Mixed-Use

Cronheim Arranges $10M Refinancing for Mixed-Use Property in Princeton, New Jersey

by David Cohen March 13, 2019

PRINCETON, N.J. — Cronheim Mortgage has arranged a $10 million loan to refinance a mixed-use property in Princeton. Located at 277 and 281 Witherspoon St., the property consists of two adjacent retail and office buildings. The first, 277 Witherspoon, is a recently completed two-story building. The second, 281 Witherspoon, is a three-story building built in 1984 and renovated in 2015. Cronheim secured the 10-year loan with three years of interest-only payments on behalf of the borrower, HP Witherspoon LLC, an affiliate of Princeton-based Herring Properties. The lender was undisclosed.

March 13, 2019

Market Reports Massachusetts Mixed-Use Multifamily Northeast Northeast Market Reports Office

Greater Boston Commercial Market Remains Robust

by David Cohen March 13, 2019

While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy. The entire Boston area absorption for lab and office space is 5.2 million square feet. While those stats are favorable compared to the last two years, (2017 with 1.8 million square feet and 2016 with 1 million square feet), they are dwarfed by 2015 which had absorption of 5.8 million square feet. It is also the first time that Class B rents have topped …

March 13, 2019

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Orchestrates $2.1M Sale of Mixed-Use Building in Toms River, New Jersey

by David Cohen March 12, 2019

TOMS RIVER, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 28,400-square-foot, mixed-use property in Toms River. Located at 26 Main St., the property is currently occupied by 26 tenants. Alan Cafiero and Ben Sgambati in Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. The buyer was a personal trust.

March 12, 2019

Development Mixed-Use Texas

Endeavor, MetLife Break Ground on 30-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams March 12, 2019

AUSTIN, TEXAS — Endeavor Real Estate Group and joint venture partner MetLife Investment Management have broken ground on The Quincy, a 30-story mixed-use tower that will be located in downtown Austin. The project will deliver 347 apartments across 19 floors, three floors of Class A office space totaling 77,540 square feet and 10,360 square feet of ground-floor retail space. Amenities will include a pool, exercise lawn, sports lounge, media room and a coworking space and business center, as well as a dog park, package lockers and an Uber pickup lounge. The Quincy is expected to open in early 2021.

March 12, 2019

Florida Loans Mixed-Use Southeast

HFF Arranges $125.7M Construction Loan for Mixed-Use Project in South Florida

by Alex Tostado March 8, 2019

BOCA RATON, FLA. — HFF has arranged a $125.7 million construction loan for Uptown Boca, a 38-acre mixed-use project in Boca Raton. Jutland Finance Inc. provided the floating-rate loan to the development team of Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital. Elliott Throne, Steven Klein and Jesse Wright led HFF’s debt placement team in the transaction. The developers broke ground in October 2018 and said Uptown Boca will comprise 456 residential units, which are expected to deliver in early 2020, and 171,086 square feet of retail space, which is expected to deliver this summer. Retail tenants include Lucky’s Market, Silverspot Cinema, Bolay, Chick-fil-A and BurgerFi. The development will be situated at the corner of Glades Road and 95th Avenue, about five miles west of downtown Boca Raton.

March 8, 2019

Acquisitions Mixed-Use New Jersey Northeast Uncategorized

Marcus & Millichap Orchestrates $1.2M Sale of Mixed-Use Building in New Jersey

by David Cohen March 7, 2019

MONTCLAIR, N.J. — Marcus & Millichap has arranged the $1.2 million sale of a 4,500-square-foot mixed-use property in New Jersey. Located at 413 Bloomfield Ave., the property consists of two apartment units and one retail unit. Alan Cafiero, Ben Sgambati, Chip Collins, David Cafiero, Michael DeVita and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a personal trust, in the transaction. The buyer was a limited liability company.

March 7, 2019

Development Georgia Mixed-Use Southeast

Sanctuary, Varden to Co-Develop $280M Mixed-Use Project in Metro Atlanta

by Alex Tostado March 6, 2019

KENNESAW, GA. — Sanctuary Cos. and Varden Properties will co-develop Eastpark Village, a $280 million mixed-use project that will comprise 850 residential units and about 300,000 square feet of office, retail and commercial space and a village green. The project is situated on about 57 acres just south of historic downtown Kennesaw, and about 28 miles northwest of downtown Atlanta. The Meridian Real Estate Group and Keller Williams Realty Signature Partners represented the developers in acquiring 65 parcels for Eastpark Village, the largest assemblage of land in Kennesaw’s history. Miller Architecture designed the project. The developers expect to break ground this month, and completion is expected in three years.

March 6, 2019

Development Georgia Mixed-Use Southeast

TIER REIT Joins Development Team for $400M Mixed-Use Project in Atlanta’s Buckhead District

by Alex Tostado March 6, 2019

ATLANTA — Dallas-based TIER REIT has joined lead developer Regent Partners and Batson-Cook Development Co. (BCDC) in the $400 million development of 3354 Peachtree Road, the last undeveloped parcel in Atlanta’s Buckhead district. The proposed project sits on three acres and will comprise 560,000 square feet of office space, 60 condominiums and a 300-unit multifamily building. The project is expected to break ground in the fourth quarter of this year and be delivered in 2022.

March 6, 2019

Acquisitions Massachusetts Mixed-Use Northeast

Colliers Arranges $19.6M Sale of Mixed-Use Building in Boston

by David Cohen March 5, 2019

BOSTON — Colliers has arranged the $19.6 million sale of a mixed-use property in Boston’s Downtown Crossing neighborhood. Located at 29-35 Temple Place, the recently renovated property consists of 42, short-term housing units as well as ground-floor retail currently leased to Democracy Brewing, a restaurant and brewery. Christopher Sower, Bruce Lusa, Jonathan Bryant, John Flaherty, Maggie Collins and Patrick Boyle of Colliers represented the buyer, Premier Capital Partners, in the transaction. The seller was undisclosed.

March 5, 2019

Acquisitions Mixed-Use Multifamily Nevada Retail Western

Colliers Arranges $130M Sale of 60-Acre Parcel Near Las Vegas Strip for Mixed-Use Development

by Amy Works March 5, 2019

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a land parcel located on the corner of Harmon Avenue and Koval Lane in Las Vegas. Nevada Development Associates VI LP acquired the asset from an undisclosed seller for $130 million. Situated near the Las Vegas Strip, the 60-arce site includes the Harbor Island apartment complex, which is adjacent to the Hard Rock Hotel & Casino. The site is poised for a mix of high-density residential, retail and/or gambling/resort development. Mike Mixer of Colliers’ Las Vegas office represented the seller in the deal.

March 5, 2019

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