Mixed-Use

JLL Arranges $36.7M Development Financing for Mixed-Use Project in Manhattan

by Jeff Shaw February 8, 2019

NEW YORK CITY — JLL Capital Markets has arranged a $36.7 million construction loan for a mixed-use project on the border of the Chelsea and Flatiron neighborhoods of Manhattan. Located at 128-130 W. 23rd St., the 37,752-square-foot, 15-story project will include 30 residential units and 3,673 square feet of retail space. The property will also feature 2,500 square feet of amenity space including a fitness center and rooftop space. Jonathan Schwartz, Max Herzog, Brett Rosenberg and Chris Byrns of JLL Capital Markets secured financing for the borrowers, Pan-Brothers Association and Valyrian Capital. The lender was CapitalSource. Terms of the financing were not disclosed.

February 8, 2019

Development Midwest Mixed-Use Wisconsin

City of Wauwatosa Approves Master Development Agreement for Future Phases of The Mayfair Collection in Wisconsin

by Kristin Harlow February 8, 2019

WAUWATOSA, WIS. — The city of Wauwatosa has approved the terms of a development agreement that will facilitate future phases of The Mayfair Collection, a 69-acre mixed-use project. HSA Commercial Real Estate is the developer. By demolishing existing warehouse buildings and installing additional infrastructure improvements, the agreement supports the creation of seven development sites, which can accommodate up to 750 additional residential units and 360,000 square feet of office space. Demolition and site work are scheduled to begin this summer, with development sites available as soon as spring 2020. Recent additions to The Mayfair Collection include a 146-room Hilton Homewood Suites and a 269-unit luxury apartment building. Both are located adjacent to more than 500,000 square feet of retail space anchored by Whole Foods Market and Nordstrom Rack.

February 8, 2019

Acquisitions Mixed-Use Texas

Braun Enterprises Acquires 195,853 Office, Retail Property in Houston

by Alex Tostado February 7, 2019

HOUSTON — Local investment firm Braun Enterprises has acquired a 195,853-square-foot office and retail property in Houston’s Galleria neighborhood from WEDGE Properties Management Corp. Davis Adams, Wally Reid and Kelly Layne of HFF represented the seller and procured the buyer in the transaction. The property, which comprises two six-story office buildings, a single-story retail building and a two-story parking garage, was 54 percent leased at the time of sale. Braun plans to extensively renovate the interior and exterior of the office buildings and redevelop the retail space.

February 7, 2019

Development Florida Mixed-Use Southeast

Kaufman Lynn Construction Breaks Ground on Phase I of $350M Mixed-Use Project in South Florida

by Alex Tostado February 6, 2019

PLANTATION, FLA. — Kaufman Lynn Construction has broken ground on Phase I of Encore Capital Management’s Plantation Walk, a $350 million mixed-use development in Plantation. Phase I is set to include a seven-story building with 171 multifamily units, 63,000 square feet of retail and restaurant space and 12,000 square feet of amenity space. At full build-out, Plantation Walk will include 700 apartment units, 160,000 square feet of office space and 200,000 square feet of retail space. The site is situated at the former Plantation Fashion Mall at 321 N. University Drive, about eight miles west of downtown Fort Lauderdale. Completion is slated for April 2020.

February 6, 2019

Loans Mixed-Use Nevada Office Retail Western

PBC USA Receives $70M in Refinancing for Mixed-Use Development in Metro Las Vegas

by Amy Works February 6, 2019

SUMMERLIN, NEV. — New York City-based PBC USA has received a $70 million loan to refinance Tivoli Village, a 28-acre mixed-use development in Summerlin, a suburb of Las Vegas. Bank of Nevada provided the capital, which replaces financing from KeyBank and reduces the interest rate by 150 basis points. The refinancing is a result of near completion of a two-year turnaround campaign at the 700,000-square-foot retail and office property, bringing occupancy rates to above 80 percent. The first phase of Tivoli Village opened in 2011 and the second phase opened in 2016. Tenants at the property include Restoration Hardware’s RH Las Vegas, Echo & Rig Butcher and Steakhouse, Brio Tuscan Grille, David Barton Gym and Dance With Me. The property features 370,000 square feet of retail space and 300,000 square feet of Class A office space.

February 6, 2019

Acquisitions Mixed-Use New York Northeast

Avison Young Negotiates $8.9M Sale of Mixed-Use Building in Manhattan

by David Cohen February 5, 2019

NEW YORK CITY — Avison Young has negotiated the $8.9 million sale of 356 Bowery, a 6,500-square-foot, mixed-use building in the NoHo neighborhood of Manhattan. The five-story residential and retail property is currently vacant. James Nelson and Brandon Polakoff of Avison Young represented the seller, Ultimate Realty LLC, in the transaction. The buyer was undisclosed.

February 5, 2019

Development Mixed-Use Texas

KRS Begins 12,000 SF Retail, Office Renovation Project in Fort Worth

by Taylor Williams February 5, 2019

FORT WORTH, TEXAS — KRS Realty Advisors has begun a 12,000-square-foot retail and office renovation project within Fort Worth’s historic stockyards district. The first building features 7,000 square feet of divisible space and can accommodate a drive-thru or patio seating for a restaurant user. The second building will offer 4,970 square feet in an open concept complete with mezzanine space and ample parking. Stream Realty Partners will handle leasing of the project.

February 5, 2019

Development Mixed-Use North Carolina Southeast

Beacon Properties Breaks Ground on Mixed-Use Project in Metro Raleigh

by Alex Tostado February 4, 2019

CARY, N.C. — Beacon Properties Group has broken ground on a two-story, 28,231-square-foot mixed-use building located at 150 Wellesley Trade Lane in Cary. The building will feature 16,000 square feet of medical office and office space and 10,000 square feet of retail space, including 3,400 square feet for a restaurant. The project is situated about 18 miles west of downtown Raleigh and about 17 miles south of downtown Durham. Picket Sprouse Commercial Real Estate is handling leasing for the building. The project team also includes architect Barber Architects and civil engineer EarthCentric Engineering. The building is expected to be complete this summer.

February 4, 2019

Acquisitions Mixed-Use New York Northeast

Benchmark Real Estate Acquires Mixed-Use Building in Manhattan for $21M

by David Cohen February 4, 2019

NEW YORK CITY — Benchmark Real Estate Group has acquired a six-story, mixed-use building in Manhattan for $21 million. Located at 35 Bedford St., the property consists of 33 apartments and three retail units. The building was constructed in 1900 and is part of the Greenwich Village Historic District Extension. Aaron Jungreis of Rosewood Realty Group represented both Benchmark and the seller, Renaissance Properties, in the transaction. Benchmark plans to fully renovate the property.

February 4, 2019

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $1.2M Sale of Mixed-Use Property in Brooklyn

by David Cohen February 1, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $1.2 million sale of a 3,500-square-foot mixed-use building in Brooklyn. The property is located at 1001 39th St. John Brennan and Samuel Finkler of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 1, 2019

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