Mixed-Use

Armada Hoffler, Austin Lawrence to Co-Develop $86M Mixed-Use Tower in Durham

by John Nelson February 26, 2016

DURHAM, N.C. — Armada Hoffler Properties Inc. has entered into a joint venture development agreement with Austin Lawrence Partners to develop and own One City Center, an $86 million, 27-story mixed-use project in downtown Durham. The development will feature 130,000 square feet of office space, 22,000 square feet of street-level retail space, 139 residential units and a two-level underground parking garage. Duke University has recently leased 55,000 square feet at the development, which will be situated at the corner of Corcoran and Main streets. Armada Hoffler will own and develop the office and retail portions, and Austin Lawrence Partners will develop the multifamily and parking components. Armada Hoffler Construction Co., a division of Armada Hoffler Properties, will serve as general contractor of the entire project. The companies plan to break ground on One City Center during the first quarter of 2016 and wrap up construction in mid-2018.

February 26, 2016

Cafe Milano 3521 Prospect Street NW Washington DC Georgetown

District of Columbia Loans Mixed-Use Southeast

GFI Arranges $21M Financing for Retail, Office Properties in D.C.’s Georgetown District

by John Nelson February 26, 2016

WASHINGTON, D.C. — GFI Realty Services LLC has arranged $21 million in financing for retail and office space located in Washington, D.C.’s historic Georgetown district. Located at 3521 Prospect St. N.W. and 3222 North St. N.W., the properties total 54,500 square feet and comprise 42,500 square feet of retail space and 12,000 square feet of office space. One of the tenants includes Café Milano, an upscale Italian eatery. Daniel Lerer and Will Watkins of GFI Realty’s finance group arranged the long-term, fixed-rate financing in two separate loans through an Indianapolis-based life insurance company on behalf of the borrower, Robert Elliott.

February 26, 2016

Indiana Loans Midwest Mixed-Use

HFF Secures $70.6M Refinancing Loan for Mixed-Use Property in Downtown Indianapolis

by Christina Cannon February 25, 2016

INDIANAPOLIS — HFF has secured a $70.6 million refinancing loan for Axis, a 435,894-square-foot mixed-use property in downtown Indianapolis. Flaherty & Collins Properties was the borrower. HFF placed the 10-year, fixed-rate loan with Allianz Life Insurance Company of North America through Allianz Real Estate of America LLC, a correspondent life company lender. Axis is a 336-unit luxury, mid-rise building that was completed in 2015. Units at Axis average 914 square feet, and the building contains 47,117 square feet of retail space, which features a 42,000-square-foot Marsh Supermarket. Community amenities include a saltwater swimming pool, aqua lounge with kitchenette, grilling stations, a pet wash and walk area, a Zen garden, Sky Bar, 24-hour club room, two-story fitness center with a yoga and Pilates studio, catering kitchen, gaming lounge, bike room, study lounges, conference room and library. Dave Keller of HFF arranged the financing for the development located at 401 N. Senate Ave.

February 25, 2016

Midwest Mixed-Use Wisconsin

Siegel-Gallagher Arranges Sale of 3,026 SF Mixed-Use Property in Milwaukee

by Christina Cannon February 25, 2016

MILWAUKEE — Siegel-Gallagher has arranged the sale of a 3,026-square-foot mixed-use property in Milwaukee. Octane LLC purchased the building located at 4101 N. Port Washington Ave. from Pensco Trust Co. for an undisclosed price. Built in 1910, the two-story building consists of ground-level retail space and a two-bedroom/1.5-bathroom apartment. Devin Tessmer of Siegel-Gallagher.

February 25, 2016

Hospitality Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Triangle Equities Breaks Ground on Lighthouse Point in Staten Island

by Amy Works February 24, 2016

NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …

February 24, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Treetop Development Acquires Development Site in the Bronx

by Amy Works February 24, 2016

NEW YORK CITY — Treetop Development has acquired a development site located at 121-129 E. 144th St. in the Mott Haven section of the Bronx for an undisclosed sum. Situated in a special mixed-use district zoning area (MX-13), the property has 68,326 buildable square feet as-of-right, with the option to develop up to 91,000 square feet by utilizing the inclusionary housing bonus. Treetop, a multifamily owner and investor focused on renovating and developing market-rate properties in New York City, is in the process of determining the best use for the site. Jason Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller and procured the buyer in the transaction.

February 24, 2016

Mixed-Use Multifamily New York Northeast Retail

Westbridge Realty Group Negotiates Four Sales in New York City Totaling $8.5M

by Amy Works February 24, 2016

NEW YORK CITY — Westbridge Realty Group has arranged four sales in New York City totaling $8.5 million. In the first transaction, Baycrest Management acquired a multifamily property with 27 apartments and one retail unit from Emritas Realty LLC for $3.9 million. The building is located at 633 E. 186th St. in the Belmont section of the Bronx. Steven Westreich represented the buyer and seller in the deal. In the second transaction, 2 Stanwix LLC purchased a 3,510-square-foot mixed-use property located at 2 Stanwic St. in Brooklyn’s Bushwick neighborhood for $2 million, or $570 per square foot. Adam Traub of Westbridge represented the buyer, while Hen Vaknim, also of Westbridge, represented the seller, 2S, in the transaction. In the third deal, East Williamsburg Powers LLC acquired a 3,750-square-foot apartment building, located at 280 Powers St. in Brooklyn’s Williamsburg section, for $1.4 million. Westreich represented the buyer, while Traub represented the undisclosed seller. In the final transaction, Westreich represented the buyer and seller in the $1.2 million exchange of 345 Montgomery Street in Brooklyn. The assets, which include eight unsold coop rent-stabilized units, sold for $158 per square foot. The names of the buyer and seller were not released.

February 24, 2016

Loans Massachusetts Mixed-Use Northeast Office Retail

Mesa West Capital Funds $40.8M Loan to Reposition Office Campus Near Boston

by Amy Works February 22, 2016

MAYNARD, MASS. — Mesa West Capital has provided Artemis Saracen Investments, a joint venture between Saracen Properties and Artemis Real Estate Partners, with $40.8 million in first mortgage financing to reposition a 1 million-square-foot office campus in Maynard. Loan proceeds will be used to implement an extensive capital improvement and leasing plan that will reposition the property to appeal to a wide variety of users. Formerly known as Clock Tower Place, the newly rebranded Mill & Main is a mixed-use development located 25 miles west of Boston. Planned improvements to the property include updated building systems, pedestrian plazas, a waterfront boardwalk, fitness facilities, boutique retail and gallery venues. Situated on 50 acres, the property includes 12 vintage brick-and-beam-style buildings overlooking a 14-acre mill pond. Constructed in 1847, the site originally served as a woolen mill until 1950 when it was converted to an office park. The property is currently 37 percent leased, including a recently signed lease with Stratus Technologies for 102,000 square feet, which is slated to open this spring. Jay Marshall of HFF arranged the financing.

February 22, 2016

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Negotiates $5.1M Sale of Brooklyn Mixed-Use Property

by Amy Works February 22, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. The asset sold for $5.1 million. Built in 2007, the property features 18 apartments, five stores and 26 parking spaces. Jacob Aronov of Alpha Realty, along with a team of brokers from Besen & Associates, represented the undisclosed buyer and seller in the transaction.

February 22, 2016

Georgia Mixed-Use Southeast Top Stories

RCP Cos. Plans to Develop $300M Mixed-Use Project in South Atlanta

by John Nelson February 18, 2016

STOCKBRIDGE, GA. — RCP Cos., a Huntsville, Ala.-based real estate investor and developer, plans to develop a $300 million mixed-use project, known as Jodeco|Atlanta South, in Henry County. Preliminary plans for the mixed-use development in the southern Atlanta suburb of Stockbridge include retail and restaurants, an entertainment hub, amphitheater, outdoor fitness and recreation areas and apartment residences within an urban setting. “Our intention is to craft a new, vibrant community that brings the energy of a high-density, urban design — as well as the options that a larger city might provide — to South Atlanta,” says Max Grelier, chief development officer of RCP Cos. Jodeco will sit adjacent to I-75 at exit 222, one of the first exits south of the I-675 interchange. Situated in the southwest quadrant of the I-75 and Jodeco Road intersection and bordered by Chambers and Mt. Olive roads, the development will include more than 500,000 square feet of local, regional and national retailers, including an organic grocer. A 12,000-square-foot food hall, known as Mt. Olive Market, will be a dining venue within Jodeco where local and regional chefs will serve guests at counters and communal tables. Plans also call for two upscale hotels and an …

February 18, 2016

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