Mixed-Use

Lalezarian Properties Tops Out 38-Story Mixed-Use Tower in Manhattan

by Amy Works August 4, 2017

NEW YORK CITY — Lalezarian Properties has topped out 515 West 36th Street, a mixed-use tower located on Manhattan’s West Side. Designed by Ismael Leyva Architects, the 38-story, 248,000-square-foot tower will feature 13,000 square feet of commercial retail space on the cellar level, groundfloor and third floor; parking on the second floor; a community facility on the fourth through seventh floors; and residential space, totaling 251 units, on the remaining floors. Completion is tentatively slated for spring 2018.

August 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Meridian Investment Negotiates $19M Sale of Mixed-Use Property in Manhattan’s Kips Bay

by Amy Works August 4, 2017

NEW YORK CITY — Meridian Investment Sales has brokered the sale of a mixed-use property located at 240 E. 28th St. in Manhattan’s Kips Bay neighborhood. A.D. Real Estate Investors sold the property to a private buyer, managed by Sal Notaro, for $19 million. Built in 1920, the six-story building features 28 residential units and two ground-floor retail spaces. The property recently underwent a more than $1 million renovation program, which upgraded the lobby, interior hallways, laundry facilities and façade. Adam Sprung of Meridian represented the buyer and seller in the deal. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

August 4, 2017

Mixed-Use Multifamily New Jersey Northeast Retail

Urstadt Biddle Properties Acquires Equity Interest in 75,400 SF Mixed-Use Property in New Jersey

by Amy Works August 3, 2017

DUMONT, N.J. — Urstadt Biddle Properties (UBP) has purchased an equity interest in a new entity that owns Washington Commons Shopping Center, retail center that includes a residential component in Dumont. The two-building property features a freestanding 44,300-square-foot Stop & Shop and a three-story building that is occupied by retail tenants Valley Medical Group, Great Clips, Pet Valu, Blimpie and that includes 26 residential apartments. The residential unit mix consists of studio, one- and two-bedroom layouts. At the time of acquisition, the property was 100 percent leased. The transaction was structured as a DownREIT partnership whereby the seller, a regional real estate developer, received a combination of cash and operating partnership units in a new entity formed to purchase the property. UBP is the managing member of the newly formed entity and will manage and lease the property. UBP’s initial equity in the DownREIT was approximately $3.9 million, which represents an approximate 31.4 percent equity interest.

August 3, 2017

Alabama Mixed-Use Southeast

Heritage Land & Development to Build 225,000 SF Mixed-Use Project in Downtown Mobile

by Camren Skelton August 3, 2017

MOBILE, ALA. — Heritage Land & Development has unveiled plans for Merchant Plaza, a 225,000-square-foot mixed-use project in downtown Mobile. Formerly known as Merchants National Bank, the historic landmark spans an entire city block and will include 80,000 square feet of Class A office space; 26,000 square feet of commercial, retail and restaurant space; and roughly 82 loft apartments. NAI Mobile and Harbert Realty Services will handle the development’s leasing assignment and property management, respectively.

August 3, 2017

Mixed-Use North Carolina Southeast

Swain & Associates to Break Ground on $250M Mixed-Use Community in Wilmington

by Camren Skelton August 2, 2017

WILMINGTON, N.C. — Swain & Associates has unveiled plans for CenterPoint, a $250 million mixed-use development that will be located at 1531 and 1541 Eastwood Road in Wilmington. The 1 million-square-foot project will span 23 acres and feature a seven-story hotel; 300 one-, two- and three-bedroom apartments; 50 to 60 retail shops and restaurants; a 75,000-square-foot medical services building; 31,600 square feet of office space; structured parking for 1,450 cars and surface parking for 275 cars. In addition to Swain & Associates, the project team includes project planner and architect ci design inc., project engineer McKim & Creed Engineers PA and consulting engineer Bruce Bowman of BMH Architects.

August 2, 2017

Georgia Mixed-Use Southeast

Third & Urban Names Development on Atlanta BeltLine, Signs Tenants

by Camren Skelton August 2, 2017

ATLANTA — Third & Urban has named its development on the Atlanta BeltLine’s Eastside Trail as Common Ground. Located at 550 Somerset Terrace N.E. in Atlanta’s Old Fourth Ward neighborhood, the project is a redevelopment of the former Western Electric Co. facility. The Atlanta-based real estate development and investment firm has signed two new restaurant concepts from hospitality management and creation business, The Diligence Co. — Bazati Hall, which will lease 9,500 square feet, and Estrella, a rooftop bar that will comprise 3,000 square feet. New Realm Brewing Co., an American craft brewery concept from former Stone Brewing Co. brewmaster Mitch Steele, will open a 20,000-square-foot brewhouse and a 3,000-square-foot restaurant. In addition to dining and brewery space, Common Ground is also offering approximately 34,000 square feet of office lofts and retail space for lease. The project is slated to open this fall.

August 2, 2017

Mixed-Use New York Northeast Top Stories

TF Cornerstone to Develop 1.5 MSF Mixed-Use Project in Long Island

by Nellie Day August 2, 2017

NEW YORK CITY — TF Cornerstone is set to develop a 1.5 million-square-foot mixed-use development in Long Island City’s Anable Basin inlet. The $925 million, 4.5-acre project will include residential, commercial, industrial and academic spaces in the New York borough of Queens. The office portion will feature 277,500 square feet of Class A office space and 80,000 square feet of “step-up” office space for start-ups and fast-growing companies in the technology, arts, design and creative industries. Another 22,500 square feet will be dedicated to pre-built incubators for arts, technology and creative industry startups with flexible co-working spaces. The industrial portion will include nearly 100,000 square feet of light industrial space, as well as a 5,000-square-foot “fab lab” for digital fabrication and hardware prototype assembly. About 10,000 square feet will be utilized for an Arts and Technology Accelerator, which will provide education, training, incubation and economic opportunities. This accelerator was designed to forge new collaborations and businesses by merging art, technology and hardware, and to support an ecosystem for technological innovations and entrepreneurship. Another 10,000 square feet will be set aside for classroom space to foster workforce development and training in growing economic sectors, including arts, technology and advanced manufacturing industries. …

August 2, 2017

Mixed-Use Multifamily New York Northeast Office

Olshan Properties, Millhouse Properties Acquire Two-Building Apartment Complex in Manhattan for $40.1M

by Amy Works August 1, 2017

NEW YORK CITY — A joint venture between Olshan Properties and Millhouse Properties has acquired a two-building apartment complex located at 385 and 395 Fort Washington Ave. in the Washington Heights section of Manhattan. Scandinavian Homes sold the properties for $40.1 million. The properties comprise a total of 115 apartments and four office units. Michael Weiser, Barak Jacobov, Shawn Sadaghait and Yisroel Pershin of GFI Realty represented the buyer and the seller in the deal.

August 1, 2017

Arizona Mixed-Use Multifamily Office Retail Top Stories Western

Harbert Management Corp. Acquires Ownership Stake in 628,000 SF Mixed-Use Development in Phoenix

by Katie Sloan August 1, 2017

PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square-foot mixed-use development located in Phoenix. Although the sales price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High St. along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertainment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has replaced Wayzata Investment Partners, now owning the property in partnership with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Finance Trust. ScanlanKemperBard Cos. is a real estate merchant banking firm that acquires, develops …

August 1, 2017

California Features Mixed-Use Top Stories Western Western Feature Archive

Better Together: The Opportunity in Mixed-Use Retail Condos

by John Nelson August 1, 2017

A wave of high-density mixed-use development has swept across the country within the past decade. A number of forces have contributed to this activity, including demographic trends, shifts in housing demand, environmental concerns, as well as governmental forces and municipalities seeking to create sustainable, pedestrian-oriented communities that incorporate a mix of uses. As a result, developers are building ground-up mixed-use projects or converting older hotels or apartment and office buildings into residential developments featuring apartments or condominiums. The street-level retail portion of the development is, in most cases, also converted into a condominium. This process has created a specialized real estate product known as the retail condominium or commercial condominium. The retail condominium has now emerged as a popular, alternative real estate investment platform. Retail condominiums were traditionally in major metropolitan cities like New York or Chicago, but are now debuting in suburban markets throughout the country. Pasadena, long thought of as a suburban neighbor to downtown Los Angeles, now boasts mixed-use developments like the Pasadena Collection and 482 Arroyo. These projects offer a mix of residential, office and retail condominiums. The Harbor Lofts development in downtown Anaheim, Calif., also includes residential loft condominiums above ground-floor retail condominiums. The sale …

August 1, 2017

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