Mixed-Use

Asana Acquires Krog Street Market, Atlanta Stove Works in Atlanta’s Inman Park Neighborhood from Paces Properties

by Camren Skelton April 13, 2018

ATLANTA — Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta’s Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine’s Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burrito and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties.

April 13, 2018

Development Illinois Midwest Mixed-Use

1.6 MSF Mixed-Use Development Designed by Goettsch Partners Opens in Suzhou, China

by Kristin Harlow April 13, 2018

SUZHOU, CHINA — Designed by Chicago-based Goettsch Partners and developed by Tishman Speyer, a large mixed-use development known as The Summit has opened in Suzhou, China. The city is located in the southeastern Jiangsu Province of East China with a population of 4.3 million people. On the north parcel, a 16-story building features four floors of retail space and 12 floors of office space. On the south parcel, a 39-story building features four levels of retail space, 16 levels of office space and 17 levels of residential space. A bridge connects the two-building mixed-use complex, which spans 1.6 million square feet. The project is certified LEED Gold and features direct connection to mass transit. This is the 14th project that Goettsch Partners has completed in Suzhou.

April 13, 2018

Acquisitions Mixed-Use Texas

Weitzman Arranges Sale of Five-Story Mixed-Use Building in Downtown Dallas

by Taylor Williams April 12, 2018

DALLAS — Weitzman has arranged the sale of a five-story mixed-use building located at 711 Elm St. in the West End area of downtown Dallas. Built in 1925 and renovated in 1990, the property comprises a four-level, 137-space parking deck and 7,200 square feet of street-level retail space. Matthew Rosenfeld, Mike Allen and Kevin Butkus of Weitzman represented the seller, a Dallas-based limited partnership, in the transaction. The buyer was a local investment group. Both parties requested anonymity.

April 12, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $72M Loan for Condo Project Near Completion in NYC

by David Cohen April 12, 2018

NEW YORK CITY — Madison Realty Capital has provided a $72 million first-mortgage loan for the nearly completed condominium development in the Chelsea neighborhood of Manhattan. The financing retires the previous debt of the borrower, Highline Development Group. The property is being developed by Highline and Tamarkin Co. Currently in the final stages of interior construction, 550 West 29th St. will include 19 residential units and 5,022 square feet of ground-floor retail space. The property is adjacent to the High Line between 10th and 11th avenues. Amenities will include a 24-hour doorman, fitness center, sauna and storage units for each residence. Select units will have private terraces. Prices range from $4.6 million to $13.5 million. The project is expected to be completed in mid-2018.

April 12, 2018

Development District of Columbia Mixed-Use Retail Southeast

Forest City Unveils Vision for 3 MSF Second Phase of The Yards in D.C.

by Camren Skelton April 12, 2018

WASHINGTON, D.C. — Forest City Washington has unveiled plans for the second phase of The Yards, a master-planned mixed-use development in Washington, D.C. Phase II of the waterfront development will include an additional 3 million square feet on the western side of the property, between 1st Street S.E. and New Jersey Avenue. Planned elements include 1,200 residential units, 1.5 million square feet of Class A office space and 150,000 square feet of retail and dining space. Phase II will be organized around a pedestrian-friendly street with ground-level retail and dining, extended green spaces and public gathering areas. The six-block area will begin at the intersection of New Jersey Avenue and M Street S.E., and will extend to the Anacostia River at Diamond Teague Park. The second phase of the project is expected to break ground in 2019 and deliver in 2030. At full build-out, The Yards will span 48 acres and will feature 1.8 million square feet of office space, 400,000 square feet of retail and dining and up to 3,400 residential units. In addition, The Yards will be home to the 225-room Thompson D.C. hotel, slated to open in 2020.

April 12, 2018

Development Georgia Leasing Activity Mixed-Use Retail Southeast

Selig Reveals Retail Lineup of $229M City Springs Mixed-Use Project in Metro Atlanta

by Camren Skelton April 12, 2018

SANDY SPRINGS, GA. — Atlanta-based developer Selig Enterprises has unveiled the retail tenant lineup at City Springs, a $229 million mixed-use development in Sandy Springs, about 14 miles north of downtown Atlanta. Serving as the downtown district of Sandy Springs at the corner of Roswell Road and Mount Vernon Highway, City Springs will soon be home to four new restaurants and three health and wellness concepts totaling roughly 20,000 square feet. The new eateries will include Café Vendome, a bread and sandwich bistro with an existing location in Sandy Springs; Flower Child, a health-conscious restaurant chain serving vegetables, fruit, grains and healthy proteins; Nam Kitchen, a Vietnamese restaurant headed by Alex Kinjo of MF Sushi, executive chef Thuy Bich and Ahn Hoang from Nam Midtown; and The Select, an American comfort food concept that will feature an extensive wine list. The health and wellness outfits coming to City Springs will include Turn, the first indoor cycling and boot camp fitness studio from owner Ashley Francis; SculptHouse, a high-intensity, low-impact fitness concept with existing locations in Buckhead and Nashville; and Vida-Flo, a hydration treatment center staffed by licensed medical professionals. Build-out has begun on several of the spaces, with the first tenants expected …

April 12, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Negotiates $6.3M Sale of Mixed-Use Building in Red Bank, New Jersey

by David Cohen April 11, 2018

RED BANK, N.J. — Marcus & Millichap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square-foot mixed-use property in Red Bank, four miles south of Middletown. Michael Lombardi and Charles Loccisano of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street.

April 11, 2018

Loans Mixed-Use Texas Top Stories

Berkadia Arranges $198.3M Refinancing for Office Component of Mixed-Use Asset in Brooklyn

by Taylor Williams April 9, 2018

NEW YORK CITY — Berkadia has arranged a $198.3 million loan for the office component of Brooklyn Renaissance Plaza, a 1.4 million-square-foot, mixed-use property in Brooklyn. The deal restructures existing debt on the property’s 465,000-square-foot office condominium space. This section of Brooklyn Renaissance Plaza is fully leased to the Kings County District Attorney (KCDA). That lease has 10.5 years left on it. The borrower is a joint venture between New York-based Muss Development Corp. and San Diego-based HomeFed Corp. The loan features a 21.5-year term and a 4.47 percent interest rate. Mark Vogel and Dan Geuther of Berkadia secured the funds through CGA Capital Corp., a Maryland-based private lending and investment firm. “In seeking to obtain a loan duration of over 20 years, we were presented with two significant challenges,” says Vogel. “The ground-lease payment will reset to unknown market rates in 2021 and 2031, and the KCDA lease expires in 2028.” “Working with CGA, we were able to craft a custom credit solution that enabled us to underwrite through these significant risk events and accomplish the client’s objective of long-term fixed-rate financing,” he added. Brooklyn Renaissance Plaza is located at 345 Adams St. In addition to the office condo, the …

April 9, 2018

Development Mixed-Use Northeast Pennsylvania Retail

Kimco’s Lincoln Square to Feature Philadelphia’s First Sprouts Farmers Market

by David Cohen April 5, 2018

PHILADELPHIA — Kimco Realty’s Lincoln Square mixed-use project currently under development will be the site of Philadelphia’s first Sprouts Farmers Market. The 32,000-square-foot store is part of the adaptive reuse of Lincoln Square’s historic train station and will incorporate the Gothic Revival elements of the property. Work on the redevelopment project at the corner of South Broad Street and Washington Avenue, began in late 2016. Sprouts is one of the fastest growing grocers in the United States and has opened 30 stores in 2018. Other retail tenants that have signed on to the development include Target, PetSmart, Starbucks and Sprint. The project will also include 322 residential units. Residential move-ins are planned to begin this summer, with Sprouts set to open in the third quarter of 2018.

April 5, 2018

Acquisitions Mixed-Use New York Northeast

Alpha Realty Arranges $7M Sale of Mixed-Use Building in Upper East Side

by David Cohen April 4, 2018

NEW YORK CITY — Alpha Realty has brokered the sale of a 10,000-square-foot multi-use building in the Upper East Side of Manhattan for $7 million. The property, located at 148 East 98th St., is a newly constructed six-story elevator building with 11 apartments and one commercial unit. The property sold at a capitalization rate of 3.4 percent. Lev Mavashev and Glenn Raff of Alpha Realty brokered the transaction with Raff representing the seller, a local private investor. Mavashev procured the buyer, Rebar Development Group.

April 4, 2018

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