Mixed-Use

North American Properties Delivers Avalon’s 1.2 MSF Second Phase

by John Nelson April 18, 2017

ALPHARETTA, GA. — North American Properties (NAP) has delivered Phase II of Avalon, a massive mixed-use development in the north Atlanta suburb of Alpharetta. Known as Boulevard East, the 1.2 million-square-foot phase adds 20 new retailers and restaurants, as well as a nine-story office building and a 276-unit apartment community known as Veranda at Avalon. The office building, co-developed by Hines and Cousins Properties, is leased to tenants such as Microsoft Corp. and Spaces, a co-working office space provider. Coming in January to Avalon is the $112 million Autograph Collection hotel and conference center, which topped out on April 12. The hotel is the result of a public-private partnership between Stormont Hospitality Group, NAP and the City of Alpharetta, with additional assistance from the Development Authority of Fulton County and the Alpharetta Convention & Visitors Bureau. Fifth Group Restaurants will open South City Kitchen Avalon in a street-level space at the hotel early next year, and Starbucks is also slated to open in January with the hotel. The night before the opening of Phase II, NAP hosted Savor + Celebrate, a black tie fundraising event that raised $100,000 for Atlanta-based charity City of Refuge. NAP matched the amount, bringing the …

April 18, 2017

Maryland Mixed-Use Southeast

Continental Realty Acquires Waterfront Mixed-Use Property in Baltimore for $21M

by John Nelson April 18, 2017

BALTIMORE — Continental Realty Corp. has acquired Brown’s Wharf, a 104,000-square-foot mixed-use property situated along the Fells Point waterfront in Baltimore. The Baltimore-based firm purchased Brown’s Wharf from Hunt Investment Management for $21 million. Located at 1615-1637 Thames St., Brown’s Wharf was 77 percent leased to retail and restaurant tenants such as Barcocina, CFG Community Bank, 7-Eleven, Fells Point Surf Co. and aMuse of Fell’s Point. Office tenants include Johns Hopkins University affiliate Jhpiego. Jay Wellschlager and Andrew Finkelstein of JLL represented the seller in the transaction. Continental Realty plans to invest $2 million to upgrade the building systems, interior common areas and build a new marina. The company is joint venturing with Baltimore-based WorkShop Development, and Doug Schmidt, Richard Manekin and Neil Tucker of WorkShop Development will oversee the day-to-day operations and execute the partnership’s redevelopment plans for Brown’s Wharf. David Strouse of Birchwood Capital arranged acquisition financing through PNC Bank on behalf of Continental Realty. Robert Manekin, Tony Gross and Peter Jackson of JLL will provide office leasing brokerage services at Brown’s Wharf.

April 18, 2017

Connecticut Healthcare Mixed-Use Multifamily Northeast

Mixed-Use Medical, Residential Project Planned in Downtown New Canaan, Conn.

by Haisten Willis April 18, 2017

NEW CANAAN, CONN. — CH Vitti Street Associates and Collins Enterprises will develop a mixed-use medical and residential property at 23 Vitti St. in New Canaan. Known as New Canaan Medical Arts Center, construction will begin in May and will be completed in spring 2018. Do H. Chung & Partners is the project architect and Avison Young will serve as leasing agent. The two-story, 9,000-square-foot medical center will be constructed along the parcel’s 121 feet of frontage, with a public courtyard along Vitti Street. The commercial portion of the project includes 2,000 square feet of medical space on the first floor and 7,000 square feet on the second floor, which can be subdivided. Building features will include automated doors and a medical grade HVAC system with HEPA filtration. The project also includes eight apartments to be developed as a separate building on the site. Each use will have its own entrance and will be separated by a landscaped parking area and residential pathways. The site is located in downtown New Canaan within walking distance of restaurants, services and transportation.

April 18, 2017

Georgia Mixed-Use Southeast

Joint Venture to Break Ground on Studioplex on Auburn Project Along Atlanta BeltLine

by John Nelson April 14, 2017

ATLANTA — A joint venture between Columbia Ventures LLC and Studioplex LLC has broken ground on the next phase of Studioplex on Auburn, a mixed-use development in Atlanta’s Old Fourth Ward district. Fronting the Atlanta BeltLine near Krog Street Market, the 31,000-square-foot, $26 million project will feature 19 townhomes atop retail space. Retailers signed on at Studioplex on Auburn include Dancing Dogs Yoga, Beetnix Juice Bar, 18.21 Bitters and Hawkers Asian Street Fare. The joint venture opened a parking deck at the project in January and plan to add a new connection to the BeltLine, a 22-mile loop that will ultimately connect 45 intown neighborhoods through multi-use trails, parks and streetcars.

April 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Bestreich Realty Arranges $11.4M Sale of Mixed-Use Building in NYC

by Haisten Willis April 14, 2017

NEW YORK CITY — Bestreich Realty Group has arranged the $11.4 million sale of a six-story mixed-use building in the Williamsburg neighborhood of Brooklyn. The property is located at 66 Graham Ave. and features 30 rent-stabilized apartments and six retail spaces including two clothing stores, a jewelry store, a 99-cent store, a barbershop and a newsstand. The 25,900-square-foot building was built in 1925. Bestreich Realty Group’s Luke Sproviero and Derek Bestreich represented both the buyer, local investor Morris Weinberg, and the seller, father and son clothing moguls Ruby and Victor Azrak, who had owned the building since 1986.

April 14, 2017

Industrial Loans Massachusetts Mixed-Use Northeast Office Retail

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

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