Mixed-Use

Ready Capital Structured Finance Arranges $11M Loan for Mixed-Use Building in Miami

by John Nelson June 6, 2017

MIAMI — Ready Capital Structured Finance has closed an $11 million loan for a 47,000-square-foot, Class B building located at 3415 N.E. 2nd Ave. in Miami’s Edgewater neighborhood. The property features street-level retail space, offices on the second and third floors and 104 parking spaces. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term with one extension option and flexible pre-payment options. The loan includes facilities to provide future funding for capital improvements, leasing costs and interest and carry reserves.

June 6, 2017

California Mixed-Use Top Stories Western

Shapell Liberty Investment Properties Breaks Ground on $150M Mixed-Use Project in Los Angeles

by Kristin Harlow June 2, 2017

LOS ANGELES — Shapell Liberty Investment Properties has broken ground on The Vineyards at Porter Ranch, a $150 million mixed-use project in Los Angeles’ Porter Ranch neighborhood. In addition to restaurants and shops, the 345,000-square-foot development will include a movie theater, Whole Foods Market, Kaiser-Permanente medical office building, hotel and 266-unit luxury apartment complex. The project is a joint venture between Shapell Properties Inc. and Liberty Building Co. The Vineyards is being developed on the north and south sides of Rinaldi Street at the western intersection of Porter Ranch Drive. The design includes a main street and central green area that will host community events. Other features include a 4,000-square-foot community meeting room, solar panels on rooftops to help supply power to the complex, a rainwater capture and irrigation recycling system, and electric car charging stations. “The Vineyards will be a sophisticated, pedestrian-oriented retail experience that not only will serve as a central gathering spot for Porter Ranch residents, but also as the prime choice for higher-end shops and restaurants serving this entire region,” says John Love, vice president of Shapell Properties. Completion of the main shopping center is expected in late 2018. Additional phases, including the hotel and apartment community, are …

June 2, 2017

Hospitality Mixed-Use Northeast Office Pennsylvania Restaurant Retail

Zoning Approved for Mixed-Use Development in Metro Philadelphia

by Haisten Willis June 1, 2017

CONSHOHOCKEN, PA. — Keystone Property Group has received zoning approvals for the development of SORA West a transit-oriented mixed-use development in the Philadelphia suburb of Conshohocken. Upon completion, SORA West will include a central plaza surrounded by a 250,000-square-foot office building, retail and dining space, a 171-key hotel, the existing Conshohocken Firehouse and a 950-space parking structure. The project will be located adjacent to the Conshohocken SEPTA train station, near Route 76 and Route 476. Keystone is now in the process of finalizing the plans and pursuing land development approvals. In addition to office, retail, hotel and community uses, the developer is assessing the viability of adding a residential component to the property. Keystone is headquartered in SORA East, which is located one block away from SORA West.

June 1, 2017

Massachusetts Mixed-Use Northeast Office Retail

OMA to Design Mixed-Use Project in Boston’s Seaport District

by Haisten Willis June 1, 2017

BOSTON — WS Development has hired architecture firm OMA to design a mixed-use project located at 88 Seaport Blvd. in Boston. The project, located in Boston’s Seaport District, is OMA’s first commission in the city of Boston. OMA’s Shohei Shigematsu will lead the design efforts at 88 Seaport, which upon completion will include nearly 425,000 square feet of office space, 60,000 square feet of retail on the first two floors and 5,000 square feet of civic/cultural use. Construction is slated to begin in 2018 and finish in 2020.

June 1, 2017

Massachusetts Mixed-Use Northeast Top Stories

HYM Purchases Racetrack Near Boston for $155M, Plans Mixed-Use Development Project

by John Nelson June 1, 2017

EAST BOSTON AND REVERE, MASS. — The HYM Investment Group LLC, a mixed-use developer based in Boston, has purchased Suffolk Downs, a 161-acre horse racetrack located in East Boston and Revere. Sterling Suffolk Racecourse LLC sold the asset in a sale-leaseback transaction to HYM’s affiliate, The McClellan Highway Development Co. LLC, for $155 million. The under-utilized horse racing facility will officially close after the summer of 2018, according to HYM. The Boston Globe reports that the racetrack is only planning on hosting six live races this season. HYM plans to redevelop Suffolk Downs into a transit-oriented, mixed-use project, including office, retail, housing and open space. HYM expects to develop street-level retail and housing in the redevelopment’s first phase. No timeline for construction was given. “In our dozens of preliminary meetings with elected officials and local community stakeholders in Revere and East Boston recently, we consistently heard that local residents want retail, restaurants and new job opportunities. This development will provide all, while also setting aside a significant amount of the site for open space and providing better connections to the neighborhood,” says Thomas O’Brien, founding partner and managing director of HYM Investment Group. “We are looking forward to engaging the …

June 1, 2017

Mixed-Use Texas

Whitestone Acquires 216,944 SF Mixed-Use Asset in Houston for $158M

by Taylor Williams May 31, 2017

HOUSTON — Whitestone REIT (NYSE: WSR) has acquired BLVD Place, a 216,944-square-foot, mixed-use property in Houston’s Galleria/Uptown neighborhood. Whitestone purchased the property for approximately $158 million, according to realtynewsreport.com. The property was 99 percent leased at the time of sale by tenants such as Whole Foods Market, Frost Bank and Verizon Wireless. The sale includes 1.4 acres upon which the company will develop a six-story mixed-use building featuring 46,000 square feet of retail space and 91,000 square feet of office space.

May 31, 2017

Mixed-Use Retail Texas

Vista Breaks Ground on Final Phase of Development at Retail Center in Katy

by Taylor Williams May 30, 2017

KATY, TEXAS— Vista Equities Group has broken ground on the final phase of development of LaCenterra at Cinco Ranch, a 34-acre, mixed-use development in Katy. Expected to be complete in early 2018, the final phase will add a 37,000-square-foot Alamo Drafthouse Cinema, a five-story parking garage and an additional 7,500 square feet of retail space to the 360,000-square-foot development.

May 30, 2017

Mixed-Use North Carolina Office Southeast

F.N.B. Corp. to Anchor 22-Story Mixed-Use Tower in Downtown Raleigh

by John Nelson May 24, 2017

RALEIGH, N.C. — F.N.B. Corp., parent company of First National Bank, has signed on as the anchor tenant of a planned 22-story office and residential tower at 501 Fayetteville St. in downtown Raleigh. Named FNB Tower, the project will feature 150,000 square feet of Class A office space, 240 residential units and street-level retail space, including a branch of First National Bank. F.N.B. Corp. will occupy more than 40,000 square feet of office space with options to expand to accommodate future growth. The developer, Dominion Realty Partners, is aiming for FNB Tower to be LEED Platinum-certified. The groundbreaking for FNB Tower will take place this December, with delivery anticipated by the summer of 2019. CBRE | Raleigh will handle FNB Tower’s office and retail leasing responsibilities, and Dominion Realty will manage the property once complete. Gregg Broujos and Kathy Gigac of Colliers International and David Thor of JLL represented F.N.B. Corp. in the lease transaction.

May 24, 2017

Arizona Mixed-Use Office Retail Western

HFF Arranges $26M Sale of Mixed-Use Development in Scottsdale

by Nellie Day May 23, 2017

SCOTTSDALE, ARIZ. — HFF has arranged the $26 million sale of The Village at Hayden, a 156,751-square-foot mixed-use development located in Scottsdale. The property is home to retail and office tenants including Capital Consultants Management, Company Nurse, Phoenix Photonix, Zipps Sports Grill, Twisted Grove, Melting Pot and Grassroots Kitchen. CJ Osbrink and Derreck Barker of HFF marketed the property on behalf of the seller, Village at Hayden LLC, which is a partnership between AEW Capital Management L.P. and The Muller Co. HFF also procured the buyer, Arizona Partners.

May 23, 2017

Mixed-Use South Carolina Southeast

MetLife Real Estate Provides $50M Refinancing for The Cigar Factory in Charleston

by John Nelson May 23, 2017

CHARLESTON, S.C. — MetLife Real Estate has provided a $50 million loan for the refinancing of The Cigar Factory, a historic redevelopment project located at 701 E. Bay St. in downtown Charleston. The mixed-use project spans five stories and features 50,000 square feet of retail space and 150,000 square feet of office space. The Cigar Factory’s office tenants include JLL, KSQ Design, Patterson Real Estate Advisory Group, The Shopping Center Group, Lee & Associates Charleston, Garden & Gun Magazine, SnapCap and ServisFirst. Retail tenants include Fritz Porter, KOKO FitClub, Mercantile & Mash and Trunk Club, as well as event space called The Cedar Room. MetLife Real Estate provided the fixed-rate loan with a 20-year amortization schedule to the owner, a joint venture between Federal Capital Partners (FCP), Wecco Development and Weaver Capital Partners LLC. The joint venture purchased the vacant project in April 2014 and is using the refinancing to replace construction financing, which was provided by PNC Real Estate. FCP provided mezzanine debt and equity in the joint venture’s original purchase. Patterson Real Estate Advisory Group arranged the permanent loan with MetLife, as well as the original construction financing with PNC Real Estate and the partnership with FCP.

May 23, 2017

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