Mixed-Use

REDCO, AEW Buy One Montgomery Street in Downtown San Francisco for $82M

by Amy Works July 11, 2019

SAN FRANCISCO — A joint venture between REDCO Development and AEW Capital Management has acquired One Montgomery Street, a historic mixed-use property in downtown San Francisco. 601W Cos. sold the building for $82 million. Mike Taquino, Kyle Kovac, Russell Ingrum, Giancarlo Sangiacomo and Mandy Lee of CBRE’s San Francisco office represented the seller in the deal. Additionally, CBRE’s Mike Walker, Brad Zampa and Megan Woodring arranged $76.6 million in acquisition financing on behalf of the buyer. The five-year, non-recourse, floating-rate loan will finance a portion of the acquisition and provide funding for future capital expenditures and releasing costs. Located at the intersection of Montgomery and Post streets, Wells Fargo has occupied the building since 1984.

July 11, 2019

California Development Mixed-Use Office Retail Western

KBS Starts $20M Renovation of Union Bank Plaza in Los Angeles

by Jeff Shaw July 10, 2019

LOS ANGELES — KBS Real Estate Investment Trust II has launched a $20 million renovation of Union Bank Plaza (UBP) in downtown Los Angeles. Improvements will include an updated retail center, conference center, outdoor seating area and lobby. The property is located at 445 S. Figueroa St. In addition to the building renovation, KBS has embarked on a spec suite program, building out tenant suites without a committed tenant. Of the first eight suites currently under construction, two have been pre-leased. UBP includes a 701,888-square-foot office tower, two-level retail center, two-acre landscaped outdoor plaza and a four-level parking structure. Swinerton Builders will handle construction. The first round of demolition work will begin immediately with completion set for early 2020.

July 10, 2019

Alabama Development Mixed-Use Southeast

Daniel Corp. Breaks Ground on 228-Unit Multifamily Project in Birmingham

by Alex Tostado July 9, 2019

BIRMINGHAM, ALA. — Daniel Corp. has broken ground on a five-story, 228-unit apartment project with ground-level retail space in Birmingham’s Parkside District. The property will be situated across the street from Regions Field, home of Minor League Baseball’s Birmingham Barons. The yet-to-be-named community will offer studio, one- and two-bedroom floor plans along with communal amenities including a saltwater swimming pool, fitness center and a sky club on the fifth floor with views of the ballpark. The design team includes Dwell Design Studio, Schoel Engineering, BHATE Geosciences, Vignette Interior Design and LMO Partners. The general contractor is Hoar Construction. Daniel expects the first residents to move in late 2020.

July 9, 2019

Development Hospitality Loans Mixed-Use Oregon Western

George Smith Partners Arranges $460M Construction Loan for Five-Star Portland Hotel

by Jeff Shaw July 9, 2019

PORTLAND, ORE. — George Smith Partners has secured a $460 million construction loan on behalf of BPM Real Estate Group (BPM) for Block 216, a planned 1.1 million-square-foot mixed-use project in downtown Portland. The project was announced in June. Ritz-Carlton will anchor the 35-story tower, offering the first five-star hotel in the state of Oregon. An affiliate of Mosaic Real Estate Investors funded the four-year loan. George Smith Partners’ Malcolm Davies and Zachary Streit, along with other members of the firm’s Los Angeles office, sourced the financing on behalf of BPM founder Walter Bowen. The Block 216 project will encompass a full city block. In addition to the 251-room hotel, the tower also will include138 branded Ritz-Carlton Residences, 140,000 square feet of office space and 7,800 square feet of ground-floor retail. Portland-based BPM will begin construction of Block 216 this summer and host a groundbreaking on July 12. Construction is scheduled for completion in 2023.

July 9, 2019

Acquisitions Mixed-Use North Carolina Southeast

Dilweg Sells Mixed-Use Property in Chapel Hill

by Alex Tostado July 5, 2019

CHAPEL HILL, N.C. — The Dilweg Cos. has sold The Courtyard of Chapel Hill, a mixed-use project located at 431 W. Franklin St. in Chapel Hill. The Courtyard at Chapel Hill comprises more than 17,000 square feet of retail space and 20 residential units known as The Courtyard Lofts. The building was delivered in 1982 and renovated in 2013. The property was fully leased at the time of sale to tenants including Kipos, Franklin Street Yoga, Vimala’s Curryblossom Café and Cat Tales Cat Café. Tom Kolarczyk and Jeff Glenn of HFF represented the seller in the transaction. New York City-based Vista Property Group acquired the asset. The sales price was not disclosed.

July 5, 2019

Development Mixed-Use Texas

Allen City Council Approves Zoning District for Howard Hughes Corp.’s 261-Acre Mixed-Use Project

by Taylor Williams July 2, 2019

ALLEN, TEXAS — The Allen City Council has approved a zoning proposal for Monarch City, a 261-acre mixed-use project by The Howard Hughes Corp. that will be developed on the northeastern outskirts of Dallas. According to the minutes from the council meeting, the council adopted an ordinance that establishes a “planned development zoning district with a base zoning of mixed-use.” The development will be located near State Highways 121 and 75 and currently calls for more than 10 million square feet of commercial and residential space, including office, retail, multifamily and hospitality uses. Omniplan is designing the project and JLL is marketing and leasing it on behalf of Howard Hughes Corp.

July 2, 2019

Development Midwest Minnesota Mixed-Use

Kraus-Anderson Completes Construction of $100M Ironclad Project in Minneapolis

by Kristin Harlow July 2, 2019

MINNEAPOLIS — Kraus-Anderson has completed construction of Ironclad, a new $100 million mixed-use development located at Chicago and Washington avenues in the historic Mills District near U.S. Bank Stadium in downtown Minneapolis. Owned and developed by Kharbanda Management, the 418,864-square-foot project includes residential, hospitality and retail space within the East Town district and the Downtown East neighborhood. Designed by Minneapolis-based Collage Architects, the project features a 14-story, 172-unit apartment building and an eight-story Moxy-branded hotel. Managed by Graves Hospitality Corp., the 140-room Moxy hotel is part of a new hotel franchise by Marriott Hotels. Moxy is a boutique concept focused on millennials, combining both style and affordability. Ironclad is situated on the site of the former Union Grain Elevator, which was built in 1867 and was one of the earliest and largest wood grain elevators in Minneapolis. The Chicago, Milwaukee and St. Paul railways used the grain mill as a connection into the rail facilities in the Mill District. The Ironclad name stems from a fire in the historic building that damaged its original wooden elevator, which was rebuilt with an “iron clad” elevator to better protect the structure against future fires.

July 2, 2019

Acquisitions California Mixed-Use Retail Top Stories Western

Regency Centers Purchases Retail Component of Silicon Valley Mixed-Use Project for $212.5M

by John Nelson July 2, 2019

CAMPBELL, CALIF. — Regency Centers Corp. (Nasdaq: REG) has acquired the retail component of The Pruneyard, a 27-acre mixed-use development in Silicon Valley that dates back to 1969. The Jacksonville, Fla.-based shopping center owner and developer purchased the property from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group LLC for $212.5 million. Situated in Campbell near State Route 17, The Pruneyard’s 258,000-square-foot shopping center is anchored by Trader Joe’s. The site was formerly a pear and prune orchard before the Brynteson family sold it in 1966, according to the Silicon Valley Business Journal. The recently renovated development also features three office towers spanning 365,000 square feet and a 171-room DoubleTree by Hilton hotel that were not part of the transaction. Other retailers and restaurants at The Pruneyard include Pruneyard Dine-In Cinemas, Marshall’s, Rock Bottom Brewery, Sports Basement, Café Artemis, Buca di Beppo, Peet’s Coffee, Chase Bank and Massage Envy. Coming to the center this fall are fitness concept Row House and DIY workshop retailer Board & Brush. Bryan Ley and Eric Kathrein of HFF represented the sellers in the transaction. San Francisco-based Ellis Partners is retaining a minority interest in the …

July 2, 2019

Loans Mixed-Use New York Northeast

Chess Builders Receives $140M Construction Loan for Mixed-Use Project in The Bronx

by Taylor Williams June 28, 2019

NEW YORK CITY — Chess Builders, a locally based developer, has received a $140 million construction loan for a mixed-use project located at 210 E. 135th St. in The Bronx. The project will consist of two 25-story towers housing 430 apartments, 129 of which will be rented at below-market rates, as well as 24 hotel rooms, 5,000 square feet of commercial space and 210 parking spaces. S3 Capital Partners, a New York-based private lender, provided the funds.

June 28, 2019

Acquisitions Mixed-Use Office Retail Southeast Virginia

Divaris Real Estate Acquires Six Properties Totaling 232,057 SF in Hampton Roads

by Alex Tostado June 28, 2019

VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has acquired six properties totaling 232,057 square feet in Hampton Roads. The acquisitions include shopping centers Las Gaviotas Shopping Center, a 90,505-square-foot, Food Lion-anchored property in Chesapeake; and Cypress Run, a 25,000-square-foot, Kroger shadow-anchored property in Smithfield. The two office buildings are the 76,024-square-foot Northampton Executive Center and the 10,000-square-foot 2125 McComas Way, both in Virginia Beach. The medical office building and two-building mixed-use properties are also in Virginia Beach. The seller(s) and sales prices were not disclosed.

June 28, 2019

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