Mixed-Use

Warfield Buys Historic 91-Acre Site Near Baltimore for Mixed-Use Redevelopment

by Camren Skelton July 12, 2018

SYKESVILLE, MD. — Warfield Cos. has acquired a 91-acre site in Sykesville, roughly 25 miles northwest of Baltimore, with plans deliver a new mixed-use project. Upon completion, the former site of the Springfield Hospital Center will include 600,000 square feet of office, light industrial and retail space, as well as roughly 180 residential units, a full-service hotel and a 27-acre town park. The site, which will be rebranded “Warfield at Historic Sykesville,” includes 12 buildings that were constructed in the early 20th century. The buildings carry historical designations from the National Park Service and Maryland Historical Trust. Three of the buildings are restored and leased to Nexion Health, Zeteo Tech and The Carroll County Dance Center. The remaining nine buildings will be rehabilitated and repurposed for future users, owners and tenants. Construction and restoration activities are scheduled to begin in a few weeks on the first speculative office building. Groundbreaking for the first phase of new construction, a 145-unit townhome project, is expected to begin this month, with completion slated for early 2019. Elm Street Development is developing the townhome portion of the project. Dennis Boyle of Lee & Associates is handling the leasing assignment for the project’s commercial, retail …

July 12, 2018

Acquisitions Mixed-Use New Jersey Northeast

HFF Brokers Sale of 27,000 SF Mixed-Use Property in Red Bank, New Jersey

by David Cohen July 11, 2018

RED BANK, N.J. — HFF has brokered the sale of a 27,000-square-foot mixed-use property in Red Bank. The three-story building is located at 2-10 Broad St. in downtown Red Bank, 25 miles south of New York City. HFF represented the seller, Broad Street Realty Association, in the transaction. Saxum Real Estate purchased the property for an undisclosed sum. The property consists of ground-floor retail, which is fully leased to Urban Outfitters, as well as upper-floor office space. Amenities include views of the Navesink River from the upper floor and a rear terrace.

July 11, 2018

Development Georgia Mixed-Use Southeast

Construction Underway, First Tenants Announced at $40M Mixed-Use Project on Atlanta’s Upper Westside

by Camren Skelton July 11, 2018

ATLANTA — Eden Rock Real Estate Partners, in partnership with Stein Investment Group and Frank Buonanotte, has kicked off construction on Westside Village, a $40 million adaptive reuse project on Atlanta’s Upper Westside district. Redevelopment plans call for the transformation of the existing 51,000-square-foot warehouse building situated along Marietta Boulevard, the demolition of other smaller buildings and the new construction of three additional commercial buildings on the 10-acre site. The 100,000-square-foot development will also include 19 townhomes. The first announced tenants at the development are Primrose Schools, an early education and childcare provider, and The Refinery, a fitness training club. Primrose Schools will open a 12,400-square-foot facility, serving infants through Kindergarten-aged children. The Refinery will open an 11,700-square-foot facility that will offer adult fitness training, youth sports performance enhancement training, a private Pilates studio and a therapeutic “chiro-spa” for sports recovery, pain management and everyday wellness. Both tenants are expected to open at Westside Village in early 2019. Additional retailers, restaurant and service providers are expected to be announced within the next 60 days. Atlanta-based Shroeder Architects is the architect for the project, which is slated for completion by spring 2019.

July 11, 2018

Development Midwest Mixed-Use Ohio

Blue Horseshoe Ventures to Develop $2B Entertainment Project Near Columbus, Ohio

by Kristin Harlow July 10, 2018

NEW ALBANY, OHIO — Blue Horseshoe Ventures Ltd. has unveiled plans to develop Planet Oasis, a combined entertainment, attraction, action sport, food and beverage and health wellness venue. Project costs are estimated at $2 billion, according to local media reports. The 350-acre development will be located at the intersection of I-71 and State Route 36 in Delaware County and Berkshire Township near Columbus. Plans call for a 200,000-square-foot UltraStar Multi-tainment Center, which will house bowling, laser tag, video games, virtual golf, a movie theater and sports restaurant and bar. It will also house a “Uni-coaster” within a glass cylinder that will extend 150 to 200 feet in the air. Other attractions will include a 90,000-square-foot go-kart venue, a 10,000-square-foot indoor skydiving experience and a shooting gallery. The Mirage Entertainment District will be built around Lake Mirage, a 20-acre saltwater lake with sand beaches. The District will also feature an indoor waterpark and an indoor sports facility. The project will feature at least 15 hotels offering 4,000 rooms as well as 75 restaurants. A wellness resort known as Bloom will feature a 100-key hotel on its own lake. Blue Horseshoe expects to break ground in December, with a planned opening date of December 2019 …

July 10, 2018

Acquisitions Development Mixed-Use New York Northeast Office Top Stories

Walt Disney Co. Strikes $650M Deal to Develop New Downtown Manhattan Headquarters

by John Nelson July 10, 2018

NEW YORK — The Walt Disney Co. (NYSE: DIS) has acquired development rights in downtown Manhattan’s Hudson Square neighborhood for $650 million. The 4 Hudson Square site covers a full city block bordered by Hudson, Varick, Vandam and Spring streets. The global media firm plans to move its New York operations to the new site, including 1.2 million square feet of office and production space for WABC-TV, ABC News, Live with Kelly and Ryan and The View. According to ABC-7, Good Morning America will continue to broadcast from Times Square and Disney Streaming Services will relocate from Chelsea Market to the Hudson Square site. “We’re announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward,” said Robert Iger, chairman and CEO of Disney. “This move represents a historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community.” According to Iger, the new facility will …

July 10, 2018

Development Massachusetts Mixed-Use Northeast

Nauset Begins Renovation, Addition to Mixed-Use Project in Cambridge

by David Cohen July 9, 2018

CAMBRIDGE, MASS. — Nauset has started construction on additions to Crimson Galeria in Cambridge that will add 18,000 square feet of office space to the mixed-use property. Located at 57 JFK St. in Harvard Square, the redevelopment is being undertaken by Needham, Mass.-based Nauset Construction for owner Crimson Galeria LP. The Harvard Square submarket of Cambridge is experiencing lows of less than 2 percent in office vacancy, according to Nauset.

July 9, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $14M Sale of Mixed-Use Building in Manhattan

by David Cohen July 3, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $14 million sale of 224 East 59th St., a fully leased, five-story mixed-use building located in midtown Manhattan. Cushman & Wakefield represented the seller, Itzhaki Acquisitions, in the transaction. A foreign buyer purchased the property. The building features 16 residential units and ground-floor retail leased by KATAGIRI, the oldest Japanese grocery store in the United States. The residential component is a mix of rent-stabilized and free-market units.

July 3, 2018

Development Mixed-Use North Carolina Southeast

LRC Properties Signs Brewery, Tech Firm to 320,000 SF Historic Mill Renovation in Downtown Durham

by Camren Skelton July 3, 2018

DURHAM, N.C. — LRC Properties has signed leases with Hi-Wire Brewing and WillowTree Inc. to its Golden Belt Campus, a 320,000-square-foot historic mill located at 800 Taylor St. in downtown Durham. Robin Roseberry Anders and Jordan Williams of NAI Carolantic Realty represented LRC in the lease negotiations. Asheville, N.C.-based Hi-Wire Brewing is scheduled to open its third location, a 10,522-square-foot taproom, at the development by the end of October. The space will feature an outdoor covered patio and garden, full-sized shuffleboard courts, foosball tables and table tennis. Matt Larson of CBRE arranged the lease on behalf of Hi-Wire. WillowTree Inc., a software agency with locations in North Carolina, Virginia and New York, will relocate its existing Durham office to the Golden Belt Campus in January 2019. The company will occupy more than 29,000 square feet on the top floor of the mill, which features a monitor roof, clerestory windows, exposed brick and original maple floors. Matt Winters of Tri Properties represented WillowTree in the lease negotiation. New York-based LRC acquired the campus in phases in 2016 and 2017 and has since begun a full-scale renovation. At completion, the renovation will include brick and timber office spaces, 40,000-square-foot floor plates, new …

July 3, 2018

Development Industrial Mixed-Use Southeast Tennessee Top Stories

Urban Story Ventures to Redevelop 112-Acre Site Along Chattanooga’s Tennessee River

by John Nelson July 3, 2018

CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …

July 3, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Dalzell Capital Partners Acquires Mixed-Use Property in Philadelphia

by David Cohen July 2, 2018

PHILADELPHIA — Dalzell Capital Partners has acquired Waverly Court, a mixed-use property located in Center City, Philadelphia, for $21 million. Originally built in the early 1900s, the property includes 61 apartments and 2,800 square feet of commercial space. All residential units feature factory-style windows, exposed brick walls, 12- to 14-foot ceiling heights and stainless steel appliances. Dalzell acquired the mixed-use building from Yess Properties. Waverly Court is Dalzell Capital’s third acquisition in Center City in less than a year.

July 2, 2018

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