Mixed-Use

HFF Arranges Sale of 4.2 MSF Mixed-Use Property in Downtown Houston

by Taylor Williams December 4, 2017

HOUSTON — HFF has arranged the sale of Houston Center, a 4.2 million-square-foot mixed-use property located near Toyota Center and Minute Maid Park in downtown Houston. The four-building property consists of three high-rise office towers and one 16-story office building situated atop of 196,000 square feet of retail space. The asset spans 9.2 acres and was 72 percent leased at the time of sale. Houston Center offers tenants several casual and fine-dining restaurants, a fitness club and a healthcare facility. Jeff Hollinden, Scott Galloway, Mark Gibson and Trent Agnew of HFF represented the seller, a group of institutional investors advised by J.P. Morgan Asset Management, in the transaction. Bermuda-based Brookfield Property Partners purchased the asset for an undisclosed price. Transwestern has been retained to handle leasing of the property.

December 4, 2017

PCCP Provides $63.8M Loan for Mixed-Use Development in San Jose

by Nellie Day December 1, 2017

SAN JOSE, CALIF. — PCCP has provided a $63.8 million senior loan to Hudson Cos. for the development of Vespaio, a mixed-use project located at 138 Stockton Ave. in San Jose. The seven-story property will feature 162 residential units and 39,042 square feet of retail and commercial space. Slated for completion in 2019, the project will consist of three floors of commercial space fronting Stockton Avenue and two levels of structured parking. Amenities include a business center, fitness center, resident lounge, test kitchen, gaming area, pool, spa, outdoor cabanas, and rooftop deck with grills and a fire pit.

December 1, 2017

Mixed-Use Nevada Retail Top Stories Western

VICI Properties to Buy Harrah’s Las Vegas Casino from Caesars in $1.14B Sale-Leaseback Deal

by John Nelson November 30, 2017

LAS VEGAS — An affiliate of Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the real estate assets of Harrah’s Las Vegas Hotel and Casino on the Las Vegas Strip for $1.14 billion. The buyer is VICI Properties Inc. (OTC: VICI), a Las Vegas-based REIT spun off last month from Caesars Entertainment Operating Co. Inc., a subsidiary of Caesars Entertainment. As part of the transaction, VICI will lease back the land and real estate to Caesars under a 15-year, triple-net lease agreement with four five-year renewal options. Harrah’s Las Vegas spans 4.1 million square feet and contains 90,600 square feet of casino space and 2,530 hotel rooms. The property features a Mardi Gras and carnival theme, with 16 restaurants and bars, retail shopping, spa services, a parking garage and 24,000 square feet of meeting space. VICI Properties also entered into a definitive agreement with Caesars to sell approximately 18.4 acres of undeveloped land located behind the LINQ Hotel & Casino and Harrah’s Las Vegas for $73.6 million. It is expected that Caesars will use the land with certain other parcels to construct a convention center adjacent to Harrah’s Las Vegas. “These transactions illustrate the growth potential provided by our …

November 30, 2017

Features Heartland Feature Archive Midwest Mixed-Use Ohio

Grandview Yard Takes the LEED on Neighborhood Design in Columbus, Ohio

by Kristin Harlow November 30, 2017

COLUMBUS, OHIO — In spring 2009, the United States Green Building Council formally launched a new program with the vision of fundamentally changing how the country evaluated green design and development, LEED for Neighborhood Development (LEED-ND). The launch of the LEED-ND program coincided with the first phase of Columbus, Ohio-based Nationwide Realty Investors’ Grandview Yard development: a $700 million, 1.2 million-square-foot, master-planned mixed-use neighborhood located in the fast-growing Grandview Heights community, just minutes from downtown Columbus and The Ohio State University. The first standard of its kind, LEED-ND embraces principles of smart growth and new urbanism, encouraging sustainable and environmentally responsible design and development on a broad and integrated scale. Like a scene in a movie that begins with the camera tightly focused on one element before zooming out to reveal an eye-opening new perspective, LEED-ND is about acknowledging context and connection. Distinguished LEED project Grandview Yard was one of the Midwest’s first LEED-ND Silver neighborhoods. When site work began on the first phase of development of the project in September of 2009, a comprehensive and ambitious on-site reuse and recycling strategy was already in place. An extensive and highly-coordinated warehouse demolition process served as both a challenge and an …

November 30, 2017

Mixed-Use Texas

Downtown Dallas Skyscraper to Undergo $380M Redevelopment

by Taylor Williams November 29, 2017

DALLAS — The Drever, a 52-story mixed-use property in downtown Dallas, will undergo a redevelopment project valued at approximately $380 million, according to the Dallas Business Journal. The outlet also reports that developer Drever Capital Management recently landed a $67 million bridge loan through Starwood Property Trust, enabling it to move forward with the redevelopment. The project will convert the 1.5 million-square-foot building into a development comprising a 324-unit high-rise apartment tower, a 218-room Thompson hotel and undisclosed amounts of office and retail space. Dallas-based Merriman Anderson is providing architectural and design services for the project and Andres Construction is serving as general contractor. The project is expected to be complete by the end of 2018.

November 29, 2017

California Mixed-Use Western

SteelWave, Invesco Buy LA Times’ Printing Press, Offices for Mixed-Use Conversion

by Nellie Day November 29, 2017

COSTA MESA, CALIF. — A joint venture between SteelWave and Invesco Real Estate has purchased The Press, a 249,075-square-foot printing press warehouse in Costa Mesa, for an undisclosed sum. The acquisition also includes an attached 112,408-square-foot office building and an adjacent four-acre parcel of land. The asset formerly served as the printing facility for the Los Angeles Times, while the office building served as the Times’ Orange County press room. The JV plans to develop about 420,000 square feet of creative office and retail space. The site is entitled for up to 650,000 square feet, leaving 230,000 square feet of remaining entitlements for future development. The project is directly adjacent to SteelWave’s Hive project, a 180,000-square-foot creative office development that serves as the headquarters and training facility for the Los Angeles Chargers. HFF’s John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh arranged acquisition financing for the development.

November 29, 2017

Industrial Massachusetts Mixed-Use Northeast Office Retail

Senate Construction to Build 50,000 SF Mixed-Use Facility in Tyngsborough, Massachusetts, for Crane Realty Trust

by Amy Works November 28, 2017

TYNGSBOROUGH, MASS. — Senate Construction Co. has been awarded the design/build contract to construct a mixed-use facility in Tyngsborough for Crane Realty Trust. The 50,000-square-foot building will feature office and manufacturing space. Mass Crane & Hoist Inc. will use the facility as its new headquarters.

November 28, 2017

Loans Mixed-Use New York Northeast Office Restaurant Retail

Madison Realty Capital Closes $64M Construction Loan for Mixed-Use Development in Brooklyn

by Amy Works November 27, 2017

NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.

November 27, 2017

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Tritec Real Estate Receives Economic Package for $538M Transit-Oriented Project in Ronkonkoma, New York

by Amy Works November 17, 2017

RONKONKOMA, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has closed on a package of economic benefits for the first phase of Tritec Real Estate Co.’s planned Ronkonkoma hub transit-oriented development project, which is expected to break ground soon. The package was approved unanimously in 2014, but did not close until recently due to the timing of required approvals, including sewer connections, and the acquisition by East Setauket, N.Y.-based Tritec and its partner of various properties at the project site from private owners. The total project, valued at $538 million, is expected to feature up to 1,145 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station. Phase 1 of the project, which includes the construction of infrastructure and 477,300 square feet of apartments on 11.9 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full-time jobs upon completion. The construction of the first phase is expected to take three years.

November 17, 2017

Midwest Minnesota Mixed-Use

RD Management Unveils Plans for Mixed-Use Project Surrounding Allianz Field in St. Paul, Minnesota

by Kristin Harlow November 17, 2017

ST. PAUL, MINN. — RD Management LLC has unveiled plans for the Midway/Allianz Field mixed-use project in St. Paul. With 20 acres zoned for multi-use, the company intends to add retail, office, residential, entertainment and hospitality options to its property following the completion of the adjacent Allianz Field, home of the Minnesota United. Construction of the $200 million soccer stadium is slated for completion in spring 2019. The future expansion of the Midway/Allianz Field mixed-use project will include the construction of new buildings and is part of a master plan to be built along the western edge of the property on Snelling Avenue. The current L-shaped space on the eastern side of the property with 20 active businesses will remain intact following the demolition of Rainbow grocery store, Walgreens, Home Choice and Big Top Liquor to make way for the new stadium. Located at 1460 University Avenue West and Snelling Avenue North, the 293,732-square-foot Midway is halfway between Minneapolis and St. Paul.

November 17, 2017

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