Mixed-Use

Transwestern Secures Financing for Boston Celtics Practice Facility in Brighton, Mass.

by Haisten Willis April 13, 2017

BRIGHTON, MASS. — Transwestern Consulting Group (TCG) has arranged a construction and permanent financing loan on behalf of NB Development Group for 40 Guest St. in Brighton. According to public records, the loan amount was $76 million. TCG’s Chris Skeffington and Andrew Stone, along with NB Development’s Jim Halliday and Kevin Doyle, arranged the loan with East Boston Savings Bank. Part of the Boston Landing mixed-use development, 40 Guest St. is a planned 160,000-square-foot facility that will house the Boston Celtics’ new training and practice facility known as the Auerbach Center at New Balance World Headquarters. The project also includes two floors of Class A laboratory and office space totaling 83,500 square feet, plus 5,700 square feet of retail space. The project broke ground in November 2016, with completion expected in mid-2018. TCG provides leasing and property management services for Boston Landing.

April 13, 2017

Mixed-Use Texas

Marcus & Millichap Brokers Sale of 235,042 SF Mixed-Use Development in Farmers Branch

by Taylor Williams April 13, 2017

FARMERS BRANCH, TEXAS — Marcus & Millichap has brokered the sale of Midway Business Park, a 235,042-square-foot, mixed-use development in the Dallas-Fort Worth metro of Farmers Branch. Located at 13604-13740 Midway Road near the LBJ Freeway, the property, which was 80 percent occupied at the time of sale, offers retail, office and flex space. Ron Hebert and Michael Lawrence of Marcus & Millichap represented the seller, a California-based investment firm, and procured the buyer, a Texas-based investment firm.

April 13, 2017

Massachusetts Mixed-Use Northeast Top Stories

Shorenstein Properties Sells 741,200 SF Center Plaza in Boston for $365M

by John Nelson April 13, 2017

BOSTON — After more than three years of ownership, Shorenstein Properties has sold Center Plaza, a 741,200-square-foot mixed-use asset in downtown Boston. Synergy Investments, a Boston-based real estate owner and investor, and GreenOak, an international real estate investment and lending firm, have jointly purchased Center Plaza for $365 million. Developed by Beacon Capital in phases in the late 1960s and early 1970s, Center Plaza consists of three interconnected, nine-story buildings comprising more than 600,000 square feet of office space, 77,000 square feet of street-level retail and a below-grade parking garage with 575 spaces. Situated at 1-3 Center Plaza, the retail and office development features nearly 875 feet of frontage along Cambridge Street. Center Plaza, which is currently 60 percent leased to 31 tenants, sits at the entrance to Boston’s Beacon Hill neighborhood. The project is situated across the street from Boston’s City Hall. Shorenstein Properties purchased Center Plaza in January 2014 for $307 million, according to the Boston Business Journal. The media outlet also reported that Shorenstein’s planned $25 million overhaul of Center Plaza never took shape. The NGKF Capital Markets Boston team led by Robert Griffin, Edward Maher, Matthew Pullen and James Tribble represented Shorenstein Properties, which sold the …

April 13, 2017

Mixed-Use Multifamily Northeast Office Retail Vermont

Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont

by Haisten Willis April 12, 2017

BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.

April 12, 2017

Hospitality Industrial Mixed-Use Northeast Pennsylvania Retail

MRA Group Buys 133-Acre Mixed-Use Complex in Metro Philadelphia

by Haisten Willis April 12, 2017

SPRING HOUSE, PA. — MRA Group has acquired the former Rohm & Haas research and development campus located at 727 Norristown Road in the Philadelphia suburb of Spring House. Now known as the Spring House Technology Park, the complex spans 591,000 square feet across 11 buildings. The 133-acre campus is located near the Fort Washington exit of the Pennsylvania Turnpike. MRA will renovate the park to include office and laboratory facilities, a hotel, co-working space, on-site daycare, a gym and a 40,000-square-foot retail village. The property was initially acquired in 1962 by Rohm & Haas Co. and developed into Spring House Technical Center, a research and development campus. The existing buildings were constructed between 1963 and 1995, with 75 percent dedicated to laboratory use and the rest used for offices. The Dow Co. acquired Rohm & Haas in 2012, and by 2015 Dow relocated its employees to a new facility in Collegeville, Pa. In 2015 MRA Group entered into discussions with Dow to acquire the property in its entirety, with closing occurring in late March 2017.

April 12, 2017

Mixed-Use Texas

Boeing to Establish Global Services Division at Legacy West in Plano

by Taylor Williams April 11, 2017

PLANO, TEXAS — Aircraft manufacturing firm Boeing will establish the headquarters of its newly formed global services division at Legacy West, a 250-acre, mixed-use development located at 5905 Legacy Drive in the Dallas-Fort Worth metro of Plano. The division, which will be operational in July, will serve as the central hub for more than 20,000 employees worldwide.

April 11, 2017

Mixed-Use Texas

Stonelake Finalizes Plans for Phase III of 11.5-Acre Mixed-Use Development in Houston

by Taylor Williams April 6, 2017

HOUSTON — Stonelake Capital Partners has finalized plans for Phase III of Park Place River Oaks, an 835,000-square-foot, mixed-use development situated on 11.5 acres along Westheimer Road in the River Oaks submarket of Houston. Phase III will consist of two four-story buildings, including 105,000 square feet of retail space and 105,000 square feet of office space. Phase I of the project consisted of an eight-story, 344-unit multifamily building, which is now 90 percent leased. Phase II consisted of a 17-story, 297-unit high-rise, completion of which is slated for this 2017.

April 6, 2017

Loans Midwest Minnesota Mixed-Use

Venture Mortgage Provides $5.5M Loan for Refinancing of Mixed-Use Building in Minnetonka, Minnesota

by Kristin Harlow April 6, 2017

MINNETONKA, MINN. — Venture Mortgage has provided a $5.5 million loan for the refinancing of a mixed-use building in Minnetonka. The 55,095-square-foot building includes tenants such as Edina Realty and Snap Fitness. The 10-year loan includes a 25-year amortization schedule. Erik Johnson of Venture Mortgage originated the loan for the undisclosed borrower.

April 6, 2017

Mixed-Use North Carolina Southeast

Vertical Construction Begins at Rea Farms Mixed-Use Development in South Charlotte

by John Nelson April 5, 2017

CHARLOTTE, N.C. — Vertical construction is underway at Rea Farms, a mixed-use development located in south Charlotte. Lincoln Harris, Greg Currie and the Rea family are the master developers of the development, which is situated at the intersection of Providence and Ardrey Kell roads south of Interstate 485. Life Time Fitness is developing the 200,000-square-foot Life Time Athletic Charlotte at the development, and Woodfield Investments is developing the 455-unit Links at Rea Farms. The fitness and aquatics facility is set to open in the fourth quarter of this year, and the Class A apartment community is set to open in early 2018. Construction on the Harris Teeter-anchored retail village and Greystar’s senior housing facility known as Overture Providence at Rea Farms will begin this summer. CalAtlantic Homes will also build 249 single-family homes and townhomes at Rea Farms.

April 5, 2017

Mixed-Use Southeast Tennessee

GBT Realty Reveals New Tenants at Mixed-Use Project Underway in Nashville

by John Nelson April 5, 2017

NASHVILLE, TENN. — GBT Realty Corp. has announced the tenant lineup at Village 21 at Regions Park, a $45 million mixed-use development under construction near Vanderbilt University in Nashville. Situated at the intersection of 21st Avenue South and Wedgewood Avenue, the property will include 101 apartment residences, community amenities, 250 surface and below-grade parking spaces and 22,000 square feet of retail space that is 95 percent pre-leased. Committed retail tenants that are set to open this summer include Regions Bank, Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama. By May, GBT Realty expects to announce a celebrity-backed restaurant concept to fill the property’s two-story restaurant and rooftop bar overlooking the intersection of 21st and Wedgewood avenues.

April 5, 2017

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