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Mixed-Use

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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Artspace
DevelopmentMarylandMixed-UseMultifamilySoutheast

BKV-Designed $32M Mixed-Use Development Reserved for Artists Opens in Silver Spring, Maryland

by Julia Sanders

SILVER SPRING, MD. — BKV Group has designed Artspace Silver Spring Arts Campus, a mixed-use development in Silver Spring featuring affordable housing and studio space for artists. The development cost for the project was $32 million. Construction of the project took about 18 months to complete, and now the project is open. Formerly the Third District Police Station, Artspace Silver Spring Arts Campus has workspaces for artists to rent out studio space and is anchored by 7,500 square feet of communal space. BKV Group worked with nonprofit developer Artspace, as well as the Montgomery County Department of Housing and Community Affairs, to redevelop the building into a creative hub. The project includes 68 affordable housing units that are intended for local artists. Rental restrictions include households whose income is below 60 percent of Area Median Income, with some units having further restrictions to income at or below 50 percent or 30 percent of AMI. The rental units feature one-, two- and three-bedroom floorplans with hardwood-style flooring, stainless steel appliances, in-unit washers and dryers and full-size balconies available in select floorplans. The property also includes 11 mixed-income rental townhomes on the eastern end of the site along Grove Street. Leasing is …

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AcquisitionsDevelopmentHealthcareMixed-UseRetailSoutheastTop StoriesVirginia

Inova Health to Anchor Landmark Mall Redevelopment in Alexandria with $1B Hospital Campus

by John Nelson

ALEXANDRIA, VA. — The City of Alexandria has signed Inova Health System, a nonprofit healthcare provider in Northern Virginia, to a 99-year ground lease at the site of the former Landmark Mall on the city’s west side. Inova plans to invest $1 billion to create a new medical campus that will be anchored by the relocation and expansion of its existing Alexandria hospital, which is located at 4320 Seminary Road. Inova expects the new campus to employ more than 2,000 healthcare workers. The hospital will include a large emergency room, private patient rooms and a prominent oncology department, according to reports from Patch.com. The healthcare campus will also include a medical office building. The landowner for the hospital portion, the City of Alexandria’s Industrial Development Authority (IDA), signed Inova to the longest ground-lease term possible. IDA purchased the 11-acre former Sears site recently from Landmark Land Holdings LLC for $54 million. Landmark Land Holdings LLC is the joint venture ownership comprising Foulger-Pratt, The Howard Hughes Corp. (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG). Development plans for the remaining portions of the overall 52-acre Landmark Mall site include a mix of residential, retail, commercial and entertainment offerings. Plans also call …

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DevelopmentIndianaMidwestMixed-Use

AVRO Development to Build 130-Acre Vitalize Valpo Development in Valparaiso, Indiana

by Kristin Harlow

VALPARAISO, IND. — AVRO Development LLC has unveiled plans to develop Vitalize Valpo, a 130-acre master-planned development neighboring the Valparaiso University campus in Northwest Indiana. AVRO, which was founded in 2018 by Valparaiso University’s board of directors, envisions senior living, hospitality and multifamily space as part of the project. The Veridus Group will provide pre-development services and overall development consulting. Context Design will focus on the design, and Coverdale Consulting will provide guidance for public relations and marketing. Further details of the project will be revealed at a later date.

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5570-Rosemead-Blvd-Temple-City-CA
CaliforniaDevelopmentMixed-UseMultifamilyRetailWestern

Begonia Real Estate, C.W. Driver Break Ground on $36.8M Apartment Development in Temple City, California

by Amy Works

TEMPLE CITY, CALIF. — Begonia Real Estate Development and C.W. Driver have broken ground on a four-story, mixed-use multifamily property located at 5570 Rosemead Blvd. in Temple City. With a total construction value of $36.8 million, the project will feature 74 market-rate apartments in a mix of one-, two- or three-bedroom layouts; 11,000 square feet of commercial space; and a subterranean parking garage. The top floor will include 24 penthouse suites and the first floor will feature three live-work units with storefronts or walk-in office with loft space above. Community amenities will include a two-story fitness center; community room; business center with flex seating and a private conference room; and a podium-level courtyard with fire pits, water features and barbecues. Additionally, each level will have a Zen retreat for residents needing a quiet, private space. Completion of the project is slated for June 2023. C.W. Driver is working with Creative Design Associates on the project.

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University Hill
LoansMixed-UseMultifamilyNorth CarolinaRetailSoutheast

Newmark Secures $65.5M Refinancing for University Hill Mixed-Use Property in Durham

by Julia Sanders

DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …

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Company NewsFeaturesHeartland Feature ArchiveHospitalityIndustrialMixed-UseMultifamilyNortheast Feature ArchiveOfficeRetailSoutheast Feature ArchiveTexas & Oklahoma Feature ArchiveWestern Feature Archive

Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

by John Nelson

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

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High Street
DevelopmentGeorgiaMixed-UseMultifamilyOfficeRetailSoutheast

GID Breaks Ground on $2B High Street Development in Atlanta’s Central Perimeter

by Julia Sanders

ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …

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16595-Redmond-Way-Redmond-WA
DevelopmentMixed-UseMultifamilyOfficeRestaurantRetailWashingtonWestern

Legacy Partners, Lionstone Investments Break Ground on 623-Unit Mixed-Use Redevelopment in Downtown Redmond, Washington

by Amy Works

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.

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57-Wheeler-Ave-Arcadia-CA
AcquisitionsCaliforniaMixed-UseMultifamilyRetailWestern

Taiwan-Based Investor Purchases Mixed-Use Project in Arcadia, California for $39.2M

by Amy Works

ARCADIA, CALIF. — A private investor from Taiwan has acquired a mixed-use residential and retail property, located at 57 Wheeler Ave. in Arcadia, from a local developer for $39.2 million. Joyce Goldstein and Eric Chen of CBRE represented the buyer and the seller in the deal. Completed in 2019, the property features 38 apartments and 17,000 square feet of ground-floor retail space, which Universal Bank and Tap Lounge occupy. Community amenities include elevators, an outdoor barbecue area and courtyard, ample guest parking, storage spaces and electric vehicle charging stations. Apartments offer double vanities, stainless steel appliances, hardwood flooring and in-unit washers/dryers.

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