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

Civic Maine Mixed-Use Northeast

University of Maine Selects Harriman, The Cecil Group for Campus Redevelopments

by Amy Works July 14, 2016

PORTLAND, MAINE — The University of Maine has selected Harriman and The Cecil Group, a newly merged architectural firm, to master plan facilities across the seven state campuses in Fort Kent, Presque Isle, Orono, Machias, Augusta, Farmington and Southern Maine, among other locations and sites. The comprehensive suite of documents, which will be created, will guide the future development and management of the university system’s physical campuses. Harriman and The Cecil Group will perform master planning and facilities planning across the university system in a unified effort with all campuses. As part of Maine’s One University Initiative, the planning activities at each individual campus will develop a site-specific identity that integrates with the system as a whole. The university system intends for the master plan to build community engagement, provide opportunity for input and for constituents to have an awareness, understanding and stake in the outcome. Additionally, the comprehensive and long-range plans will be tied to strategic direction and planning of each campus, as well as responsive to current requirements and future development needs. Harriman and The Cecil Group are collaborating with Goody Clancy and Rickes Associates on master planning, campus planning and in-depth facility programming.

July 14, 2016

Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

The Village Mixed-Use Development Proposed in McKinney

by Haisten Willis July 14, 2016

MCKINNEY, TEXAS — A private institutional partnership has proposed The Village at McKinney, a mixed-use development on 76.2 acres in the city of McKinney in Collin County. Chris Burrow and Dillon Cook with Henry S. Miller, a commercial real estate firm based in Dallas, are marketing a proposal for the large mixed-use project, which would be known as The Village at McKinney, to developers. The out-of-state institutional partnership currently owns the property. “We have been working very closely with the City of McKinney and our clients on The Village at McKinney and we are very excited to bring this new development opportunity onto the market,” says Burrow. The final project could include a mix of retail, restaurant, office, hospitality and multifamily uses. The Village at McKinney would be located at the corner of U.S. Highway 75 and Laud Howell Parkway. The 76.2-acre site has been divided into four separate parcels ranging in size from 8.9 acres to 34 acres, but can also be sold to a single developer. On-site utilities are scheduled to be in place by 2018. “The City of McKinney recognizes the area around U.S. 75 and Laud Howell as a prime location for a range of commercial opportunities …

July 14, 2016

Illinois Loans Midwest Mixed-Use

Sonnenblick-Eichner Arranges $47.5M Loan for Historic Mixed-Use Building in Chicago’s Financial District

by Christina Cannon July 13, 2016

CHICAGO — Sonnenblick-Eichner Co. has arranged a $47.5 million loan to refinance the office and retail component of a 21-story building at 208 S. LaSalle St. in Chicago. The 1.1 million-square-foot, mixed-use building is located in the financial district. Michael Reschke of The Prime Group Inc. is the property owner. The loan is secured by five floors (13-17) of office space totaling 207,953 square feet and 11,379 square feet of street-level retail space, which is collectively 94 percent leased. The first 12 floors are occupied by a 610-room JW Marriott hotel. Neither the hotel nor the top four office floors were part of the collateral. The seven-year, non-recourse financing was funded by an affiliate of Guggenheim Commercial Real Estate Finance. The loan refinanced a $35 million mortgage that was a part of a $321 million facility Sonnenblick-Eichner Co. arranged for the ownership two years ago. The deal was comprised of four different loans and included first mortgage debt and mezzanine financing. The property, built in 1914 as the headquarters for the Continental and Commercial National Bank, was designed by Daniel Burnham and added to the National Register of Historic Places in 2007.

July 13, 2016

Arizona Mixed-Use Western

Velocis Buys Park One Mixed-Use Property in Phoenix for $39M

by Nellie Day July 12, 2016

PHOENIX — Velocis has purchased Park One, a 205,405-square-foot office and retail project in Phoenix, for $39 million. The project is located at 2111, 2121 and 2141 E. Highland Ave. The property contains two office buildings, along with a restaurant space that is fully leased to Half Moon Windy City Sports Grill. The office portion was 84 percent occupied at the time of sale. Park One was built between 1982 and 1983. CBRE’s Barry Gabel, Chris Marchildon and Kevin Shannon (Shannon is now with NGKF) executed the transaction. The seller was MS MCC Park One LLC, a joint venture between Morgan Stanley and McCarthy Cook & Co.

July 12, 2016

Massachusetts Mixed-Use Multifamily Northeast Retail

Trinity Financial Breaks Ground on 83-Unit Mixed-Use Development in Boston

by Amy Works July 12, 2016

BOSTON — Trinity Financial has broken ground on Treadmark, a mixed-income, mixed-use development located in the Ashmont section of Boston’s Dorchester neighborhood. Situated at 1971-1977 Dorchester Ave., the 83-unit property will be comprised of 51 affordable rental units and 32 ownership units, all designed by Boston-based Taniya Nayak Design. Additionally, the project will feature ground-floor retail space. The Architectural Team is providing architectural services for the project. Financing for the development includes more than $3 million in state and federal tax credits that will generate approximately $22 million in equity for the project, $3 million in rental subsidy funds and more than $4 million in funding from the City of Boston.

July 12, 2016

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