Mixed-Use

NKF Facilitates Sale of Broadway Tower Office Component in Downtown Portland

by Amy Works April 9, 2020

PORTLAND, ORE. — Newmark Knight Frank (NKF) has directed the sale of the condominium interest of the Office Unit in Broadway Tower, a 19-story mixed-use tower located at 1455 SW Broadway in downtown Portland. Principal Real Estate Investors acquired the office portion from BDC/Broadway Office LLC for reportedly approximately $132.5 million, according to media outlets. Nick Kucha, James Childress and Jeff Hodson of NKF, in cooperation with Kevin Shannon and James Ikeguchi of NKF’s U.S. Capital Markets team, represented the seller in the transaction. The buyer was self-represented. The 430,000-square-foot property offers 175,000 square feet of Class A office space on floors nine through 19 and a 180-room Radisson RED hotel, which was not included in the sale, on the first eight floors. The Broadway Tower Office Unit is a LEED Gold-certified, high-rise office tower offering 11 floors of office space with exclusive decks on the top three floors and views of Portland. The office component features 17,000-square-foot floorplates with open designs and floor-to-ceiling window lines for multi- and single-tenant use. The asset also features an underground parking garage with a total of 247 parking spaces. At the time of sale, the office component of Broadway Tower was 99 percent …

April 9, 2020

Acquisitions Affordable Housing California Development Mixed-Use Multifamily Retail Western

City of San Francisco Invests $12M to Buy Site for Future Affordable Housing Development

by Amy Works April 9, 2020

SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …

April 9, 2020

Acquisitions Illinois Loans Midwest Mixed-Use Top Stories

Newmark Knight Frank Provides $102.5M Acquisition Loan for Cityfront Place Apartments in Chicago

by Alex Tostado April 9, 2020

CHICAGO — Newmark Knight Frank has provided a $102.5 million Freddie Mac loan for the acquisition of Cityfront Place, a 39-story, 480-unit multifamily community in Chicago’s Streeterville neighborhood. Built in 1991, Cityfront Place is located along the Chicago River less than a mile from Lake Michigan. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a business center, lounge, rooftop terrace, pool, sundeck, fitness center and a pet washing station. Unit interiors include marble floors in the bathrooms, walk-in closets, wood-flooring in select units and balconies. According to Apartments.com, rents range from $1,826 to $4,553 per month. Landmarks in Streeterville include the Wrigley Building, Tribune Tower, Museum of Contemporary Art, Chicago Children’s Museum and the Navy Pier. The neighborhood is bordered by Lake Michigan to the east, the Chicago River to the south, North Rush Street to the west and East Lake Shore Drive to the north. Henry Stimler and Charles Han of NKF originated the loan on behalf of a partnership between Chicago-based Strategic Properties of North America, Integrated Capital Management and South Korea-based Mirae Asset Daewoo. The loan features a five-year term with interest-only payments and a fixed interest rate of 3 percent. CBRE represented …

April 9, 2020

California Loans Mixed-Use Office Retail Western

Faris Lee Arranges $39.6M Refinancing for Packing House Square Mixed-Use Center in Yorba Linda, California

by Amy Works April 8, 2020

YORBA LINDA, CALIF. — Faris Lee Investments has arranged $39.6 million in financing for Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda. The borrower is an undisclosed private investment company. Loan proceeds will be used to reposition the asset as a medical arts plaza with a medical anchor tenant; renovate the existing retail plaza by adding an additional 11,450-square-foot corner retail wing; and re-tenant the vacant units. Jay Quinn and Kirt Boultinghouse of Faris Lee sourced the three-year bridge loan with Los Angeles-based Ares Management. Nick Coo, Matt Brooks and Joe Chichester of Faris Lee represented the borrower in the financing and marketing of the property.

April 8, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Michaels Organization Receives Financing for Third Phase of Jordan Downs Redevelopment in Los Angeles

by Amy Works April 1, 2020

LOS ANGELES — The Michaels Organization has received financing for the third phase of new housing at Jordan Downs, a redevelopment project in Los Angeles’ Watts neighborhood. This is the latest milestone in a revitalization of the city’s largest public housing community. The Housing Authority of the City of Los Angeles and its private-sector partners, Michaels and BRIGE Housing, are leading the project. The $58 million, Phase 3 development will provide 92 new apartments, affordable to households earning between 30 percent and 80 percent of area median income. The new apartments will include a variety of floor plans in a mix of one-, two- and three-bedroom layouts with sustainable finishes and energy-efficient appliances. Additionally, 17 apartments will be fully accessible to residents with physical disabilities and hearing or visual impairments. Targeting LEED Gold certification, the apartment building will feature solar PV designed to offset all the common area and central hot water heating for the development. Financing for Phase 3 includes equity from Berkadia’s purchase of 9 percent Federal Low-Income Housing Tax Credits and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles. Additionally, …

April 1, 2020

Development Hawaii Loans Mixed-Use Multifamily Western

Howard Hughes Secures $356.8M Construction Loan for Residential, Mixed-Use Project in Honolulu

by Amy Works April 1, 2020

HONOLULU — The Howard Hughes Organization has received a $356.8 million construction loan for Kō’ula, the sixth residential mixed-use tower at Ward Village in Honolulu. The loan features a three-year initial term with a one-year extension. US Bank and seven other participating lenders provided the capital. Total project costs are estimated at $485.1 million, exclusive of land costs. Developed by The Howard Hughes Corp., Ward Village is a 60-acre, master-planned community in Honolulu. At full build-out, the development will include approximately 1 million square feet of retail and thousands of residential homes. Current mixed-use residential towers at Ward Village are Waiea, Anaha, Ae’o and Ke Kilohana. New residential buildings that are in development or under construction include A’ali’I, Kō’ula and Victoria Place. Ward Village is the first-ever LEED-ND Platinum-certified master-planned community in the country and the only in Hawaii.

April 1, 2020

Acquisitions Florida Mixed-Use Southeast

Marcus & Millichap Brokers Sale of 43,255 SF Mixed-Use Building in Lady Lake, Florida

by Alex Tostado March 30, 2020

LADY LAKE, FLA. — Marcus & Millichap has brokered the $3.1 million sale of Old Dixie Portfolio, a 43,255-square-foot building that features 30 rental townhomes and 7,500 square feet of office space. The property is located at 102 S. Old Dixie Highway in Lady Lake, 50 miles northwest of downtown Orlando. The multifamily community, called Christine’s Place Apartments, offers two- and three-bedroom floor plans averaging 1,192 square feet. The community was built in 1997. The office space, Chelsea Plaza, was built in 1999 and comprises seven suites that are leased to a mix of medical, professional and technology tenants. Casey Babb, Ryan Wooden, Luis Baez and Shawn Rupp of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also procured the buyer, a limited liability company.

March 30, 2020

Market Reports Mixed-Use Texas Texas Market Reports

Placemaking, Integration Define Mixed-Use Projects in Texas

by Taylor Williams March 27, 2020

Development trends in commercial real estate are beholden to the whims of consumer behavior. When it comes to mixed-use in the 21st century, successful projects deliver a high-quality experience that centers on a sense of social belonging and connection — for living, working and playing alike. “In today’s experiential economy, demographic changes and shifts in consumer values and preferences across generations are converging on the desire for social connection,” says Brian Cramer, senior vice president and head of the Dallas office of mixed-use developer Newland Communities. “People crave experiences and connections, which is why mixed-use environments will become even more important in community development.” Bob Schultz, the developer of Mid Main, a mixed-use destination in Houston’s Midtown neighborhood, echoes Cramer’s position on man’s inherently social nature as a driver of growth in the mixed-use space. “Our experience is that these various populations are willing to live with each other as never before,” says Schultz. “Demographics of those who live in urban areas cross over in terms of age and economic differences in ways that are either comfortable or virtually unnoticed by the different populations. In other words, people who like to live, work and play in areas with density value …

March 27, 2020

Santa-Monica-La-Cienega-Blvds-Los-Angeles-CA

California Development Mixed-Use Retail Western

CBRE Brokers $22.5M Sale of Development Site in West Hollywood

by Amy Works March 24, 2020

LOS ANGELES — CBRE has arranged the sale of a 30,146-square-foot development site, located at the intersection of Santa Monica and La Cienega boulevards in the West Hollywood area of Los Angeles. A Los Angeles-based real estate development firm acquired the asset from a private family for $22.5 million. The property currently features three commercial structures on several parcels. The asset is zoned for an array of uses, including mixed-use, multifamily, hotel and other commercial functions. Matthew Greenberg, Alex Kozakov and Pat Wade of CBRE represented the seller, while Chris Tresp, also of CBRE, represented the buyer in the deal.

March 24, 2020

Acquisitions Mixed-Use Multifamily Office Oregon Retail Western

Marcus & Millichap Negotiates $6.2M Sale of Broadway Town Square Mixed-Use Asset in Oregon

by Amy Works March 24, 2020

SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.

March 24, 2020

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