The deal represents the second closing in a multi-tiered disposition of the 16-acre City Place, which is being handled on behalf of developer Edgewater Enterprises by Cushman & Wakefield's Metropolitan Area Financial Services Group.
The five existing buildings total 132,000 sf that are 100% leased to such tenants as Gap, Banana Republic, Victoria's Secret, Jos. A. Bank, Ann Taylor and Bath & Body Works, according to Jose R. Cruz, an FSG director. RREF has also committed to buying a sixth building, currently under construction, that will boost the property's retail component to a total of 158,000 sf, according to Cruz.
City Place also includes a total of 331 new multifamily residential units that are in the initial phases of leasing and sales, plus six acres of land for additional housing. Last summer, an affiliate of Korman Communities Inc. bought 201 of the apartment for an undisclosed price.
According to Cruz, additional contracts are in place for the remaining apartments and the undeveloped tract. The property also includes a Hilton Homewood Suites hotel that's not part of the sale transaction.
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