News

The development of The Promenade, a 700,000-square-foot power center in D’Iberville, Miss., has taken a big step forward now that project developers CBL & Associates Properties Inc. and Forum Development Group L.L.C. have acquired 72 acres in the Gulf Coast community. Located five miles from Biloxi and about 85 miles northeast of New Orleans, The Promenade will encompass 11 anchor tenants, in addition to 80,000 square feet of specialty shops and restaurants.Demand for premier retail offerings in the area is high, as the Gulf region continues its struggle to recover from the devastation brought on by Hurricane Katrina nearly three years…

Grand Gateway I, II, and III L.L.C. has acquired the 96,959-square-foot shopping center located in Chino Hills, Calif.,  from Gateway Village I, II, and III L.P.  for $47.2 million, or $487 per square foot. Hanley Investment Group Real Estate Advisors represented both the buyer and the seller in the transaction. Gateway Village (pictured) is located at 3560-3670 Grand Avenue and sits on 13.86 acres of land adjacent to the State Highway 71 freeway at the Grand Avenue exit. Approximately 81 percent of the total property’s square footage consists of national and regional credit tenants that includ Henry’s Market, Baja Fresh,…

A $30.6 million non-recourse loan arranged by Marcus & Millichap Capital Corp. helped Security Properties Inc. of Seattle re-enter the Denver market with the $37 million purchase of The Aventine, a 336-unit apartment complex.Jake Roberts and Anita Paryani, senior directors in Marcus & Millichap Capital’s West Los Angeles office, arranged the financing package for The Aventine, located at 3257 S. Parker Road in Aurora, Colo.“The lender provided a commitment to the borrower within two weeks of receiving the signed application for the non-recourse loan,” Roberts said in a company release.Financing was provided by an unidentified bridge lender at a floating…

Mayfield Gentry Realty Advisors has agreed to purchase an 82,000-square-foot office building on K Street in Washington, D.C.The 11-story building currently is 89 percent leased and has 30 tenants. It generally caters to a clientele that includes non-profit organizations and trade associations. Current tenants include Atelier Artchitects, the National Sleep Foundation and R.E. Bushnell & Law Firm. The Class B office building is located at 1522 K Street NW, three blocks from the White House.Chauncey Mayfield, CEO of Mayfield Gentry Realty Advisors, commented that the building, the firm’s first in Washington, D.C., was attractive due to its location and the…

Balfour Beatty Group has completed acquisition of the military housing division of GMH Communities Trust for $350 million, it has reported. The student division of GMH Communities is in negotiations to be acquired by American Campus Communities. The military division has been renamed Balfour Beatty Communities. This deal allows Balfour Beatty to expand its already extensive presence in the multi-family housing, especially in the United States defense industry. The new entity, Balfour Beatty Communities, based in Newtown, Penn., now provides, jointly with the U.S. Department of Defense, approximately 25,700 military housing units for families on 12 military housing projects in…

The development of the 3 million-square-foot Navy Broadway Complex in San Diego will not be stopped by the California Coastal Commission now that a U.S. District Court has ruled that the state entity does not have the standing to require developer Manchester Pacific Gateway L.L.C. to secure a Coastal Development Permit for the $1 billion project.The ruling comes nearly one full year after Manchester filed a suit against the Commission following its claim of jurisdiction over the development, which will be constructed in a public-private partnership on property owned by the U.S. Navy. It was Manchester’s assertion that because the…

The Kalispel Tribal Economic Authority has chosen Marlton, N.J.-based Hill International to serve as construction manager on the $180 million first phase of the $270 million Northern Quest Resort & Casino expansion project in the Spokane, Wash., area.Located five minutes from Spokane International Airport in the suburban city of Airway Heights, Northern Quest first debuted nearly eight years ago. “When we opened in December 2000, it was always our intent to build a destination resort and everything that is included in that,” a spokesperson for the Kalispel Tribe of Indians told CPN today. Hill international will provide both construction and…

NAI/Merin Hunter Codman has leased 42,000 square feet of office space, almost 22,000 square feet in Delray Beach to an international telecommunications company and 20,000 square feet in Jupiter to a Fortune 500 company. In the first transaction, Clertech.com Inc., a Florida-based telecommunications firm, leased 21,947 square feet of Class A office space at Delray Arbors office park in Delray Beach. The company’s space will occupy the entire top floor in one of the three, four-story buildings in the park. The company committed to a 10-year lease and will establish a call center at the location and use the space…

CBRE Capital Markets has arranged the $50 million sale of One Riverview Square, a class A eight-story office building totaling 147,895 square feet located in Miami, Fla. CB Richard Ellis Investment Properties Institutional Group teamed with CB Richard Ellis’ Institutional Group represented the seller, Rubicon America Trust, in the transaction. One Riverview Square  is llocated on the north side of the Miami River in very close proximity to the major transportation arteries including I-95, the Dolphin Expressway, Biscayne Boulevard and Brickell Avenue, as well as the Metro Mover, and is fully leased to the United States Government GSA Immigration and…

Maxxam Enterprises is leading a redevelopment campaign in Los Angeles’ fashion district with five new projects totaling more than 200,000 square feet in various stages of development, the company announced today.  The firm announces the opening of its latest project, 1025 Towne Center, a 50,000-square-foot wholesale complex located on Towne Avenue between 12th and 10th Streets. The property, formerly a two-story warehouse and manufacturing facility, was acquired by Maxxam in March 2005. The 1025 Towne Center revamp included the addition of parking ramps and an elevator to service window-lined offices on the second level, while the ground floor was subdivided…