Mixed-Use

Banyan Street Unveils Retail Hub, Central Courtyard at Peachtree Center in Downtown Atlanta

by John Nelson May 9, 2019

ATLANTA — Banyan Street Capital has unveiled The Hub and The Plaza within the historic Peachtree Center in downtown Atlanta. Banyan Street tapped architectural firm The Beck Group on the design for both portions of the 2.5 million-square-foot mixed-use development. The Hub, formerly known as the Mall at Peachtree Center, is home to more than 50 shops and restaurants. In the past 18 months, Banyan Street has inked leases with Salata, Beni’s Cubano, Taste of India and BEP! Vietnamese, as well as Time to Escape, a locally owned and operated escape room concept that includes live actors. Amy Fingerhut of CBRE’s Atlanta office is leading The Hub’s retail leasing assignment. The Plaza is the development’s overhauled central courtyard that fronts Peachtree Street and is situated between Peachtree Center’s various towers. Beck Group’s design for the public space includes a central area for live events; custom planters and benches; a reflective pool that can be drained for events; a suspended, illuminated canopy; revamped entrances to the adjacent office towers and existing atrium; and a glass-encased staircase leading to The Hub that features a sloped water fountain on the backside. At a private event held Wednesday, Miami-based Banyan Street officially opened The …

May 9, 2019

Acquisitions California Development Mixed-Use Top Stories Western

Joint Venture Acquires Mixed-Use Development Site in Beverly Hills for $130M

by Alex Tostado May 9, 2019

BEVERLY HILLS, CALIF. — A joint venture between SHVO, Bilgili Group and Deutsche Finance has acquired 9200 Wilshire Boulevard, a surface parking lot in the upscale, first-ring Los Angeles suburb of Beverly Hills, for $130 million. The seller was New Pacific Realty Corp. The venture plans to build a 307,397-square-foot condominium and retail building on the site. The seven-story building will feature a glass exterior, 54 residential units and 6,650 square feet of retail space adjacent to the Golden Triangle, Beverly Hills’ famed shopping district. Exclusive amenities for residents will include a rooftop swimming pool and courtyard. The Beverly Hills City Council has already approved the project. Since 2018, SHVO, Bilgili Group and Deutsche Finance have partnered to buy two other properties, the Raleigh Hotel in Miami and 685 Fifth Ave. in New York City, an office building being converted into Mandarin Oriental Residences. The joint venture’s investors include Bayerische Versorgungskammer, one of the largest institutional investors in Germany. Lotus Capital Partners arranged a $51 million acquisition loan from California-based Acore Capital for the transaction. “We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” says Michael Shvo, chairman of SHVO. “Our new residential concept will offer the highest quality …

May 9, 2019

California Development Mixed-Use Western

Brookfield Properties to Develop 5M, a Four-Acre Mixed-Use Development in San Francisco

by Amy Works May 8, 2019

SAN FRANCISCO — Brookfield Properties plans to break ground this summer on 5M, a four-acre mixed-use project in downtown San Francisco. In partnership with Hearst Corp., Brookfield is transforming empty parking lots and underutilized warehouses into a mix of residential, office and retail space, as well as restoring historic buildings and public open spaces. Scheduled to break ground this summer, 415 Natoma St. will feature 640,000 square feet of Class A office space, plus ground-floor space for retailers and restaurants. Additionally, Brookfield will break ground on a 302-unit apartment building with 91 affordable units. The two buildings and ground-level open space is slated to open in mid-2021. Upon completion of the full project, 5M will features 702 residential units, including units designated for middle-income households, seniors and formerly homeless families. Also included in the plan are more than 50,000 square feet of parks, rooftop gardens, play areas and open space programmed to include community arts and cultural events. The historic Chronicle Building will be renovated and the historic Camelline Building and Dempster Building, a former printing house, will be repurposed as signature features on the site. Hearst will retain full ownership of the existing Chronicle and Examiner buildings, which will continue …

May 8, 2019

Colorado Loans Mixed-Use Office Retail Western

HFF Arranges $10.2M Refinancing for 18,460 SF Mixed-Use Property in Denver

by Amy Works May 8, 2019

DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.

May 8, 2019

District of Columbia Loans Mixed-Use Southeast Top Stories

MRP Realty Receives $191.8M in Development Financing for Mixed-Use Project in Washington, D.C.

by Kristin Harlow May 8, 2019

WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station. Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project. Construction began in February. Phase I is slated for completion in spring 2021. HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team. Founded in 2005, MRP Realty …

May 8, 2019

Development Mixed-Use Texas

Seritage Breaks Ground on Redevelopment of Former Mall in North Dallas

by Taylor Williams May 7, 2019

DALLAS — Seritage Growth Properties (NYSE: SRG) has broken ground on Park Heritage, a mixed-use project located at the intersection of the LBJ Freeway and Preston Road in north Dallas that could ultimately span as much as 2 million square feet. Seritage is the master developer, and Dallas-based KDC currently plans to develop about 1.1 million square feet of Class A office space. Toll Brothers Apartment Living will construct the first phase of the project’s multifamily component, which calls for roughly 300 units. At full build-out, Park Heritage could span as much as 275,000 square feet of retail, restaurant and entertainment space, 660 to 800 multifamily units and up to 300 hotel rooms, as well as three acres of open space. Construction work will begin with the demolition of the former Sears building and automotive center, located at the site of the old Valley View mall, followed by investment in the surrounding infrastructure. Seritage was formed in 2015 to unlock the underlying real estate value of a portfolio acquired from Sears Holdings.

May 7, 2019

Acquisitions Mixed-Use Office Oregon Retail Top Stories Western

Goldman Sachs, Lincoln Property Acquire 287,216 SF Field Office Mixed-Use Project in Portland for $118M

by Amy Works May 3, 2019

PORTLAND, ORE. — A joint venture between the Merchant Banking Division of Goldman Sachs and Lincoln Property Co. has purchased Field Office, a Class A mixed-use project along River Promenade in Portland’s Pearl District. A venture between National Real Estate Advisors and Project^, which developed the property, sold the asset for $118 million. Completed last year, Field Office features a total of 287,216 square feet of office and retail space. The property includes flexible floor plans, on-site daycare facility, courtyard area with seating and fire pits, fitness center, commuter lounge for cyclists, solar power arrays, below-grade parking, and executive rooftops with city and river views. The two-building asset is located on 2.3 acres at 1895 and 2035 NW Front Ave. The site is adjacent to Interstate 405 and directly across the street from 648 new multifamily units, in addition to more than 600 proposed within the submarket. Located just north of downtown Portland, the formerly industrial Pearl District is now a hotbed of development for retail, restaurants, art galleries, breweries, adaptive reuse projects, multifamily and office. Field Office is also located within an Enterprise Zone, according to the developers, making tax abatements available for tenants that meet certain requirements, such …

May 3, 2019

Acquisitions Mixed-Use North Carolina Southeast

Grubb Properties Acquires Two Mixed-Use Buildings, Parking Deck in Downtown Chapel Hill for $23.5M

by Alex Tostado May 1, 2019

CHAPEL HILL, N.C. — Grubb Properties has acquired a mixed-use property spanning two buildings in downtown Chapel Hill for $23.5 million. Grubb Properties is planning a $12 million renovation to transform the connected buildings into an entrepreneurial hub to attract companies with modern amenities and access to technology. The buildings, located at 137 E. Franklin St. and 136 E. Rosemary St., were 30 percent leased at the time of sale. The buildings span 118,517 square feet of commercial space and include an adjacent 276-stall parking deck. The two buildings and parking deck span one city block and are situated within an opportunity zone directly across from the University of North Carolina at Chapel Hill. A timeline for the renovations was not disclosed. Dunn Mileham, David Morris and Mark Alviano of Trinity Partners represented the undisclosed seller in the transaction.

May 1, 2019

Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

JDS Receives $664.1M Construction Loan to Build Brooklyn’s Tallest Building

by John Nelson April 30, 2019

NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn. Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates. The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed. SHoP architects is designing the residential tower’s façade to be clad in bronze and glass. New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed …

April 30, 2019

Development Florida Mixed-Use Southeast

Coral Rock, Arena Capital Break Ground on Nine-Acre Mixed-Use Project in South Florida

by John Nelson April 29, 2019

HIALEAH, FLA. — Coral Rock Development Group and Arena Capital Holdings have broken ground on Pura Vida Hialeah, a nine-acre mixed-use project in the Miami suburb of Hialeah. The Miami-based co-developers plan to deliver the project in 2020. Situated at the corner of West 16th Avenue and West 29th Street, Pura Vida will comprise three eight-story residential towers and three outparcel retailers spanning roughly 40,000 square feet. The outparcel retailers will include a Wawa gas station and convenience store, a two-story YouFit Health Club and a Taco Bell restaurant. Residences at Pura Vida Hialeah will feature studio, one-, two- and three-bedroom apartments ranging from 538 square feet to 1,099 square feet. Amenities will include a resort-style pool, gym, barbecue area, dog park, and 24-hour security staff. The residential towers will also feature approximately 11,000 square feet of retail space, including a Dollar Tree store.

April 29, 2019

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