Mixed-Use

Joint Venture Acquires 38 Acres in South Florida for $200M Mixed-Use Project

by Camren Skelton June 18, 2018

BOCA RATON, FLA. — Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital have acquired 38 acres at the intersection of Glades Road and 95th Avenue South in Boca Raton for a $200 million mixed-use project. Dubbed Uptown Boca Raton, the 1.1 million-square-foot, pedestrian-friendly project will feature 150,591 square feet of retail space and 456 apartment units. Lucky’s Market and Silverspot Cinema will anchor the development, which will also house tenants such as Chick-fil-A and BankUnited. Katz & Associates is handling the project’s leasing assignment. “We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” says Brian Schmier, CEO of Schmier Property Group. Developers will break ground on Uptown Boca Raton this month, with a projected retail opening in summer 2019. The multifamily portion of the project is expected to open in early 2020. Giles Capital Group is a real estate investment and development firm focused on multifamily communities in Florida. Founded in 1977, Boca Raton-based Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multifamily, self-storage, …

June 18, 2018

Development Georgia Mixed-Use Southeast

Varner Developers Submits Plan for $65M Mixed-Use Project in Metro Atlanta

by Camren Skelton June 15, 2018

KENNESAW, GA. — Varner Developers has submitted plans to the City of Kennesaw for a $65 million mixed-use project located at the current site of Kennesaw Crossing, a shopping center located roughly 27 miles northwest of Atlanta in Kennesaw. The proposed project would include a 140-room hotel, two single-story retail buildings totaling 22,000 square feet, three multifamily buildings with a total of 274 units, two office condominium buildings totaling 9,750 square feet and the positioning of future pedestrian connectivity to the Noonday Trail and other planned pedestrian infrastructure. If approved, Kennesaw Crossing would be completely demolished to make way for the new development. Applications are scheduled to be heard and considered by the mayor and city council for final action on Monday, June 18.

June 15, 2018

Acquisitions Arizona Development Mixed-Use Multifamily Retail Western

Akara Partners Acquires Development Site in Phoenix for Mixed-Use Property

by Amy Works June 14, 2018

PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor plans from studio to three-bedroom units. On-site community amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, fitness center, and a rooftop deck with a swimming pool, grills and fire pits. The first apartments are slated for completion in fall 2019. Acquisition details were not released.

June 14, 2018

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Arranges $8M Sale of Mixed-Use Building in Brooklyn

by David Cohen June 13, 2018

NEW YORK CITY — Marcus & Millichap has arranged the $8 million sale of 162-164 Court St., an 8,875-square-foot mixed-use building in the Cobble Hill neighborhood of Brooklyn. The sales price represents a capitalization rate of 3.87 percent. Jakub H. Nowak, Matthew Rosenzweig, and Jesse Kay of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The property has 50 feet of frontage on Court Street’s retail corridor.

June 13, 2018

Westgate-Entertainment-District-Glendale-AZ

Acquisitions Arizona Mixed-Use Multifamily Office Restaurant Retail Western

CBRE Negotiates Sale of 533,116 SF Entertainment District in Metro Phoenix for $133M

by Amy Works June 13, 2018

GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. Opened in 2016, the Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House. Additionally, the property offers 159,026 square feet of Class A office space, as well as 76 multifamily lofts located on the upper floors.

June 13, 2018

The-Realm-at-Castle-Hills-Lewisville-Texas

Development Mixed-Use Texas

Bright Realty Breaks Ground on 324-Acre Mixed-Use Project in Metro Dallas

by Taylor Williams June 13, 2018

LEWISVILLE, TEXAS — Bright Realty has broken ground on The Realm at Castle Hills, a 324-acre mixed-use project located in the northern Dallas metro of Lewisville. The development will deliver office, retail, entertainment and multifamily space. Phase I will center on Offices at The Realm, a nine-story, Class A office building that will span 235,000 square feet of office space and 15,000 square feet of ground-floor restaurant space. The building will front an outdoor park and entertainment space, all of which are slated for delivery in mid-2019. Groundwork on Phase II of the project, a 260-unit multifamily atop 35,000 square feet of retail space, is also underway.

June 13, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Related Beal Acquires Mixed-Use Development in Boston’s Seaport District for a Second Time

by David Cohen June 12, 2018

BOSTON — Related Beal has acquired 451 D Street, a nine-story, mixed-use development in Boston’s Seaport District for an undisclosed price. The company previously owned the building before selling it in 2012. The seller was a joint venture between State Street and Meritage Properties. The development, which is 85 percent leased, offers more than 477,000 square feet of lab and office space as well as an amenities package that includes a 3,000-square-foot fitness center and a 20,000-square-foot on-site child care center. The tenant roster includes Alion Science & Technology, RDK Engineers and JPMorgan Chase.

June 12, 2018

Development Maryland Mixed-Use Southeast Top Stories

Greenberg Gibbons Begins Development of $350M Towson Row Project in Baltimore County

by Kristin Harlow June 8, 2018

TOWSON, MD. — Greenberg Gibbons has kicked off construction of the $350 million Towson Row mixed-use project in downtown Towson, about 10 miles north of Baltimore. The 1.2 million-square-foot development will be built on a five-acre site bounded by York Road, Towsontown Boulevard, Washington Avenue and Chesapeake Avenue. Plans call for over 100,000 square feet of retail and restaurant space, 150,000 square feet of Class A office space, 300 student housing units, a hotel and 250 high-rise residential units. Greenberg Gibbons is leading the development in a joint venture with Caves Valley Partners, an urban infill real estate developer based in Baltimore. Gilbane Development Co. has been selected to build the student housing portion of the project, which will house students of nearby Towson University. Home to more than 20,000 students, Towson University is located in downtown Towson and is part of the University System of Maryland. Shamin Hotels will develop the hotel, the brand of which has not yet been disclosed. Towson Row is expected to generate $220 million in annual business sales, create 5,500 jobs (2,000 permanent jobs and 3,500 construction jobs) and, when fully occupied, generate $92 million in annual employee compensation. At the kickoff celebration, Greenberg Gibbons also …

June 8, 2018

Development Illinois Midwest Mixed-Use

Structured Development, Carly Partners Plan 37-Acre Mixed-Use Development in North Chicago

by Kristin Harlow June 7, 2018

NORTH CHICAGO, ILL. — Structured Development and Carly Partners have planned Sheridan Crossing, a 37-acre mixed-use development in North Chicago. CBRE has been retained to market for lease more than 76,000 square feet of retail space at the 260,000-square-foot project, which will be located across from the Naval Station Great Lakes. A 107-room hotel and a 10-screen movie theater will anchor the property. KTGY Architecture + Planning is the project architect. Mary Bresnahan and Kim McGuire of CBRE will lead marketing efforts for the project. A timeline for completion was not disclosed.

June 7, 2018

Acquisitions Connecticut Mixed-Use Northeast

Allied Property Group Orchestrates Sale of Mixed-Use Building in Greenwich for $6.5M

by David Cohen June 5, 2018

GREENWICH, CONN. — Allied Property Group has orchestrated the sale of a mixed-use building at 171-173 Greenwich Ave. in Greenwich for $6.5 million. The three-story property consists of a 3,700-square-foot retail storefront leased to Club Monaco and four apartment units. Thomas Torelli of Allied Property Group represented the undisclosed seller in the transaction and Matt Torrance of Cushman & Wakefield represented the buyer, Winter HPG.

June 5, 2018

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