Monday, October 14, 2024
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Mixed-Use

DevelopmentIndustrialMixed-UseNorth CarolinaSoutheast

Welcome Group Opens Phase I of 1.3 MSF Business Park in Durham

by John Nelson

DURHAM, N.C. — Developer Welcome Group has opened the first phase of Welcome Venture Park, a new business park situated on 160 acres in Durham. Upon completion, the project will total roughly 1.3 million square feet of space for industrial, flex and life sciences tenants. Phase I comprises four industrial buildings totaling 394,800 square feet. RW2 Development Co. is managing entitlements, development and project management on behalf of Welcome Group. Other members of the project team include Choate Construction, Withers Ravenel, Maurer Architecture and Sullivan Eastern. Colliers is handling leasing for the development, and U.S. Bank provided construction financing for the first phase.

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DevelopmentLeasing ActivityMixed-UseRestaurantRetailSouth CarolinaSoutheast

RocaPoint Signs Four Restaurants to Join $1B Greenville County Square Mixed-Use Development

by John Nelson

GREENVILLE, S.C. — RocaPoint Partners has added four new food-and-beverage tenants to join the roster at Greenville County Square, a $1 billion mixed-use redevelopment in downtown Greenville. Mama’s Comfort Food & Cocktails, Leo’s Italian Social, CRÚ Food & Wine Bar and MOA Korean Barbeque have signed on to join the 40-acre project, which will be anchored by a Whole Foods Market grocery store. The new concepts bring the number of committed eateries at Greenville County Square to 15, including The Perch Kitchen & Tap, The Salty Donut, ​​Ben & Jerry’s and JINYA Ramen. Other tenants will include Pins Mechanical, Fairway Social, Sports & Social and Agave Bandido as the entertainment anchors and national retailers William Sonoma and Pottery Barn. The development also houses Greenville County’s newly opened 250,000-square-foot administrative building.

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245-E-Main-St-El-Cajon-CA
AcquisitionsCaliforniaMixed-UseMultifamilyOfficeRestaurantRetailWestern

Marcus & Millichap Brokers Sale of 10,734 SF Mixed-Use Property in El Cajon, California

by Amy Works

EL CAJON, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property located at 245 E. Main St. in downtown El Cajon. Syrian Investments acquired the asset from Ronald L. Bain for $2.6 million. The buyer plans to occupy the building and open its second restaurant on the street occupying the ground floor. Built in 2007, the fully vacant building offers 10,734 square feet of retail, office and apartment space, a rear parking lot, roll-up door, alley access and Main Street frontage. Nick Totah and Joseph Gutierrez of Marcus & Millichap represented the seller, while Na’il Salem of Premiere Homes procured the buyer in the deal.

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San-Jacinto-Marketplace
DevelopmentMixed-UseRetailTexasTop Stories

Fidelis Breaks Ground on 105-Acre Mixed-Use Redevelopment of San Jacinto Mall in Metro Houston

by Katie Sloan

BAYTOWN, TEXAS — Fidelis Realty Partners has broken ground on the redevelopment of San Jacinto Mall, a regional shopping mall located roughly 25 miles east of Houston in Baytown.  Dubbed San Jacinto Marketplace, the current phase of development will include 500,000 square feet of retail and restaurant space alongside Pelican Green, a public green space. The development in total is expected to span 105 acres and include residential, hospitality and office components upon completion.  Fidelis originally purchased 40 acres of the mall property, which opened in 1981, in July 2015 with a goal of owning 100 percent of the land for redevelopment. This process took Fidelis six years, with the final buildings — which were occupied by JCPenney and Macy’s — acquired by the locally-based firm in 2021.   The mall officially stopped operations in 2022, and Fidelis concurrently signed an agreement with the City of Baytown to pay $3.5 million as compensation and reimbursement as the project is being redeveloped. A timeline for the development was not announced, but Fidelis notes that the property will be home to somewhere between 15 and 20 restaurants with 10 major leases currently being negotiated.  “We have been faced with a number of challenges …

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AcquisitionsConnecticutMixed-UseNortheast

Marcus & Millichap Brokers $19M Sale of Mixed-Use Portfolio in Greenwich, Connecticut

by Taylor Williams

GREENWICH, CONN. — Marcus & Millichap has brokered the $19 million sale of a four-building, 47,256-square-foot mixed-use portfolio in Greenwich, located in southern coastal Connecticut. Known as the Nolan Thomas Portfolio, the properties comprise 17 retail spaces, 17 office suites, 10 apartments and an 11,226-square foot, single-story warehouse. Stephen Westerberg of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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Cadia-Matthews_Matthews-N.C
DevelopmentMixed-UseNorth CarolinaSoutheastTop Stories

Pappas Properties Breaks Ground on 82-Acre Mixed-Use Development in Charlotte Suburb

by Hayden Spiess

MATTHEWS, N.C. — Pappas Properties has broken ground on Cadia Matthews, an 82-acre mixed-use development in Matthews, a southeastern suburb of Charlotte.  Upon completion, the community will feature residential units, 85,000 square feet of retail space and 18,000 square feet of office space. Amenities at the development will include a wellness center, multi-modal paths, a community park with a performance stage and additional open space.  All residents will have access to the wellness center and other community amenities. Priority for the housing at Cadia Matthews will be given to first responders, teachers, active-duty and veteran military members, as well as those who work in Matthews. “The foundation of Cadia Matthews is based on our commitment to providing wellness-oriented, residential master-planned communities that promote health through social, environmental and physical wellness,” said Tom Walsh, managing director of Pappas Properties.  Phase I of the project is currently underway and will comprise 45 single-family homes, 80 for-sale townhomes and 14 apartments. Additional residential space at the development will include active adult cottage homes and apartments, for-lease duplexes and market-rate apartments.  A construction timeline for Cadia Matthews was not disclosed.  Founded in 1999, Pappas Properties is based in Charlotte and has completed 14 master-planned …

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DevelopmentFloridaLoansMixed-UseMultifamilyRetailSoutheast

Walker & Dunlop Arranges $72.8M HUD-Insured Loan for Apartment Development in Panama City Beach

by John Nelson

PANAMA CITY BEACH, FLA. — Walker & Dunlop has arranged a $72.8 million construction loan for Vintage Lake Powell, a 289-unit apartment development located at 24000 Panama City Beach Parkway in Panama City Beach. Keith Melton and David Strange of Walker & Dunlop originated the HUD 221(d)(4) loan on behalf of the developers, Oldacre McDonald LLC and TDK Construction LLC. Planned amenities at Vintage Lake Powell include a clubhouse and leasing center, fitness facility, package/storage center, resort-style pool and sundeck, arbor with outdoor seating and grilling station, pickleball and bocce ball court, playground, dog park and a lakefront amenity area on Lake Powell. Additionally, the property will include 19,783 square feet of ground-level retail spaces fronting Panama City Beach Parkway. The construction timeline was not disclosed.

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PV-Development
ArizonaDevelopmentMixed-UseMultifamilyOfficeRestaurantRetailTop StoriesWestern

RED Development Underway on $2B Redevelopment of Paradise Valley Mall in Phoenix

by Katie Sloan

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall.  Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods Market; AVE Paradise Valley, a 400-unit multifamily community; and a 77,000-square-foot co-headquarters for Fender Musical Instruments Corp. Each component of the development will be linked via centrally located parks.  A groundbreaking was recently held for the office portion of the development — a three-story building designed by SmithGroup to be occupied solely by Fender. Scheduled for completion in fall 2025, the complex will feature a dedicated model shop for its guitar and amplifier designers, an upscale sound room, café, meeting rooms and flexible workspaces.  Openings began on the retail portion of the project last week and will continue through the end of this year. Tenants will include Flower Child, Blanco Cocina + Cantina, The Melt, Trevor’s Liquor, Wren House Brewing Co., Frost Gelato, Sephora, Hammer & Nails, SkinSpirit and European Wax Center. AVE Paradise Valley is currently preleasing with move-ins scheduled to begin in November. The mid-rise community offers studio, one-, two- and three-bedroom units with private patios or …

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AcquisitionsConnecticutMixed-UseNortheast

NEPCG Arranges $8.5M Sale of Mixed-Use Building in Milford, Connecticut

by Taylor Williams

MILFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $8.5 million sale of a 70,500-square-foot mixed-use building in the southern coastal Connecticut city of Milford. The building consists of 32 two-bedroom, townhouse-style apartments and 10 commercial spaces totaling 27,025 square feet. Brad Balletto, Jeff Wright and Rich Edwards of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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DevelopmentGeorgiaLeasing ActivityMixed-UseOfficeSoutheast

Marketwake Signs Office Lease at Campus 244 Mixed-Use Development in Metro Atlanta

by John Nelson

DUNWOODY, GA. — Marketwake, a marketing consultancy based in Atlanta, has signed a 17,395-square-foot office lease at Campus 244, a 12-acre mixed-use development underway in Atlanta’s Central Perimeter submarket. The tenant will occupy space within an adaptive reuse of a three-story, 1970s-vintage office building located at 244 Perimeter Center Parkway in Dunwoody that is being redeveloped into a five-story mass timber property spanning 400,000 square feet. The Georgetown Co., Beacon Capital Partners and RocaPoint Partners are the developers behind Campus 244. Aileen Almassy, Will Porter and Rob Kuppersmith of Cushman & Wakefield represented the landlords in the lease negotiations, while Ellis Murray of Capital Real Estate Group represented Marketwake. The new lease brings Phase I of Campus 244 to 90 percent occupancy, with approximately 46,000 square feet of office space remaining available on the top floor. Phase II will include a new Class A, 300,000-square-foot tech office and life sciences building that is expected to be completed in 2027. Also on the horizon for Campus 244 is the 145-room Element by Westin Atlanta Perimeter hotel set to open this fall.

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