chain has restaurants in New Jersey, New York, Pennsylvania and South Carolina. The daily menu features more than 250 items of American, Italian, Japanese and Mexican dishes alongside traditional Chinese cuisine. Flaming Grill’s lease will bring Market at Hunting Bayou to 100 percent occupancy. Brad Elmore of Houston-based NewQuest Properties represented the landlord, JBL Asset Management of Miami, in the transaction. Drew Huggins of Huggins Realty Group represented the restaurateur, which also has a location in Dallas.
MCKINNEY, TEXAS — A private institutional partnership has proposed The Village at McKinney, a mixed-use development on 76.2 acres in the city of McKinney in Collin County. Chris Burrow and Dillon Cook with Henry S. Miller, a commercial real estate firm based in Dallas, are marketing a proposal for the large mixed-use project, which would be known as The Village at McKinney, to developers. The out-of-state institutional partnership currently owns the property. “We have been working very closely with the City of McKinney and our clients on The Village at McKinney and we are very excited to bring this new development opportunity onto the market,” says Burrow. The final project could include a mix of retail, restaurant, office, hospitality and multifamily uses. The Village at McKinney would be located at the corner of U.S. Highway 75 and Laud Howell Parkway. The 76.2-acre site has been divided into four separate parcels ranging in size from 8.9 acres to 34 acres, but can also be sold to a single developer. On-site utilities are scheduled to be in place by 2018. “The City of McKinney recognizes the area around U.S. 75 and Laud Howell as a prime location for a range of commercial opportunities …
WOODBRIDGE, VA. — The JBG Cos. has signed seven new retailers and restaurants at Stonebridge at Potomac Town Center, a 482,631-square-foot retail center located in the Washington, D.C., suburb of Woodbridge. The new tenants include a 4,026–square-foot Brew Republic Bierwerks; a 2,256-square-foot Duck Donuts; a 2,693-square-foot BurgerFI; a 1,255-square-foot Sushi Jin Next Door; a 5,561-square-foot Lane Bryant; a 3,201-square-foot Massage Envy; and a 3,354-square-foot Sleep Number. BurgerFI, Sushi Jin Next Door, Lane Bryant and Massage Envy are already open. Brew Republic Bierwerks, Duck Donuts and Sleep Number will open later this summer. Stonebridge at Potomac Town Center is now 93 percent leased to tenants such as Apple, REI, DSW Shoe Warehouse, Orvis, Uncle Julio’s and South Moon Under.
ATLANTA — Newk’s Eatery, a Jackson, Miss.-based fast casual restaurant chain, has signed a new development agreement with franchisee C^2 Investment Partners LLC for six new locations in the Atlanta area. The multi-unit operator will open the new restaurants within the next four years. The agreement is part of Newk’s growth plan to double in size in the next three years. The chain currently has more than 100 units in 13 states, predominantly in the Southeast. Owned by Brent Cann and Doug Cullinan, C^2 Investment Partners has purchased an existing Newk’s Eatery at 2566 Briarcliff Road N.E. in Atlanta. C^2’s operating partner, Lynn Townsend, a longtime resident of the Atlanta area, brings more than 20 years of hospitality and restaurant experience to the investment group.
FAIRFIELD, CONN. — HK Group has brokered the sale of a restaurant property located at 348 Black Rock Turnpike in Fairfield. FCCW LLC and Baylor LLC sold the 2,663-square-foot property to Ahabs Table LLC and Black Rock SoHo LLC for $1.3 million. At the time of sale, Black Rock Oyster Bar & Grill was in operation at the site. The buyers plan to continue to operate the restaurant/bar under a new name. David Cervero and Ralph Michel of HK Group represented the buyer, while Audrey Long of Guttman Realty Advisors represented the seller in the deal.
FRISCO, TEXAS — The Vitorino Group has arranged the sale of a freestanding retail property ground leased to McDonald’s in Frisco. The restaurant is located on Custer Road near State Highway 121 and will eventually serve as an outparcel to a Walmart Supercenter. The buyer, a Canadian doctor, purchased the McDonald’s from a local partnership for an undisclosed price. The Vitorino Group represented the seller, and an unnamed broker based in Dallas secured the buyer.
EDEN PRAIRIE, MINN. — Mid-America Real Estate – Minnesota has arranged a new 10,319-square-foot lease for Crave, an American kitchen and sushi bar restaurant, in Eden Prairie, approximately 20 miles southwest of Minneapolis. Crave will take over a space at Eden Prairie Center that was formerly occupied by Biaggi’s Ristorante Italiano. The 1.3 million-square-foot shopping center includes retailers such as Von Maur, Target, Kohl’s, Sears and JC Penney. The restaurant is slated to open in November. Tricia Pitchford, Jesseka Doherty and Robert Wise represented the landlord, CAPREF Eden Prairie LLC, in the transaction.
HANOVER, MD. — The Cordish Companies has unveiled plans for a $200 million expansion at Maryland Live! Casino in Hanover. The expansion will include a 17-story, flagship Live! Hotel tower; an event center; meeting spaces; new dining options; a Live! Retail store; approximately 1,000 additional parking spaces; and a day spa and fitness center. The hotel will offer 310 luxury guest rooms, 52 of which will be suites. The Grand Event Center will feature a 1,500-seat concert venue with a built-in performance stage. The development’s event center will also offer flexible pre-function and meeting space, an executive boardroom and banquet seating capable of hosting up to 800 guests. New dining options will include a 24-hour café, a gelato bar and a signature lobby bar with more than 50 seats. Contractors, project architects and designers tapped by The Cordish Cos. for the project include Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Assoc. and EDSA. Tutor Perini Corp. will be the project’s general contractor. The project is expected to create approximately 400 new jobs and 550 construction jobs for the region, according to the developers. …