Mixed-Use

CNL Lifestyle Properties Sells Resort Retail Portfolio in U.S., Canada for $103M

by John Nelson November 4, 2016

ORLANDO, FLA. — In a move to further liquidate the company, CNL Lifestyle Properties Inc., a REIT specializing in the acquisition of resort properties, has sold a seven-property portfolio of international trophy retail assets located within luxury resorts for $103 million. A private real estate consortium between The Imperium Cos., MMG Equity Partners and Blue River Family Office Partners was the buyer. The portfolio consists of 423,482 square feet of ground-floor retail in the mixed-use villages of six ski resorts and one golf and beach resort in the United States and Canada. The properties include: • Whistler Creekside Village in Whistler, British Columbia • The Village at Mammoth in Mammoth Lakes, Calif. • Village at Snowshoe in Snowshoe, W.Va. • Village at Cooper in Frisco, Colo. • Stratton Mountain Village in South Londonderry, Vt. • Blue Mountain Village in Blue Mountains, Ontario and • The Village of Baytowne Wharf in Miramar Beach, Fla. Lori Schneider of Marcus & Millichap’s Institutional Property Advisors (IPA) division arranged the sale. Schneider, along with the Marcus & Millichap’s brokers of record for each state in the portfolio, exclusively represented the seller and procured the buyer. “These stabilized yet dynamic assets are unique in location, …

November 4, 2016

Florida Mixed-Use Retail Southeast

Swire Opens $1.05B Brickell City Centre’s Open-Air Shopping Center to the Public

by John Nelson November 3, 2016

MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has opened the first group of retail stores at Brickell City Centre, a $1.05 billion mixed-use destination in downtown Miami’s Brickell district. The project’s 500,000-square-foot, open-air shopping center housing more than 100 retailers and eateries, including a flagship Saks Fifth Avenue, Victoria’s Secret, Suit Supply, lululemon athletica, Cinemex, Coach, LIVE! and Porsche Design. Opening in 2017 will be a three-story Italian food hall that will feature a market, wine shop, gelato, cheese bar and restaurant. Swire Properties is integrating the Miami Metromover transit system with Brickell City Centre with a stop that exits directly onto the shopping center’s third floor. About 20 percent of the retail center at Brickell City Centre will feature retailers exclusive to the area and/or entering the United States for the first time from Europe and Latin America. The development, which also features two condo towers, two Class A office towers and the EAST, Miami hotel, are linked together by Climate Ribbon, a $30 million elevated trellis of steel, glass and fabric that is designed to harness Miami’s bay breezes while deflecting direct sunlight. The shopping center is currently 92 …

November 3, 2016

Illinois Midwest Mixed-Use Retail

Novak Completes Construction of Target Store in Hyde Park, Illinois

by Kristin Harlow November 3, 2016

CHICAGO — Novak Construction has completed a new 20,000-square-foot Target store in Chicago’s Hyde Park. The store is Target’s fifth flexible format store in Chicago and Novak’s 80th overall Target project. The smaller-scale Target, which occupies the first floor of a mixed-use building in Vue53 Apartments on 1330 E. 53rd St., will offer products catered to University of Chicago students and Hyde Park neighborhood residents. Director Jim Hempleman of Novak led the project along with superintendents Kelly Curry, Robert Hillyard and Jeff Potter; project manager Bob Burris; project engineer Jeff Zhang; and contract administrator Angela Campisi.

November 3, 2016

Healthcare Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas

Transwestern, Mirae Acquire 2.2M SF State Farm Campus in $825M Sale-Leaseback Transaction

by Haisten Willis November 2, 2016

RICHARDSON, TEXAS — Corporate Properties Trust I LP, a partnership between Transwestern Investment Group and Mirae Asset Global Investments Co., has closed on the acquisition of a 2.2 million-square-foot mixed-use project in a sale-leaseback with State Farm Auto Insurance Co. According to the Dallas Business Journal, the purchase price was $825 million. The partnership acquired the four primary office/retail towers and the connected structured parking garages. The campus is located within the CityLine development, a 186-acre project developed by KDC. The buildings are designated LEED Gold and are located adjacent to a DART rail line. Corporate Properties Trust I LP will own the properties through a REIT. The entity was created to allow long-term stable ownership of institutional properties. A wholly owned subsidiary of Transwestern Investment Group will manage the property. Located at 1150, 1201 and 1251 State St. and 3661 N. Plano Road, the buildings will house 8,000 State Farm employees. CityLine, which is located at the southeast corner of Highway 75 and the President George Bush Turnpike, will also include 1,700 apartments, a 150-room hotel, an entertainment center, medical office facility, retail, restaurants and a 3.5-acre park.

November 2, 2016

Illinois Midwest Mixed-Use

Baum Realty Arranges $2.4M Sale of Mixed-Use Building Occupied by Taco Bell Cantina in Chicago

by Kristin Harlow November 2, 2016

CHICAGO — Baum Realty Group LLC has arranged the sale of a mixed-use building, located at 1439 N. Milwaukee Ave. in Chicago’s Wicker Park/Bucktown neighborhood. The property’s ground-floor retail space is occupied by Taco Bell Cantina, which offers the brand’s traditional food menu in addition to beer, wine and frozen alcohol drinks. The three uppers floors contain five recently updated apartments ranging from one-bedroom layouts to a three-bedroom unit. The property sold for $2.4 million. Greg Dietz and Danny Spitz of Baum Realty Group represented the seller, a local investor. The buyer is a Chicago-based investment group.

November 2, 2016

Illinois Midwest Mixed-Use

Essex Realty Group Brokers Nearly $2M Sale of a 10-Unit Mixed-Use Building in Logan Square

by Kristin Harlow November 2, 2016

CHICAGO — Essex Realty Group Inc. has brokered the $1.98 million sale of 2843 N. Milwaukee Ave., a 10-unit mixed-use building located in the Logan Square neighborhood of Chicago. The property includes six apartments consisting of two one-bed units and four two-bed units, two street retail spaces and two flex spaces in the rear. The property is situated near the Logan Square CTA stop, which services the Blue Line to Chicago’s Loop and O’Hare International Airport. Jim Darrow and Jordan Gottlieb of Essex Realty Group were the brokers in the transaction.

November 2, 2016

Illinois Midwest Mixed-Use

CA Ventures, K Giles Start Construction on 26-Story Mixed-Use Tower in Chicago

by Kristin Harlow November 1, 2016

CHICAGO — CA Ventures, in conjunction with K Giles LLC, has started construction on a 320-unit mixed-use development at 1136 S. Wabash Ave. in Chicago’s South Loop. The transit-oriented project is located steps from the CTA Roosevelt station. Scheduled for completion in May 2018, the 26-story tower will include 320 luxury apartments, 5,000 square feet of street-level retail and parking for 141 vehicles. Floor plans will range in size from 389 to 1,027 square feet. Lendlease will oversee construction of the Solomon Cordwell Buenz-designed tower.

November 1, 2016

Georgia Mixed-Use Southeast

Jamestown, Clarion Partners Acquire Westside Provisions District in Atlanta for $130M

by John Nelson November 1, 2016

ATLANTA — A joint venture between Jamestown LP and Clarion Partners LLC has acquired Westside Provisions District, a mixed-use development located in Atlanta. The development was acquired for $130 million, according to reports by the Atlanta Business Chronicle. The 261,742-square-foot development consists of two projects, White Provision and Westside Urban Market, which are connected via a pedestrian bridge. Situated in Atlanta’s popular West Midtown district off Howell Mill Road, Westside Provisions District features retail and loft office space that will be managed by the joint venture. Jamestown acquired the White Provision portion of the development from Atlanta-based developers Michael Phillips and Kathleen Walker in 2007. This deal will unify the district under one ownership entity. Westside Provisions’ office tenants include Base Brands, Canstruction, Fried & Bonder, Knoll, Waypoint Homes, WestRock and the German American Chamber of Commerce of the Southern U.S. Inc. Retail tenants include Anthropologie, Free People, J. Crew, lululemon athletica, Warby Parker, Brick + Mortar, Peridot West and Crafted Westside. The project is also home to restaurants and bars such as Jeni’s Ice Creams, Little Trouble, Taqueria Del Sol, Bacchanalia Star Provisions and JCT Kitchen + Bar. Clarion Partners made its investment on behalf of a commingled fund …

November 1, 2016

District of Columbia Maryland Mixed-Use Southeast Top Stories Virginia

Vornado to Spin Off D.C. Portfolio, Merge New Entity with JBG Cos. in $8.4B Transaction

by John Nelson November 1, 2016

WASHINGTON, D.C. AND NEW YORK — The board of trustees at Vornado Realty Trust (NYSE: VNO) has approved the tax-free spinoff of its Washington, D.C., portfolio and has agreed to the subsequent merger of the new entity with JBG Cos. The transaction is valued at $8.4 billion. The company, known as JBG Smith Properties, will be structured as a real estate investment trust (REIT). Vornado shareholders are expected to own roughly 74 percent of the new company, JBG’s limited partners are expected to own approximately 20 percent and JBG management is expected to own the remaining 6 percent. JBG’s senior management team will lead JBG Smith, which will have a portfolio totaling 50 office properties spanning 11.8 million square feet, 18 multifamily properties totaling 4,451 residential units and 11 other properties totaling about 700,000 square feet. The new company will be the largest landlord to the U.S. government in Washington, D.C. The portfolio is situated in Washington, D.C., as well as the suburban Maryland markets of Columbia and Bethesda and Crystal City, Pentagon City, Rosslyn, Arlington and Reston in Virginia. Additionally, JBG Smith will have a pipeline of projects under construction and land for future development that could span more …

November 1, 2016

California Hospitality Mixed-Use Top Stories Western

Oceanwide Holdings Unveils Plans for Luxury Hotel at $1B Oceanwide Plaza Mixed-Use Property in Los Angeles

by Kristin Harlow October 28, 2016

LOS ANGELES — International developer Oceanwide Holdings has unveiled plans to include a five-star Park Hyatt hotel at Oceanwide Plaza, the company’s $1 billion mixed-use project currently under development in Los Angeles. The project is located adjacent to the Staples Center, home of the NBA’s Los Angeles Lakers and Los Angeles Clippers, as well as the NHL’s Los Angeles Kings. When completed, Oceanwide Plaza will feature three residential and hotel towers and a 166,000-square-foot, open-air galleria for shopping, dining and entertainment. Park Hyatt Los Angeles will be the sixth U.S. location for the luxury hotel brand. CallisonRTKL and Studio Munge designed the 184-room hotel. The property will be connected to the 100-foot retail and amenity area known as The Collection at Oceanwide Plaza. The development’s multifamily component will feature 504 units with concierge services, a private amenity deck and a two-acre outdoor sanctuary. Oceanwide Plaza is scheduled for completion in early 2019. Oceanwide Plaza LLC, a subsidiary of Beijing-based Oceanwide Holdings Co., will own the development. Oceanwide Plaza is the company’s first development in the United States, with projects in New York, San Francisco and Hawaii currently in the planning stages. — Kristin Hiller

October 28, 2016

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