Mixed-Use

Tri-Land Breaks Ground on Redevelopment of 253,000 SF Shopping Center in Metro Atlanta

by John Nelson April 25, 2019

CONYERS, GA. — Tri-Land Properties Inc. has begun construction on the overhaul of Salem Gate Market, a 253,000-square-foot grocery-anchored shopping center in Conyers, about 25 miles southeast of Atlanta. The multimillion-dollar redevelopment will include a 55,000-square-foot Hobby Lobby, 20,000-square-foot Northern Tool + Supply, a 103-room hotel and an Allure Nail & Spa. Tri-Land is rebuilding Salem Gate in a public-private partnership with the City of Conyers. Salem Gate is the first project underway as part of the Conyers Gateway Village District, the product of a new zoning ordinance adopted by the City of Conyers in 2016. In February, the city approved a new Tax Allocation District designation allocating future tax revenues to repay Tri-Land for its infrastructure improvement costs. The metro Chicago-based developer plans to announce additional tenants in the family fashion, sporting goods and value retail segments in the near future. Tri-Land expects to deliver Salem Gate in early summer 2020.

April 25, 2019

Development Florida Mixed-Use Multifamily Southeast

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

by John Nelson April 25, 2019

MIAMI — Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant and entertainment space. A portion of the parking garage’s rooftop will feature a rooftop amenity deck that will serve the residents of Luma, a planned 43-story multifamily tower next door. The 27-acre development, which will span 10 city blocks at full buildout, will also feature residential, office and hospitality uses.

April 25, 2019

Market Reports Midwest Midwest Market Reports Mixed-Use Nebraska

Omaha Undergoing ‘Remarkable’ Downtown Transformation

by Kristin Harlow April 25, 2019

Remarkable. It’s the word that continues to pop up in interviews and conversations relating to the present transformation occurring in Omaha’s downtown area. If you think you might be experiencing déjà vu, it’s likely because you are. After all, it wasn’t that long ago when the same word was being used to describe the transformation that took place in downtown Omaha 10 to 15 years ago. It was at that time that approximately $2.5 billion was invested in Omaha’s downtown through a combination of public and private developments. Omaha introduced a laundry list of new buildings and projects, including the city’s new arena and convention center (presently branded the CHI Health Center), TD Ameritrade Park (the home of College World Series), the 45-story First National Bank Tower, the National Park Service Building, Gallup Organization’s operational headquarters, Union Pacific’s 1.1 million-square-foot headquarters, The Holland Performing Arts Center, Roman L. Hruska Federal Courthouse and The Bob Kerrey Pedestrian Bridge. That was remarkable. What could be so “remarkable” about the current downtown Omaha transformation? The answer is a redevelopment of the Gene Leahy Pedestrian Mall as part of the $300 million Riverfront Revitalization project. You might be thinking $300 million doesn’t sound remarkable …

April 25, 2019

Acquisitions Florida Mixed-Use Southeast

Cushman & Wakefield Arranges $6.7M Sale of South Florida Development Site to Flagler Global Logistics

by Alex Tostado April 23, 2019

HIALEAH, FLA. — Cushman & Wakefield has arranged the $6.7 million sale of Transfer Turnpike, a vacant site spanning 8.6 acres in Hialeah. The buyer, Flagler Global Logistics (FGL), already owns 500 acres nearby where it is developing Countyline Corporate Park, an 8 million-square-foot business park that will offer office, warehouse and industrial space. Turnpike Transfer is situated at the intersection of 170th and 97th streets, southwest of the intersection of Interstate 75 and the Florida Turnpike and about 22 miles northwest of downtown Miami. Wayne Ramoski, Miguel Alcivar and Gian Rodriguez of Cushman & Wakefield represented the seller, Turnpike Transfer LLC, in the transaction.

April 23, 2019

California Development Mixed-Use Student Housing Top Stories Western

UC Hastings Selects Greystar as Master Developer of $450M Student Housing Village in San Francisco

by John Nelson April 23, 2019

SAN FRANCISCO — The University of California Hastings College of the Law (UC Hastings) has selected Greystar Real Estate Partners LLC as the master developer of its planned on-campus academic village in downtown San Francisco. Charleston, S.C.-based Greystar plans to build the $450 million project in two phases. “We are excited to be moving forward with Greystar to further develop this vibrant academic village in the heart of San Francisco,” says David Faigman, chancellor and dean at UC Hastings. The law school is situated in downtown San Francisco near the Supreme Court of California and San Francisco City Hall. Phase I of the new project will be the ground-up construction of 630 student housing apartments available for students, faculty and staff. The first phase is estimated to cost $250 million to develop, which will be funded using tax-exempt bonds. UC Hastings and Greystar plan to open the first phase in time for the fall 2022 semester. Phase II is the approximately $200 million renovation of McAllister Tower, a historic on-campus dormitory. The overhaul will update 300 units and add new mixed-use amenities, including a fitness center, study lounges, community kitchens, social lounges and a new auditorium. Overall, the expansion will …

April 23, 2019

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Arranges Sale of Two Development Sites in Queens for $2.9M

by Taylor Williams April 22, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two commercial development sites located on 31st St. in the Astoria neighborhood of Queens for a combined total of $2.9 million. Each site is zoned for mixed-use development and will include a residential component. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the undisclosed sellers in the transaction. A trio of private investors purchased the property.

April 22, 2019

Acquisitions Development Florida Mixed-Use Southeast

Joint Venture Acquires 11.3 Acres in Miami to Develop $36M Mixed-Use Project

by Alex Tostado April 19, 2019

MIAMI — A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s Sporting Goods, Michaels and PetSmart. The yet-to-be-named project will feature 950 rental units and 35,000 square feet of retail space. Construction on the first of three phases is expected to begin in the fourth quarter of 2019. The joint venture bought the land from Florida East Coast Industries. The design team includes San Antonio-based Lake Flato as the design architect and Miami-based MSA as the architect.

April 19, 2019

California Development Loans Mixed-Use Multifamily Retail Western

HFF Arranges Joint Venture Equity for $320M Residential Development in San Francisco

by Amy Works April 19, 2019

SAN FRANCISCO — HFF has secured joint venture equity for the development of 1629 Market Street, a fully entitled multifamily project in San Francisco. Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the $320 million project. 1629 Market Street will feature 420 apartments, averaging 732 square feet, and nearly 9,000 square feet of retail space situated within three mid-rise buildings that will share a sub-grade parking garage. Situated on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub, the project is slated for completion in mid-2021. Scott Bales, Charles Halladay, Jordan Angel, Peter Yorck, Eric Bet and Nolan Moore of HFF represented the developer in the equity placement transaction.

April 19, 2019

Acquisitions Mixed-Use New York Northeast

JLL Negotiates Sale of Mixed-Use Building in Manhattan for $11.5M

by Taylor Williams April 18, 2019

NEW YORK CITY — JLL has negotiated the sale of a 12,452-square-foot mixed-use building in Manhattan for $11.5 million. The property, which includes residential and retail space, is situated between the Empire State Building and the Flatiron Building in the borough’s Midtown area and offers proximity to several subway stations. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Ethan Stanton, Michael Mazzara and Clint Olsen of JLL represented the seller, local investment firm, Tsoumpas 157 Group LLC, in the sale. The buyer was private investor Shaun Ajodan.

April 18, 2019

Development Michigan Midwest Mixed-Use Retail

RD Management to Redevelop Shopping Center in Muskegon, Michigan Into Mixed-Use Project

by Kristin Harlow April 18, 2019

MUSKEGON, MICH. — RD Management LLC has unveiled plans to redevelop Muskegon Shopping Center located at 3530 Henry St. in western Michigan. The project will include removal of the 134,874-square-foot building formerly occupied by Kmart, renovation of the 32,338 square feet of adjacent retail space and the construction of five residential buildings totaling 126 units. Demolition of the Kmart building will begin in late spring. In addition, Mercy Health has agreed to purchase a 6.2-acre parcel of the shopping center in order to construct a new 40,900-square-foot medical office building that will include urgent care, physical therapy, research laboratories, doctor’s offices and a pharmacy.

April 18, 2019

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