Mixed-Use

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

Alabama Mixed-Use Southeast

Crunkleton Announces New 225 Holmes Mixed-Use Project in Downtown Huntsville

by John Nelson August 4, 2016

HUNTSVILLE, ALA. — Crunkleton Commercial Real Estate Group has announced a new redevelopment of a vacant corner lot at Holmes Avenue and Greene Street in downtown Huntsville. Crunkleton is the leasing agent of the project, known as 225 Holmes. The property will span 32,000 square feet and feature shops, office space and possibly a rooftop restaurant or entertainment venue. Designed by architect Nola | VanPeursem, 225 Holmes will be situated across the street from Below the Radar, Sip and Old Town Beer Exchange. The development is expected to bring 150 to 200 daytime jobs to downtown Huntsville, according to Eric St. John of Crunkleton. Construction is scheduled to begin in the fall, and the first anchor tenant for the building will be announced at the groundbreaking ceremony.

August 4, 2016

Loans Mixed-Use Southeast Tennessee

JPMorgan Chase Bank Provides $75M Loan for One Hundred Oaks in Nashville

by John Nelson August 3, 2016

NASHVILLE, TENN. — JPMorgan Chase Bank NA has provided a $75 million loan for the refinancing of One Hundred Oaks, an 892,886-square-foot retail, entertainment and medical office center in south Nashville. The property is anchored by Vanderbilt University Medical Center and was 99 percent leased at the time of financing to tenants such as Regal Cinemas, Burlington Coat Factory, Ross Dress for Less, T.J. Maxx, H.H. Gregg Appliances, PetSmart, Michael’s, K&G Men’s Co., Guitar Center, Ulta Beauty, Kirkland’s Home, Electronics Express, Chipotle Mexican Grill, Regions Bank, Logan’s Roadhouse, Panera Bread and Panda Express. One Hundred Oaks is situated on 53.6 acres at 719 Thompson Lane near I-65 and I-440. John W. Rose and Campbell Roche of HFF arranged the seven-year, floating-rate loan through JPMorgan Chase on behalf of the borrower, LaSalle Investment Management.

August 3, 2016

Mixed-Use Multifamily New York Northeast Office Retail

XIN Development Acquires RKO Keith’s Theater in Queens for $65.8M

by Amy Works August 3, 2016

NEW YORK CITY — XIN Development International has acquired the iconic RKO Keith’s Theater, located at 135-35 Northern Blvd. in the Flushing neighborhood of Queens. JK Equities sold the property in an all-cash transaction valued at $65.8 million. The property features fully approved and permitted plans for an approximately 389,746-square-foot mixed-use project featuring residential, retail and community facility components. Bob Knakal, Stephen Preuss and Jonathan Hageman of Cushman & Wakefield represented the seller, while Albert Benalloul of RLTY NYC represented the buyer.

August 3, 2016

Mixed-Use Multifamily New York Northeast Office Restaurant Retail

Allianz Real Estate to Acquire $420M Stake in Manhattan’s 10 Hudson Yards Tower

by Amy Works August 2, 2016

NEW YORK CITY — Allianz Real Estate has acquired a 44 percent stake — an investment of approximately $420 million — in 10 Hudson Yards, located on Manhattan’s west side. The tower is the first building completed in Related Cos. and Oxford Properties Group’s mixed-use Hudson Yards development. A limited partnership that includes Allianz, Related Cos., Oxford and institutional investors advised by J.P. Morgan Asset Management now own the property. 10 Hudson Yards is 94 percent leased to a variety of tenants, including Coach, L’Oreal USA, SAP and Boston Consulting Group. The planned mixed-use development will feature more than 17 million square feet of commercial and residential space, with more than 100 shops, a collection of restaurants, approximately 4,000 residences, cultural space, 14 acres of public open space and a 750-seat public school. Paul Meyer of Mayer Brown provided legal counsel to Allianz on the transaction.

August 2, 2016

Midwest Minnesota Mixed-Use

CA Residential, Harlem Irving Cos. to Develop 530,842 SF Mixed-Use Property in Minneapolis

by Christina Cannon August 2, 2016

MINNEAPOLIS — A joint venture between CA Residential LLC and Harlem Irving Cos. has broken ground on RISE at Prospect Park, a 530,842-square-foot, mixed-use development in Minneapolis. The project will include a seven-story structure with 150 apartments; an adjacent 13-story tower with an additional 186 units; and 40,000 square feet of street-level retail. A 30,000-square-foot Fresh Thyme will anchor the development. The project will be located at 2929 University Ave. SE and is scheduled to be delivered in March 2018. Residences at RISE at Prospect Park will offer a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 470 to 1,423 square feet. Each unit will feature 9-foot ceilings, hardwood-style flooring, quartz countertops, stainless steel appliances, USB outlets and in-unit washers and dryers. Building amenities will include a rooftop deck with lounges, fire pits and grilling stations; a dog run; coffee bar; fitness center with locker rooms, a yoga/barre studio, a sauna and a tanning room; an entertainment suite with demonstration kitchen; a golf simulator room; private theater; music rehearsal space; game room; bike storage; and dry cleaning service. Chicago-based Habitat Cos. will manage RISE at Prospect Park. Tushie Montgomery Architects is the architect of …

August 2, 2016

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