Mixed-Use

Starwood REIT Buys Exchange on Erwin Mixed-Use Development in Durham for $111M

by Alex Tostado December 13, 2019

DURHAM, N.C. — Starwood Real Estate Income Trust Inc. a non-traded REIT managed by Starwood Capital Group, has purchased the Exchange on Erwin for $111 million from an affiliate of Ram Realty Advisors. Located at 2610 Erwin Road in Durham, adjacent to Duke University, the mixed-use property contains 265 multifamily units and 96,949 square feet of commercial space. The multifamily property was completed in 2018 and the commercial property, consisting primarily of medical office space, was completed in 2007. The medical office space is fully leased to Duke University medical tenants. The Exchange on Erwin multifamily units were 99 percent occupied and the commercial space was 95 percent leased on the date of sale, resulting in overall occupancy of 98 percent. CBRE|Raleigh’s Howard Jenkins and Ben Kilgore, as well as Kevin Kempf and Mike Burkard of CBRE, represented Ram Realty’s affiliate in the deal.

December 13, 2019

Acquisitions California Development Mixed-Use Multifamily Retail Western

Bolour Associates Sells Multifamily Development Site in Metro Los Angeles for $8.5M

by Amy Works December 13, 2019

EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project. The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code. Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking. Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022. The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.

December 13, 2019

Connecticut Leasing Activity Mixed-Use Northeast Office

Sema4 Signs 70,000 SF Office Lease at Harbor Landing Development in Stamford, Connecticut

by Alex Patton December 11, 2019

STAMFORD, CONN. — Sema4, a medical research and diagnostic company, has signed a 70,000-square-foot office lease in the Harbor Landing mixed-use development in Stamford. The company will relocate from its current space at 333 Ludlow St. in Stamford’s Harbor Point district to the new office and lab space in 2020. Located at 62 Southfield Ave., Harbor Landing is a waterfront development offering 200,000 square feet of Class A office space, 218 multifamily units, multiple restaurants and direct access to a full-service boatyard and boardwalk. Building & Land Technology is the developer and landlord of Harbor Landing.

December 11, 2019

Development Mixed-Use Texas

Killam Development Buys 3,400 Acres for Master-Planned Community in Rio Grande Valley

by Taylor Williams December 10, 2019

MISSION AND MCALLEN, TEXAS — Laredo-based Killam Development Ltd. has purchased 3,400 acres in the Rio Grande Valley cities of Mission and McAllen for the development of a new master-planned community. In addition to residential, office and retail uses, the development will include walking trails, park space and connections to entertainment districts and education centers. Carlos Marquez and Brett Lum of NAI Partners represented the seller, Hunt Valley Development, in the land sale. Killam could begin construction early next year.

December 10, 2019

Acquisitions Hospitality Mixed-Use Texas Top Stories

Ryman Hospitality to Purchase Block 21 Mixed-Use Campus in Downtown Austin from Stratus for $275M

by John Nelson December 10, 2019

AUSTIN, TEXAS — Ryman Hospitality Properties Inc. (NYSE: RHP) has reached an agreement with Stratus Properties Inc. (Nasdaq: STRS) to purchase Block 21, a mixed-use and entertainment development occupying a full city block in downtown Austin. Ryman has agreed to purchase the property from Stratus for $275 million, including a debt assumption of $142 million. Block 21 houses Austin City Limits Live at the Moody Theater, a 2,750-seat venue that hosts America’s longest running music series, Austin City Limits. Past artists that have played the annual concert series include Dave Matthews Band, Lauryn Hill, Beck, Elvis Costello, Coldplay, Robert Plant, Cyndi Lauper and B.B. King. The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants, including Starbucks and Urban Outfitters. Built in 2010, Block 21 anchors downtown Austin’s 2nd Street District. “Ryman Hospitality Properties’ expertise in both hospitality and live entertainment, plus their demonstrated stewardship of the iconic Ryman Auditorium and Grand Ole Opry, make them the ideal company to usher Block 21 and ACL Live into their next decade,” says William Armstrong III, president, CEO and chairman of the board …

December 10, 2019

Development Georgia Mixed-Use Southeast

Granite, MetLife Break Ground on Midtown Union Mixed-Use Development, Including Invesco’s Headquarters

by Alex Tostado December 9, 2019

ATLANTA — MetLife Investment Management, MetLife Inc.’s institutional asset management business, and Granite Properties have broken ground on Midtown Union, a large mixed-use development in Midtown Atlanta. Designed by Cooper Carry, with Brasfield & Gorrie as the general contractor, the project at 1295 Spring St. consists of a 26-story, 606,000-square-foot office building; an 18-story, 355-unit residential tower atop eight levels of parking; a 12-story, 205-room hotel; 30,000 square feet of retail space and a 635,000-square-foot parking deck providing 1,909 parking spaces. Midtown Union is adjacent to Interstates 75 and 85 via the 17th Street Bridge. The development will feature a pedestrian-friendly extension of Arts Center Way and connect between Spring and West Peachtree streets. StreetLights Residential, in partnership with MetLife Investment Management, will develop the multifamily tower featuring studio, one-, two- and three-bedroom homes. The lobby will offer 24-hour concierge service, a coffee bar, conference lab and coworking space. Amenities will include resident storage, pet spa, fitness center, club room and an outdoor deck with pool, seating and grilling stations. Stormont Hospitality Group and The Allen Morris Co., in partnership with MetLife Investment Management, will develop the hotel with over 5,000 square feet of meeting space, a restaurant and a bar. Granite Properties and MetLife Investment Management will deliver the LEED-Certified …

December 9, 2019

Acquisitions Georgia Mixed-Use Southeast

Ackerman Brokers Sale of 65-Acre Parcel Near Mall of Georgia for Fuqua’s Exchange at Gwinnett Project

by Alex Tostado December 5, 2019

BUFORD, GA. — Atlanta-based Ackerman & Co. has brokered the sale of 65 acres across Interstate 85 from the Mall of Georgia in Buford, approximately 30 miles northeast of downtown Atlanta. The Orkin family, of Orkin pest control, sold the parcel to Atlanta-based Fuqua Development for $18 million. The space will accommodate Phase I of Fuqua’s The Exchange at Gwinnett, a $320 million mixed-used development that will feature office space, a hotel, apartments and 500,000 square feet of retail space, including a food hall, “fashion hall,” and a Cinebistro movie theater, according to local media reports. Ackerman & Co.’s John Speros and Larry Wood brokered the sale of the property, located at the intersection of I-85 and Georgia Highway 20. Wood and Speros also represented Rooms To Go in the acquisition of a 4.5-acre site within the development for construction of a 52,000-square-foot store to replace its 24,000-square-foot store fronting the Mall of Georgia.

December 5, 2019

Development Midwest Mixed-Use Nebraska

Access Commercial Purchases 11-Acre Redevelopment Site in Omaha, Plans Mixed-Use Project

by Kristin Harlow December 5, 2019

OMAHA, NEB. — Access Commercial LLC has purchased an 11-acre redevelopment site in Omaha with plans to develop a mixed-use project known as Regency Landing. The site comprises the former Regency Lodge hotel and Shaker Place shopping center. Plans call for office, retail and restaurant space in addition to a hotel. Approximately 66,000 square feet of the east building at Shaker Place will be redeveloped, with the complete replacement of lobbies, mechanical systems, elevators and common areas. Some tenants such as Twisted Cork Bistro will remain in the redeveloped space. Regency Lodge, which closed in 2018, operated on the land for more than 40 years. It will be demolished by the end of this year.

December 5, 2019

Acquisitions California Mixed-Use Multifamily Retail Western

IPA Negotiates Sale of Multifamily, Retail Mixed-Use Asset in Mountain View, California

by Amy Works December 5, 2019

MOUNTAIN VIEW, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Village Residences, a mixed-used complex located at San Antonio Road and El Camino Real in Mountain View. A venture between Carmel Partners and Merlone Geier Partners sold the asset for an undisclosed price. The name of the buyer was not released. Philip Saglimbeni, Stanford Jones, Bill Rose and Salvatore Saglimbeni of IPA represented the seller in the deal. Developed in 2013 and situated on 5.5 acres, The Village features 271,779 square feet of net rentable multifamily space spread across 330 apartment units and 43,206 square feet of retail space divided into 16 units. Apartments offer floor-to-ceiling windows, moveable kitchen islands and full-sized washers and dryers. On-site community amenities include an Atrium pool retreat with a fireside spa, canopied entertainment bar, grilling stations and lounge seating.

December 5, 2019

Development Louisiana Mixed-Use Retail Southeast Top Stories

Owner of Metro New Orleans Mall to Start $100M Redevelopment, Adding Office Space and Apartments

by John Nelson December 5, 2019

METAIRIE, LA. — The Richards family, the longtime owner and operator of Clearview Shopping Center in Metairie, has unveiled plans to transform the 700,000-square-foot regional mall into a mixed-use destination. Located at 4436 Veterans Memorial Blvd., the new Clearview City Center sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The $100 million project will add a hotel, 260 upscale apartments, open-air restaurants with rooftop seating, 100,000 square feet of office space and green space for outdoor events and concerts. “This is what the next-generation consumer is looking for in a mixed-use development, and we’re bringing it here to the heart of Jefferson Parish,” says Thomas Richards, managing partner of Richards Clearview LLC. The redevelopment will create over 1,600 jobs and is expected to have a $123 million economic impact during construction alone, according to an analysis conduced by Greater New Orleans Inc. Once all phases are complete and Clearview City Center opens, it will support 420 total jobs and deliver $26 million in annual economic impact. Construction on the first phase of the Clearview City Center development is expected to begin in mid-2020, with the shopping center remaining fully operational throughout. The Richards family and …

December 5, 2019

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