Mixed-Use

Provident, Glaser to Break Ground on 73-Acre Mixed-Use Project in Metro Dallas

by Taylor Williams May 15, 2018

ALLEN, TEXAS — A partnership between two Dallas-based firms, Provident Realty Advisors Inc. and Glaser Retail Partners, is scheduled to break ground this week on Stacy Green, a 73-acre mixed-use project in Allen, a northern suburb of Dallas. According to the Allen City Council, the project will include an undetermined amount of retail and restaurant space, urban residential and townhome units and a mixed-use area at the center of the development. The Dallas Morning News reports that the first buildings are slated to become available for occupancy in 2019. The news of the groundbreaking comes of the heels of Howard Hughes Corp.’s announcement of a 270-acre mixed-use development in Allen, zoning of which is scheduled to begin this year.

May 15, 2018

Development Mixed-Use New Jersey Northeast

Joint Venture Breaks Ground on 119,000 SF Mixed-Use Project in Hackensack

by David Cohen May 15, 2018

HACKENSACK, N.J. — The Hampshire Companies, along with joint venture partners Claremont Cos., NAI James E. Hanson and construction lender Provident Bank, have broken ground on a 119,000-square-foot mixed-use project in Hackensack at 383-389 Main St. The five-story building will consist of 82 residential units and feature 3,500 square feet of retail space. The target date for completion is fall 2019. Amenities will include a gym, indoor lounge areas, public outdoor terrace and bicycle storage. Designed by architect Minervini Vandermark, the project will be known as 389 Main. The project is part of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders and real estate professionals. The plan designated a 163-acre area of the city that encompasses 389 properties in need of rehabilitation as a redevelopment zone to attract real estate investment to the city across the retail, residential, office and mixed-use sectors.

May 15, 2018

Development Florida Mixed-Use Southeast

Edwards Cos. Breaks Ground on $300M Mixed-Use Development in South Florida

by Camren Skelton May 14, 2018

DELRAY BEACH, FLA. — Edwards Cos. has broken ground on Atlantic Crossing, a $300 million mixed-use development in downtown Delray Beach. At full build-out, the project will feature six buildings and include 73,000 square feet of retail space, 83,000 square feet of office space, 261 apartment units and 82 condominium units. The first phase is expected to come on line in the fourth quarter of 2019, and the first apartment units are expected to open in 2020. Additional residential units will be added to the development in 2022, and full-build out is scheduled to take five years to complete. The project is expected to generate $2.6 million in annual tax revenues and create 600 jobs. Matthew Williams of Newmark Knight Frank arranged a senior construction loan through Fifth Third Bank for the development. CBRE will handle the project’s office leasing assignment, and Strategic Retail Advisors will handle the retail leasing component.

May 14, 2018

Loans Mixed-Use New York Northeast

NorthMarq Capital Arranges $47M Refinancing of Mixed-Use Building in Manhattan

by David Cohen May 11, 2018

NEW YORK CITY — NorthMarq Capital has arranged the $47 million refinancing of 64 West 48th Street, a 128,251-square-foot mixed-use building in Manhattan. The property is located one block south of New York City’s iconic Rockefeller Center. The refinancing was structured as a 15-year term with two years of interest-only payments followed by a 30-year amortization schedule. Charles Cotsalas and Bob Delitsky of NorthMarq arranged financing for the undisclosed borrower through a life insurance company.

May 11, 2018

Development Mixed-Use Texas

Howard Hughes Corp. to Develop 270-Acre Mixed-Use Destination in Metro Dallas

by Taylor Williams May 10, 2018

ALLEN, TEXAS — The Howard Hughes Corp. will develop Monarch City, a mixed-use destination that will be located at the corner of North Central Expressway and the Sam Rayburn Tollway in Allen, a northern suburb of Dallas. According to the Allen Economic Development Corp., Monarch City will span roughly 270 acres. The project will feature approximately 9 million square feet of retail, hospitality, urban residential and Class A office space surrounding a central park. Omniplan is designing the project and JLL is marketing and leasing it. Zoning is expected to begin this year.

May 10, 2018

Development Georgia Mixed-Use Southeast Top Stories

Joint Venture Unveils $600M Mixed-Use Project in Savannah, Georgia

by Camren Skelton May 10, 2018

SAVANNAH, GA. — A joint venture between ELV Associates, Mariner Group and Regent Partners has unveiled the development plans for a $600 million mixed-use project in Savannah. The joint venture originally acquired the site — formerly known as Savannah River Landing — in September 2017. The project will be renamed Eastern Wharf, a nod to the site’s history. The Savannah Eastern Wharves date back to the early 1800s, when Savannah was on the rise as one of the major ports on the East Coast. “It was important to our team that we were respectful of Savannah’s history,” says Trent Germano, a principal with Mariner Group. “When we started to learn about the site and the significant role it played in the early commerce of Savannah, we knew what direction we wanted to go.” The 57-acre site is located adjacent to downtown Savannah’s Landmark Historic District. The development plan outlines approximately seven acres of public open space including squares and a park along the Savannah River. The group plans to break ground on the first phase of Eastern Wharf this summer. Representing a $225 million investment, the first phase will include more than 300 apartment units; a 1,100-space parking garage; 40,000 square feet …

May 10, 2018

Acquisitions Mixed-Use New York Northeast

Rosewood Negotiates Sale of Office Building in Queens for $9.2M

by David Cohen May 9, 2018

NEW YORK CITY — Rosewood Realty Group has negotiated the sale of an office building in Jamaica, Queens for $9.2 million. The 16,791-square-foot building is located at 175-20 Hillside Ave. and was built in 1973. The four-story building is currently fully leased to St. Joseph’s Hospital, Labcorp and a pharmacy on the ground floor. The property also includes 30 outdoor parking spaces. Michael Guttman of Rosewood represented the seller, 175-20 Hillside LLC, in the transaction. Jacob Setton of Rosewood represented the undisclosed buyer.

May 9, 2018

Acquisitions Hospitality Mixed-Use Northeast Rhode Island

NKF Capital Markets Orchestrates $10.1M Sale of Newport Grand Casino in Rhode Island

by David Cohen May 8, 2018

NEWPORT, R.I. — NKF Capital Markets has orchestrated the sale of the Newport Grand Casino in Newport for $10.1 million. NKF represented the seller, Twin River Management Group, in the transaction. The buyer was Carpionato Group. Initially serving as an arena for jai alai, Newport Grand added slot machines in 1992 and was renovated in 2008 to add space for a full casino. The property will continue to operate as the Newport Grand Casino until the gaming facility relocates to Tiverton, Rhode Island later this year. The buyer plans to redevelop the 23.5-acre site into a mixed-use project.

May 8, 2018

Acquisitions Maryland Mixed-Use Multifamily Retail Southeast

HFF Brokers Sale of Mixed-Use Community in Bethesda

by Camren Skelton May 8, 2018

BETHESDA, MD. — HFF has brokered the sale of Flats at Bethesda Avenue, a 162-unit apartment community in Bethesda. Stephen Conley, Sue Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged the transaction on behalf of the seller, a joint venture between StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual. The HFF team also procured the buyer, a fund managed by BlackRock Real Assets. Flats at Bethesda Avenue, constructed in 2015, includes more than 40,000 square feet of ground-floor retail space that is fully leased to Pottery Barn, Pottery Barn Kids, PassionFish, Silver, Paul, Chop’t and Long & Foster Real Estate. Community amenities include a rooftop deck with a kitchen, lounge, fire pit and bar; fitness center; two-level clubhouse with fireplace; billiards and kitchen; coffee lounge; and a terraced outdoor patio that connects to the Capital Crescent Trail, an off-road rail-trail that stretches 11 miles from Washington, D.C.’s Georgetown district to Silver Spring, Md.

May 8, 2018

Loans Mixed-Use New York Northeast Office

Avison Young Arranges $120.3M Loan for Acquisition, Redevelopment of Office Complex in White Plains

by David Cohen May 7, 2018

WHITE PLAINS, N.Y. — Avison Young has arranged a $120.3 million financing package for the acquisition and redevelopment of the Westchester Financial Center in White Plains. Bridge Investment Group provided the financing. The 571,000-square-foot office complex is located at 50 Main St. and 1-11 Martine Ave. The buyers, a joint venture of Ginsburg Development Cos. and Robert Martin Co., plan to reposition the complex as a pedestrian-friendly, mixed-use development comprised of offices, retail shops, restaurants and luxury residences. The new development will be called City Square. Mack Cali Realty Corp. sold the property. David Krasnoff of Avison Young secured the financing, which will cover the purchase price, residential conversion costs, tenant improvements, capital expenditures, closing fees and other financing costs.

May 7, 2018

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