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Mixed-Use

Exelon
AcquisitionsMarylandMixed-UseSoutheast

Armada Hoffler Buys Majority Interest of Exelon Mixed-Use Building in Baltimore for $246M

by Julia Sanders

BALTIMORE — Armada Hoffler Properties Inc., a Virginia Beach-based REIT, has bought a 79 percent interest and an additional 11 percent economic interest in the 23-story mixed-use Exelon building in Baltimore’s downtown waterfront neighborhood, Harbor Point. The aggregate value of the acquisition is $246 million. Armada Hoffler expects to close the acquisition by the end of the first quarter of 2022. Beatty Development Group will retain a 10 percent ownership position in the property. In 2016, Virginia Beach-based Armada Hoffler Construction and Baltimore-based Beatty Development Group delivered the 444,000-square-foot property. Located at 1310 Point St., Exelon features mostly office space as well as 103 apartments, which were approximately 96 percent occupied around the time of sale. The mixed-use property features 38,500 square feet of retail space anchored by West Elm, as well as 750 parking spaces. The building is LEED Gold-certified and the interior is LEED Platinum-certified. The office component of the Exelon building is fully leased by Exelon, a Chicago-based investment grade clean energy provider. Exelon uses the building as its regional headquarters and has a lease at the property with a remaining term of 15 years.

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AcquisitionsIllinoisMidwestMixed-Use

Colliers Arranges Sale of Mixed-Use Development in St. Charles, Illinois

by Kristin Harlow

ST. CHARLES, ILL. — Colliers Chicago has arranged the sale of 1st Street Development, a mixed-use development in the heart of St. Charles, about 40 miles west of Chicago. The sales price was undisclosed. The five-building asset consists of retail, office and residential space. The properties include: The Plaza, a two-story retail and office building; Ale Building, a four-story office and retail asset; River Loft, a five-story office, retail and condo property; Sterling Building, a five-story office and condo building; and Building 7A, a three-story retail and residential asset. Notable tenants include Kilwin’s, Gia Mia, Alter Brewing, XSport Fitness, Coldwell Banker, Ohio Farmers Insurance and Regus. The property is 97 percent leased. Peter Block, Tyler Hague and Lauren Stoliar of Colliers represented the seller, First Street Development LLC. Tabani Group LLC was the buyer.

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AcquisitionsHospitalityLeasing ActivityMarylandMixed-UseNortheastPennsylvaniaRestaurantRetailSoutheastTop Stories

Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties

by John Nelson

PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Major Food Group, JDS to Develop 259-Unit Mixed-Use Residential Tower in Miami

by Julia Sanders

MIAMI — Major Food Group and New York-based JDS Development Group have plans to develop MAJOR, a mixed-use residential tower located at 888 Brickell Ave. in Miami. Upon completion, MAJOR will be the tallest building in Miami at 1,049 feet, according to the developers. MAJOR will offer 259 for-sale condominiums, as well as a collection of food and beverage amenities, including standalone restaurants and private clubs. No other project plans were disclosed. William Sofield of Studio Sofield will oversee design of the tower, lobby and residences. Ken Fulk Inc. will be responsible for the food, beverage and club spaces at MAJOR. New York-based Major Food Group will oversee all branding and hospitality programming at the project. Major Food Group currently operates over 30 restaurants, hotels and private clubs. Michael Stern of JDS is leading the development team for the project. JDS Development Group has projects including the Walker Tower, The American Copper Buildings, Brooklyn Tower and 111 West 57th St. in New York City, as well as Monad Terrace, Echo Brickell and Echo Aventura in South Florida.

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Affordable HousingDevelopmentIllinoisMidwestMixed-UseMultifamily

Structured Development Breaks Ground on First Two Residential Buildings at Chicago’s Shops at Big Deahl

by Kristin Harlow

CHICAGO — Structured Development has broken ground on the first two residential buildings at The Shops at Big Deahl, a mixed-use development in Chicago’s Lincoln Park neighborhood. The Seng is a four-story, 34-unit affordable condo building whose income-restricted buyers will be selected by the Chicago Community Land Trust, a nonprofit corporation administered and staffed by the Chicago Department of Housing. Completion of The Seng is slated for December 2022. Common Lincoln Park is a 10-story, 400-bed co-living community that will be operated by New York-based co-living provider Common. Completion of Common Lincoln Park is slated for March 2023. Each unit will feature one to four bedrooms that will be furnished along with a communal kitchen and living area. Co-living refers to a type of communal living where residents have their own private bedrooms but share common areas with others. Both buildings will join the newly completed Movement Lincoln Park, a 40,000-square-foot climbing, yoga and fitness gym. Structured also plans to build an additional 327-unit market-rate apartment tower on the western end of the property. The groundbreaking for the 27-story project is scheduled for March 2022. The Shops at Big Deahl is named after the former Big Deahl Productions studio that …

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DevelopmentGeorgiaMixed-UseSoutheast

Georgetown, RocaPoint to Develop 1 MSF Mixed-Use Project in Atlanta’s Central Perimeter District

by John Nelson

ATLANTA — New York City-based The Georgetown Co. and affiliates of Atlanta-based RocaPoint Partners plan to co-develop Campus 244, a mixed-use development in Atlanta’s Central Perimeter submarket that will exceed 1 million square feet in size. Situated on 12.8 acres near the Dunwoody MARTA station, the first phase of Campus 244 will include an adaptive reuse of an existing office building into a five-story, 400,000-square-foot building. The office building formerly was the headquarters of Gold Kist, a chicken producing company. Building features include 15-foot ceilings, private outdoor terraces, balcony space and 90,000-square-foot floor plates. Additionally, the building has amenities focused on health and wellness, such as HVAC systems, touchless elevator and restroom technologies, open staircases and operable windows. In addition to the adaptive reuse office building, the first phase will include a 145-room Element Hotel, which is part of Marriott International’s Bonvoy portfolio of 30 brands. The hotel will feature a lobby bar, greenspace and areas to gather for meetings, remote work and collaboration. The Campus 244 property will also have 25,000 square feet of restaurant space. S9 Architecture, the architectural firm responsible for the adaptive reuse design of Ponce City Market in Atlanta’s Old Fourth Ward district, will handle …

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DevelopmentLeasing ActivityMixed-UseOfficeRetailSoutheastTennessee

KBS Signs Three Tenants, Completes Renovations at 175,262 SF McEwen Building in Metro Nashville

by John Nelson

FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …

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DevelopmentGeorgiaMixed-UseSoutheast

Mynd Match to Develop $111M Mixed-Use Property in Metro Atlanta

by Julia Sanders

EAST POINT, GA. — Atlanta-based Mynd Match Development Group LLC has plans to develop The Commons, a $111 million mixed-use project in downtown East Point, about 7.3 miles south of downtown Atlanta. Last month, the East Point City Council voted to enter a development agreement with Mynd Match for the project. The development will sit on a nine-acre site and feature commercial, retail, residential, greenspace and public art. The project team includes TVS as the architect and urban planner and Choate Construction as the general contractor. Additionally, CoRErep will oversee commercial leasing; Baker Tilly will be in charge of project financial structuring; and Honigman is the project counsel. The project will create more than 1,500 jobs, according to Mynd Match. The construction timeline was not disclosed.

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DevelopmentMidwestMixed-UseOhio

Flaherty & Collins Unveils Plans for $211M Phase II at The Peninsula in Downtown Columbus

by Kristin Harlow

COLUMBUS, OHIO — Flaherty & Collins Properties (F&C) and co-developer Daimler Group have unveiled plans for The Peninsula’s second phase in downtown Columbus. The $211 million project will include 400 apartment units and 245,000 square feet of office space. Specifically, a four-story parking garage will be topped by a seven-story office building and a 30-story apartment tower with 9,000 square feet of ground-floor retail space. Phase I is currently under construction and includes both office and multifamily space along with a 200-room hotel being developed by Rockbridge. F&C says that an application for $21 million in tax credit funding from Ohio’s new Transformational Mixed-Use Development (TMUD) program is key to moving the project forward. Construction of Phase II is expected to begin in 2022 with completion slated for 2025.

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Crystal Cove Commons
AcquisitionsFloridaMixed-UseOfficeRetailSoutheast

Joint Venture Acquires 120,000 SF Mixed-Use Property in North Palm Beach, Florida

by Julia Sanders

NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.

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