Mixed-Use

Hunt Cos. to Develop Transit-Oriented Project in El Paso

by Haisten Willis December 3, 2014

EL PASO, TEXAS — Hunt Metro 31 LLC will develop a 31-acre mixed-use project at the former Northpark Mall site in Northeast El Paso. The project, known as Metro 31, will consist of 325 apartments, 80 units of senior living and 48 live/work units. The project will be located at the corner of Dyer Street and Diana Drive. and will include Sun Metro’s BRIO bus rapid transit station along with 135,000 square feet of retail space. A grocery store will anchor the project, which will also include up to 100,000 square feet of office space.

December 3, 2014

Meridian Capital Group Arranges $737M in Acquisition Financing for The Putnam Portfolio

by Amy Works December 2, 2014

NEW YORK CITY — Meridian Capital Group has arranged $737 million in acquisition financing for the purchase of The Putnam Portfolio, a six-property multifamily portfolio located in New York City. Brookfield Property Partners, along with its operating partner Urban American, will purchase the portfolio. The financing was sourced between New York Community Bank and Bank of China in six separate mortgages. Abe Hirsch, Zev Karpel and Akiva Friend of Meridian’s New York City headquarters negotiated the transaction. The portfolio is composed of six properties totaling 24 buildings and 3,962 units. The assets include 3333 Broadway; Roosevelt Landings at 510-530 Main St. on Roosevelt Island; River Crossing at 1940 First Ave.; The Heritage at 1295-1309 Fifth Ave; The Miles at 1990 Lexington Ave.; and The Parker at 1890 Lexington Ave. The buyers have a significant renovation program planned for the portfolio. Urban American will remain as the day-to-day property manager for the portfolio.

December 2, 2014

Arizona Mixed-Use Western

The Delta Corp. Buys 15.3 Acres in Chandler for $2.7M

by Nellie Day December 2, 2014

CHANDLER, ARIZ. – The Delta Corporation has acquired 15.3 acres of commercial land in Chandler for $2.7 million. The land is located at the southeast corner of Frye Road and Ellis Street. Delta plans to develop a mixed-use project on the site. Rick Danis and Paul Boyle of Cassidy Turley represented both the buyer and seller, BOK Financial Corp., in this transaction.

December 2, 2014

Mixed-Use New York Northeast

BRP Development Corp. to Transform Long-Vacant Harlem Site

by Amy Works December 1, 2014

NEW YORK CITY — BRP Development Corp. plans to redevelop the long-vacant Renaissance Ballroom, located at 2341-2349 Adam Clayton Powell Blvd. in Harlem, into a mixed-use development. The development company purchased the site from Abyssinian Baptist Church for an undisclosed price. The new project, Renny, will feature 134 mixed-income residential units, 17,500 square feet of retail space, 20,580 square feet of community facility space and 67 below-grade parking spaces. The development team is aiming to achieve LEED Silver certification with the project, which will feature solar panels, water-saving plumbing systems, an energy-efficient boiler and green roofs. Construction is slated to begin in first quarter 2015, with completion scheduled for 2017.

December 1, 2014

Mixed-Use New York Northeast

Vornado Realty Trust Acquires 440,000 SF Mixed-Use Property in Queens

by Amy Works November 26, 2014

NEW YORK CITY — Perella Weinberg Partners Asset Based Value Strategy, a unit of Perella Weinberg Partners and Madison Marquette, has sold The Center Building to Vornado Realty Trust for an undisclosed price. Located at 33-00 Northern Blvd. in Queens’ Long Island City area, the 440,000-square-foot, mixed-use commercial building is 98 percent leased. When the joint venture originally purchased the property in late 2012, it was 88 percent leased. New tenants include New York Foundling, which signed a 15-year lease for more than 35,000 square feet. Ackman-Ziff advised Perella Weinberg Partners Asset Based Value Strategy and Madison Marquette on the transaction.

November 26, 2014

Florida Mixed-Use Southeast

Early Site Work Begins for ONE DAYTONA Development

by John Nelson November 26, 2014

DAYTONA BEACH, FLA. — P&S Paving has commenced construction on the early site work for ONE DAYTONA, a premier mixed-use and entertainment development across from Daytona International Speedway in Daytona Beach. P&S Paving was awarded the contract for infrastructure improvements for Phase I, which includes site development, drainage and underground utility work. ONE DAYTONA is a joint venture between Jacoby Development and International Speedway Corp. (ISC). P&S Paving is also the subcontractor for ISC’s $400 million DAYTONA Rising project underway at Daytona International Speedway.

November 26, 2014

Georgia Mixed-Use Southeast

Krog Street Market in Atlanta’s Inman Park Opens to the Public

by John Nelson November 25, 2014

ATLANTA — Paces Properties has opened its Krog Street Market (KSM), a 30,000-square-foot mixed-use development in Atlanta’s Inman Park neighborhood. KSM is located at 99 Krog St. at the southeast corner of the intersection between Krog and Irwin streets. The property is structured as a food hall and urban market with 16 food and retail market stalls, five chef-driven restaurants and two freestanding retail buildings. Retailers currently open for business include The Collective, a co-op local artist establishment; French Market Flowers; Krog Street Pet Works; Mama Bath + Body; The Spotted Trotter Charcuterie, a butcher and cheese shop; and Small Batch Chocolate. The food stalls include Grand Champion BBQ; Jeni’s Splendid Ice Creams; Little Tart Bakeshop, which serves coffee from Octane; Fred’s Meat & Bread; and Yalla. Craft Izakaya and The Luminary, two chef-driven restaurants, have been open since August. Additional restaurants and food stalls are slated to open in the coming months. KSM also features bike racks, electric car charging stations, water stations for dogs and a communal dining area. Lily Heimburger of SRS Real Estate Partners handles KSM’s leasing responsibilities on behalf of Paces Properties.

November 25, 2014

Mixed-Use New York Northeast Office Retail

Ripco Brokers Sale of 12,000 SF Mixed-Use Building for $26M in Manhattan

by Amy Works November 24, 2014

NEW YORK CITY — Ripco Real Estate has brokered the sale of a mixed-use commercial building located at 2307 Broadway in Manhattan’s Upper West Side neighborhood. Waterbridge Capital purchased the property for $26 million. The property offers 12,000 square feet of combined retail and office space. A Duane Reade drugstore that previously occupied the building is now closed, which offers the buyer re-tenanting options. The sellers were a private family. Doug Kleiman and Lee Spiegelman of Ripco Real Estate arranged the transaction.

November 24, 2014

Arizona Mixed-Use Western

Construction Commences on Phase I of Rivulon Development in Gilbert

by Nellie Day November 21, 2014

GILBERT, ARIZ. — Construction has commenced on Phase I of Rivulon, a $750-million, master-planned development in Gilbert. The project is located at the corner of Gilbert Road and AZ 202. Rivulon will eventually include about 3 million square feet of office space, 500,000 square feet of integrated retail and restaurants and a hotel component. Health and wellness leader Isagenix International recently announced it will relocate its world headquarters to a 150,000-square-foot office building at Rivulon. The building is scheduled for completion late next year. A 125,000-square-foot, speculative Class A office building is also under construction at the site, in addition to a 45,000-square-foot LA Fitness. These buildings will soon be joined by two more 60,000-square-foot, Class A office buildings, as well as a 17,000-square-foot retail center, all of which is included in this initial development phase. Rivulon is being developed by Nationwide Realty Investors.

November 21, 2014

Connecticut Mixed-Use Northeast

BLT Unveils Plans for Mixed-Use Davenport Landing in Connecticut

by Amy Works November 20, 2014

STAMFORD, CONN. — Building and Land Technology (BLT) has unveiled its plans for Davenport Landing, a mixed-use redevelopment project located on 14 acres along the West Branch of Stamford Harbor. The plans will unify 28 Southfield Avenue and Stamford Landing to create a mixed-use destination. BLT’s existing mixed-use development, Stamford Landing, features a 600-foot boardwalk, 70-slip marina, 175,419 square feet of office space and 12,621 square feet of restaurant space, which will expand under the new plan with the development of 108 residential units. The second parcel at 28 Southfield Ave. will offer 167 residential units and a new boatyard, including deep-water slips, winter storage, year-round repair facilities and other boating facilities.

November 20, 2014

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