Mixed-Use

Colliers International Brokers Sale of City Block in Historic Downtown Savannah

by John Nelson June 20, 2017

SAVANNAH, GA. — Colliers International has brokered the sale of a full city block in downtown Savannah, comprising two historic buildings and one shared parking lot located at 114 Barnard St., 104 W. State St. and 109-119 Whitaker St., for an undisclosed price. Ashley Smith, Rhett Mouchet and Tyler Mouchet of Colliers International’s Savannah office represented the undisclosed seller in the transaction. The U.S. Post Office, Roly Poly, Alligator Soul and various office spaces are among the tenants at the 24,139-square-foot Barnard Street building. The LEED Silver-certified Whitaker Street building spans approximately 10,500 square feet and is home to Tequila Town Restaurant, Rocko Lounge and office spaces. Colliers International will handle the leasing and management of the properties.

June 20, 2017

Illinois Midwest Mixed-Use

North Wells Capital Acquires 45,359 SF Mixed-Use Building in Chicago

by Kristin Harlow June 20, 2017

CHICAGO — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 45,359-square-foot mixed-use building and adjacent parking lot in Chicago’s River North neighborhood. The purchase price was not disclosed. Located at 308 W. Erie St., the seven-story building includes 36,859 square feet of office space and 8,500 square feet of retail space. Built in 1937 and renovated in 2015, the building is 100 percent leased to 13 tenants. The parking lot provides space for 38 cars. Urban Innovations will manage and lease the property.

June 20, 2017

Loans Mixed-Use Texas

Whitestone REIT Lands $80M Acquisition Loan for 216,692 SF Mixed-Use Asset in Houston

by Taylor Williams June 20, 2017

HOUSTON — Whitestone REIT has landed an $80 million loan for the acquisition of BLVD Place, a 216,692-square-foot mixed-use asset located at 1700 Post Oak Blvd. in the Galleria area of Houston. Anchored by Whole Foods Market, the property was 99 percent occupied at the time of loan closing to tenants such as Frost Bank, Verizon Wireless and True Food. Matt Kafka and Kelly Layne of HFF arranged the 10-year, fixed-rate loan. Whitestone acquired the property for approximately $158 million from a partnership between San Francisco-based asset management firm Bailiard Inc. and local developer Wulfe & Co.

June 20, 2017

Mixed-Use Office South Carolina Southeast

CBRE Secures $35.5M in Financing for Mixed-Use Developments in Charleston

by Camren Skelton June 19, 2017

CHARLESTON, S.C. — CBRE has arranged $35.5 million in financing for Half Mile North and Pacific Box & Crate, two mixed-use projects on the Charleston peninsula. CBRE’s Jeff Ackemann and Porter McDonald arranged the permanent mortgage through Nationwide Real Estate Investments on behalf of the borrower, Raven Cliff Co. LLC. In 2016, the CBRE team secured a $35 million construction loan to recapitalize the Half Mile North Development and provide construction financing for the Pacific Box & Crate project. Together, the developments encompass 222,113 square feet of office space and chef-driven food options. The projects were 97 percent leased at the time of sale. SIB, Integral Solutions Group, BoomTown!, Phish Labs and Blue Acorn are among the developments’ current tenants.

June 19, 2017

Mixed-Use Texas

De La Vega to Develop 1.4 MSF Mixed-Use Project in Dallas

by Taylor Williams June 19, 2017

DALLAS — De La Vega Development will develop OVERstreet at SEVENTYfive, a 1.4 million-square-foot mixed-use project situated at the corner of North Central Expressway and Haskell Avenue in Dallas. The four-building project will deliver 767,000 square feet of office space, a 150-room hotel, 59,500 square feet of retail and restaurant space and a 462,000-square-foot residential tower. The project will also include three parking garages totaling 2,770 spaces. De La Vega purchased the 10-acre tract on which the project will be developed, according to The Dallas Morning News.

June 19, 2017

California Mixed-Use Office Retail Western

Faris Lee Arranges $6.6M Sale of Mixed-Use Property in Dana Point

by Nellie Day June 16, 2017

DANA POINT, CALIF. — Faris Lee Investments has arranged the sale of La Plaza Pacifica, a retail and office property located at 34052 La Plaza Drive in Dana Point. Raintree Evergreen LLC acquired the property from Trowbridge Vaughen Vivos Trust for $6.6 million, or $463 per square foot. At the time of sale, the 14,900-square-foot property was 95 percent occupied. Jeff Conover of Faris Lee Investments represented the buyer and seller in the deal.

June 16, 2017

Massachusetts Mixed-Use Northeast Top Stories

Cottonwood Management Breaks Ground on $900M Mixed-Use Development in Boston’s Seaport District

by John Nelson June 15, 2017

BOSTON — Cottonwood Management, a private real estate management and development firm based in Los Angeles, has started construction of Echelon Seaport, a three-tower, $900 million mixed-use development in Boston’s Seaport district. Set to open in phases between 2019 and 2020, the project will feature 733 condominiums and apartments and 125,000 square feet of retail space. The 3.5-acre development is situated at Seaport Boulevard and B Street and directly across from HarborWalk and Boston Harbor, providing miles of walking and bike paths, as well as water taxi access to places like Logan International Airport. The project will also be located one block from the MBTA Silver Line and within walking distance of Boston’s downtown/financial district. Cottonwood unveiled its Echelon lifestyle brand at the groundbreaking ceremony held yesterday. Boston Mayor Martin Walsh, Massachusetts Gov. Charles Baker and James Beard award-winning chef Ming Tsai of the nearby Blue Dragon restaurant attended the event. “Boston’s Seaport is one of the most exciting neighborhoods in the world right now and is the perfect starting place for Cottonwood to establish the Echelon lifestyle brand,” says Alexander Shing, chairman and CEO of Cottonwood Management. “Echelon Seaport will anchor the Seaport community with a new level of …

June 15, 2017

Mixed-Use Southeast Virginia

Marcus & Millichap Arranges $10.5M Sale of Mixed-Use Property in Richmond’s Shockhoe Bottom District

by John Nelson June 14, 2017

RICHMOND, VA. — Marcus & Millichap has brokered the $10.5 million sale of Haxall View, a mixed-use property in Richmond comprising 29 one- and two-bedroom apartments and 24,307 square feet of office and restaurant space. Located at 2101 E. Main St. in Richmond’s Shockhoe Bottom district, the two conjoined buildings are situated on 22,815 square feet at the corner of East Main and South 21st streets. The apartments at the former cigar factory feature exposed brick, private balconies, hardwood floors, bay doors and new kitchen appliances. Property amenities include secured parking, a fitness center and a rooftop deck. Christopher Chadwick and Dawson Rinder of Marcus & Millichap’s Washington, D.C., office represented the undisclosed seller in the transaction. The buyer purchased the asset in a 1031 exchange.

June 14, 2017

Mixed-Use Southeast Tennessee

Crescent Communities Unveils Plans for Bigby Mixed-Use Development in Nashville’s Cool Springs District

by John Nelson June 13, 2017

FRANKLIN, TENN. — Crescent Communities has unveiled plans for Bigby, a mixed-use development in Nashville’s Cool Springs submarket. Situated at the intersection of East McEwen Drive and Carothers Parkway in Franklin, Bigby will comprise 30,000 square feet of retail space, a 280,000-square-foot office tower, 40,000 square feet of loft office space, 330 apartments, 15 townhomes, a 200-room hotel, a 12-acre park, public plazas and roughly 2,015 parking spaces. Bigby will connect to existing properties developed over the past couple decades by Crescent Communities, including the One and Two Greenway office buildings and apartment communities the Venue Cool Springs and Cadence Cool Springs. The project team includes architect ESa, landscape architect Hodgson Douglas and Foundry Commercial. Crescent Communities will develop Bigby’s retail, multifamily and office components.

June 13, 2017

Mixed-Use North Carolina Southeast

MPV Properties, Bowman Development to Build Mixed-Use Project in Metro Charlotte

by John Nelson June 13, 2017

HUNTERSVILLE, N.C. — MPV Properties and Bowman Development Group have partnered to develop Vermillion Village, a 30-acre mixed-use development in downtown Huntersville, roughly 15 miles north of Charlotte. Situated off Interstate 77 at North Church Street and Huntersville-Concord Road, the project will feature a 78,000-square-foot supermarket, 18,000 square feet of additional retail shops and 400 residential units. MPV will handle the development of Vermillion Village’s commercial portion, and Bowman will handle the residential component. The developers have committed to provide at least $250,000 for road improvements surrounding the project. The Huntersville Town Board approved plans for Vermillion Village earlier this month, and the land sale is expected to close in July. The estimated timeline for the project is three to five years, and the developers plan to build the retail portion first.

June 13, 2017

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