Mixed-Use

Seniors Housing Draws Customers to Mixed-Use Centers

by Jeff Shaw May 11, 2017

Generally, when one thinks about the massive, new mixed-use projects under development, a few images come to mind. Apartments, offices, hotels and retail mixed together, with some green walking trails and open spaces. Seniors housing, however, is probably not among those first impressions. This idea is changing, though, as mixed-use developers and seniors housing owners and operators begin to see the mutual benefits that senior living can bring to a project. The demographic wave of Baby Boomers hitting retirement age will nearly double the 65-plus population in the United States by 2050, from 43.1 million to 83.7 million, according to projections by the U.S. Census Bureau. The tactic of integrating seniors living into mixed-use developments is becoming more common throughout the country. Usually in high-end developments, the target market is seniors with disposable income. While the projects are a one-off concept for most seniors housing developers, some are making it a cornerstone of their development philosophies. For example, Georgia-based Formation Development Group, a subsidiary of private equity group Formation Capital, has opened four communities in mixed-use developments in Texas and Illinois since 2009. The company has a fifth currently under construction in Pennsylvania. “That’s an intentional strategy on our part,” …

May 11, 2017

Mixed-Use Texas

Facebook Opens $1B Data Center in Fort Worth

by Taylor Williams May 5, 2017

FORT WORTH, TEXAS — Facebook’s $1 billion data center in Fort Worth, which includes 440,000 square feet of server space and 70,000 square feet of administrative space, has gone operational. Construction of the property, which is situated on 150 acres at State Highway 170 and Park Vista Boulevard, began in June 2015. The Menlo Park, California-based media giant will also build a $267 million addition to the center that will deliver more than 400,000 square feet of additional space, according to The Dallas Morning News.

May 5, 2017

Mixed-Use Southeast Tennessee

PEBB Enterprises Acquires Mixed-Use Center in Memphis for $28M

by John Nelson May 5, 2017

MEMPHIS, TENN. — PEBB Enterprises has acquired Germantown Village Square, a 199,629-square-foot mixed-use development in Memphis. The Boca Raton, Fla.-based investor purchased the asset from Memphis-based Boyle Investment Co. for $28 million. The purchase of Germantown Village is PEBB’s largest acquisition to date by both dollar amount and square footage. Germantown Village Square features nearly 140,000 square feet of retail space leased to tenants such as T.J. Maxx, DSW and Petco, and more than 60,000 square feet of second-floor office space anchored by The West Clinic, a subsidiary of Baptist Memorial Health Services.

May 5, 2017

Georgia Mixed-Use Southeast

Cousins, Gables Residential Sell Emory Point Development in Atlanta for $199M

by John Nelson May 4, 2017

ATLANTA — Cousins Properties and Gables Residential have sold Emory Point I and II, a mixed-use property in Atlanta’s Druid Hills area comprising the 750-unit Gables Emory Point and 125,000 square feet of retail space. Blackstone purchased the development for a gross price of $199 million. The project was owned through a 75/25 joint venture between Cousins and Gables Residential, and Cousins’ portion of the sales proceeds, before transaction costs and debt payments, was approximately $150 million. Tenants at Emory Point include American Threads, Fab’rik, Francesca’s, Lizard Thicket, Loft, Fresh to Order, Marlow’s Tavern, Tin Lizzy’s, CVS/pharmacy, Earth Fare, Orangetheory Fitness, Empower Yoga and Pink Barre. Paul Berry, John Whitlow, Chris Decoufle and Kevin Hurley of CBRE represented Cousins Properties and Gables Residential in the transaction. CBRE’s Robert Kadoori secured acquisition funding on behalf of Blackstone. Atlanta-based Cousins plans to sell another $150 million to $175 million worth of assets for the remainder of 2017.

May 4, 2017

Loans Midwest Mixed-Use Ohio

Fairmount, DiGeronimo Receive $142M Construction Loan for 650,000 SF Mixed-Use Property in Cleveland Suburb

by Kristin Harlow April 28, 2017

ORANGE VILLAGE, OHIO — Fairmount Properties and the DiGeronimo Cos. have received a $142 million loan for the construction of Pinecrest, a 650,000-square-foot mixed-use project in the Cleveland suburb of Orange Village. More than 400,000 square feet of retail and restaurant space will include Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill. The Offices at Pinecrest will consist of two adjoining 75,000-square-foot Class A office buildings, which will be positioned above the retail and restaurant component. Pinecrest will also feature a 145-room AC Hotel by Marriott, 87 high-end luxury apartments and a one-acre town center. The project is slated for completion in spring 2018. Trey Morsbach, Danny Kaufman and Jim Curtin of HFF arranged the loan with a syndicate of banks led by Huntington Bank, which also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank. HFF also assisted the developer in securing joint venture equity for the project in June 2016.

April 28, 2017

Illinois Midwest Mixed-Use

33 Realty Negotiates Sale of Historic Weyland Building in Chicago

by Kristin Harlow April 28, 2017

CHICAGO — 33 Realty has negotiated the sale of the historic Weyland building located at 1970-84 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Designed by Chicago architect John Ahlschlager and built in 1907, the three-story property includes four apartments and approximately 5,000 square feet of ground-floor retail space. CRG Real Estate Solutions, a wholly owned subsidiary of Clayco Inc., purchased the property with plans to transform it into 132 apartments and 7,000 square feet of retail space. Chet Kondas of 33 Realty represented the seller, Armitage Milwaukee Development. Justin Moore of Chicago Real Estate Resources represented the buyer. The sales price was not disclosed, but the asking price was $5 million.

April 28, 2017

Michigan Midwest Mixed-Use Office

Kraemer Design Group to Design Detroit Free Press Building Renovations

by Kristin Harlow April 26, 2017

DETROIT — Kraemer Design Group (KDG) will serve as architect and historic consultant on the Detroit Free Press building renovations. The former newspaper building, located at 321 W. Lafayette Boulevard, will require structural updates, complete masonry restoration, new energy-efficient windows and a fresh interior design. The 271,858-square-foot, 14-story building will be repurposed into a mixed-use property with retail, office and residential space. KDG will work to preserve historic elements and details of the building, while modernizing a structure left vacant for 19 years. KDG will collaborate with Bedrock, the new owners of the building and the real estate arm of Dan Gilbert’s companies, on construction and design initiatives. The new project is slated to open in 2020.

April 26, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $5.8M Construction Loan for Mixed-Use Development in NYC

by Haisten Willis April 25, 2017

NEW YORK CITY — Equicap has secured a $5.8 million construction loan for a mixed-use development in the Williamsburg neighborhood of Brooklyn. The site is located directly above an L train subway stop and within walking distance to the JMZ trains. The developer obtained approval from the MTA for the project. The property will feature five condo units and one ground-floor retail space.

April 25, 2017

Mixed-Use Texas

Centurion Opens 158-Acre Mixed-Use Development in Flower Mound

by Taylor Williams April 25, 2017

FLOWER MOUND, TEXAS — Centurion American Development Group has opened The Riverwalk at Central Park, a 158-acre, mixed-use community in the Dallas-Fort Worth metro of Flower Mound. Anchored by Texas Health Presbyterian Hospital Flower Mound, the property comprises single- and multi-family residences, retail and restaurant space, an amphitheater and 46.5 acres of parks. A grand opening ceremony with food and live music will be held April 25 at 4273 Riverside Drive from 6-9 p.m.

April 25, 2017

Loans Midwest Mixed-Use Wisconsin

Walker & Dunlop Arranges $11.8M Refinancing of Mixed-Use Property in Southeast Wisconsin

by Kristin Harlow April 21, 2017

OCONOMOWOC, WIS. — Walker & Dunlop has arranged an $11.8 million loan for the refinancing of Summit Center Marketplace in Oconomowoc, about 34 miles west of Milwaukee. The 72,858-square-foot property consists of retail, office and medical office space. The property sits on 11 acres and consists of five freestanding buildings built between 2004 and 2006. Aurora Health Care anchors the property. Other tenants include Rosatti’s, The UPS Store and Anytime Fitness. Tim Cotter and Jeff Schmidt of Walker & Dunlop arranged the 10-year loan, which includes a 30-year amortization schedule. Principal Commercial Capital provided the loan.

April 21, 2017

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