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Mixed-Use

Mixed-UseNew YorkNortheast

NKF Brokers $282M Sale of Mixed-Use Building in Manhattan

by David Cohen

NEW YORK CITY — NKF has brokered the sale of a 349,274-square-foot mixed-use building in the Bryant Park neighborhood of Manhattan for $282 million. Located at 114 W. 41st St., the 22-story property is currently 91 percent leased to 13 office tenants and several street-level restaurants. Office tenants include Roku, Quartet Health, View the Space (VTS), Kensington Publishing, SpotCo and the New York headquarters of Guess?. The property recently underwent nearly $30 million in capital investment, including a dual-entrance lobby and tenant-only amenity center. James Kuhn, Edward Maher, David Colen and James Tribble of NKF’s New York Capital Markets team represented the seller, Blackstone, in the transaction. The buyer was Clarion Partners.

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AcquisitionsMixed-UseNew YorkNortheast

Cushman & Wakefield Negotiates $6.1M Sale of Mixed-Use Property on Upper East Side

by David Cohen

NEW YORK CITY — Cushman & Wakefield has negotiated the $6.1 million sale of a four-story mixed-use property on the Upper East Side of Manhattan. Located at 218 E. 61 St., the property includes two floors of commercial space as well as two floors of residential space. A periodontics practice currently occupies the commercial space. Will Conrad of Cushman & Wakefield, in partnership with Olshan Realty, represented the seller, Teri Betesh. The buyer was Justin Derfner of the Feil Organization.

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DevelopmentMixed-UseTexas

Centurion to Develop $116.5M Mixed-Use Project in Mesquite, Texas

by Taylor Williams

MESQUITE, TEXAS — Centurion American Development Group will develop Iron Horse Village, a mixed-use project in the eastern Dallas suburb of Mesquite that is valued at more than $116.5 million. Iron Horse Village will consist of 336 single-family homes and a combined 130,000 square feet of restaurant, retail and office space. Construction is expected to begin in April or May of 2019.  

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DevelopmentGeorgiaMixed-UseSoutheast

Pope & Land Begins Construction of Mixed-Use Campus in Metro Atlanta

by Alex Tostado

ALPHARETTA, GA. — Atlanta-based Pope & Land has begun construction on Northwinds Summit, an office-centric, mixed-use development in Alpharetta. Phase I will include 3000 Summit Place and 5000 Summit Place, two office buildings that will span 30,000 square feet and 150,000 square feet, respectively. Other components will include a 125-room hotel, 140 multifamily units, 32 condominiums and 15,000 square feet of restaurant and amenity space. Northwinds Summit will sit on 24.3 acres about 25 miles north of Atlanta and will include more than 1 million square feet of office space at full buildout. Alpharetta-based FiberLight is the project’s first tenant, signing a 16,124-square-foot lease at 3000 Summit Place, which is expected to be complete in third-quarter 2019. Russ Jobson and Bryce Metcalf of Colliers International’s Atlanta office represented FiberLight in the lease transaction. Cooper Carry is the architect, and Brasfield & Gorrie is the general contractor.

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AcquisitionsDevelopmentMixed-UseNorth CarolinaSoutheast

PN Hoffman Buys Seaboard Station in Raleigh, Plans $250M Redevelopment

by Alex Tostado

RALEIGH, N.C. — PN Hoffman has purchased Seaboard Station in the north end of downtown Raleigh from William Peace University (WPU) for $34 million. The Washington, D.C.-based developer plans to build a $250 million, 800,000-square-foot mixed-use development consisting of approximately 650 apartments, 150 hotel rooms and 135,000 square feet of retail space. The development sits on seven acres and will be built in three phases, though a timeline was not disclosed. TradeMark Properties represented WPU in the sale. The liberal arts college will remain an active voice in the future of Seaboard Station, according to PN Hoffman.

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DevelopmentMichiganMidwestMixed-Use

Bedrock Breaks Ground on 1.4 MSF Mixed-Use Project in Detroit

by Kristin Harlow

DETROIT — Bedrock has broken ground on the 1.4 million-square-foot Monroe Blocks project on two city blocks at the corner of Monroe Street and Campus Martius in downtown Detroit. Slated for completion in 2022, the development is one of four transformational projects underway as part of a $2.1 billion investment in Detroit that Bedrock first announced in 2017. In total, Monroe Blocks will include 847,000 square feet of office space, 482 residential units and 117,000 square feet of retail space. Block A will include a 35-story office tower and Block B will be largely residential. A stretch of Farmer Street will be converted to pedestrian-only space and connect the two blocks. Bedrock worked with Danish architecture firm Schmidt Hammer Lassen to design the project alongside Detroit-based firm Neumann/Smith Architecture. Turner Construction Co. is the general contractor. The two blocks along Monroe Street that make up the development were known historically as Detroit’s first theater district. The site was razed in 1990 with the exception of the National Theatre, which has sat vacant. Bedrock plans to retain the façade of the National Theatre and incorporate it into a terracotta archway within the development. The other three projects within Bedrock’s $2.1 billion …

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IllinoisLoansMidwestMixed-Use

JLL Arranges Construction Financing for $115M Mixed-Use Project in Chicago’s Uptown Neighborhood

by Kristin Harlow

CHICAGO — JLL Capital Markets has arranged construction financing for The Draper at 5050 N. Broadway, a mixed-use development in Chicago’s Uptown neighborhood. The project involves the conversion of a former 400,000-square-foot office building into 342 residential units. The developer, CEDARst Cos., raised $41 million of project equity. Urbanite Capital provided a $13 million structured loan and Bank of the Ozarks provided a $61 million construction loan. Chuck Johanns and Dave Hendrickson of JLL arranged the financing. The recent closing enables CEDARst to complete Phase I of a planned two-phase development. Total project costs for the development of Phase I are estimated at $115 million. A timeline for completion was not disclosed.

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LoansMixed-UseTexas

Comerica Bank Provides $32.9M Construction Loan for Kingwood Mixed-Use Project

by Taylor Williams

KINGWOOD, TEXAS — Comerica Bank has provided a $32.9 million loan to Stratus Properties Inc. (NASDAQ: STRS) for the construction of Kingwood Place, a mixed-use project in Kingwood, a master-planned community located north of Houston. The project will deliver a 103,000-square-foot H-E-B grocery store, 41,000 square feet of additional retail space, six retail pads and 300 multifamily units. The financing was structured at approximately 70 percent loan-to-cost. Construction is expected to begin this month, and the H-E-B is expected to open during the third quarter of 2019.

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DevelopmentMixed-UseNorth CarolinaSoutheast

Lincoln Harris Begins Phase II of Legacy Union in Uptown Charlotte, Signs Deloitte as Anchor

by Alex Tostado

CHARLOTTE, N.C. — Lincoln Harris, a real estate development, investment and property management company, has entered Phase II of Legacy Union, a mixed-use development in Uptown Charlotte. Construction of the 362,000-square-foot 650 South Tryon, an 18-story glass building, has begun, and London-based Deloitte, a multinational professional services network and one of the Big Four accounting firms, will occupy the top four floors. Legacy Union spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade.

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LoansMassachusettsMixed-UseNortheast

Cornerstone Realty Capital Arranges $1.9M Refinancing for Mixed-Use Property in Massachusetts

by David Cohen

CLINTON, MASS. — Cornerstone Realty Capital has arranged a $1.9 million loan to refinance a mixed-use property in Clinton. The property consists of 16 apartments and two commercial spaces. The commercial spaces average approximately 2,300 square feet and include wood flooring and brick exterior. Patrick Brady of Cornerstone secured a fixed-rate loan with a 30-year amortization schedule for the undisclosed borrower through a correspondent lender.      

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