Mixed-Use

DraftKings to Anchor $400M UnCommons Mixed-Use Project in Las Vegas

by John Nelson October 5, 2021

LAS VEGAS — DraftKings Inc., a fantasy and digital sports betting company based in Boston, plans to open its second largest office hub within UnCommons, a $400 million mixed-use development underway in southwest Las Vegas. DraftKings will occupy 90,000 square feet and ultimately house more than 1,000 employees at the new offices. Matter Real Estate Group, a San Diego-based developer, broke ground on the 40-acre project last summer and plans to deliver the first phase of the campus in early 2022. “Our goal is to create another world-class workplace environment that will foster DraftKings’ innovation, further bolster our local presence and deepen community involvement,” says Matt Kalish, co-founder and president of the North America division of DraftKings (NASDAQ: DKNG). “With these lofty aspirations, we were thrilled to discover that UnCommons mirrors these high standards.” Designed by IA Interior Architects, DraftKings’ new space will mirror its Boston headquarters with 130 sports trading desks surrounded by multimedia walls. The property will also include collaborative work spaces, a cafeteria, putting green, custom casino training pit, private and public outdoor spaces, mothers’ rooms, prayer suites and salons for haircuts and manicures/pedicures. UnCommons will comprise more than 500,000 square feet of modern office space; more …

October 5, 2021

Development Mixed-Use New York Northeast

Brookfield Properties Opens Eight-Acre Manhattan West Mixed-Use Development

by Taylor Williams October 4, 2021

NEW YORK CITY — Brookfield Properties has opened Manhattan West, an eight-acre mixed-use development located on the city’s west side. Manhattan West includes retail, restaurant, residential, office and hospitality uses. The centerpiece of the open-air project, which was designed by Skidmore, Owings & Merrill, is a 2.5-acre public plaza. Retail tenants include Whole Foods Market, The NHL Store, Starbucks Coffee, Peloton Store, City National Bank and Midnight Theatre.

October 4, 2021

Development Hospitality Loans Mixed-Use Multifamily Office Restaurant Retail Utah Western

D.A. Davidson Arranges $106M in Bonds for 278-Acre Black Desert Resort at Entrada in Utah

by Amy Works October 1, 2021

IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City. Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also feature 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with the amenities of the resort center available for full-time residents. The first phase of development is expected to create 500 new jobs and future long-term employment opportunities. Construction on the first phase commenced in 2020 and full buildout of the commercial and residential resort is slated for 2027. The development is being undertaken by Enlaw LLC, a Delaware limited liability company that is primarily owned by Reef Capital Partners.

October 1, 2021

Acquisitions Connecticut Mixed-Use Northeast

NEPCG Arranges $9M Sale of Mixed-Use Building in Milford, Connecticut

by Taylor Williams September 30, 2021

MILFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9 million sale of a mixed-use building in Milford, located in the southern coastal part of the state. The sales price equates to $206 per square foot and a cap rate of 6.76 percent. Built in 1991 and renovated in 2015, the property consists of 21,799 square feet of residential space across 23 units and 21,359 square feet of commercial space across 10 suites. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 30, 2021

Acquisitions Georgia Mixed-Use Southeast

Crestlight Capital, J.P. Morgan Acquire Adaptive Reuse Projects in West Midtown Atlanta for $114M

by Julia Sanders September 29, 2021

ATLANTA — Crestlight Capital, a Detroit- and New York-based private equity real estate investment firm, and institutional investors advised by J.P. Morgan Global Alternatives have acquired two adaptive reuse projects, Inland Tract and COMPLEX, in an off-market transaction. The buyers also acquired two other properties, Puritan Mill and Ellsworth. The total sales price for all four properties was $114 million. In 2018, Third & Urban and Granite Properties formed a joint venture to transform Inland Tract and COMPLEX from warehouses into creative office and flex/showroom space prior to this sale. Urban Realty Partners sold Puritan Mill. Origin Investments sold Ellsworth. The four projects are expected to retain their individual names, but will be rebranded as the Westside Collective portfolio. Located at 1218 and 1236 Menlo Drive, Inland Tract included two warehouses totaling 79,000 square feet and features a natural light, high ceilings and outdoor workspaces. COMPLEX was redeveloped by Third & Urban and recapitalized into the partnership with Granite Properties. Located at 1175 Chattahoochee Ave., the property offers 110,000 square feet of space positioned for retail, showroom and creative office use. Puritan Mill totals 83,000 square feet of creative office space with brick and timber interiors and is connected to …

September 29, 2021

Acquisitions Development Georgia Mixed-Use Multifamily Southeast

PMG, Greybrook Purchase Land to Develop Society Atlanta Mixed-Use Project

by Julia Sanders September 29, 2021

ATLANTA — Miami and New York-based PMG and Toronto-based Greybrook Realty Partners, in a joint venture, have acquired 811 Peachtree St. N.E. with plans to develop Society Atlanta, a 460-unit mixed-use project within the PMG’s Society Living multifamily brand. Mark Lindenbaum of JLL brokered the transaction. The land price was $20.3 million. The seller was not disclosed. Designed by Atlanta-based architecture firm Cooper Carry, Society Atlanta will feature 70,000 square feet of office space and 16,000 square feet of retail space. Slated for delivery in the first quarter of 2024, the 33-story development will include traditional apartment units and “rent-by-bedroom” or co-living options. Community amenities at Society Atlanta will include a pool deck, fitness center and co-working facilities. Society Atlanta will continue the expansion of PMG’s national Society Living portfolio, which was created to address demand for reasonable rents close to urban areas. Other Society Living developments include Society Las Olas in downtown Fort Lauderdale, Fla., which opened in May 2020; Society Biscayne in downtown Miami, slated to open in early 2022; Society Orlando, currently under construction in downtown Orlando; and Society Wynwood, under construction in Miami’s Wynwood Arts District. Additionally, Society Denver was announced in August.

September 29, 2021

Acquisitions Florida Mixed-Use Southeast

CBRE Negotiates $3.8M Sale of Capitol Mall in Palm Springs, Florida

by Julia Sanders September 28, 2021

PALM SPRINGS, FLA. — CBRE has facilitated the $3.8 million sale of Capitol Mall, a mixed-use property featuring a 23,698-square-foot, multi-tenant retail center and a 7,250-square-foot, multi-tenant warehouse building behind the retail stores. Located at 3745 South Congress Ave. in Palm Springs, the buyer was Capitol Mall LLC, a South Florida-based private investor. Congressional Developers Inc. was the seller. David Donnellan and Patricia Friend of CBRE represented the buyer in the transaction.

September 28, 2021

Towne-Gate-Commons-Souderton-Pennsylvania

Development Mixed-Use Northeast Pennsylvania

Select Properties Begins Work on $40M Mixed-Use Project in Souderton, Pennsylvania

by Taylor Williams September 27, 2021

SOUDERTON, PA. — Locally based developer Select Properties Inc. has begun construction on Towne Gate Commons, a $40 million mixed-use project in Souderton, about 40 miles north of Philadelphia. Located at the site of the former Souderton Area High School, Towne Gate Commons will include 66 new three-bedroom townhomes with private balconies and two-car garages. The new residences will add to the 74 townhomes that were completed and leased in 2019 under the first phase of the project. Towne Gate Commons will also offer dining options, retail space, a public park with an amphitheater and a public plaza.

September 27, 2021

Hospitality Loans Mixed-Use Office Retail Washington Western

Gantry Arranges $190M in Financing for Carillon Point Mixed-Use Property Near Seattle

by Amy Works September 21, 2021

KIRKLAND, WASH. — Gantry has arranged a $190 million loan to recapitalize the Carillon Point mixed-use campus in Kirkland. Mike Taylor and Patrick Taylor of Gantry’s Seattle office secured the 15-year loan, which was placed with Principal Real Estate Investors. The name of the borrower was not released. Fronting Lake Washington, the 26-acre property features a mix of Class A office space, a boutique hotel, retail space and a 200-slip marina. Carillon Point totals six buildings and offers 440,000 square feet of mixed-use space, including the 100-room hotel.

September 21, 2021

Hospitality Loans Mixed-Use Multifamily Washington Western

Gantry Secures $102.7M Refinancing for Arrive Apartments, Sound Hotel Tower in Seattle

by Amy Works September 20, 2021

SEATTLE — Gantry has secured $102.7 million in permanent financing from life company sources to retire and replace construction financing for The Arrive Apartments and The Sound Hotel in Seattle. Situated in the Belltown neighborhood, the mixed-use, high-rise development features 344 apartments above the 142-key Sound Hotel. George Mitsanas, Josh Natker and Pat Taylor of Gantry secured the loan on behalf of the undisclosed property owners.

September 20, 2021

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