Mixed-Use

DETROIT — Co-developers Broder & Sachse Real Estate and Woodborn Partners have opened The Scott at Brush Park, a mixed-use development in Detroit’s midtown neighborhood. The building features 199 luxury apartments and 15,000 square feet of retail space. The Scott includes a variety of studio, one-, two- and three-bedroom units, a number of which are slated for move-ins in February. Apartments range in size from 450 to 1,380 square feet of space. Amenities include a 24-hour concierge service, dry cleaning delivery, stations for pet grooming and bicycle maintenance and a fitness center. Sachse Construction served as the construction manager and Neumann/Smith served as the architect.

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NEW YORK CITY — Colony Capital Inc., NorthStar Asset Management Group and NorthStar Realty Finance Corp. have received approval from shareholders for the previously announced merger of the three companies. Named Colony NorthStar Inc. (NYSE: CLNS), the combined company will have assets under management in excess of $58 billion, managing capital on behalf of its stockholders, institutional and retail investors in private funds and non-traded and traded real estate investment trusts and 1940 Act companies. Upon closing of the transaction, Thomas Barrack Jr. will be executive chairman of the board of directors, David Hamamoto will be executive vice chairman and Richard Saltzman will be chief executive officer of the new company. The companies expect to complete the merger in January 2017.

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LONG ISLAND CITY, N.Y. — Blackstone Mortgage Trust has provided a nearly $200 million loan for the acquisition of the historic Falchi Building in Long Island City, Queens. Savanna, a New York City-based real estate investment manager, purchased the mixed-use building from Jamestown LP. The five-story, 711,194-square-foot building occupies a full city block bounded by 47th and 48th avenues. Originally constructed in 1922, the building at one time served as a warehouse and distribution facility for Gimbels department store. The Gimbels chain of stores closed in 1987. Falchi is currently 90 percent leased to tenants such as City of New York, Uber, Lyft, Spaces (Regus), Juice Press and Doughnut Planet. Savanna will implement a $35 million capital improvement plan at Falchi. The improvements will focus on building amenities and infrastructure work for the office tenants, such as upgrading building systems, modernizing elevators, renovating common corridors and bathrooms and developing new ground-floor retail. Mitch Arkin, Joe Grotto Jr., Haley Fisher, Dan D’Agnes and Kelli Berke of Cushman & Wakefield will work closely with Savanna to lease the property’s office space. David Tricarico, also of Cushman & Wakefield, will handle retail leasing. Eastdil Secured brokered the sale and arranged acquisition financing. Savanna …

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NEW YORK CITY — A joint venture between CIM Group, Kushner and LIVWRK has acquired a land parcel at 85 Jay St. in Brooklyn’s Dumbo neighborhood from Watchtower Real Estate for an undisclosed price. The partnership plans to develop a mixed-use project on the parcel, which is currently a 135,000-square-foot parking lot. Additional details of the development have not been released. In August, the joint venture acquired a 739,000-square-foot property at 25-30 Columbia Heights in Brooklyn.

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ATLANTA — Portman Holdings has broken ground on Coda at Tech Square, a 770,000-square-foot mixed-use development at the edge of Georgia Tech’s campus in Midtown Atlanta. The development cost was undisclosed, but the Atlanta Business Chronicle reports the project as costing $400 million to construct. Upon completion in early 2019, Coda at Tech Square will feature advanced research facilities, a high-speed data center, dining options, outdoor gathering spaces and collaborative office space. The design team includes architect and engineer John Portman & Associates and general contractor DPR Construction.

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BOYNTON BEACH, FLA. — ARA Newmark has brokered the $109 million sale of Las Ventanas, a 15-acre mixed-use development in east Boynton Beach. Atlanta-based Pollack Shores Real Estate Group purchased the asset, which features 494 apartment units and 42,000 square feet of retail space. The residences are configured in one-, two- and three-bedroom layouts and rent for anywhere from $1,360 to $2,337 monthly, according to Apartments.com. ARA Newmark represented the seller, Epoch Residential and its joint venture partner, in the transaction.

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WASHINGTON, D.C. — Alamo Drafthouse Cinema is set to open its first location in Washington, D.C., at Bryant Street, a mixed-use project currently being developed by MRP Realty. The 44,000-square-foot theater will feature luxury recliners, food prepared in-house and an extensive selection of draft craft beers available both in the theater and a standalone bar named Glass Half Full. The location is set to open in 2019. Upon completion, the 13-acre Bryant Street development will feature 1,550 residential units and 245,000 square feet of retail and restaurant space.

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SANTA MONICA, CALIF. — Palisades Capital Partners has acquired a mixed-use property located at 631 Wilshire Blvd. in downtown Santa Monica for $33 million. Originally built in 1958, the property has undergone $4 million in upgrades since 2013, including a remodeled lobby, outdoor common areas and locally focused murals. The 40,000-square-foot office and retail property features 11,000 square feet of retail space along Wilshire Boulevard. Mike Long of CBRE and Kevin Shannon, Rob Hannan and Ken White of Newmark Grubb Knight Frank represented the sellers, PacShore Partners and GreenOak Real Estate LP, in the deal.

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ATLANTA — Third & Urban and Trillium Management plan to redevelop the former Western Electric Building at 820 Ralph McGill Blvd. in Atlanta. The 85,000-square-foot asset is situated along the Atlanta BeltLine’s Eastside Trail and currently houses Two Urban Licks. Third & Urban and Trillium have signed a lease with a partnership between Mitch Steele, Carey Falcone and Bob Powers for a 20,000-square-foot brewery and restaurant that will include a BeltLine-facing biergarten and a rooftop bar. Steele is the former brewmaster at Stone Brewing, a brewery headquartered in Southern California. The co-developers have also signed a 7,000-square-foot lease with The Diligence Co., a hospitality concept that will be opening a Latin-inspired brasserie, or informal restaurant, at the project. Third & Urban and Trillium are marketing the remaining 23,000 square feet for office, retail or entertainment uses. The project features 600 linear feet of frontage on the BeltLine and is situated across from Fourth Ward Park. Architect ai3 is leading the design of the redevelopment, which will feature a BeltLine-facing façade and park space. The co-developers will break ground on the redevelopment in February with completion scheduled for next summer.

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RALEIGH, N.C. — CBRE | Raleigh has arranged the sale of Marketplace at Lake Boone, a 76,253-square-foot mixed-use development located at the intersection of Lake Boone Trail and Gateway Access Road in Raleigh. The LEED Gold- and Platinum-certified property consists of office and retail space. Tenants at the fully leased center include Ashton Woods, AT Allen Co., Sirius Computer Solutions, Greystone, Saracare, Buffalo Brothers, Guasaca, Bottle Revolution, Traditions Bridal and The Oaks. Ben Kilgore, Jim McMillan, Elliott Brewer, and Leslie Holmes of CBRE | Raleigh represented the seller, Singerman Real Estate Partners, in the disposition of the property to Houston-based Griffin Partners.

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