Mixed-Use

Carroll Organization, Bluerock REIT Buy Apartment Community in Atlanta’s West Midtown for $74.5M

by John Nelson July 22, 2016

ATLANTA — A joint venture between Carroll Organization and Bluerock Residential Growth REIT (BRG) has purchased Tenside Apartments, a mixed-use apartment complex in Atlanta’s West Midtown district, for $74.5 million. Built in 2008, the Class A community features 336 residences averaging 900 square feet, nearly 40,000 square feet of ground-floor retail space and a seven-level parking garage. The joint venture financed its acquisition using a $52 million Fannie Mae loan and an equity investment totaling $22 million from BRG, which will have a 90 percent ownership stake in the project. Carroll Organization purchased its 10 percent stake in Tenside through its newest investment vehicle, Carroll Multifamily Real Estate Fund IV LP. Carroll’s management division, Carroll Management Group, will manage Tenside, which will be rebranded as Arium Westside. The asset is situated near Georgia Tech and Georgia State University, as well as major employers such as Turner Broadcasting, Coca-Cola and SunTrust Bank.

July 22, 2016

Mixed-Use Southeast Virginia

Akridge Sells Westfields Development Sites to Elm Street, Northwood Ravin

by John Nelson July 21, 2016

CHANTILLY, VA. — Akridge has sold The Preserve at Westfields in Chantilly to Elm Street Development and Northwood Ravin. Prior to the sale, Akridge had the site rezoned from 1.2 million square feet of office to mixed-use within Westfields. Westfields is located just south of Dulles International Airport off of Route 28 in Fairfax County. The development includes 155 townhomes, up to 650 multifamily units and up to 15,000 square feet of retail space. Situated next to the planned Wegmans retail development, the project will also include an amphitheater, pavilion, nature trail and lake. Elm Street will develop the townhome component, and Northwood Ravin will develop the multifamily and retail components. John Sheridan and Nathan Barth of CBRE represented Akridge in the sale of The Preserve’s multifamily and retail components to Northwood Ravin. Construction is slated to begin this month, with the first townhome scheduled to deliver in the summer of 2017. The multifamily project will include luxury finishes and amenities such as a resort-style spa, a health club featuring workout options such as yoga and crossfit, resident co-working space, a pet run and spa and retail shops. Construction on the first phase of the multifamily development is expected to …

July 21, 2016

Florida Mixed-Use Southeast

Miami-Dade County Approves $464M Mixed-Use Project at Douglas Road Metrorail Site

by John Nelson July 20, 2016

MIAMI — The Miami-Dade Board of County Commissioners has officially approved Link at Douglas Station, a $464 million mixed-use, transit-oriented project at the Douglas Road Metrorail Station in south Miami. Link at Douglas Station will encompass approximately 970 residential units, including a workforce housing component; 70,000 square feet of retail space; a new hotel; and a public plaza. Miami-Dade executed a ground lease with Adler 13th Floor Douglas Station LP, a joint venture between 13th Floor Investments and Adler Group, setting the stage for the construction of the project, which will be constructed in four phases on a seven-acre site bordered by US 1, S.W. 27th Avenue, Peacock Avenue and S.W. 38th Avenue. Phase I will focus on the development of a residential tower, a 150-key hotel in partnership with Driftwood Hospitality Management LLC and a portion of the retail footprint, which includes a supermarket. Link at Douglas will maintain the Douglas Metrorail Station as its central element, providing access to Miami’s downtown financial, arts and entertainment districts. According to the joint venture, the project will be designed to increase public transit ridership.

July 20, 2016

Midwest Mixed-Use Wisconsin

Siegel-Gallagher Brokers Sale of 2,382 SF Mixed-Use Building in Waukesha, Wisconsin

by Christina Cannon July 20, 2016

WAUKESHA, WIS. — Siegel-Gallagher has brokered the sale of a 2,382-square-foot mixed-use property for an undisclosed price. Sania Investments LLC purchased the property from Sunset Bank & Savings. The building, located at 1710 Paramount Drive in Waukesha, approximately 20 miles west of Milwaukee, includes office and retail space. Shaun Dempsey and Devin Tessmer of Siegel-Gallagher brokered the transaction.

July 20, 2016

Connecticut Loans Mixed-Use Multifamily Northeast Office

National Cooperative Bank Closes $25.6M Loan for Mixed-Use Property in Connecticut

by Amy Works July 20, 2016

NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.

July 20, 2016

Midwest Minnesota Mixed-Use

HeadFlyer Brewing to Open at 861 E. Hennepin in Minneapolis

by Christina Cannon July 19, 2016

MINNEAPOLIS — Ackerberg has executed a long-term lease with HeadFlyer Brewing, a newly founded taproom and brewery, to occupy 9,435 square feet in the Miller Textile Building located at 861 E. Hennepin Ave. in northeast Minneapolis. The speculative project is now 61 percent leased. Renovation of the property began in December 2015 as part of the transformation of the former Miller Bag Building into office and retail space. The newly branded Miller Textile Building now includes 10,000 square feet of retail and 38,000 square feet of office space, with 84 free off-street parking stalls in a four-story building. HeadFlyer Brewing will open this fall. According to the Minneapolis Star-Tribune, for decades the Miller Bag Co. produced potato sacks, seed bags and feed bags for the agricultural market, later adding a production line for bags for Toro lawn mowers. In 1999, the Miller Bag Co. merged with another firm and today that entity is known as The Airtex Group, which provides multi-faceted textile design and manufacturing solutions. Ackerberg is developing the project. Additional project partners include general contractor Bainey Construction and project architect RoehrSchmitt. First Western Bank and the City of Minneapolis provided financing. The Metropolitan Council and the Department of …

July 19, 2016

Mixed-Use Office Retail Texas

Third Palm Capital to Debut Republic Square in Houston

by Haisten Willis July 19, 2016

HOUSTON — A year after first announcing long-term plans for the redevelopment of the former ExxonMobil Chemical headquarters campus in Houston, Third Palm Capital is repurposing existing buildings on the 35-acre energy corridor site. The planned mixed-use district is located at 13501 Katy Freeway and is being renamed Republic Square. Houston-based Boxer Property has been awarded the leasing and management assignment. Preparations are underway to open Republic Square’s grounds with a central lake. Existing amenities include The Event Center at Republic Square, a 20,000-square-foot event and conference facility, plus Republic Square I, a three-story, 320,000-square-foot office building. Improvements include increasing visibility and accessibility off I-10 and Memorial Drive, adding a surface parking lot along Memorial and landscaping.

July 19, 2016

Mixed-Use Southeast Virginia

Savills Studley Brokers $64M Sale of City Center at Oyster Point in Newport News

by John Nelson July 18, 2016

NEWPORT NEWS, VA. — Savills Studley has arranged the $64 million sale of City Center at Oyster Point, a nine-building mixed-use property located in the Oyster Point District in Newport News. The development was built as a public-private partnership between nine local partners, joint venture equity partner Northwestern Mutual and the city of Newport News. Patricia Earnest, Lindsay Stroud and Stephanie Lynch of Savills Studley, along with local brokerage partner Harvey Lindsay Commercial Real Estate, represented the local partners and Northwestern Mutual in the sale of City Center at Oyster Point to the newly formed Point Hope LLC. The project includes nearly 575,000 square feet of office and retail space, three publicly owned parking garages, 2,700 parking spaces and a 50,000-square-foot conference center managed by Marriott International. The property’s tenants include PNC Bank, Riverside Health System, Morgan Stanley, city of Newport News, The Boeing Co., Siemens and Progressive Casualty. The Peninsula Division of TowneBank and Union Bank & Trust provided acquisition financing for the transaction.

July 18, 2016

Mixed-Use South Carolina Southeast

NAI Avant, Sumter Partner on $7.5M Historic Rehab Project in Downtown Columbia

by John Nelson July 15, 2016

COLUMBIA, S.C. — NAI Avant and Sumter LLC are collaborating on a historic $7.5 million rehabilitation project for three vacant buildings in downtown Columbia. The assets are located at 1519 Sumter St. and 1222 and 1224 Taylor St. Once complete, the buildings will provide roughly 23,000 square feet of mixed-use space with 12-foot ceilings, exposed brick, stone work, spiral duct work and large windows. Phase I of the project will be the rehabilitation of 1519 Sumter, a building constructed in 1920 and known locally as the Powell Furniture building. The Boudreaux Group has pre-leased the entire second floor of the building with plans to move in by spring 2017. Phase II will be the renovation of the Taylor Street buildings, which will begin in the first quarter of 2017. NAI Avant and Sumter LLC will use state and federal tax credits for the renovation project. Sumter LLC comprises three entities — Robert Lewis and Chris Rogers of Rogers, Lewis Jackson Mann and Quinn Attorneys at Law; Heather Mitchell and Randy Huth of The Boudreaux Group; and a silent partner. Mashburn Construction will oversee the construction project.

July 15, 2016

Mixed-Use New York Northeast Office Retail

Triangle Equities Completes 88,000 SF Multi-Use Complex in the Bronx

by Amy Works July 15, 2016

NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.

July 15, 2016

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