Mixed-Use

Marcus & Millichap Brokers $22.3M Sale of Three Mixed-Use Buildings in Brooklyn

by Amy Works April 26, 2018

NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.

April 26, 2018

Acquisitions Healthcare Mixed-Use Northeast Office Pennsylvania Retail

Colliers Negotiates $2.1M Sale of 7.2-Acre Development Site in Pennsburg, Pennsylvania

by Amy Works April 26, 2018

PENNSBURG, PENN. – Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International’s office in Allentown, Penn., represented the undisclosed seller, while Markward Group represented the buyer in the transaction.

April 26, 2018

Development Georgia Mixed-Use Southeast

Knotting, Ardent Break Ground on 35-Acre Adaptive Reuse Project in Athens, Georgia

by Camren Skelton April 25, 2018

ATHENS, GA. — Knotting Development, in partnership with the Ardent Cos., has broken ground on General Time Athens, an adaptive reuse project at the former Westclox Building in Athens. The first phase of the project will revitalize the 100,000-square-foot warehouse of the former clock manufacturer, located at 100 Newton Bridge Road, roughly two miles from the University of Georgia (UGA) campus. Terrapin Beer Co. will anchor the project, leasing 68,000 square feet of warehouse space. The Athens-based brewery has been situated across the street from the site for 11 years. Phase II of General Time Athens will include environmental remediation, as well as demolishing and rebuilding the original 250,000-square-foot Westclox manufacturing building. The space will house offices, shops and restaurants. In addition, the project will house residential units and a 3,000-seat music venue that will host beer and wine festivals, recreational events, movie nights and other community events. Charlottesville, Va.-based Red Light Management is developing the music venue in partnership with Knotting and Ardent. Headed by UGA graduate Michael Dinerman and Jennifer Davidson, Knotting Development worked closely with the Athens Clarke County (ACC) Commissioners, ACC Economic Development, ACC Leisure Services, small business owners and the surrounding community to curate the …

April 25, 2018

Development Midwest Missouri Mixed-Use

Cullinan Properties to Develop 60,000 SF Mixed-Use Building at Streets of St. Charles in Missouri

by Kristin Harlow April 24, 2018

ST. CHARLES, MO. — Cullinan Properties Ltd. has begun development of a new 60,000-square-foot building at the Streets of St. Charles near St. Louis. The mixed-use building will feature 20,000 square feet of ground-floor retail space and 40,000 square feet of office space. Additional parking is also under construction as part of the project. The building is slated to open in spring 2019. Cullinan Properties is leasing the retail space, while Colliers International is marketing the office space for lease. Architecture firm Oculus Inc. designed the building, and the general contractor for the project is Brinkmann Constructors. The Streets of St. Charles is a 27-acre mixed-use community with retail, dining, entertainment, hospitality, multifamily and office space.

April 24, 2018

Development Mixed-Use Texas

Maker Bros. Breaks Ground on $120M Mixed-Use Development in Austin

by Taylor Williams April 20, 2018

AUSTIN, TEXAS — Maker Bros. has broken ground on St. Elmo Public Market, a mixed-use development in Austin that is valued at approximately $120 million, according to the Austin American-Statesman. Project features include a 40,000-square-foot public market, 103,380 square feet of office space, 380 apartment units and a 156-room hotel. The development, which is situated on a 12.5-acre site at 4329 S. Congress Ave. on the city’s south side, is expected to open in May 2019.

April 20, 2018

Development Florida Hospitality Mixed-Use Southeast Top Stories

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

by Kristin Harlow April 20, 2018

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will feature multiple social and amenity spaces for guests, including a rooftop pool, bar and restaurant, spa and fitness center. The ground-floor space will house several restaurants and shops, which have yet to be announced. Water Street Tampa will also include a JW Marriott luxury hotel, which is slated to open in 2020. Furthermore, SPP has unveiled plans to fully renovate an existing 727-room Marriott Waterside Hotel & Marina. Combined, these three properties will account for 1,419 hotel rooms and over 150,000 square feet of meeting and event space. Water Street Tampa is a multi-phase, 50-acre project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space, with the first …

April 20, 2018

Acquisitions Connecticut Mixed-Use Northeast

RHYS Arranges $4.3M Sale of Mixed-Use Building Near Norwalk

by David Cohen April 19, 2018

WILTON, CONN. — Commercial real estate services firm RHYS has arranged the $4.3 million sale of 59 Danbury Road in Wilton, about seven miles north of Norwalk. The 32,270-square-foot mixed-use building was built in 1959 and fully renovated in 2007. Cory Gubner, Christian Bangert and Alex Haendler of RHYS represented the seller, New York City-based Caroline APTS Co., and the buyer, New England Investment Partners. The property is currently fully leased to two tenants: ASML, a semiconductor company; and Building Blocks Learning Center, an early childhood learning center.

April 19, 2018

Development Loans Mixed-Use New York Northeast Top Stories

HFF Arranges $260M Construction Financing for New Tower at Mixed-Use Project in Manhattan

by Camren Skelton April 19, 2018

NEW YORK CITY — HFF has arranged a $260 million construction loan for the development of 202 Broome Street. The 16-story tower will rise at Essex Crossing, a planned mixed-use project on Manhattan’s Lower East Side. Evan Pariser, Michael Gigliotti, Scott Aiese, Alex Staikos and Jackie Ferrer of HFF arranged the 42-month loan on behalf of the developer, Delancey Street Associates, a joint venture comprising Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group. Square Mile Capital Management LLC provided the loan. “We continue to see compelling opportunities for debt investments in the New York market,” said Sean Reimer of Square Mile Capital. “The Essex Crossing project is a great example — a transformative development being created by a strong, visionary ownership group.” Upon completion in 2020, 202 Broome Street will include 179,234 square feet of Class A office space, 36,888 square feet of retail space and 83 luxury condominiums. The building will also contain a portion of Market Line, an underground marketplace that will span three city blocks and feature a food hall and a variety of large and small businesses. The historic Essex Street Market will anchor the marketplace. Construction on Essex Crossing …

April 19, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

J.G. Petrucci Acquires Six Acres in Suburban Philadelphia, Plans Mixed-Use Development

by David Cohen April 18, 2018

WILLOW GROVE, PA. — J.G. Petrucci Co. has acquired five properties totaling six acres in Willow Grove in separate transactions brokered by CBRE. The sales price was not disclosed. Willow Grove is located about 13 miles north of Philadelphia. The developer plans to build a new $75 million mixed-use development on the site, which will be called Station at Willow Grove. Patrick McCabe of CBRE represented the buyer in all five transactions. The project will include 275 new apartment units and 30,000 square feet of commercial and retail space. Located across from the Willow Grove Southeastern Pennsylvania Transportation Authority train station, the development fits J.G. Petrucci’s penchant for transit-oriented residential projects. Construction is scheduled to begin on April 19 and is expected to be completed in the second quarter of 2019.

April 18, 2018

Loans Mixed-Use New York Northeast

Ariel Property Advisors Arranges $6.5M Refinancing for Mixed-Use Portfolio in Brooklyn

by David Cohen April 18, 2018

NEW YORK CITY — Ariel Property Advisors has arranged a $6.5 million cash-out refinance loan for four mixed-use properties in the Bedford-Stuyvesant neighborhood of Brooklyn. Paul McCormick and Matt Dzbanek of Ariel Property Advisors arranged the five-year, cash-out refinancing at a 75 percent loan-to-value and fixed interest rate of 4 percent for the undisclosed borrower. The four properties include 22 residential and six commercial units. Approximately 30 percent of the owner’s gross income comes from commercial leases.

April 18, 2018

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