Mixed-Use

Kennedy Wilson Arranges $16M Sale of Mixed-Use Property in Santa Monica

by Nellie Day August 10, 2016

SANTA MONICA, CALIF. — Kennedy Wilson has arranged the $16 million sale of a 23,500-square-foot retail and multifamily property located at the corner of 11th Street and Wilshire Boulevard in Santa Monica. The multifamily component of the property consists of five units. All of the property’s buildings were fully leased at the time of sale. Ed Sachse, Fred Cordova and Christine Deschaine of Kennedy Wilson represented both the buyer, 11th and Wilshire LLC, and the seller, Paragon Properties, in the transaction.

August 10, 2016

Illinois Midwest Mixed-Use

M&R Development, Bucksbaum Retail Properties Break Ground on Mixed-Use Development Near Wrigley Field

by Christina Cannon August 10, 2016

CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has broken ground on Addison & Clark, a mixed-use development situated on 2.3 acres across the street from Chicago’s Wrigley Field. The transit-oriented development will include 148 luxury apartments and 150,000 square feet of retail space. A 10-screen, 30,959-square-foot CMX movie theater will anchor the property, and the remaining space will also contain a health club and dining options. The project will offer studio, one- and two-bedroom units that will feature hardwood floors, quartz countertops, stainless steel appliances, walk-in closets and in-unit washers and dryers. Amenities will include a 5,715-square-foot clubhouse; 8,746 square feet of outdoor space; a pool and spa; cyber café; business and conference center; community kitchen and event room; fitness center with sauna and steam room; and a dry cleaning service. The development will also include a 341-space parking garage for public use with an additional 64 spots reserved for residents. Chicago-based Solomon Cordwell Buenz is the project architect, and Chicago-based Power Construction will serve as the general contractor.

August 10, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Eastern Union Funding Arranges $4.8M in Refinancing for Mixed-Use Property in Tribeca

by Amy Works August 9, 2016

NEW YORK CITY — Eastern Union Funding has arranged a $4.8 million loan for the refinancing of a five-story, mixed-use brownstone in Tribeca. The borrowers are two private owners. Located at 78 Franklin St., the property has undergone a $2 million renovation, which gutted the 2,000-square-foot apartments, upgraded the lobby, hallways and façade, and new stairs, elevator, HVAC and roof. The property’s commercial tenant is Aqua Studio, an underwater cycling studio. David Betesh and Ted Matalon of Eastern Union arranged the financing, which was provided by First American International Bank.

August 9, 2016

Georgia Mixed-Use Southeast

Coro Realty Advisors Sells Village Place Brookhaven

by John Nelson August 9, 2016

BROOKHAVEN, GA. — Atlanta-based Coro Realty Advisors LLC has sold Village Place Brookhaven, a mixed-use development located on Dresden Drive in Brookhaven. The fully occupied property features nearly 35,000 square feet of ground-level retail space with luxury residential and office condominiums above. Tenants include restaurants Kaleidoscope and Verde. Chris Decoufle and Kevin Reavey of CBRE represented Coro Realty in the sale. Westwood Financial purchased Village Place Brookhaven from Coro Realty for an undisclosed price.

August 9, 2016

California Hospitality Mixed-Use Top Stories Western

Waldorf Astoria to Anchor 2 MSF Mixed-Use Complex in San Francisco

by Katie Sloan August 9, 2016

SAN FRANCISCO — Waldorf Astoria Hotels & Resorts — Hilton’s (NYSE: HLT) luxury hotel arm — has unveiled plans for the new Waldorf Astoria San Francisco, which will anchor a 2 million-square-foot, mixed-use complex located on Mission Street in San Francisco’s SoMa neighborhood. The hotel will occupy the first 21 stories of a mixed-use tower designed by architecture firm Foster + Partners. Hirsch Bedner Associates will be in charge of designing the interior. Amenities at the Waldorf Astoria San Francisco will include a spa and “Peacock Alley” restaurant offering San Francisco-inspired cuisine and libations. Development costs and a completion date for the project have yet to be announced. The new development will be located at the center of a vast redevelopment project surrounding the Transbay Transit Center. The Transbay Center District and Redevelopment Plans include more than 6 million square feet of new downtown office space; 4,400 units of new housing, 1,200 of which will be affordable; approximately 100,000 square feet of new retail space; and nearly 1,000 new hotel rooms. The redevelopment of the Transbay area will also incorporate more than 11 acres of new public parks and open space, including a 5.4-acre rooftop park at the Transit Center …

August 9, 2016

Mixed-Use Office Restaurant Retail Texas

SHOP Cos. Brokers $23.7M Sale of Mixed-Use Development in Richardson

by Haisten Willis August 8, 2016

RICHARDSON, TEXAS — SHOP Cos. has brokered the $23.7 million sale of Eastside, a 67,071-square-foot mixed-use retail and office property in Richardson. Eastside is located at the intersection of Campbell Road and U.S. 75. The property was 93.9 percent leased at the time of sale to tenants including 7-Eleven, Panera Bread, Scottrade, T-Mobile, Jersey Mike’s, Frost National Bank and Sport Clips. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, SG Retail Development Partners, a Dallas-based limited partnership, and procured the buyer, Retail Properties of America Inc., an Illinois-based corporation.

August 8, 2016

California Mixed-Use Western

High Street Residential Breaks Ground on Mixed-Use Development in Downtown LA

by Nellie Day August 8, 2016

LOS ANGELES — High Street Residential, in partnership with Principal Real Estate Investors and the Cesar Chavez Foundation, has broken ground on LA Plaza Village, a 425,000-square-foot mixed-use project in downtown Los Angeles. The development will feature 355 multifamily units and 43,700 square feet of retail across four buildings, ranging from five to seven stories. The multifamily portion of the property will feature one-, two- and three-bedroom units, 20 percent of which will be affordable housing. The development will also feature 720 parking spaces, and a “historic paseo” that will link LA Plaza Village to Olvera Street and Union Station through a landscaped walkway which features signage describing the history of the area. The project — which is seeking LEED Certification — is scheduled for completion in 2018. Johnson Fain is the architect for the project and Benchmark Contractors Inc. is the general contractor.

August 8, 2016

Mixed-Use New York Northeast Top Stories

REIT Merger: Global Net Lease to Acquire American Realty Capital Global Trust II for $247M

by John Nelson August 8, 2016

NEW YORK — Global Net Lease Inc. (NYSE: GNL) has approved a definitive merger agreement to acquire all of the outstanding common stock of American Realty Capital Global Trust II Inc., a non-traded REIT, for approximately $247 million. Both REITs focus on acquiring single-tenant net leased commercial properties in sale-leaseback transactions. The property types include office, retail and industrial. The combined companies create a larger global net lease REIT with an expected enterprise value of $3.3 billion. The transaction joins two complementary U.S. and European net lease portfolios with a combined asset base of 345 properties in seven countries spanning 23 million square feet. The portfolio is currently net leased to 99 tenants. “We are excited about GNL’s combination with Global II, which represents another positive step in the evolution of our company and reinforces our efforts to grow accretively, creating shareholder value,” says Scott Bowman, CEO and president of GNL. Under the terms of the agreement, Global II shareholders will receive 2.27 shares of GNL for each share of Global II common stock they own, which implies $19.59 per each share of Global II. Upon closing, Global II shareholders will own approximately 14 percent of the combined company. The …

August 8, 2016

Illinois Midwest Mixed-Use Multifamily

Joseph J. Duffy Co. Breaks Ground on $12.5M Mixed-Use Building in Chicago

by Christina Cannon August 5, 2016

CHICAGO — Joseph J. Duffy Co. has broken ground on a $12.5 million mixed-use building in Chicago’s Woodlawn neighborhood. Trianon Lofts, to be located at 803 E. 61st St., will consist of 24 two-bedroom/two-bathroom units and 7,000 square feet of retail space. Units, which will average from 900 to 950 square feet, will include 10-foot ceilings, stainless steel appliances, granite countertops, in-unit washers and dryers and be predominantly market rate. Preservation of Affordable Housing (POAH) is the developer, and Urban Works is the project architect. The project is part of the city of Chicago and POAH’s Choice Neighborhoods Partnership, which is redeveloping the former Grove Parc apartments.

August 5, 2016

Illinois Midwest Mixed-Use Office Retail

Colliers International Brokers $7.4M Sale of Mixed-Use Property in Chicago Suburb

by Christina Cannon August 4, 2016

WOODRIDGE, ILL. — Colliers International has brokered the $7.4 million sale of a five-building, mixed-use development in Woodridge, approximately 30 miles southwest of Chicago. A private investor sold the property located at 6315-6440 Main St. Built in 2007, the property consists of one office building and four retail buildings that total 55,626 square feet. Tenants at the buildings include Loyola University Medical, Jimmy John’s, Sport Clips, Salon Aria, Aurelios, ATI Holdings, Seven Bridges Eye Care, Little Kids Learning, Sunburst Innovations, DMB Dental, Cherry Creek Mortgage and 3Vue. Main Street at Seven Bridges is part of a larger lifestyle center and was 93 percent leased at the time of sale. Joseph Yendrek of Equitable Realty Group represented the undisclosed buyer in the transaction.

August 4, 2016

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