Mixed-Use

JV Receives $45M Loan for 180-Unit Mixed-Use Apartment, Retail Tower in Philadelphia

by Amy Works April 18, 2016

PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.

April 18, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Eastern Union Funding Secures $5.1M Acquisition Loan for Mixed-Use Property in Brooklyn

by Amy Works April 15, 2016

NEW YORK CITY — Eastern Union Funding has secured a $5.1 million loan on behalf of a Brooklyn-based investor for the acquisition of a mixed-use property located at 900 Grand St. in Brooklyn’s East Williamsburg neighborhood. The 22,600-square-foot property features two ground-floor commercial/retail spaces totaling 15,000 square feet, and residential lofts on the second floor. As a former industrial property, the building also features 12-foot to 17-foot ceiling heights, five drive-ins, two elevators and 8,000 buildable square feet. Alex Freund of Eastern Union Funding arranged the nine-year, fixed-rate loan through Suffolk County Bank.

April 15, 2016

THEARC Town Hall Education Arts Recreation Campus Washington DC

District of Columbia Loans Mixed-Use Southeast

SunTrust Bank Closes $32.3M Financing for Phase III of THEARC in D.C.

by John Nelson April 14, 2016

WASHINGTON, D.C. — SunTrust Banks Inc. has closed $32.3 million in financing to fund Phase III of the Town Hall Education Arts Recreation Campus (THEARC), a cultural, educational and social services center located in southeast Washington, D.C. THEARC is run by Building Bridges Across the River (BBAR), a nonprofit established by W.C. Smith for the purpose of building and managing the facility, including THEARC Theater and THEARC Farm. In addition to BBAR, THEARC houses nine nonprofit partners and provides dance, art and music classes, medical and dental care, afterschool activities, performances, education and social services to underserved communities in D.C.’s Wards 7 and 8. Phase III of THEARC will add approximately 92,000 square feet to the existing 110,000-square-foot development. The new addition will be home to an expanded clinic run by Children’s National Medical Center, Appletree Institute for Education Innovation Inc. (classroom, training and administrative space), the Bishop Walker School for Boys and The Phillips Collection. The new building will also include a black box theater. The project will be completed in 2017. The deal was led by SunTrust Community Capital and included $32.3 million in New Markets Tax Credit (NMTC) allocations. Three community development entities (CDEs) each contributed $10 …

April 14, 2016

Industrial Mixed-Use New Jersey Northeast Retail

NAI Hanson Arranges Sale of Catering, Industrial Facility in New Jersey

by Amy Works April 13, 2016

EAST RUTHERFORD, N.J. — NAI James E. Hanson has arranged the sale of The Landmark, a two-building property located at 33 Route 17 South in East Rutherford. The Hampshire Companies, through one of its funds, acquired the asset for an undisclosed price. Situated on 3.2 acres, the mostly vacant site consists of a 25,000-square-foot catering facility and a 53,000-square-foot industrial building. The property is zoned regional commercial and offers 225 feet of frontage along Route 17 South. The buyer plans to redevelop the site with a 100,000-square-foot self-storage facility and a convenience store with a gas station. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.

April 13, 2016

Florida Mixed-Use Retail Southeast

Kimco Realty Corp. Acquires Two South Florida Assets from JV Partner for $299.2M

by John Nelson April 13, 2016

HOLLYWOOD, FLA. — Kimco Realty Corp. has purchased the remaining 45 percent ownership interest in the Oakwood Plaza shopping center and the Dania Pointe mixed-use development in Hollywood for a gross purchase price of $299.2 million. Kimco acquired the interest and assumed $100 million of mortgage debt from its joint venture partner, Canada Pension Plan Investment Board. The adjacent properties have a combined two miles of frontage on I-95 and are near the Fort Lauderdale-Hollywood International Airport and the Port Everglades international cruise port. Oakwood Plaza is a 900,000-square-foot open-air retail center that is fully leased to tenants such as Home Depot, Marshalls, HomeGoods, Ross Dress for Less, Michaels, PetSmart, BJ’s and Regal Cinemas. Dania Pointe is a mixed-use, ground-up development project that will include approximately 900,000 square feet of retail stores and restaurants, 1,000 luxury apartments, two hotels totaling 300 rooms and two office towers. Phase I will be a traditional 318,000-square-foot open-air retail power center with construction expected to begin in the fall of 2016. Phase II will be a lifestyle center featuring 575,000 square feet of Main Street retail, residential towers and office buildings. Construction for Phase II is scheduled to start at the end of 2017.

April 13, 2016

Illinois Midwest Mixed-Use

Reed Construction to Build 52,000 SF Mixed-Use Building in Chicago

by Christina Cannon April 12, 2016

CHICAGO — Reed Construction will build a 52,000-square-foot mixed-use building in Chicago’s Fulton Market Building. MAB Capital Management is developing the five-story building located at 450 N. Morgan St. The project will feature a mix of office and retail space, as well as 50 parking spots. Construction is slated to start in the second quarter and commence in early 2017. Pappageorge Haymes Partners is providing the architectural services.

April 12, 2016

Georgia Mixed-Use Southeast

Pellerin Real Estate Names $20M Revitalization Project in Grant Park The Beacon Atlanta

by John Nelson April 12, 2016

ATLANTA — Atlanta-based Pellerin Real Estate has announced the name of its $20 million, 110,000-square-foot redevelopment project in Atlanta’s Grant Park neighborhood — The Beacon Atlanta. The project is a revitalization of six warehouses at 1039 Grant St. along the Atlanta BeltLine’s Southside Trail within blocks of Zoo Atlanta. Upon completion, The Beacon Atlanta will feature retail space, a fitness studio, wellness center, beauty salon, food market, loft office space and food and beverage production facilities. Construction is set to begin in late 2016, with a planned opening in the late summer of 2017.

April 12, 2016

Mixed-Use Multifamily New York Northeast Retail

Hubb NYC Acquires 40-Unit Mixed-Use Property in Manhattan for $24.5M

by Amy Works April 12, 2016

NEW YORK CITY — Hubb NYC has purchased a mixed-use property located at 99 Suffolk St. in Manhattan’s Lower East Side. The 40-unit asset sold for $24.5 million, or $830 per square foot. Built in 2004, the 29,600-square-foot building features 35 residential units and five commercial units, currently occupied by Elements Preschool. The residential portion includes three studios, 30 one-bedroom and two two-bedroom units. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

April 12, 2016

Illinois Midwest Mixed-Use

Thor Equities Acquires 6,500 SF Mixed-Use Building in Chicago for $1.9M

by Christina Cannon April 7, 2016

CHICAGO — Thor Equities has acquired a 6,500-square-foot mixed-use building in Chicago. West Loop Orthopedics sold the property, located at 1229 W. Randolph St. in the Fulton Market district, for $1.9 million. The two-story building consists of 3,250 square feet of vacant ground-floor retail space and 3,250 square feet of loft office space occupied by West Loop Orthopedics. The building was constructed in 1883. Joseph Goodman of Terraco Co. represented all parties in the transaction.

April 7, 2016

Georgia Mixed-Use Southeast Top Stories

Allen Morris Co. to Develop $210M Mixed-Use Project in Atlanta’s West Midtown District

by John Nelson April 7, 2016

ATLANTA — The Allen Morris Co., a Coral Gables, Fla.-based real estate developer, has announced plans for Star Metals, a $210 million mixed-use development in Atlanta’s West Midtown neighborhood. The project will feature an upscale apartment building known as Star Metals Residences and a 12-story office building known as Star Metals Offices. The buildings, which will both feature ground-floor retail space, will be situated across Howell Mill Road from one another. “Although Atlanta has always been a great place to live and work, West Midtown’s cultural center of gravity is becoming stronger and the economic and lifestyle potential is greater than ever before,” says W. Allen Morris, chairman and CEO of The Allen Morris Co. “We see our sites as fundamental building blocks and a keystone in West Midtown’s evolution where tenants and residents can enjoy a well-rounded lifestyle.” Oppenheim Architecture + Design LLP is the lead architect for both buildings. Warner Summers Architecture and Interior Design is designing the interior of Star Metals Offices, and DWELL Design Studio and Lord Aeck Sargent are teaming up for Star Metals Residences’ interior work. “We are proud to have assembled world-class architectural teams that believe in developing projects that enhance Atlanta and …

April 7, 2016

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