Mixed-Use

Walt Disney Co. Strikes $650M Deal to Develop New Downtown Manhattan Headquarters

by John Nelson July 10, 2018

NEW YORK — The Walt Disney Co. (NYSE: DIS) has acquired development rights in downtown Manhattan’s Hudson Square neighborhood for $650 million. The 4 Hudson Square site covers a full city block bordered by Hudson, Varick, Vandam and Spring streets. The global media firm plans to move its New York operations to the new site, including 1.2 million square feet of office and production space for WABC-TV, ABC News, Live with Kelly and Ryan and The View. According to ABC-7, Good Morning America will continue to broadcast from Times Square and Disney Streaming Services will relocate from Chelsea Market to the Hudson Square site. “We’re announcing plans to build an incredible new state-of-the-art facility at 4 Hudson Square in downtown Manhattan that will ensure our employees have everything they need to do their best work and lead the way forward,” said Robert Iger, chairman and CEO of Disney. “This move represents a historic step forward toward our long-term vision for our New York operations. The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses. We are pleased and proud to be joining this exciting community.” According to Iger, the new facility will …

July 10, 2018

Development Massachusetts Mixed-Use Northeast

Nauset Begins Renovation, Addition to Mixed-Use Project in Cambridge

by David Cohen July 9, 2018

CAMBRIDGE, MASS. — Nauset has started construction on additions to Crimson Galeria in Cambridge that will add 18,000 square feet of office space to the mixed-use property. Located at 57 JFK St. in Harvard Square, the redevelopment is being undertaken by Needham, Mass.-based Nauset Construction for owner Crimson Galeria LP. The Harvard Square submarket of Cambridge is experiencing lows of less than 2 percent in office vacancy, according to Nauset.

July 9, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $14M Sale of Mixed-Use Building in Manhattan

by David Cohen July 3, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $14 million sale of 224 East 59th St., a fully leased, five-story mixed-use building located in midtown Manhattan. Cushman & Wakefield represented the seller, Itzhaki Acquisitions, in the transaction. A foreign buyer purchased the property. The building features 16 residential units and ground-floor retail leased by KATAGIRI, the oldest Japanese grocery store in the United States. The residential component is a mix of rent-stabilized and free-market units.

July 3, 2018

Development Mixed-Use North Carolina Southeast

LRC Properties Signs Brewery, Tech Firm to 320,000 SF Historic Mill Renovation in Downtown Durham

by Camren Skelton July 3, 2018

DURHAM, N.C. — LRC Properties has signed leases with Hi-Wire Brewing and WillowTree Inc. to its Golden Belt Campus, a 320,000-square-foot historic mill located at 800 Taylor St. in downtown Durham. Robin Roseberry Anders and Jordan Williams of NAI Carolantic Realty represented LRC in the lease negotiations. Asheville, N.C.-based Hi-Wire Brewing is scheduled to open its third location, a 10,522-square-foot taproom, at the development by the end of October. The space will feature an outdoor covered patio and garden, full-sized shuffleboard courts, foosball tables and table tennis. Matt Larson of CBRE arranged the lease on behalf of Hi-Wire. WillowTree Inc., a software agency with locations in North Carolina, Virginia and New York, will relocate its existing Durham office to the Golden Belt Campus in January 2019. The company will occupy more than 29,000 square feet on the top floor of the mill, which features a monitor roof, clerestory windows, exposed brick and original maple floors. Matt Winters of Tri Properties represented WillowTree in the lease negotiation. New York-based LRC acquired the campus in phases in 2016 and 2017 and has since begun a full-scale renovation. At completion, the renovation will include brick and timber office spaces, 40,000-square-foot floor plates, new …

July 3, 2018

Development Industrial Mixed-Use Southeast Tennessee Top Stories

Urban Story Ventures to Redevelop 112-Acre Site Along Chattanooga’s Tennessee River

by John Nelson July 3, 2018

CHATTANOOGA, TENN. — Urban Story Ventures, a Chattanooga-based commercial real estate developer and owner, is planning the redevelopment of a 112-acre site in Chattanooga’s West End district. Situated along the Tennessee River, the site houses the former Alstom turbine plant, as well as adjacent buildings and land. Preliminary plans call for Urban Story Ventures to preserve the LEED Gold-certified plant and renovate the remaining buildings and land for mixed-use, including office space, restaurants and residences. The developer is also planning a combination distillery, brewery and winery — a first for Tennessee. Urban Story Ventures recently established West End Property LLC to oversee the project. The company hopes to recruit a manufacturer to occupy the space left behind in 2016 by Alstom, a French rail transport company that sold its power and grid business lines to GE Power (NYSE: GE) in 2015. “This is the most significant resurgence of Chattanooga’s riverfront since Mayor Bob Corker implemented the 21st Century Waterfront in 2002,” says Jimmy White, principal of West End Property LLC and owner of Urban Story Ventures. “The development will create hundreds of jobs, connect people to the river and create a whole new district and destination for residents and visitors.” …

July 3, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Dalzell Capital Partners Acquires Mixed-Use Property in Philadelphia

by David Cohen July 2, 2018

PHILADELPHIA — Dalzell Capital Partners has acquired Waverly Court, a mixed-use property located in Center City, Philadelphia, for $21 million. Originally built in the early 1900s, the property includes 61 apartments and 2,800 square feet of commercial space. All residential units feature factory-style windows, exposed brick walls, 12- to 14-foot ceiling heights and stainless steel appliances. Dalzell acquired the mixed-use building from Yess Properties. Waverly Court is Dalzell Capital’s third acquisition in Center City in less than a year.

July 2, 2018

Development Mixed-Use Office Texas

Brandywine to Convert Broadmoor Campus in Austin into Mixed-Use Development

by Taylor Williams July 2, 2018

AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN) will convert IBM’s Broadmoor campus in Austin, which spans more than 65 acres and houses more than 1 million square feet of office space, into a mixed-use, transit-oriented development. The first phase of the redevelopment, which is expected to be complete by early 2019, will revamp two office buildings. The overall project will create more public green space, walking trails and recreation areas to leverage the property’s proximity to The Domain, a shopping and entertainment destination that connects to the campus. Brandywine acquired Broadmoor, which has been discussed as a potential site for Amazon’s HQ2, about three years ago. The campus was developed as a build-to-suit for IBM, which still occupies most of the space, in the early 1990s.

July 2, 2018

Acquisitions Maine Mixed-Use Northeast

Cardente Arranges $5.4M Sale of Waterfront Mixed-Use Property in Maine

by David Cohen June 27, 2018

YARMOUTH, MAINE — Cardente Real Estate has arranged the $5.4 million sale of Lower Falls Landing, a 40,931-square-foot office and retail building in Yarmouth. The five-acre property also includes a 7,800-square-foot restaurant and 26 boat slips. Cardente represented the seller, Lower Falls Landing Associates, in the transaction. Jennifer Yilmaz of Applewood Realty represented the buyer, SEKA Properties. Originally constructed as a cannery, the owners redeveloped the property into office space with ground-floor retail.

June 27, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Marcus & Millichap Brokers $2M Sale of Mixed-Use Portfolio in Central Massachusetts

by David Cohen June 27, 2018

WEBSTER, MASS. — Marcus & Millichap has brokered the $2 million sale of Main Street Properties, a 51,982-square-foot mixed-use portfolio located at 118 and 275 Main St. in Webster. The town is located in central Massachusetts on the Connecticut border. Matthew Pierce of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a private investor. The properties include 31 apartments and nine retail units.

June 27, 2018

Development Healthcare Mixed-Use Texas

Mesquite City Council Approves $250M Medical, Mixed-Use Campus

by Taylor Williams June 27, 2018

MESQUITE, TEXAS — The City Council of Mesquite, an eastern suburb of Dallas, has approved the development of The Verde Center at Peachtree, a $250 million medical campus and mixed-use development. Minneapolis-based Ryan Cos. USA Inc., along with several partners, will develop the 60-acre project, the first phase of which will deliver 600,000 square feet of medical inpatient, outpatient and office space. Later phases will feature a 25-acre amenity center with walking trails and a fitness center. Other elements of the project will include a hotel and conference center and a senior living community. Construction of Phase I is expected to commence by mid-2019.

June 27, 2018

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