A joint venture of The Peterson Cos. and DRI Development Services LLC will develop Rock Spring Centre, a $320 million, one-million-sq.-ft. mixed-use center in Bethesda, Md. Peterson will serve as the lead developer on the project’s retail and entertainment components and DRI will handle office, hotel and residential space.
When completed, Rock Spring Centre will include 550,000 sq. ft. of class-A offices, 210,000 sq. ft. of retail and restaurants, 191 residential units, 90,000 sq. ft. of entertainment venues and a 200-key hotel. Peterson and DRI plan to break ground for the development later this year.
Bill Miller and Alex Walker, of Transwestern Retail, will serve as leasing agents for the retail component.
Opening is scheduled for the spring of 2014.
“This community has been waiting for a project of this magnitude and quality for quite some time and we are excited to see this project move forward,” said Steve Silverman, director of Montgomery County Department of Economic Development, in a statement.
Levin Management has been appointed as property manager and exclusive leasing agent for Moorestown Shopping Center, a 48,920-sq.-ft. retail center in Moorestown, N.J. Tenants at the center include Retro Fitness, Dunkin’ Donuts and Family Dollar.
Clarion Partners will begin a $32 million renovation of Chevy Chase Pavilion in Chevy Chase, Md. As part of the project, the firm will add two new restaurants to the property. In addition, the renovation will include new finishes, new vertical transportation, a new media venue with a 30 x 60 ft. synchronized LED wall and the removal of the Atrium canopy.
Work on the project will begin this February. It is expected to be completed by mid-September.
Mid-America Asset Management completed renovation work on Rice Lake Square, a 251,313-sq.-ft. shopping center in Wheaton, Ill. The project included new roof up-lighting and tower elements, new pedestrian plazas, the addition of several parking spaces, improvements to traffic flow and landscaping and new signage.
Bayer Properties hired Jay Wiseman as vice president of acquisitions. Wiseman has 28 years of experience in commercial real estate. Previously, he worked for CBL & Associates Properties Inc.
Regency Centers appointed John Nahas as investments manager. In his new position, Nahas will be responsible for identifying, evaluating and structuring profitable retail development opportunities throughout Southern California. He has more than seven years of experience in commercial real estate. Prior to joining Regency Centers, he worked as a development manager for Heyday Development Corp.
Sperry Van Ness hired John Patrick McDermott as director of sales in its Chicago office. McDermott already serves as national director of office properties for Sperry Van Ness International, regional director for the firm’s asset recovery team and president of Capital Partners | SVN. He joined Sperry Van Ness in 2001.
Stream Realty Partners L.P. promoted Kyle Valentine and Preston Young to regional managing partners in its Houston office and David Blackbird and Derek Land to regional partners in its Austin, Texas office. The Houston office recently launched a retail platform.
SRS Real Estate Partners hired Dominic Delgado and Evan Richardson as senior associates in its South Florida office. In his new position, Delgado will focus on investment services, landlord representation, tenant representation and disposition services. He has more than 10 years of experience in real estate. Richardson has seven years of experience. Previously, he worked as a leasing agent with Southern Management & Development L.P. SRS also hired Pierce Mayson as senior associate in its Atlanta office. In his new position, Mayson will focus on investment sales. He has six years of experience in real estate. Previously, he worked as a retail investment sales broker with Newmark Knight Frank.
Marshall Reddick Real Estate Network promoted Ross Nelson to director of operations and Scott Pastel to director of marketing. In his new position, Nelson will be responsible for managing the investment groups, brokerages and real estate services relationships. Previously, he was co-founder of Krochet Kids International. Pastel will be responsible for expanding Marshall Reddick’s educational division and for company marketing.