Mixed-Use

Winthrop Realty Sells $1.5B Stake in 20 Times Square to Partner Maefield Development

by David Cohen May 2, 2018

NEW YORK CITY — Winthrop Realty Liquidating Trust has sold its stake in 701 Seventh Avenue, also known as 20 Times Square, to Maefield Development for $1.53 billion. Maefield was Winthrop’s former investment partner in the building currently under construction in Manhattan’s bustling Times Square district. The 400,000-square-foot development will feature a 39-story tower with 120,000 square feet of retail, attraction and entertainment spaces. The project will also include a 452-room Marriott-Edition hotel tower and an 18,000-square-foot video screen, which will be the highest resolution screen in Times Square. Maefield will finish the development as sole owner. To finance the buyout, a group of lenders led by French bank Natixis provided around $2 billion in financing and refinancing for the property, according to The Real Deal. In 2012, a group of investors led by Maefield that included Winthrop acquired an existing 11-story office building at the location for $430 million. Mark Siffin, chairman of Maefield, first began assembling the site in 2010. The project’s long-term tenants already include the National Football League and Hershey’s. In addition to Winthrop, Maefield also bought out the investment stake of Steve Witkoff, Ian Schrager and Howard Lorber’s New Valley investment company. The terms of …

May 2, 2018

Development Mixed-Use New Jersey Northeast

JMF to Redevelop Former Colgate-Palmolive Property in Morris Township

by David Cohen May 2, 2018

MORRIS TOWNSHIP, N.J. — JMF Properties will redevelop the former Colgate-Palmolive industrial campus on East Hanover Avenue in Morris Township. Both residential and retail uses are planned for the 64-acre site, including a 150,000-square-foot shopping center, 143 townhomes and 60 rental units. JMF acquired the property from Colgate-Palmolive Co. and submitted a redevelopment proposal to the city that municipal officials recently approved. Colgate-Palmolive occupied the property for more than 60 years where it produced a number of products, including liquid hand soap. After razing all of the existing buildings on the property, JMF plans to break ground on the development this spring.

May 2, 2018

Development Michigan Midwest Mixed-Use

Olympia Development Unveils Six Projects in The District Detroit

by Kristin Harlow May 2, 2018

DETROIT — Olympia Development has unveiled six projects in The District Detroit, including the restoration of three vacant historic buildings and the construction of three new mixed-use buildings near Little Caesars Arena. These projects will launch Phase II of development in The District Detroit, a $1.4 billion project surrounding the arena. This investment of nearly $200 million will bring more office tenants, storefronts and density to the area, according to Olympia. The projects will encompass more than 400,000 square feet of office space and nearly 70,000 square feet of street-level retail space. Historic renovation projects include 2210 Park Ave.; 1922 Cass Ave.; and 2110 Park Ave. New construction projects include 2715 Woodward Ave.; 111 Henry St.; and 120 Henry St.

May 2, 2018

Acquisitions Illinois Midwest Mixed-Use

CBRE Arranges $12.2M Sale of Property in Chicago’s Fulton Market

by Kristin Harlow May 2, 2018

CHICAGO — CBRE has arranged the sale of 800-810 Fulton Market in Chicago for $12.2 million. The 25,952-square-foot property is located in the Fulton Market district and has flexible zoning options. The buyer, Thor Equities, has purchased several buildings in the neighborhood. Keely Polczynski of CBRE represented the seller, R2 Cos.

May 2, 2018

Development Illinois Midwest Mixed-Use

Summit Breaks Ground on 15,000 SF Mixed-Use Development in Chicago’s Clybourn Corridor

by Kristin Harlow May 2, 2018

CHICAGO — Summit Design + Build LLC has broken ground on a 15,000-square-foot office and retail development in Chicago’s Clybourn corridor. Developer R.A. Zweig Inc. owned the site and purchased the neighboring lot to expand the new building’s footprint. A former retail building that had sat vacant for over four years was demolished in the summer of 2017 to make way for the new addition to the Clybourn corridor. The property, located at 2300 N. Clybourn Ave., will feature first-floor retail space and second-floor creative office space. Completion is slated for the end of this year. Amstadter Architects is the project architect.

May 2, 2018

Development Florida Mixed-Use Southeast

Cordish Cos., Eldorado Resorts to Co-Develop 223-Acre Mixed-Use Project in South Florida

by Camren Skelton May 1, 2018

POMPANO, FLA. — The Cordish Cos. and Eldorado Resorts Inc. have formed a 50/50 joint venture to plan, design and develop a new 223-acre mixed-use project in Pompano. Located 35 miles north of Miami and roughly 10 miles north of Fort Lauderdale, the project will encompass the site of the existing Isle Casino Racing Pompano Park. Eldorado Resorts owns the 223-acre site around the casino and racing track. The development will include a corporate office campus, residential units, retail, dining, entertainment space and a hotel. The Cordish Cos. develops and operates hotels, casino, retail and restaurant projects across the country. In Florida, the Baltimore-based firm developed the Seminole Hard Rock Hotel & Casinos in Hollywood and Tampa, and in April the company unveiled plans to co-develop a $2.5 billion mixed-use village surrounding EverBank Field in Jacksonville. Eldorado Resorts, a Nevada-based casino entertainment company, owns and operates 20 properties in 10 states.

May 1, 2018

Development Florida Mixed-Use Southeast

Cordish Cos., Jacksonville Jaguars to Co-Develop $2.5B Mixed-Use Project Around EverBank Field

by Camren Skelton April 30, 2018

JACKSONVILLE, FLA. — Baltimore-based development firm The Cordish Cos. has been selected to co-develop a $2.5 billion mixed-use village surrounding EverBank Field, home of the National Football League’s Jacksonville Jaguars. The NFL franchise, in conjunction with Iguana Investments, a company controlled by Jaguars owner Shad Khan, will work with Cordish to develop the more than 4 million-square-foot project, located steps from the stadium, Daily’s Place amphitheater, Veterans Memorial Arena and the Baseball Grounds of Jacksonville. Architecture firm Beyer Blinder Belle is designing the development, which will feature dining, entertainment, retail, office, hotels and residential units. A construction timeline was not disclosed. The Cordish Cos. has partnered with leading professional sports franchises and media companies including the St. Louis Cardinals, FOX Sports, Philadelphia Flyers, NBC Sports and the Texas Rangers. The Jacksonville project hinges on approval from environmental regulators, according to local media reports. The brownfield site slated for development was previously used by shipyards and tank farms, and would require a cleanup of petroleum-contaminated soil beneath the pavement.

April 30, 2018

Development Mixed-Use South Carolina Southeast

Hughes Investments to Build $100M Mixed-Use Project Near Greenville

by Camren Skelton April 27, 2018

MAULDIN, S.C. — Hughes Investments has unveiled plans for BridgeWay Station, a $100 million mixed-use development in Mauldin, a city in Greenville County. The development will be situated on 40 acres at the intersection of Interstate 385 and Bridges Road, roughly 10 miles south of downtown Greenville. Hughes Investments will build upon the existing 430,000 square feet of neighboring office facilities that house Spectrum, Samsung Electronics America, Jackson Marketing and Greenville Heath System’s Regional Distribution Center. Phase I of BridgeWay Station will total 1 million square feet and include 300,000 square feet of retail, more than 180,000 square feet of Class A office space, 380 multifamily units and a 175-room hotel. In addition, the development will include a community center, 16 acres of green space and pedestrian and bike paths with proposed connectivity to the Swamp Rabbit Trail, a 20.6-mile multi-use greenway system, across I-385. Dawn Prince Hoover of The Shopping Center Group is handling the leasing assignment for BridgeWay Station. Construction on the first phase of the project is expected to be complete in 2020.

April 27, 2018

Acquisitions Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Brokers $22.3M Sale of Three Mixed-Use Buildings in Brooklyn

by Amy Works April 26, 2018

NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.

April 26, 2018

Acquisitions Healthcare Mixed-Use Northeast Office Pennsylvania Retail

Colliers Negotiates $2.1M Sale of 7.2-Acre Development Site in Pennsburg, Pennsylvania

by Amy Works April 26, 2018

PENNSBURG, PENN. – Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International’s office in Allentown, Penn., represented the undisclosed seller, while Markward Group represented the buyer in the transaction.

April 26, 2018

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