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RICHMOND, VA. — Starwood Retail Partners will upgrade and redevelop the 668,000-square-foot Stony Point Fashion Park, a popular retail center in Richmond, at a cost of $50 million. The retail center, which opened in 2003, currently includes about 75 stores. Starwood Retail Partners acquired Stony Point Fashion Park last fall as part of a $1.4 billion, seven-mall deal with Taubman Centers. The renovation work on Stony Point is scheduled to begin in the summer of 2016. Both the center’s east and west courts will undergo enhancements to modernize the space. The West End will feature a bocce ball court, fountains, tables, a courtyard, rocking chairs and fire pits interspersed throughout the area. The renovated west court will appeal to people seeking entertainment and a place for social interaction. The East Side will include an expansive green space. Triangle Park, as part of the green space, will feature fountains, experiential art and whimsical seating such as heated benches. Plans also include a stage for summer performances that will transform into an ice-skating rink in the cooler months. The East Side will also undergo a retail expansion, adding boutiques and retailers that will complement the current mix of tenants in the center. …

LAKE OSWEGO, ORE. — Multi-Employer Property Trust (MEPT) has entered into a joint venture with PHK Development Inc. to build a $103 million project that will include 200 apartment units, more than 40,000 square feet of commercial space and 430 parking spaces at Block 137 (330 1st St.) in Lake Oswego, Ore. Block 137 will be the first mixed-use development to be built in downtown Lake Oswego, located about 10 miles south of Portland, Ore., in more than 15 years. The joint venture team will work in collaboration with Lake Oswego community leaders in the development process. The apartment community will be designed to appeal to a broad base of residents, including Baby Boomers seeking relocation to an amenity-rich community; families attracted to the school system in Lake Oswego; and young affluent individuals and couples that value walkability in a neighborhood setting. “We are very pleased to partner with PHK, a local firm with expertise in mixed-use developments, for this joint venture project. For MEPT, this investment will contribute to fund performance and give MEPT exposure to one of the most desirable residential locations in the Portland metropolitan area,” says David Antonelli, executive vice president and MEPT portfolio manager at …

NEW YORK CITY — Kushner Cos. has purchased the 250,000-square-foot retail component of the historic Times Square Building for $296 million. The retail portion of the 16-story, 767,000-square-foot property located at 229 W. 43rd St. comprises the first three floors and portions of the fourth floor, cellars and sub-cellars of the building, with frontage on West 43rd and 44th streets. Sellers Africa-Israel USA (AFI-USA) and Five Mile Capital Partners purchased the entire building — the former headquarters of the New York Times Co. — in June 2007 for $530 million total. The Times Square Building housed The New York Times when the property was built in 1913 until the building was sold in 2004 to Tishman Speyer Properties. In 2007, the newspaper moved to a steel-framed, glass-curtained new construction at 620 Eighth Ave. Marquee tenants at the Times Square Building include Discovery Times Square Exhibition, Bowlmor Times Square, Guitar Center and Haru Sushi. Landmarks Preservation Commission recognizes the building as a New York City landmark. Columbia Property Trust Inc. purchased the office portion of the building this year from affiliates of Blackstone Real Estate Partners VI LP for $516 million. Helen Hwang, formerly of Cushman & Wakefield and now with …

CRANBURY, N.J. — A joint venture between The Rockefeller Group and Alfieri LLC is moving forward with one of the largest industrial real estate developments in New Jersey. The Cranbury Station Park will feature up to 1.24 million square feet of Class A warehouse and distribution space. Developers broke ground on the 930,000-square-foot building that will anchor the site in May. The speculative building is situated on 120 acres off Cranbury Station Road in the Exit 8A submarket of New Jersey. “The demand-side fundamentals are extremely strong in the Exit 8A submarket, and there are no other existing opportunities to lease a space of this size in the state, so we’re expecting strong interest ahead of completion,” says Clark Machemer, senior vice president and regional development officer for The Rockefeller Group’s New Jersey/Pennsylvania office. The building plans incorporate a solar-ready roof, cross-dock loading and a loop road surrounding the entire building to maximize circulation. The 930,000-square-foot facility is slated for completion by the end of this year. An additional 310,000-square-foot building may then be constructed. The pad site for the 310,000-square-foot building could alternatively be used for trailer and car parking. The project currently provides 200 trailer spaces, 292 auto …

NEW YORK — A subsidiary of Brookfield Property Partners LP (NYSE: BPY) has entered into a joint venture with Qatar Investment Authority (QIA) to develop the mixed-use Manhattan West project in New York City. In the transaction, Brookfield sold a 44 percent interest in the development to QIA. The total value of the development upon completion and stabilization is estimated to be $8.6 billion. “Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project,” says Bruce Flatt, CEO of Brookfield Asset Management, a global alternative asset manager with more than $200 billion of assets under management. New York-based Brookfield Property Partners, the flagship listed real estate company of Brookfield Asset Management, has more than $60 billion in total assets. QIA, a global investor, was founded by the State of Qatar in 2005 as its sovereign wealth fund. “We are pleased to expand our relationship with Brookfield and invest in this world-class project. This joint venture is an example of our strategy to invest in high-quality real estate with strong partners. It is also a further demonstration of QIA’s long-term confidence in the U.S. market,” says His Excellency Sheikh …