Mixed-Use

National Development Unveils Plans for Mixed-Use Project in Boston

by Alex Patton February 24, 2020

BOSTON — Locally based firm National Development has unveiled plans for a mixed-use project at 333 Dorchester Ave. in South Boston, pending approval from the City of Boston. The project will include 256 apartment units, 47,000 square feet of office space, 14,500 square feet of retail space and public green space. The project is part of a larger Dorchester Avenue redevelopment initiative spearheaded by National Development, which includes transformation of industrial buildings including 333 Dorchester Ave. into primarily residential and commercial properties.

February 24, 2020

Development Healthcare Mixed-Use Texas Top Stories

Texas A&M Plans $546M Expansion at Texas Medical Center in Houston

by Alex Patton February 21, 2020

HOUSTON — Texas A&M University has unveiled plans for a $546 million expansion project at Texas Medical Center in Houston. The project will include the $145 million acquisition and renovation of the 18-story Texas A&M Engineering Medicine (EnMed) building at 1020 Holcombe Blvd., as well as $401 million construction of two new towers adjacent to the EnMed structure. The first new building is a 30-story medical tower slated for completion in June 2023. The property will include 72,000 square feet of retail space and 8,700 square feet of green space. The tower will expand the EnMed building’s engineering medicine programs, which include a combination of medical and engineering degrees. The second new building is a 19-story residential tower slated for completion in June 2022. The project will include 704 beds of student housing and a 3,444-space parking garage. Texas A&M College of Medicine students and Prairie View A&M University College of Nursing students will have first priority to occupy the housing, but students from other institutions can also apply. The expansion will be part of Texas Medical Center’s planned 1.5 million-square-foot TMC3 translational research campus. With construction scheduled to begin this year for completion in 2022, TMC3 will include 112,000 …

February 21, 2020

Acquisitions Mixed-Use Texas

JLL Negotiates Sale of 866,273 SF The Union Mixed-Use Development in Uptown Dallas

by Taylor Williams February 18, 2020

DALLAS — JLL has negotiated the sale of The Union, an 866,273-square-foot mixed-use development in the Uptown neighborhood of Dallas. According to The Dallas Morning News, the property sold for $370 million. Completed by RED Development in 2018, the office tower at The Union was 94.2 percent leased at the time of sale to tenants including Salesforce, Akin Group and Weaver. Office amenities include a tenant lounge, fitness center and outdoor green space. The Union Dallas also features 85,000 square feet of retail and restaurant space anchored by a Tom Thumb grocery store and a 309-unit apartment building that was developed by StreetLights Residential. JLL represented RED Development, which will retain minority stake in the property, in the transaction. JLL also procured KB Asset Management, the investment arm of Korean conglomerate KB Financial Group, as the buyer and secured a five-year, fixed-rate acquisition loan through Goldman Sachs on behalf of the new ownership.

February 18, 2020

Acquisitions Mixed-Use New York Northeast

Urban Edge Properties Acquires Two Mixed-Use Buildings in Brooklyn for $165M

by Alex Patton February 18, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based REIT, has acquired Kingswood Center and Kingswood Crossing, a pair of adjacent mixed-use buildings in the Midwood neighborhood of Brooklyn, for $165 million. The two buildings comprise a total of approximately 335,000 square feet, including 134,000 square feet of Class A office space and 106,000 square feet of retail space. The properties also include 60,000 square feet of space available for office or residential development and 250 parking spaces. At the time of sale, retail tenants included Target, TJ Maxx and Marshalls. Visiting Nurse Services of New York was the anchor office tenant. A partnership between Infinity Real Estate and Nightingale Properties was the seller in the off-market transaction.

February 18, 2020

Acquisitions Mixed-Use Multifamily New York Northeast Top Stories

SL Green Realty to Sell West Manhattan Mixed-Use Tower, Adjacent Development Site for $446.5M

by John Nelson February 18, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …

February 18, 2020

Development Mixed-Use Texas

Winston Hotels Buys 20-Story Office Building in Downtown San Antonio for Mixed-Use Conversion Project

by Taylor Williams February 12, 2020

SAN ANTONIO — Winston Hotels LLC has purchased Riverview Towers, a 20-story- building in downtown San Antonio that previously served as a 298,000-square-foot office property. The new ownership will convert the building into a mixed-use development with 342 hotel rooms, 60,000 square feet of office space and 3,000 square feet of ground-floor retail space. The hotels will carry the dual brands of AC by Marriott and Element by Westin. A timeline for completion was not disclosed. Whit Jordan of CBRE represented Winston Hotels in the acquisition. Bart Wilson of Primera Partners represented the seller.

February 12, 2020

Loans Mixed-Use New York Northeast

M&T Bank Provides $78.7M Acquisition, Construction Loan for Mixed-Use Development in Brooklyn

by Alex Patton February 7, 2020

NEW YORK CITY — M&T Bank has provided a $78.7 million acquisition and construction loan for the purchase of land in the Williamsburg neighborhood of Brooklyn and development of a mixed-use project. The borrower, Two Trees Management, plans to build two mixed-use towers with 1,000 multifamily units, a 47,000-square-foot YMCA fitness facility, 57,000 square feet of office space and 30,000 square feet of retail space. Additional ground-level space will house amenities and a six-acre public park. The proposed project will be located along the East River on River Street, between Grand and North 3rd streets. Bjarke Ingels Group designed the project and James Corner Field Operations served as the landscape architect. Total cost of the project and the construction timeline were not disclosed, as Two Trees is seeking a rezoning.

February 7, 2020

California Development Hospitality Mixed-Use Multifamily Office Retail Western

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

Acquisitions Development Mixed-Use Texas

Hanover Acquires Land in Metro Dallas for Future $950M Master-Planned Development

by John Nelson February 5, 2020

MIDLOTHIAN, TEXAS — Locally based developer Hanover Property Co. has acquired 966 acres in the southern Dallas suburb of Midlothian for the development of a $950 million master-planned community. Current plans call for 2,000 single-family homes, 26 acres of commercial space and 42 acres of industrial space. Pre-development is underway, and the initial phase is expected to be complete in early 2022. Michael Swaldi, Larry McCorkle and Nick Hayden of JLL represented the seller, ECOM Real Estate, in the transaction. Paul Whitman, also with JLL, represented Hanover Property Co.

February 5, 2020

Alabama Development Mixed-Use Southeast

Beach Co. Unveils Plans for 13-Acre Mixed-Use Development in Huntsville

by Alex Tostado February 4, 2020

HUNTSVILLE, ALA. — The Beach Co. has unveiled plans for a mixed-use development in Huntsville’s westside that will span 13 acres. The project will include 260 multifamily units, 14 townhomes, a 100-room hotel and 26,000 square feet of retail and office space. Residential amenities will include a pool, fitness area, clubhouse and ample green space with a dog park. In addition, 620 parking spaces will be included for both resident and public parking, as well as attached garages for resident parking. Nashville, Tenn.-based Smith Gee Studios is the architect. The Beach Co. acquired the land from Improving Huntsville LLC. Wesley Crunkleton of Crunkleton Commercial Real Estate Group represented the seller in the transaction. The Beach Co. expects to break ground this summer.

February 4, 2020

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