Mixed-Use

Ricketts Family to Open Park at Wrigley Development in Chicago

by Kristin Harlow March 31, 2017

CHICAGO — The Park at Wrigley is set to open next week in Chicago. Hickory Street Capital, a real estate development company owned by the Ricketts family, designed and built the Park at Wrigley as well as the office and retail building adjacent to Wrigley Field to provide a year-round, family-friendly gathering place for neighbors, Cubs fans and visitors. Slated as Wrigleyville’s true town square, the area will play host to community festivals, farmers markets, music and dining throughout the year. Several retail tenants will anchor the Park at Wrigley development, including a Starbucks store with a Reserve coffee bar, a two-story tavern-style restaurant, a new flagship Cubs Store, a Jostens retail jewelry concept and a viewing area presented by Motorola for the Chicago Cubs’ 2016 World Championship Trophy. A ribbon-cutting ceremony will take place on Monday, April 10. The Ricketts family owns the Chicago Cubs.

March 31, 2017

Loans Michigan Midwest Mixed-Use

Bernard Arranges $5.2M Loan for Construction of Mixed-Use Property in Detroit

by Kristin Harlow March 31, 2017

DETROIT — Bernard Financial Group has arranged a $5.2 million loan for the construction of Baltimore Station in Detroit. The 22-unit luxury apartment complex will also feature 8,100 square feet of retail space. TCF Bank provided the loan. Dennis Bernard and Kevin Kovachevich of Bernard arranged the loan on behalf of the borrower, Baltimore Station LLC.

March 31, 2017

Mixed-Use Texas

Berkshire Hathaway Affiliate Breaks Ground on 100-Acre Lifestyle Center in The Colony, Texas

by Taylor Williams March 30, 2017

THE COLONY, TEXAS — Nebraska Furniture Mart, a division of Berkshire Hathaway, has broken ground on a 100-acre lifestyle retail center that is part of Grandscape, a 433-acre, mixed-use development located along the Sam Rayburn Tollway in the Dallas-Fort Worth metro of The Colony. Upon completion, Grandscape will span 3.9 million square feet of retail, multifamily and hospitality space, with an outdoor amphitheater and a convention center. Two restaurants, Thirsty Lion Gastropub and Twigs Bistro & Martini Bar, have committed to locations at the property, with openings scheduled for 2018 and 2019, respectively.

March 30, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Provides $6.2M Loan for Construction of Mixed-use Property in NYC

by Haisten Willis March 30, 2017

NEW YORK CITY — Pembrook Capital Management has provided a $6.2 million first mortgage loan to finance the construction of a 21,341-square-foot mixed-use property located at 144-146 West St. in the Greenpoint neighborhood of Brooklyn. The unnamed sponsor plans to construct a six-story building on an infill site that will include 18 market-rate apartments on top of 1,200 square feet of commercial retail space. The project is expected to be complete in 2018 with nine parking spaces and bike storage.

March 30, 2017

Industrial Mixed-Use Multifamily New Jersey Northeast Office Retail

Construction Set to Begin on The Hub @ New Brunswick Station in New Brunswick, N.J.

by Haisten Willis March 29, 2017

NEW BRUNSWICK, N.J. — New Brunswick Development Corp. (Devco) has begun site preparation on the Ferren Mall Parking Deck for The Hub @ New Brunswick Station in New Brunswick. Devco expects site construction of the 1.7 million-square-foot mixed-use redevelopment project to begin in April. JLL is Devco’s marketing agent for The Hub, which will be located on four acres in downtown New Brunswick directly across from the New Brunswick train station. When completed, The Hub @ New Brunswick Station will encompass multiple buildings with a flexible design to meet office or lab requirements including technology, office or research use. The development is slated to include high-rise residential units and retail at street level.

March 29, 2017

Connecticut Mixed-Use Northeast Office Retail

RHYS Negotiates $10.3M Sale of Mixed-Use Portfolio in Stamford, Conn.

by Haisten Willis March 29, 2017

STAMFORD, CONN. — RHYS has negotiated the $10.3 million sale of two office/retail buildings located at 111 and 123 High Ridge Road in Stamford. Combined, the three-story buildings offer 40,000 square feet of office and retail space. The 100 percent leased portfolio sits on just over an acre, with more than 150 parking spaces on site. Christian Bangert of RHYS represented the buyer, A & E High Ridge, in the transaction. Karen Dome and Robert Haile of Coldwell Banker Commercial represented the seller, High Ridge Plaza LLC.

March 29, 2017

Kansas Midwest Mixed-Use

ESS, Lane 4 Break Ground on $60M Mixed-Use Development in Edwardsville, Kansas

by Kristin Harlow March 28, 2017

EDWARDSVILLE, KAN. — Emery Sapp & Sons (ESS) and Lane 4 Property Group have broken ground on the $60 million Village South development in Edwardsville. The 32-acre site is located at the corner of 110th Street and I-70. The mixed-use project will include both a Holiday Inn and La Quinta hotel in addition to a 22,000-square-foot conference center and 17,000 square feet of retail space. Six additional pad sites will be available for retail uses. Minnesota-based Compass Commodity Group III is the landowner and master developer. Lane 4 is managing the first phase of construction, while ESS is doing all of the earthwork. Other members of the development team include BHC Rhodes as project engineer, Lamont Cos. as hospitality developer, Base4 Architects and Engineers as design partner and Polsinelli PC as legal counsel. Phase I construction is slated for completion in summer 2018.

March 28, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

XIN Development International Receives $108M Construction Loan for Mixed-Use Development in Hell’s Kitchen

by Katie Sloan March 28, 2017

NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan

March 28, 2017

Arizona Market Reports Mixed-Use Western Western Market Reports

Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

by Camren Skelton March 28, 2017

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. The balance between schedule shifts and a backlog of work has proven particularly challenging for the entire industry, and presumably shows no sign of relief. For optimal success, teams must diligently focus on cross-functional communication, design-build principles and early strategic planning to protect from the pitfalls of 2017’s momentum. Focusing on this early planning gives clients two of the greatest advantages available in our current building climate: a forum for unearthing issues proactively and time to plan for solutions. In cases where design-build isn’t possible, teams can still capture the benefits of this concept by getting the right knowledge leaders at the table early on, providing significant results to project cost savings, resource management and logistics planning. The Labor Issue While the industry jockeys …

March 28, 2017

Indiana Midwest Mixed-Use

South Street Capital Acquires 18,300 SF Mixed-Use Building in West Lafayette, Indiana

by Kristin Harlow March 27, 2017

WEST LAFAYETTE, IND. — In a joint venture with T2 Capital Management, South Street Capital has acquired an 18,300-square-foot mixed-use building in West Lafayette. The purchase price was not disclosed. The three-story building is located at 100 Northwestern Ave. near Purdue University. Locally known as The Miller Building, the building consists of retail and office space as well as apartment units.

March 27, 2017

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