REBusinessOnline

Knotting, Ardent Break Ground on 35-Acre Adaptive Reuse Project in Athens, Georgia

ATHENS, GA. — Knotting Development, in partnership with the Ardent Cos., has broken ground on General Time Athens, an adaptive reuse project at the former Westclox Building in Athens. The first phase of the project will revitalize the 100,000-square-foot warehouse of the former clock manufacturer, located at 100 Newton Bridge Road, roughly two miles from the University of Georgia (UGA) campus. Terrapin Beer Co. will anchor the project, leasing 68,000 square feet of warehouse space. The …

Cullinan Properties to Develop 60,000 SF Mixed-Use Building at Streets of St. Charles in Missouri

ST. CHARLES, MO. — Cullinan Properties Ltd. has begun development of a new 60,000-square-foot building at the Streets of St. Charles near St. Louis. The mixed-use building will feature 20,000 square feet of ground-floor retail space and 40,000 square feet of office space. Additional parking is also under construction as part of the project. The building is slated to open in spring 2019. Cullinan Properties is leasing the retail space, while Colliers International is marketing the office space …

GroundFloor Breaks Ground on $120M Mixed-Use Development in Austin

AUSTIN — GroundFloor Development has broken ground on St. Elmo Public Market, a mixed-use development in Austin that is valued at approximately $120 million, according to the Austin American-Statesman. Project features include a 40,000-square-foot public market, 103,380 square feet of office space, 380 apartment units and a 156-room hotel. The development, which is situated on a 12.5-acre site at 4329 S. Congress Ave. on the city’s south side, is expected to open in May

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will …

RHYS Arranges $4.3M Sale of Mixed-Use Building Near Norwalk

WILTON, CONN. — Commercial real estate services firm RHYS has arranged the $4.3 million sale of 59 Danbury Road in Wilton, about seven miles north of Norwalk. The 32,270-square-foot mixed-use building was built in 1959 and fully renovated in 2007. Cory Gubner, Christian Bangert and Alex Haendler of RHYS represented the seller, New York City-based Caroline APTS Co., and the buyer, New England Investment Partners. The property is currently fully leased to two tenants: ASML, a semiconductor …

HFF Arranges $260M Construction Financing for New Tower at Mixed-Use Project in Manhattan

NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side. Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman …

J.G. Petrucci Acquires Six Acres in Suburban Philadelphia, Plans Mixed-Use Development

WILLOW GROVE, PA. — J.G. Petrucci Co. has acquired five properties totaling six acres in Willow Grove in separate transactions brokered by CBRE. The sales price was not disclosed. Willow Grove is located about 13 miles north of Philadelphia. The developer plans to build a new $75 million mixed-use development on the site, which will be called Station at Willow Grove. Patrick McCabe of CBRE represented the buyer in all five transactions. The project will include 275 new apartment units and …

Ariel Property Advisors Arranges $6.5M Refinancing for Mixed-Use Portfolio in Brooklyn

NEW YORK CITY — Ariel Property Advisors has arranged a $6.5 million cash-out refinance loan for four mixed-use properties in the Bedford-Stuyvesant neighborhood of Brooklyn. Paul McCormick and Matt Dzbanek of Ariel Property Advisors arranged the five-year, cash-out refinancing at a 75 percent loan-to-value and fixed interest rate of 4 percent for the undisclosed borrower. The four properties include 22 residential and six commercial units. Approximately 30 percent of the owner’s gross …

CBRE Secures $78M Loan for Refinancing of Mixed-Use Asset in Austin

AUSTIN, TEXAS — CBRE has secured a $78 million loan for the refinancing of The Triangle, a mixed-use property in Austin that includes 529 multifamily units and roughly 120,000 square feet of retail and restaurant space. Residential amenities include three pools, a 24-hour fitness center and a resident lounge. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE secured the seven-year, floating-rate loan on behalf of The Dinerstein Cos., a Houston-based development firm that acquired the …

Marcus & Millichap Brokers $11.3M Sale of Mixed-Use Building, Development Site in Chicago

CHICAGO — Marcus & Millichap has brokered the sale of a 53,931-square-foot mixed-use building and an adjacent development site in Chicago’s River West neighborhood for $11.3 million. The buyer, Tandem Development, plans to renovate the existing building and develop a 226-unit apartment tower on an adjacent parking lot. The 23-story tower will feature a parking garage and 2,300 square feet of first-floor retail space. Stephen Lieberman and Kyle Stengle of Marcus & Millichap …