Mixed-Use

JLL Arranges $116.3M Construction Loan for North Market Mixed-Use Project in Morristown, New Jersey

by Taylor Williams August 27, 2020

MORRISTOWN, N.J. — JLL has arranged a $116.3 million construction loan for Phase I of North Market, a mixed-use project that will be located in Morristown, about 30 miles west of New York City. At completion, the 32.6-acre project will consist of 350 multifamily units, 40,500 square feet of office space, a 150-room boutique hotel and 94,500 square feet of retail and restaurant space. Thomas Didio of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower and developer, The S. Hekemian Group LLC of Englewood, New Jersey. Phase I, which is expected to be complete in about 24 months, will focus on the multifamily component, which will include amenities such as a pool, fitness center, outdoor grilling areas, coworking space and saunas.

August 27, 2020

California Civic Development Mixed-Use Restaurant Retail Western

Plenitude Holdings Plans 87-Acre Sports Entertainment Project Near Los Angeles

by Amy Works August 26, 2020

CARSON, CALIF. — Plenitude Holdings, a real estate investment partnership between Blanchard Entities and Shopoff Realty Investments affiliated entities, is developing The Creek at Dominguez Hills in Carson. Located off the 405 Freeway and north of East Del Amo Boulevard, the 87-acre development will offer more than 500,000-square-feet of retail, recreation and sports wellness space. In addition to retail, the project will feature a 199,000-square-foot, multi-use indoor sports complex designed to accommodate basketball and volleyball practice and team competitions, along with indoor turf training areas and a mezzanine level for viewing the courts below. The facility will be accessible to local sports groups, and open for daily community use and fitness programming. Additionally, The Creek at Dominguez Hill will offer more than eight acres of open space, including a three-kilometer jogging path, a 6.6-acre community park, a zipline and ropes course, and a clubhouse featuring a rooftop deck suitable for community and special events. Plenitude Holdings is finalizing the development plans and expects to break ground in mid-2021. The company has retained Sports Facilities Management to manage the property and partnered with FlyingTee, an active entertainment, golf and dining company, for their first location in California. FlyingTee will offer private …

August 26, 2020

Development Mixed-Use Nevada Top Stories Western

Matter Real Estate Begins Construction of $400M UnCommons Mixed-Use Project in Las Vegas

by Taylor Williams August 24, 2020

LAS VEGAS — San Diego-based developer Matter Real Estate Group has started construction of UnCommons, a $400 million mixed-use project in Las Vegas. Designed by Gensler, the development is located on a 40-acre site at Interstate 215 and Durango Drive on the city’s southwest side. Plans currently call for 500,000 square feet of Class A office space and 830 multifamily units, as well as retail and restaurant space. Completion of Phase I is scheduled for early 2022. The Las Vegas Review-Journal reports that construction on the project was delayed due to COVID-19. Subsequently, the development team has pivoted to “near hospital-quality” HVAC systems and interior finishes made of materials designed to limit the spread of diseases like the novel coronavirus. “We recognized with COVID-19 that a fundamental shift was taking place that would render many office structures as unsafe and therefore obsolete practically overnight,” says Jim Stuart, partner at Matter Real Estate Group. “With the adjustments we made to our building systems, plus additional design attributes, we believe we have unlocked the answer for employee safety that will serve as the preferred model moving forward.” The retail and restaurant component will take the form of a public outdoor venue that …

August 24, 2020

Loans Mixed-Use Texas

JDI Realty Provides $6.6M Bridge Loan for Mixed-Use Project in San Antonio

by Taylor Williams August 18, 2020

SAN ANTONIO — Chicago-based JDI Realty has provided a $6.6 million bridge loan for The Granary at Briggs Ranch, an 865-acre mixed-use project in San Antonio. The nonrecourse loan will be used to pay off the current first mortgage, fund an interest reserve and cover other pre-development costs before the property’s eventual sale. Current plans for the project include roughly 2,500 single-family homes, 1,900 apartments and a central town square. The borrower was Convergence Brass LLC.

August 18, 2020

Leasing Activity Midwest Mixed-Use Multifamily Office Ohio Retail

ACRE Provides $68.5M Refinancing for City Club Apartments in Cincinnati

by Amy Works August 18, 2020

CINCINNATI — Asia Capital Realty Estate (ACRE) has provided $68.5 million of floating-rate debt to refinance City Club Apartments. The loan, which was underwritten with a loan-to-value ratio of 63.4 percent, has a two-year term and two single-year extension options. Located at 309 Vine St. in Cincinnati, City Club Apartments is a mixed-use property featuring 294 apartments and penthouses, 31,928 square feet of office space and 17,498 square feet of retail space. The sponsor acquired the property in 2016 as a vacant office building and recently repositioned the asset into a Class A mixed-use apartment community. At the time the financing closed, 90 percent of the multifamily units were leased, 100 percent of the retail space was leased and 67 percent of the office space was occupied. Chicago-based Draper and Kramer brokered the transaction.

August 18, 2020

Development Mixed-Use Southeast Tennessee

Third & Urban, FCP Open Sylvan Supply Development in Nashville

by Alex Tostado August 17, 2020

NASHVILLE, TENN. — Third & Urban and FCP have opened Sylvan Supply, a 194,000-square-foot adaptive reuse project in Nashville’s Sylvan Park neighborhood. The property offers 162,000 square feet of office space and 32,000 square feet of retail and restaurant space. Sylvan Supply is located at 401 Charlotte Ave., three miles west of downtown Nashville. The site is home to the former Madison Mill. Office tenants include consulting firm Accenture, Keller Williams Realty Nashville and consulting firm FortyAU. Retail and restaurant tenants include Radish Kitchen, fitness center Row House, Woodland Wine Merchant, Bearded Iris Brewing, Pure Barre and Otaku Ramen. Bill Adair and Ashley Albright Marshall of JLL handle the office leasing efforts at Sylvan Supply, while Elliott Kyle of Equitable Property Co. oversees retail leasing. Centric Architecture designed the property, and Hodgson Douglas was the landscape architect.

August 17, 2020

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Sunnyvale City Council Approves Next Phase of CityLine Sunnyvale Mixed-Use Project in California

by Amy Works August 17, 2020

SUNNYVALE, CALIF. — Sunnyvale City Council has approved a Downtown Specific Plan and Development Agreement that allows for the next phase of CityLine Sunnyvale to begin. STC Venture, a partnership between Sares Regis Group of Northern California and Hunter Properties, is developing the multi-phase redevelopment project in downtown Sunnyvale. The new phase will add 792 residential units and 653,000 square feet of office space above 182,000 square feet of ground-floor retail space on four parcels along Murphy and McKinley avenues. The overall CityLine Sunnyvale project — a 36-acre, pedestrian-oriented, mixed-use district —also features a large public plaza, as well as shopping and entertainment space. The new phase will include a Building B offering 150,000 square feet of office space and 8,000 square feet of retail space and the redevelopment of Redwood Square into Block 3S featuring 480 apartments (11 percent designated affordable) with 30,000 square feet of retail space. Construction of the new phase is scheduled to begin in early 2021. The phase also includes the redevelopment of the former Macy’s into 500,000 square feet of office space and 60,000 square feet of retail space, the development of Block 6 with 312 apartments (11 percent affordable) with 35,000 square feet of …

August 17, 2020

Development Mixed-Use Texas

Realty Capital Management Acquires 77 Acres for Mixed-Use Project in Mansfield, Texas

by Taylor Williams August 14, 2020

MANSFIELD, TEXAS — Realty Capital Management has acquired 77 acres in the Fort Worth suburb of Mansfield for the development of Watson Branch, a mixed-use project. Preliminary plans call for 10,000 square feet of retail and restaurant space, 250 single-family homes, a 190-unit active adult community by Greystar, a 350-unit apartment complex by Trinsic Residential and a 10-acre public park. Louisiana-based First Guaranty Bank partnered with Dallas-based Realty Capital Partners to finance the acquisition of the land.

August 14, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Machine Investment Acquires Stevens Creek Executive Park in San Jose for $54.5M

by Amy Works August 14, 2020

SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.

August 14, 2020

Development Florida Mixed-Use Southeast

Red Apple to Develop 1.3 MSF Mixed-Use Building in Downtown St. Petersburg

by Alex Tostado August 11, 2020

ST. PETERSBURG, FLA. — Red Apple Real Estate is moving forward with its development of a 1.3 million-square-foot mixed-use development in downtown St. Petersburg. The New York City-based developer filed foundation plans with the City of St. Petersburg and the Federal Aviation Administration (FAA) issued a “No Hazard Letter” for the project, meaning the project did not exceed obstruction standards and marking/lighting is not required. The 46-story development will include 300 condominiums; a 233-room hotel; 25,000 square feet of retail and restaurant space; and 20,000 square feet of office space. The condos, known as The Residences at 400, will offer one- to four-bedroom floor plans and a select number of penthouses. Amenities will include a fitness and wellness center, resident lounge, coworking space, library, theater room, seventh-floor rooftop terrace with a pool and spa, putting green, bocce court, outdoor kitchen, dog walking area and a fire pit. Residents will also have access to a glass-enclosed observatory on the 46th floor. Red Apple recently established a sales gallery across the street from the site at 465 Central Ave. Design work is underway, and Red Apple is planning for permitting of preliminary site work. The developer expects to break ground in 2021.

August 11, 2020

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