Mixed-Use

Brennan Investment Group to Develop $1B Technology Park Near O’Hare International Airport

by John Nelson July 20, 2017

ELK GROVE VILLAGE, ILL. — Brennan Investment Group, a private real estate investment and development firm based in Chicago, plans to develop Elk Grove Technology Park, a new 85-acre infill development situated roughly three miles from O’Hare International Airport. The project could cost nearly $1 billion to develop, according to the Daily Herald. “Opportunities to develop near airports, in major metropolitan areas — and in scale — are virtually non-existent,” says Michael Brennan, chairman and managing principal of Brennan Investment Group. “We are confident this will become the most desirable and significant industrial development in the Chicago region, and perhaps in the United States.” Brennan Investment plans for Elk Grove Technology Park to house data centers and industrial space for digital manufacturing and robotics uses. Upon completion, four speculative industrial facilities will be built with opportunities for an additional five buildings, including sites for data centers. Brennan Investment will initially build out the infrastructure of the park with ponds, water features, sculptures, bike paths and pedestrian walkways. The site for Elk Grove Technology Park is bounded by Higgins Road to the north, Lively Road to the east, Oakton Boulevard to the south and King Street to the west. “Elk Grove …

July 20, 2017

Georgia Mixed-Use Southeast

CGI Strategies Sells Mixed-Use Development in Atlanta’s Sweet Auburn District

by Camren Skelton July 19, 2017

ATLANTA — CGI Strategies has sold City Walk, a mixed-use development located at 171 Auburn Ave. N.E. in Atlanta’s Sweet Auburn Avenue Historic District. The six-story property includes 144 one- and two-bedroom units and approximately 30,500 square feet of street-level retail space. Property amenities include a rooftop tennis court, poolside resident lounge and a 24-hour fitness center. CGI sold the apartment portion of the property to San-Francisco-based FPA Multifamily and the retail portion to a joint venture between Franklin Road Amoco Inc. and Southern Gas Partners LLC. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield represented both parties in the transaction. The sales price was not disclosed. At the time of sale, the retail portion was leased to Pizza Hut, Sweet Auburn Seafood and Moe’s Southwest Grill.

July 19, 2017

Mixed-Use Texas

Newstream to Develop 12-Acre Mixed-Use Project in Flower Mound

by Taylor Williams July 19, 2017

FLOWER MOUND, TEXAS — Newstream Commercial will develop Lakeside Crossing, a 12-acre mixed-use project near the intersection of Long Prairie Road and Lake Forest Boulevard in the Dallas metro of Flower Mound. The development will include 100,000 square feet of retail, restaurant and office space, as well as 15 luxury townhomes. The project also includes a 134-room hotel with a rooftop lounge and 4,000 square feet of meeting space. Lakeside Crossing is scheduled to open in 2019.

July 19, 2017

California Mixed-Use Office Top Stories Western

Lincoln Property Co., Alcion Ventures Break Ground on $141.6M Phase I of Creative Office Campus in California

by Katie Sloan July 18, 2017

ORANGE COUNTY, CALIF. — Lincoln Property Co. and Alcion Ventures have broken ground on Phase I of FLIGHT at Tustin Legacy, a 38-acre creative office campus located within the master-planned community of Tustin Legacy in Orange County. ACORE Capital and iStar Inc. recently provided the joint venture with $141.6 million in construction financing for the initial phase of the development. Mark Wintner and Doug Bond of HFF secured the three-year loan on behalf of the borrowers. The mixed-use campus, at completion, will include 18 low-rise office buildings, retail and open space for gathering. The first phase of the development will offer 470,000 square feet of office space including a collection of four custom-built, incubator-style buildings dubbed Platform Campus, a 12,000-square-foot food hall and a 7,000-square-foot conference center. Campus amenities will include outdoor meeting spaces and flexible break-out rooms; indoor and outdoor fitness areas; a bike share program; dog walk and walking trails; and electric vehicle charging stations. The 12-vendor food hall, known as Mess Hall Market, will serve breakfast, lunch and dinner and offer a full-service bar. Anchor tenants for the space will be announced this fall, with the completion of Phase I slated for late 2018. The project is …

July 18, 2017

Florida Mixed-Use Southeast

Joint Venture Acquires Mixed-Use Asset in Miami’s Brickell District for $72M

by Camren Skelton July 17, 2017

MIAMI — Miami-based investment firm Mast Capital, in a joint venture with Angelo, Gordon & Co., has purchased Conrad Miami, a mixed-use development located at 1395 Brickell Ave. in Miami, for $72 million. The tower includes 267,000 square feet of Class A office space, 203 hotel units and 116 residential units. The portion purchased by the joint venture includes the hotel units, rooftop amenity deck and a rental program with 41 out of 116 residential units participating. Renovations are planned for individual rooms and public spaces. Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels facilitated the transaction. Kimberly LeCompte, Joel Maser, Iris Escarra, Nancy Lash, Nelson Migdal, Andrew Sharpe and Brian Dombrowski of Greenberg Traurig represented Mast Capital in the purchase, and Lauren Giovannone and Michael Bradford of Paul Hastings acted as co-counsel with Greenberg Traurig. Suzanne Amaducci-Adams and Alexander Roitman of Bilzin Sumberg Baena Price & Axelrod LLP represented the seller. Following the sale, the joint venture will enter into a franchise agreement with Conrad Hotels & Resorts. HEI Hotels & Resorts will manage the property.

July 17, 2017

Florida Mixed-Use Southeast

PMG Secures $153.9M Construction Loan for Development of Mixed-Use Project in Fort Lauderdale

by Camren Skelton July 14, 2017

FORT LAUDERDALE, FLA. — Property Markets Group (PMG) has secured a $153.9 million construction loan for Phase I of the Fort Lauderdale Riverfront project, a mixed-use development situated along Fort Lauderdale’s New River. Eric McGlynn, Kevin O’Grady and Daniel Sheehan of Walker & Dunlop, in partnership with Steven Fischler of SRF Ventures Inc., secured the loan through Broad Street Real Estate Credit Partners III, the credit fund of Goldman Sachs & Co.’s merchant banking division. Fort Lauderdale Riverfront, which will include two apartment towers spanning 1,200 units, is being developed through PGM’s multifamily division, known as PGMx. Phase I of Riverfront will include a 36-floor residential tower with roughly 600 micro-units and multi-bedroom suites, over 100,000 square feet of communal amenity space, a public plaza on the ground floor featuring restaurants, nightlife and entertainment and approximately 18,000 square feet of retail space. Dev Motwani of Merrimac Ventures will own and manage the retail portion. PMG purchased the 2.4-acre parcel of land from Merrimac Ventures for $29 million earlier this year. The entire project is slated for completion in 2020.

July 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Negotiates $82.8M Sale of Seven-Building Mixed-Use Portfolio in Queens

by Amy Works July 14, 2017

NEW YORK CITY — Rosewood Realty Group has facilitated the sale of a seven-building mixed-use portfolio in the Queens neighborhoods of Flushing, Sunnyside, Astoria and Elmhurst. A&E Real Estate Holdings purchased the portfolio from Ares Management for $82.8 million. Built between 1913 and 1941, the portfolio features a total of 343 apartments and six retail spaces. The portfolio includes 40-11-40-19 79th St. and 42-29 Judge St. in Elmhurst; 41-41 44th St. and 47-07 39th St. in Sunnyside; 151-10 35th Ave. and 132-70 Sanford Ave. in Flushing; and 22-73 41st St. in Astoria. Aaron Jungreis of Rosewood represented the buyer and the seller in the deal.

July 14, 2017

Industrial Mixed-Use Multifamily New York Northeast Office

TerraCRG Arranges $2.9M Sale of Mixed-Use Building in Brooklyn

by Amy Works July 14, 2017

NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 87 Luquer St. in the Carroll Gardens neighborhood of Brooklyn. An undisclosed buyer acquired the three-story, 6,875-square-foot building for $2.9 million. The property features a certificate of occupancy that allows for semi-industrial on the ground floor, office space on the second floor and residential space on the top floor. The building can also be completely rehabilitated for residential use. Dan Marks and Mike Hernandez of TerraCRG facilitated the sale. The name of the seller was not released.

July 14, 2017

Midwest Missouri Mixed-Use

Alterra Worldwide Purchases Jefferson Arms Building in St. Louis, Plans $104M Renovation

by Kristin Harlow July 13, 2017

ST. LOUIS — Alterra Worldwide has purchased the historic Jefferson Arms building located at 401-415 N. Tucker Blvd. in downtown St. Louis. The company has also unveiled a $104 million renovation plan, which includes 240 apartments, a 220-room AC Marriott-branded hotel and commercial space with restaurants, retail and offices. Built in 1904 in anticipation of the first World’s Fair, the 520,000-square-foot Jefferson Arms development is a short walk from the Cardinals’ Busch Stadium, America’s Center Convention Complex, Keiner Plaza and the historic, newly renovated Arch Grounds. Amenities at the apartments will include a fitness and yoga studio, art room, music room, cinema room, karaoke room, community room, tanning salon and business center. Numerous floor plans will accommodate a variety of needs. The 18,603 square feet of commercial space located on the first floor will feature retail and restaurant space. The three restaurants include a motorcycle-inspired cafe called Motopia Café, a French and Belgian bistro called Mademoiselle Colette Brasserie, as well as George & Eddie’s Diner, serving classic comfort foods such as burgers, milkshakes and homemade pies. Additionally, the existing ballroom will be converted into a creative office space. Aimbridge Hospitality will operate the hotel and Merriman Anderson Architects will serve as …

July 13, 2017

Florida Mixed-Use Southeast

The Traina Cos. Receive Approval for 1.3 MSF Mixed-Use Development in Downtown Fort Lauderdale

by Camren Skelton July 13, 2017

FORT LAUDERDALE, FLA. — The Traina Cos. has received final zoning approval from the Fort Lauderdale City Commissioners for FATcity (Florida Arts and Technology), a 1.3 million-square-foot mixed-use development located at 300 N. Andrews Ave. in downtown Fort Lauderdale. Situated in the City Center (RAC-CC) Special Zoning District, FATcity will include two 30-story towers featuring 270,000 square feet of office and retail space with the potential for hospitality space, 612 residential units and 1,327 covered parking spaces. The development will connect the city’s Central Business District and Arts Districts through pedestrian-oriented streets, access to Brightline’s high-speed rail station and a Wave Streetcar stop on-site. FATcity marks the first new Class A office space developed in Fort Lauderdale in over a decade. Groundbreaking on the project is estimated for late 2018 or early 2019.

July 13, 2017

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