Mixed-Use

Gateway Jax Receives Approval for $2B Mixed-Use Project in Downtown Jacksonville

by Katie Sloan August 15, 2024

JACKSONVILLE, FLA. — Gateway Jax has received approval from the Jacksonville City Council for the development of Pearl Street District, a $2 billion mixed-use project set to span 25 blocks in downtown Jacksonville. Plans for the development include 1,000 residential units; more than 100,000 square feet of retail space; public gathering spaces, including parks surrounding the historic Porter House mansion; widened and shaded sidewalks; and a curbless “festival street” with outdoor dining. Gateway Jax bought the site last year. Anticipated tenants for the retail portion of the project include a full-service grocery store, high-end fitness club, restaurants and daily service providers, like salons and shops. Gateway Jax plans to break ground in October, pending receipt of city permits, and develop the project in phases over the next decade. The project is expected to create 2,700 permanent jobs and spur over $750 million in annual economic impact and full build-out, according to the developer. Partners include the Downtown Investment Authority and the City of Jacksonville. Gateway Jax is a Jacksonville-based commercial real estate development firm sponsored by JWB Real Estate Capital and DLP Capital. — Katie Sloan

August 15, 2024

Acquisitions Development Kansas Midwest Mixed-Use Retail

Advisors Excel Begins Revitalization of West Ridge Mall in Topeka, Kansas

by Kristin Harlow August 13, 2024

TOPEKA, KAN. — Advisors Excel has acquired the West Ridge Mall in Topeka with plans to convert it into a mixed-use destination with dining, event, entertainment, green and corporate spaces. Advisors Excel is a Topeka-based financial and investment services company. West Ridge Mall, totaling 992,000 square feet, is the third-largest enclosed mall in Kansas. Upon completion of the renovation project, the property will serve as Advisors Excel’s new headquarters, accommodating more than 1,000 employees. Originally opened in 1988, West Ridge Mall has seen a steady decline in business and occupancy over the last decade. Anchor stores Macy’s and Sears closed in 2012 and 2018, respectively. By 2021, the mall’s occupancy rate had dropped to 39 percent. Renovation plans call for a fresh urban design and layout. The new center will incorporate uses such as coworking spaces, theaters, fitness spaces, spas, breweries and cafes. Advisors Excel selected Texas-based investment and development firm Russell Glen to assist with the redevelopment. Architectural firm RDC will be responsible for the design of the retail, entertainment and restaurant components, while Hufft will focus on the design of Advisors Excel’s new headquarters. The mall redevelopment is currently in its initial stages, with Advisors Excel working to …

August 13, 2024

Acquisitions Company News Georgia Mixed-Use Southeast Top Stories

Jamestown to Acquire North American Properties Atlanta Office, Including $2B Real Estate Portfolio

by John Nelson August 13, 2024

ATLANTA — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati. Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast. As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony Square in Midtown Atlanta; The Forum Peachtree Corners in Peachtree Corners, Ga.; Avenue East Cobb in Marietta, Ga.; Birkdale Village in Huntersville, N.C.; Ridge Hill in Yonkers, N.Y.; and Newport on the Levee in Newport, Ky. The acquisition also includes the platform’s real estate services business that manages Avalon in Alpharetta, Ga.; Mercato in Naples, Fla.; and Riverton in Sayreville, N.J. These third-party services will add to Jamestown’s real estate services business, which currently includes 22 projects across 19 cities and 10 countries. “This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” says Michael Phillips, president of Jamestown. …

August 13, 2024

Loans Mixed-Use New York Northeast

HKS Real Estate Advisors Arranges $30M Loan for Refinancing of New York City Mixed-Use Portfolio

by Taylor Williams August 12, 2024

NEW YORK CITY — HKS Real Estate Advisors has arranged a $30 million loan for the refinancing of a 65,787-square-foot mixed-use portfolio in New York City. The portfolio consists of eight buildings in Manhattan and The Bronx that collectively total 54 multifamily units and 17 commercial units. Commercial tenants include Mr. Green Laundry, Hunter Convenience Shop, Little Amber Nails & Spa and Monster Barber Shop. Michael Lee of HKS arranged the loan through Citigroup on behalf of the undisclosed borrower.

August 12, 2024

Development Mixed-Use Multifamily Restaurant Retail South Carolina Southeast

Lexington Land Development Breaks Ground on $65M Platt Springs Crossing Near Columbia, South Carolina

by John Nelson August 9, 2024

LEXINGTON, S.C. — Lexington Land Development Co., a locally based developer led by NAI Columbia shareholders Ben Kelly and Patrick Chambers, has broken ground on Platt Springs Crossing, a $65 million mixed-use development in the Columbia suburb of Lexington. Located on 57 acres at 5400 and 5470 Platt Springs Road, the project will comprise a Lowes Foods grocery store, 10,000 square feet of inline retail space, 13 retail outparcels and 142 residential townhouses. In addition to the Lowes Foods anchor, confirmed tenants include Chipotle Mexican Grill (which began construction earlier this summer), Panda Express, Whataburger, Harbor Freight Tools, Heartland Dental, WellStreet Urgent Care, Big Blue Marble Academy, Planet Fitness and Tidal Wave Car Wash. The Lowes Foods grocery store is anticipated to open in third-quarter 2025, as well as the first swath of townhomes. Some of the outparcel retailers will open as early as first-quarter 2025. Site work for the townhomes will begin next month. NAI Columbia is leasing the remaining available space at Platt Springs Crossing on behalf of Lexington Land Development.

August 9, 2024

Development Florida Hospitality Mixed-Use Southeast

JMA, Machete Select Kimpton as Hotel Partner for Westcourt Sports & Entertainment District in Downtown Orlando

by John Nelson August 7, 2024

ORLANDO, FLA. — JMA Ventures and Machete Group, master developers of Westcourt in downtown Orlando, have selected Kimpton Hotels & Restaurants as the new hospitality partner at the 8.5-acre sports and entertainment district. Kimpton is part of the IHG Hotels & Resorts family of hospitality brands. The new 261-room, 11-story hotel will be the seventh Kimpton hotel in Florida upon completion. The property will feature over 16,000 square feet of indoor meeting space, a full-service restaurant and lobby bar, cafe and pool bar and pool lounge. The City of Orlando recently approved Westcourt, which will sit adjacent to Kia Center, home of the NBA’s Orlando Magic. Other uses at the development will include apartments, a 3,500-seat live entertainment venue, parking garage, offices, shops, restaurants and 1.5 acres of green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

August 7, 2024

California Development Loans Mixed-Use Retail Western

Colliers Arranges $33M Financing for Bayfair Mall Redevelopment in San Leandro, California

by Amy Works August 7, 2024

SAN LEANDRO, CALIF. — Colliers Mortgage’s California structured finance group has arranged a $33 million bridge loan on behalf of B3 & Gaw to refinance the Bayfair Mall in the Bay Area city of San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with more suitable tenants for the market. Additionally, B3 & Gaw is transforming a one third of the property into an R&D campus. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions. The loan features a fully nonrecourse structure with no interest, carry or completion guarantees.

August 7, 2024

Acquisitions Loans Mixed-Use Office Retail Washington Western

BH Properties Receives $3M Bridge Loan for Acquisition of Olympic Block Mixed-Use Complex in Seattle

by Amy Works August 7, 2024

SEATTLE — Gantry has arranged a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a downtown Seattle mixed-use complex. The borrower is BH Properties. Located at 101 Yesler Way, the 75,000-square-foot property offers creative office space and ground-floor retail space. Acquired through a deed in lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges. Mark Ritchie and Alicia Sabanero of Gantry secured the three-year, fixed-rate loan through one of Gantry’s correspondent insurance company lenders. The financing features interest-only payments for the entirety of its duration.

August 7, 2024

Development Florida Leasing Activity Mixed-Use Office Southeast

Tom Brady Enterprises Signs 8,415 SF Office Lease at THE WELL Bay Harbor Islands in Miami

by John Nelson August 5, 2024

MIAMI — Tom Brady Enterprises (TBE) Capital Management has signed an 8,415-square-foot office lease at THE WELL Bay Harbor Islands, a mixed-use project currently under development in Miami. TBE will relocate its headquarters to a 113,000-square-foot office building located at 1177 Kane Concourse within the development. Scheduled to open in 2025, the office building is currently 35 percent preleased. Blanca Commercial Real Estate, which serves as the leasing agent for THE WELL Bay Harbor, represented the landlord, Terra, in the lease negotiations. Colliers and Current Real Estate Advisors represented TBE. Upon completion, THE WELL Bay Harbor will also feature an eight-story condominium building, more than 22,000 square feet of amenities and a restaurant. Tom Brady Enterprises manages all business ventures of retired football player Tom Brady, including his portfolio of brands, which includes sportwear company BRADY Brands, wellness brand TB12, production company Religion of Sports and Autograph, which is dedicated to fan engagement. Brady played in the NFL for 23 seasons and won seven Super Bowls, six with the New England Patriots.

August 5, 2024

Loans Mixed-Use Texas

JLL Arranges Acquisition Financing for 43,811 SF Mixed-Use Property in South Austin

by Taylor Williams August 2, 2024

AUSTIN, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for South Bend Center, a 43,811-square-foot mixed-use property in South Austin. The three-building property was built in 1984 and supports retail, flex warehouse, restaurant and medical office uses. C.W. Sheehan and Peyton Ackerman of JLL arranged the debt on behalf of the borrower, Duncan Park Capital. The direct lender was an undisclosed regional bank.

August 2, 2024

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