WRS Breaks Ground on $1B Lakeforest Mall Redevelopment
WRS Inc. recently celebrated the official groundbreaking of the Lakeforest Redevelopment, a mixed-use project that will transform the former 102-acre Lakeforest Mall site. The groundbreaking marks the start of a multi-phase construction plan designed to replace 1.1 million square feet of aging retail and parking lots.
The $1.2 billion redevelopment will include 1,600 residential units. National homebuilder NVR will be constructing approximately 600 new residential units ranging across a variety of housing types. A soon-to-be-announced partner will be constructing 600 rental apartment units with WRS, Inc, and Potomac Housing Development will be constructing 250 workforce housing rental apartment units.
The development will also feature more than 470,000 square feet of new retail and commercial space, including initial major tenants such as The Home Depot, Sprouts Farmers Market, and Landmark Theatres. The redevelopment is projected to generate $2.7 million in annual recurring revenue for the City of Gaithersburg and provide an estimated $1.7 billion in annual economic output at full buildout.
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RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout