Mixed-Use

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

Development Georgia Mixed-Use Southeast

NAP Begins Vertical Construction at Colony Square in Midtown Atlanta, Announces May Openings

by John Nelson April 29, 2019

ATLANTA — North American Properties (NAP) has begun vertical construction on the redevelopment of Colony Square, a massive mixed-use campus in Midtown Atlanta. The two components going vertical include the Main & Main food hall operated by Oz Rey and the new IPIC movie theater. In May, NAP plans to open a new 10,000-square-foot urban park named The Grove and a new Starbucks in Building 100. Reopenings at Colony Square in May include a Chick-fil-A, the bike house C-Cycle for Colony Square’s office tenants, the lobby of Building 400 and Establishment, which will debut its patio and outdoor bar this summer. Opening later this year is sushi restaurant Sukoshi, and NAP has commissioned an all-female team to paint a mural titled “Moon Goddess” that front Peachtree Street. Colony Square at full buildout will include 912,000 square feet of Class A office space, 160,000 square feet of retail and restaurants, a 466-room W hotel, outdoor space and 262 luxury residences. NAP is planning for Colony Square’s grand opening in May 2020. Colony Square’s project team includes office leasing firm Cushman & Wakefield, architect of record Lord Aeck Sargent, lead design firm Beyer Blinder Belle, landscape architect Site Solutions, general contractor Hoar …

April 29, 2019

Acquisitions Mixed-Use New Jersey Northeast

NKF Arranges Sale of 183,000 SF Mixed-Use Property in Metro Philadelphia

by Taylor Williams April 29, 2019

CHERRY HILL, N.J. — Newmark Knight Frank (NKF) has arranged the sale of a 183,000-square-foot mixed-use property in Cherry Hill, an eastern suburb of Philadelphia. The sales price was approximately $13.6 million. The facility, which was fully leased to Hikma Pharmaceuticals at the time of sale, includes warehouse, office, distribution and lab space. The property’s location offers convenient access to Interstate 295 and the New Jersey Turnpike. Mike Margolis, Dave Dolan, Dave Garonzik, Kenneth Zakin and David Noonan of NKF represented the seller, Ingerman & Ginsburg, in the transaction. The buyer was not disclosed.

April 29, 2019

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