Mixed-Use

Angelo, Gordon & Co., Prism Capital to Redevelop Former Wonder Bread Facility in Hoboken to Mixed-Use Property for $120M

by David Cohen March 26, 2018

HOBOKEN, N.J. — Angelo, Gordon & Co. and Prism Capital Partners have unveiled plans to recapitalize and develop a former industrial facility in Hoboken as an 89-unit apartment property with 10,000 square feet of indoor and outdoor amenity space as well as a street-level retail space for $120 million. Parkwood Development Corp. started the project in 2012 and will retain an ownership stake in the development. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Wonder Lofts, will be made up of five separate buildings and retain a significant amount of the property’s existing architectural detail. The project has received necessary approvals and nearly all demolition and construction preparation has been completed.

March 26, 2018

Colorado Development Mixed-Use Office Restaurant Retail Western

Neenan Co. Begins Construction of Mixed-Use Retail Center in Timnath, Colorado

by Amy Works March 22, 2018

TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestanding single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project’s developer and design-builder, The Neenan Co. will sell the retail and office condominiums to each end user upon the project’s completion in late 2018.

March 22, 2018

Development Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Feldman Equities, Two Roads Development to Build 50-Story Mixed-Use Tower in Downtown Tampa

by Katie Sloan March 22, 2018

TAMPA, FLA. — A partnership between Feldman Equities and Two Roads Development has announced plans for Riverwalk Place, a 50-story, mixed-use development located on Ashley Drive in downtown Tampa. The building will be the tallest on the west coast of Florida, according to the development team. The property will include 10 floors of office space and 33 floors housing more than 200 luxury condominiums accessed by private elevators. The property will also feature an integrated parking structure connected by plaza with up to five waterfront restaurants and retail tenants. The development may also feature an adjacent marina for use by residents. An existing building on the property has been vacated, and will be demolished soon in preparation for construction. A timeline for the development was not disclosed, and a rendering has not yet been released. Both parties of the joint venture have invested significant capital into the project, which is currently in the pre-construction phase. The next phase of development will include taking reservations and deposits, followed by going to market for construction funding. Reid Boren, managing partner of Two Roads Development, has noted that several banks are willing to provide financing prior to reservations being taken, but the developer prefers …

March 22, 2018

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Trammell Crow-Led Group to Build $500M Mixed-Use Project in Bay Area

by Amy Works March 21, 2018

ALAMEDA, CALIF. — A joint venture led by Trammell Crow Residential (TCR) plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development. The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021. AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres: Block 8 – Eden Housing will develop a 70-unit multifamily affordable community and a 60-unit affordable seniors housing community. Block 6 – Trumark Homes will develop 123 townhomes. Block 9 – Cypress Equity Investments will develop a 200-unit apartment community with …

March 21, 2018

Development Midwest Minnesota Mixed-Use Top Stories

Bloom International Realty to Develop Two Mixed-Use Towers in Minnesota for $180M

by Camren Skelton March 21, 2018

ROCHESTER, MINN. — Bloom International Realty of United Arab Emirates plans to develop a pair of mixed-use towers along the Zumbro River in Rochester. Total project costs for the 1 million-square-foot development will be $180 million. The Rochester City Council gave the planned use for the property unanimous approval on Monday, March 19. Before the development can move forward, the council still needs to approve a land sale to Bloom and a $20 million tax increment financing package, according to the Minneapolis/St. Paul Business Journal. At full build-out, the development will include a 180-room hotel with 130 branded condominiums, a 215-unit seniors housing community and 37,000 square feet of ground-floor retail and restaurant space. The first tower will span 22 stories and the second will span 26, according to local media reports. In addition, the project will include an indoor winter garden, a public plaza on 3rd Street, a rooftop terrace park and a boardwalk that will provide access to the Zumbro Riverfront. Pittsburgh-based architecture firm AE7 is designing the project. A construction timeline for the development was not disclosed. — Camren Skelton

March 21, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers Sale of 15,000 SF Mixed-Use Building in Chelsea for $18.3M

by David Cohen March 20, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 151 Eighth Ave., a five-story mixed-use building in Manhattan’s Chelsea neighborhood, for $18.3 million. Brock Emmetsberger, Billy Simons and Rachel Aschendorf of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was a partnership made up of Stone Street Properties and Greenwich Village Capital. The 15,260-square-foot building contains 16 residential units, two retail units and one cell tower. Of the 16 apartments, 11 are free market, four are rent stabilized and one is rent controlled. The building is located in close proximity to retail and dining options that include Chelsea Market and Barneys New York.

March 20, 2018

Acquisitions Arizona Mixed-Use Office Restaurant Retail Western

DPC Acquires 145,000 SF Mixed-Use Development in Scottsdale for $16M

by Amy Works March 20, 2018

SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.

March 20, 2018

Acquisitions Mixed-Use New York Northeast Property Type Top Stories

Jamestown Sells 1.2 MSF Chelsea Market in Manhattan to Google for $2.4B

by John Nelson March 20, 2018

NEW YORK CITY — Jamestown LP has sold Chelsea Market in Manhattan to Google Inc. (NASDAQ: GOOG) for $2.4 billion. Formerly a Nabisco factory in the West Chelsea district, the nearly 1.2 million-square-foot complex features office and retail space, as well as a large food hall on the ground floor that serves more than 500,000 locals and tourists on a monthly basis. The property occupies an entire city block bounded by Ninth and Tenth avenues between 15th and 16th streets. Jamestown will continue to manage Chelsea Market’s food hall and retail component. “I don’t think we could think of a more appropriate buyer and better steward for the asset. We’ve been working with Google for 17 years and we’ve watched them grow from 30 people in an office to now being one of the largest tech employers in the city,” says Michael Phillips, president of Jamestown. “It’s a bittersweet day. We’ve spent a lot of time there, and we love all the tenants. We’ll continue to have our offices there, but I think it’s a good time for Google to step in.” In 2010, Jamestown and its partners sold 111 Eighth Avenue, a roughly 3 million-square-foot office building in Manhattan, …

March 20, 2018

Acquisitions Mixed-Use New York Northeast

Eastern Consolidated Brokers $12.8M Sale of 10,000 SF Mixed-Use Building on Lower East Side

by David Cohen March 19, 2018

NEW YORK CITY — Eastern Consolidated has arranged the sale of a 10,000-square-foot mixed-use building at 168 Suffolk St. on the Lower East Side for $12.8 million. Peter Carillo of Eastern Consolidated represented the seller, 168 Suffolk St. Owners LLC. Elad Dror and Tony Parks of PD Properties represented the buyer, Eunhasu Corp. In addition to the leased ground-floor retail space, the building consists of nine, two-bedroom, free-market apartments. In 2016, the building was fully renovated which included the installation of a new roof and rear building extension on all floors. Amenities include a shared roof deck as well as bike and locker storage. Located between East Houston and Stanton streets, the property is two blocks from the F, J, M and Z trains on Delancey Street.

March 19, 2018

Michigan Midwest Mixed-Use

Bagley Forest Properties to Redevelop Former Department Store in Detroit

by Kristin Harlow March 16, 2018

DETROIT — Bagley Forest Properties plans to redevelop the former B. Siegal department store building in Detroit into retail and multifamily space. The property is located at the intersection of Livernois Avenue and 7 Mile Road. Construction of the 29,000-square-foot project is expected to begin in the next 45 days with completion slated for early 2019. Matt Hessler of Bagley Forest Properties owns the property. Arthur Itkis and Aaron Moore of JLL will market the property for lease.

March 16, 2018

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