Mixed-Use

Vertical Construction Begins at Rea Farms Mixed-Use Development in South Charlotte

by John Nelson April 5, 2017

CHARLOTTE, N.C. — Vertical construction is underway at Rea Farms, a mixed-use development located in south Charlotte. Lincoln Harris, Greg Currie and the Rea family are the master developers of the development, which is situated at the intersection of Providence and Ardrey Kell roads south of Interstate 485. Life Time Fitness is developing the 200,000-square-foot Life Time Athletic Charlotte at the development, and Woodfield Investments is developing the 455-unit Links at Rea Farms. The fitness and aquatics facility is set to open in the fourth quarter of this year, and the Class A apartment community is set to open in early 2018. Construction on the Harris Teeter-anchored retail village and Greystar’s senior housing facility known as Overture Providence at Rea Farms will begin this summer. CalAtlantic Homes will also build 249 single-family homes and townhomes at Rea Farms.

April 5, 2017

Mixed-Use Southeast Tennessee

GBT Realty Reveals New Tenants at Mixed-Use Project Underway in Nashville

by John Nelson April 5, 2017

NASHVILLE, TENN. — GBT Realty Corp. has announced the tenant lineup at Village 21 at Regions Park, a $45 million mixed-use development under construction near Vanderbilt University in Nashville. Situated at the intersection of 21st Avenue South and Wedgewood Avenue, the property will include 101 apartment residences, community amenities, 250 surface and below-grade parking spaces and 22,000 square feet of retail space that is 95 percent pre-leased. Committed retail tenants that are set to open this summer include Regions Bank, Mountain High Outfitters, The Urban Juicer, South Boutique and Taco Mama. By May, GBT Realty expects to announce a celebrity-backed restaurant concept to fill the property’s two-story restaurant and rooftop bar overlooking the intersection of 21st and Wedgewood avenues.

April 5, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $290M Construction Financing for Mixed-Use Development in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — HFF has arranged $290 million in financing for the development of 151 E. 86th St., a mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood. HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014. The property is located at the corner of 86th Street and Lexington Avenue and will include 151,500 square feet of residential space and 36,000 square feet of retail. There will be 61 condominium units averaging 2,485 square feet with floor-to-ceiling windows and views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom. HOK Architects designed the 18-story building and Shelton, Mindel & Associates handled the interiors. The property is due for completion in the first quarter 2019. David Nackoul, Christopher Peck and Scott Findlay led HFF’s debt placement team.

April 4, 2017

Massachusetts Mixed-Use Multifamily Northeast Retail

Construction Nears Completion at Meriel Marina Bay Mixed-Use Development in Metro Boston

by Haisten Willis April 4, 2017

QUINCY, MASS. — Hines is nearing completion of Meriel Marina Bay, a mixed-use development in the Boston suburb of Quincy. Located on a seaside peninsula, the property is situated near I-93 and offers a complimentary shuttle to the Red Line North Quincy MBTA station and a water ferry to downtown Boston. Meriel Marina Bay is a mixed-use development comprising two five-story buildings featuring 352 apartments with garage parking, plus 20,000 square feet of ground-level retail space. Layout options include studios, one-, two- and three-bedroom homes offering views of the Boston skyline, Boston Harbor and the Marina Bay boardwalk. Hines is now leasing the property, with rents ranging from approximately $2,100 to $4,600 per month. The Bozzuto Group will manage Meriel Marina Bay.

April 4, 2017

Mixed-Use Retail Texas

Hobby Lobby Opens at 1.5 MSF Mixed-Use Center in New Caney, Texas

by Taylor Williams April 4, 2017

NEW CANEY, TEXAS — Hobby Lobby has opened a new store in Valley Ranch Town Center, a 240-acre, 1.5 million-square-foot mixed-use development in New Caney, a city roughly 30 miles north of Houston. The Signorelli Co., a Houston-area builder, developed the property, which is situated within the 1,400-acre, master-planned community of Valley Ranch on Grand Parkway near Interstate 69. Valley Ranch Town Center, which also includes a 13,500-seat amphitheater and 1,000 multifamily residences, is the largest retail project currently underway in the Houston area.

April 4, 2017

Georgia Mixed-Use Office Southeast

Hines, Cousins Sign Office Lease with Spaces at Avalon in Metro Atlanta

by John Nelson April 4, 2017

ALPHARETTA, GA. — Hines and Cousins Properties have executed a 34,000-square-foot, 11-year lease transaction with Spaces, a co-working office space provider owned by Regus. Spaces will occupy the first two floors of 8000 Avalon, a nine-story, 224,000-square-foot office building underway within Boulevard East, the second phase of the Avalon mixed-use development in Alpharetta. Hines and Cousins entered into a joint venture to develop the $73 million office building, which will also be home to Microsoft. David Demarest, Brannan Moss and Jennifer Ziegler of JLL represented Spaces in the lease deal. In other Avalon news, Apple has confirmed plans to relocate the Apple Store at nearby North Point Mall to Boulevard East. The new store will open at 10 a.m. on Thursday, April 13.

April 4, 2017

Midwest Mixed-Use Wisconsin

North Wells Acquires Mixed-Use Property in Downtown Milwaukee for $25M

by Kristin Harlow April 4, 2017

MILWAUKEE — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 428,652-square-foot mixed-use property in downtown Milwaukee for $25 million. The building is located at 331 W. Wisconsin Ave. in the Westown neighborhood. The building is home to Boston Store and its corporate offices, The Bon-Ton Stores Inc. and Boston Lofts apartments. The iconic building was constructed in the late 1800s. Boston Store, a department store, has occupied the building for nearly 100 years, with 123,434 square feet of retail space on the first and second floors. Bon-Ton’s corporate headquarters occupy 170,358 square feet on the third through fifth floors. Boston Lofts consists of 74 apartment units spanning 134,860 square feet on the top floors. Patrick Gallagher of CBRE represented the seller, WISPARK LLC. Urban Innovations will provide property management services for the building. The Mandel Group will continue to manage the Boston Lofts.

April 4, 2017

Alabama Mixed-Use Southeast

Cushman & Wakefield Arranges $9.4M Sale of Two Mixed-Use Buildings in Downtown Birmingham

by John Nelson April 3, 2017

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the sale of Fix Play Lofts and Goodall-Brown Lofts, two mixed-use buildings located in downtown Birmingham’s central business district. Highland purchased both assets from affiliates of Sloss Real Estate for a combined $9.4 million. Together, the properties total 59 multifamily units and 20,577 square feet of ground-floor retail space. Jimmy Adams of Cushman & Wakefield represented the sellers in the transaction.

April 3, 2017

Illinois Midwest 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

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