Mixed-Use

Partnership Breaks Ground on $1.8B Arena for Los Angeles Clippers in Inglewood, California

by Julia Sanders September 17, 2021

INGLEWOOD, CALIF. — A public-private partnership between Murphy’s Bowl LLC and the City of Inglewood has broken ground on Intuit Dome, a 915,000-square-foot basketball and events arena in Inglewood that will serve as the home of the Los Angeles Clippers. Murphy’s Bowl is a development entity backed by the Los Angeles Clippers. San Francisco-based developer and investor Wilson Meany is also part of the project, which is expected to cost $1.8 billion, according to the Los Angeles Times. Named Intuit Dome, the arena will be the future home of the National Basketball Association’s (NBA) LA Clippers, which is led by chairman and former Microsoft executive Steve Ballmer. The venue is slated for completion by the 2024-2025 NBA season. The Clippers hosted a ceremony today to celebrate the start of construction on the arena. Star Clippers players Kawhi Leonard and Paul George attended the groundbreaking, as well as Clippers head coach Tyronn Lue. The Intuit Dome will host Clippers’ home games as well as non-Clippers sporting events, family shows, concerts, conventions and corporate events. Intuit Dome will have an 85,000-square-foot team practice and athletic training facility, approximately 71,000 square feet of offices for the Clippers’ staff and a 25,000-square-foot sports medicine …

September 17, 2021

Leasing Activity Mixed-Use North Carolina Retail Southeast

ECO Group Signs 18 New Tenants to Join $180M MOSAIC Development in Metro Raleigh

by Julia Sanders September 16, 2021

PITTSBORO, N.C. — Developer ECO Group has signed leases for 18 new tenants at MOSAIC at Chatham Park, a 44-acre, $180 million entertainment and lifestyle destination underway at Highway 501 and Russet Run Road in Pittsboro, about 34 miles from Raleigh. With the addition of the new tenants, 96 percent of MOSAIC’s retail space completed or under construction is now leased. New restaurant tenants joining the project include Hops and Berry, a 5,000-square-foot self-serve tap house and restaurant; O’Ya Cantina, a 1,500-square-foot Latin eatery that has a sister location in Chapel Hill; Jersey Mike’s Subs in a 2,385-square-foot space; and Greek Kouzina in a 1,675-square-foot space. Several new office tenants have committed to move into MOSAIC’s two-story mixed-use building, including CE Group, Finley Design, Lee-Moore Capital, Sanford Contractors Inc. and MOSAIC’s property management office staffed by Kane Realty Corp. With the new office tenants, 45 percent of the 88,000-square-foot office, technical and creative space is now leased. New service providers joining MOSAIC include a 2,500-square-foot Lux Nail Salon; a 1,050-square-foot Harris & Co. Insurance; and a 1,550-square-foot CMG Financial Mortgage. These new tenants join local tenants already committed including Town Hall Burger + Beer and People’s Coffee. Additionally, UNC Urgent …

September 16, 2021

Midwest Minnesota Mixed-Use Office Retail Top Stories

Joint Venture Receives $250M in Financing for 1.2 MSF Dayton’s Redevelopment Project in Downtown Minneapolis

by Katie Sloan September 16, 2021

MINNEAPOLIS — The Telos Group and 601W Cos. have received $250 million in financing for The Dayton’s Project, a historic redevelopment of 700 Nicollet Mall in downtown Minneapolis. The 12-story property was previously occupied by Dayton’s department store, which rebranded as Macy’s in 2004 before closing its doors in 2017. The 1.2 million-square-foot project will include office space, 200,000 square feet of dining and retail, and a 45,000-square-foot food hall and market. Office amenities will include a rooftop terrace with views of the Minneapolis skyline, private lounge and library spaces, and a 10,000-square-foot, state-of-the-art health club. Over the past few months, the development has been at the center of legal drama between developer 601W Cos. and Monarch Alternative Capital, which holds the mezzanine loan on the project, according to reports by Twin Cities Business (TCB). 601W sued Monarch in June of this year, with Monarch countering through the advertisement of a foreclosure sale of 601W’s equity interests in the property under technical default for not meeting leasing obligations, according to TCB. Hennepin County District Judge Susan Burke granted 601W a temporary injunction to secure new financing, thereby stopping the foreclosure sale that had been set for Aug. 23. Jaime Fink, …

September 16, 2021

Development Mixed-Use North Carolina Southeast

White Point Unveils Plans for 125,000 SF Horseshoe at Hub RTP Mixed-Use Project in Durham

by Julia Sanders September 15, 2021

DURHAM, N.C. — White Point Partners has unveiled plans for a 125,000-square-foot mixed-use development in Durham called Horseshoe at Hub RTP. The name of the development emphasizes the layout of the project, with the buildings’ focus on the central plaza. Sitework at Hub RTP is expected to be completed in the second quarter of 2022, while the $50 million Horseshoe mixed-use project is expected to be complete in the third quarter of 2023. Horseshoe will be at the center of Hub RTP, a two-phase, 100-acre development that the Research Triangle Foundation is master developing within Research Triangle Park. Horseshoe, being built in Phase I of Hub RTP, will feature approximately 25,000 square feet of retail space surrounding an outdoor plaza. The master plan for Hub RTP will deliver up to 1 million square feet of Class A office space, 200,000 square feet of lab and office space, 75,000 square feet of retail and restaurants, up to two hotels and 800 residential units. Horseshoe is situated between Highway 54 and Interstate 40 directly off the Davis Drive exit. The property has 16 acres of greenspace with streamside trails and boardwalks, including a splash fountain and event lawn adjacent to Horseshoe. CBRE …

September 15, 2021

Development Mixed-Use Southeast Top Stories Virginia

JBG Smith Breaks Ground on $1B Virginia Tech Innovation Campus in Alexandria, Virginia

by Taylor Williams September 15, 2021

ALEXANDRIA, VA. — JBG Smith (NYSE: JBGS), a Maryland-based developer and REIT, has broken ground on the first building within the $1 billion Virginia Tech Innovation Campus at the university’s satellite campus in the Washington, D.C. area. The development is located about 275 miles from Virginia Tech’s main campus in Blacksburg. The 300,000-square-foot building will be situated on a 3.5-acre site within the Potomac Yard development. Construction of the first building is scheduled to be complete in advance of the fall 2024 academic semester. Plans for the campus call for the construction of two more academic buildings spanning 150,000 square feet each. When completed, the new academic building will provide instruction, research, office and support spaces for graduate-level programs in computer science and computer engineering, as well as other select programs. The building will also house experiential learning spaces, including flexible multipurpose areas and research and testing labs. Sasaki and SmithGroup led the design of the academic structure. JBG Smith is the master developer of the Innovation Campus and will also serve as the property manager and leasing agent for subsequent commercial and residential buildings within Potomac Yard. “This is a vibrant district, anchored by a new Virginia Tech campus, …

September 15, 2021

Acquisitions California Industrial Life Sciences Mixed-Use Top Stories Western

Oxford Properties Group Acquires Industrial Park in Metro LA for $133.5M

by John Nelson September 14, 2021

SANTA CLARITA, CALIF. — Oxford Properties Group, a real estate investment and management firm based in Toronto, has purchased Santa Clarita Innovation Park, a 14-building campus situated on 118.5 acres in the Los Angeles suburb of Santa Clarita. Funds managed by Oaktree Capital Management and Intertex Cos. sold the property, which was formerly known as Mann Biomedical Park, for $133.5 million. The acquisition of Santa Clarita Innovation Park falls in line with Oxford’s investment strategy as it is leased to various distribution users and life sciences firms such as Boston Scientific and Bioness. Oxford aims to have 45 to 60 percent of its assets-under-management portfolio to be in life sciences, industrial and residential real estate by 2025. In addition to distribution and life sciences, Santa Clarita Innovation Park includes some offices, a childcare facility and Wolf Creek Brewery. Additionally, the acquisition includes development rights for approximately 40 acres within the park. “Substantially growing our life sciences and industrial businesses represents our highest conviction investment strategies and top priorities at Oxford,” says Chad Remis, executive vice president of North America at Oxford. “The acquisition of Santa Clarita Innovation Park, and its additional development capacity, uniquely provides us with flexibility to build …

September 14, 2021

Acquisitions Mixed-Use North Carolina Southeast

CBRE Facilitates $32.7M Sale of Tranquil Court Mixed-Use Property in Midtown Charlotte

by Julia Sanders September 9, 2021

CHARLOTTE, N.C. — CBRE has facilitated the sale of Tranquil Court, a 62,983-square-foot mixed-use property located in Charlotte’s Midtown submarket. Childress Klein Properties and Gottesman Real Estate Partners acquired the property from Asana Partners for $32.7 million. The acquisition is the second joint venture between Childress Klein and Gottesman Real Estate Partners. Located at 2820 Selwyn Ave., Tranquil Court is situated about 4.4 miles from downtown Charlotte and is fully leased to a mix of 20 retail and office tenants. Built in 2009, the five-story property is adjacent to a residential property called Tranquil Court on Selwyn, which offers 104 residential units within four stories. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction.

September 9, 2021

Market-at-Willis-Station-Shopping-Center

Development Mixed-Use Texas

Fidelis Begins Construction on 69.7-Acre Mixed-Use Project in Willis, Texas

by Taylor Williams September 9, 2021

WILLIS, TEXAS — Texas-based investment and development firm Fidelis has begun construction on The Market at Willis, a 69.7-acre mixed-use project in Willis, located about 50 miles north of Houston. Construction of Phase I will consist of a 200,000-square-foot shopping center that will be anchored by regional grocer H-E-B. Construction of Phase II, which is scheduled to begin in the third quarter of next year, will add more retail and restaurant space and a 250-unit multifamily community. Phase I is expected to open some time in 2022.

September 9, 2021

Loans Mixed-Use New York Northeast

Emerald Creek Capital Provides $15M Bridge Loan for Mixed-Use Building in Queens

by Taylor Williams September 7, 2021

NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $15 million first mortgage bridge loan for a 300,000-square-foot mixed-use building located in the Flushing neighborhood of Queens. The property consists of 22 floors of hotel space, 10 levels of medical office space and 50,000 square feet of retail and event space. The building also features 300 below-grade parking spaces. Dean Wang of Emerald Creek Capital originated the financing on behalf of the borrower, Fleet Financial Group.

September 7, 2021

Acquisitions Louisiana Mixed-Use Retail Southeast

Cooper Commercial Brokers $17.2M Sale of Bluebonnet Parc Mixed-Use Center in Baton Rouge

by Julia Sanders September 3, 2021

BATON ROUGE, LA. — Cooper Commercial Investment Group has brokered the sale of Bluebonnet Parc, a four-building mixed-use center in Baton Rouge. Dan Cooper of Cooper Commercial Investment Group represented the seller, Viking Partners Bluebonnet LLC. Brannon 230 LLC purchased the property for $17.2 million. Located at 5915 Bluebonnet Blvd., Bluebonnet Parc is located close to Interstate 10 and is about 9.8 miles from downtown Baton Rouge. Additionally, the property is about 7.7 miles from Louisiana State University. The 135,367-square-foot property is anchored by Best Buy, buybuy Baby and Havertys, with other tenants including Men’s Wearhouse, David’s Bridal and Richport Technical College.

September 3, 2021

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