Mixed-Use

Georgia State University Finalizes Purchase of Turner Field, Announces Redevelopment Plan

by John Nelson August 18, 2016

ATLANTA — The Georgia State University Foundation has finalized its purchase of Turner Field and the surrounding 67 acres from the Atlanta-Fulton County Recreation Authority. Atlanta Mayor Kasim Reed and Georgia State University president Mark Becker held a press conference this morning at Turner Field, current home of the Atlanta Braves and former site of the track and field events at the 1996 Summer Olympic Games. Oakwood Development and Atlanta-based Carter & Associates were also participants in the purchase and sale agreement. The terms of the sale were not disclosed, but the Atlanta Journal Constitution reports the sales price as $30 million. Georgia State and Carter are expected to invest up to $300 million over a five-year period for the redevelopment project. The Atlanta Fulton County Recreation Authority passed a resolution in December naming Georgia State and development partners as the preferred bidders for the project. The university has been working with Carter since 2014 following the Atlanta Braves announcement in late 2013 to develop SunTrust Park, the team’s new ballpark set to open in April 2017 in Cobb County. The Braves will not renew its 20-year lease at Turner Field following the 2016 season. “The acquisition of the Turner …

August 18, 2016

university-station-westwood-massachusetts

Massachusetts Mixed-Use Northeast Retail Top Stories

American Realty Advisors Purchases 400,000 SF Retail Center Near Boston for $206M

by Haisten Willis August 17, 2016

WESTWOOD, MASS. — American Realty Advisors, an institutional real estate investment manager, has acquired the shops at University Station, a newly constructed, 400,000-square-foot retail asset in the Boston suburb of Westwood. Located within a 130-acre mixed-use development, the purchase price was $206 million. Wegmans, a regional supermarket chain, anchors the retail portion of University Station. Other tenants include Nordstrom Rack, Marshalls and PetSmart. “The average term of in-place leases for the property is approximately 15 years, while 95 percent of the asset’s total income is generated from its national tenant base,” says Shelley. “We believe these characteristics will provide stabilized, risk-adjusted returns for our investors over time.” University Station services a 13-town area with 214,700 residents and an average annual household income in excess of $121,000. The property is situated 15 miles from downtown Boston near I-95 and Route 128, which draw 140,000 vehicles per day. It is located across the street from the area’s sole Amtrak/MBTA commuter rail station, which transports 1.3 million travelers annually. New England Development will continue to serve as the management and leasing agent for the retail center. Robert Griffin Jr., who was with Cushman & Wakefield and is now with Newmark Grubb Knight Frank, …

August 17, 2016

Mixed-Use Northeast Office Retail Vermont

Cypress Equities Acquires 488,975 SF Retail/Office Property in Vermont for $90M

by Amy Works August 16, 2016

WILLISTON, VT. — Cypress Equities has acquired Maple Tree Place, a mixed-use retail/office property located in Williston. Retail Properties of America sold the 488,975-square-foot property for $90 million. Developed between 2001 and 2005, Maple Tree Place is anchored by a variety of national and regional retailers including Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

August 16, 2016

Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Former First National Bank of Dallas Building Renamed The Drever

by Haisten Willis August 15, 2016

DALLAS — Drever Capital Management has announced the new name for 1401 Elm St., a 50-story, 1.5 million-square-foot tower occupying an entire city block in the Dallas central business district. The building, originally the First National Bank of Dallas, will now be known as The Drever. The building is being redeveloped into a combination of residential, hotel, spa, retail, office and restaurants with an expected delivery date of 2018. The building’s entrance faces Elm Street and is bordered by Akard Street, Pacific Avenue and North Field Street. Project specifics include a planned 236-room hotel, 27 floors of multifamily with 348 residential rental units, office space, a spa and wellness center, restaurants and entertainment options. On-site amenities for The Drever will include an outdoor terrace rooftop deck, infinity pool, fire pits, fitness center, dog concierge, dog park and public art throughout the interior and exterior of the building. When completed, the eight-story base of the tower will include more than 27,000 square feet of ground-floor retail space, 44,000-square-feet of office space, the hotel, residents’ lobbies and a ballroom. A wraparound amenity deck with sightlines to surrounding buildings, including a pool, a spa and exercise room, will be on the ninth floor. …

August 15, 2016

California Mixed-Use Multifamily Retail Western

Benchmark Contractors Completes Blossom Plaza in Downtown Los Angeles

by Nellie Day August 12, 2016

LOS ANGELES — Benchmark Contractors, a subsidiary of Morley Builders, has completed the construction of Blossom Plaza, located at the intersection of Broadway and College Street in downtown Los Angeles. Situated directly north of the Gold Line’s Chinatown Station, the plaza serves as the main pathway through Blossom’s Cultural Plaza and commercial arcade. Blossom features 237 apartment units in three five-story structures with 19,000 square feet of retail space over parking for 453 cars. Forest City developed the project, which Johnson Fair and Togawa Smith Martin designed. The project is targeting LEED Gold certification.

August 12, 2016

Mixed-Use Southeast Tennessee

Boyle, Northwood Ravin to Develop $270M Mixed-Use Project in Nashville’s Cool Springs District

by John Nelson August 12, 2016

FRANKLIN, TENN. — Boyle Investment Co. has formed a joint venture with Northwood Ravin to develop a 45-acre, $270 million mixed-use project in Nashville’s Cool Springs submarket in the city of Franklin. Located at the site historically known as Northside at McEwen, the development will include 750,000 square feet of Class A office space, more than 100,000 square feet of retail and restaurants, a 150-room hotel and 580 upscale residential units. The Boyle development team will submit the infrastructure plan to the city of Franklin this month, which details plans for the development and a new traffic light for West McEwen Drive, to be shared with the Whole Foods-anchored Southside at McEwen. Boyle and Northwood Ravin plan to deliver all components of the development by mid-2018. Northwood Ravin, a privately held operating platform of Denver-based Northwood Investors, is a multifamily development and management firm with a portfolio spanning 18 projects in the Southeast worth roughly $2 billion. Boyle Investment Co. is a Memphis-based mixed-use developer with a 3 million-square-foot portfolio and an additional 5 million square feet in the development and planning stages.

August 12, 2016

Florida Loans Mixed-Use Southeast

Canyon Partners Provides $24.3M Construction Loan for Mixed-Use Project in Miami

by John Nelson August 11, 2016

MIAMI — Canyon Partners Real Estate LLC has provided a $24.3 million construction loan for Design 41, a seven-story, 46,000-square-foot mixed-use building in Miami’s Design District. Designed by Enrique Norten of Ten Arquitectos, the project will feature ground-floor retail, parking on the second and third floors, showroom space, offices with 14-foot ceilings and a rooftop restaurant. Canyon provided the loan to the developer, Design District Development Partners (DDDP). Construction of Design 41 is 70 percent completed, and DDDP plans to deliver the project in December.

August 11, 2016

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $2.1M Sale of Mixed-Use Building in Brooklyn

by Amy Works August 11, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use building located at 5617 Fifth Ave. in Brooklyn. An individual/personal trust purchased the 5,836-square-foot property from a private investor for $2.1 million. John Brennan of Marcus & Millichap represented the buyer and seller in the deal.

August 11, 2016

California Mixed-Use Multifamily Retail Western

Kennedy Wilson Arranges $16M Sale of Mixed-Use Property in Santa Monica

by Nellie Day August 10, 2016

SANTA MONICA, CALIF. — Kennedy Wilson has arranged the $16 million sale of a 23,500-square-foot retail and multifamily property located at the corner of 11th Street and Wilshire Boulevard in Santa Monica. The multifamily component of the property consists of five units. All of the property’s buildings were fully leased at the time of sale. Ed Sachse, Fred Cordova and Christine Deschaine of Kennedy Wilson represented both the buyer, 11th and Wilshire LLC, and the seller, Paragon Properties, in the transaction.

August 10, 2016

Illinois Midwest Mixed-Use

M&R Development, Bucksbaum Retail Properties Break Ground on Mixed-Use Development Near Wrigley Field

by Christina Cannon August 10, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has broken ground on Addison & Clark, a mixed-use development situated on 2.3 acres across the street from Chicago’s Wrigley Field. The transit-oriented development will include 148 luxury apartments and 150,000 square feet of retail space. A 10-screen, 30,959-square-foot CMX movie theater will anchor the property, and the remaining space will also contain a health club and dining options. The project will offer studio, one- and two-bedroom units that will feature hardwood floors, quartz countertops, stainless steel appliances, walk-in closets and in-unit washers and dryers. Amenities will include a 5,715-square-foot clubhouse; 8,746 square feet of outdoor space; a pool and spa; cyber café; business and conference center; community kitchen and event room; fitness center with sauna and steam room; and a dry cleaning service. The development will also include a 341-space parking garage for public use with an additional 64 spots reserved for residents. Chicago-based Solomon Cordwell Buenz is the project architect, and Chicago-based Power Construction will serve as the general contractor.

August 10, 2016

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