Mixed-Use

Eastern Consolidated Arranges $7.1M Sale of 10,394 SF Mixed-Use Property in Brooklyn

by Amy Works January 26, 2016

NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 109-111 Franklin St. in the Greenpoint neighborhood of Brooklyn. An international investor acquired the 10,394-square-foot property from a longtime owner for $7.1 million, or $683 per square foot. The four-story walk-up features 12 two-bedroom, rent-stabilized apartments and four fully leased retail units. Jonathan Schwartz of Eastern Consolidated represented the seller and buyer in the off-market transaction.

January 26, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Arranges $4.5M Sale of Development Site in Brooklyn

by Amy Works January 26, 2016

NEW YORK CITY — Marcus & Millichap has brokered the sale of a development site at 570 Nostrand Ave. in Brooklyn. The 4,550-square-foot site sold for $4.5 million, or $246 per buildable square foot. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a developer, in the transaction.

January 26, 2016

Hospitality Mixed-Use Multifamily Retail Texas

The Kor Group Acquires Land for Austin Proper Hotel and Residences

by Haisten Willis January 26, 2016

AUSTIN, TEXAS — The Kor Group has purchased land for the future home of Austin Proper Hotel and Residences. The development will be a 32-story mixed-use building containing 99 for-sale residences, 244 hotel guest rooms, four food and beverage outlets, 11,500 square feet of meeting space, a spa, fitness center and two outdoor swimming pools. Construction is scheduled to begin in spring 2016 and end in early 2018. In addition to the land acquisition, the Austin Proper Residences sales gallery, located nearby at 208 Colorado St., debuted on Jan. 21, 2016, with a grand opening celebration scheduled for Feb. 5 and 6. Will Steakley of DEN Property Group will manage sales for the Austin Proper Residences, which will begin taking contracts this month. Proper Hospitality will operate the Austin Proper Hotel as part of the Proper Hotels brand. Designer Kelly Wearstler is creating the interior design for the project, McGuire Moorman Hospitality is developing and operating the food and beverage concepts and Handel Architects is responsible for the design of the 32-story high-rise.

January 26, 2016

Hospitality Mixed-Use Multifamily Office Retail Texas

StreetLevel, Provident Realty Purchase Former Texas Instruments Campus for $500M Mixed-Use Development

by Haisten Willis January 26, 2016

STAFFORD, TEXAS — Dallas-based StreetLevel Investments and joint venture partner Provident Realty Advisors have purchased 192 acres in Stafford, including the former Texas Instruments (TI) campus. The firms plan to create a mixed-use development at the site that will feature 350,000 square feet of destination retail space, 2,400 residential units, Class A office space, two hotels, a health club, entertainment and green space in a walkable urban center. The finished product will include parking garages as well as street parking. Portions of the original TI buildings will be preserved and repurposed. Houston-based Gensler and TBG are project consultants. The first phase of the $500 million, multi-phase project is slated to open summer 2017.

January 26, 2016

Florida Mixed-Use Southeast

Hines to Develop 105-Acre Mixed-Use Project in Jacksonville

by John Nelson January 26, 2016

JACKSONVILLE, FLA. — Hines has acquired 105 acres of land located at the intersection of I-295 and J.T. Butler Boulevard in Jacksonville’s Southside submarket. The Houston-based developer and investor will build a master-planned project on the site that will feature residential, office and retail space, as well as a central lake and green space. Along with Hines, the project team includes architect RTKL Associates and engineer ETM. Hines currently has $87 billion of assets under management and 104 developments underway. The firm’s current property and asset management portfolio includes 531 properties, representing more than 186 million square feet.

January 26, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $2.6M Sale of Development Site in Brooklyn

by Amy Works January 25, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use development site located at 622 Myrtle Ave. in Brooklyn. The asset sold for $2.6 million, or $277 per buildable square foot, in an all-cash transaction. The site offers approximately 9,384 buildable square feet. The site is currently improved by a 5,188-square-foot mixed-use building consisting of two residential units and one retail unit. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.

January 25, 2016

Mixed-Use North Carolina Southeast

Federal Capital Partners Acquires Restored Tobacco Mill Campus in Downtown Durham for $18M

by John Nelson January 25, 2016

DURHAM, N.C. — Federal Capital Partners (FCP) has purchased the Venable Center, a three-property, 85,886-square-foot mixed-use campus located at 303 S. Roxboro St. in downtown Durham, for $18 million. The property comprises three restored tobacco mill office buildings that are listed on the National Register of Historic Places. The buildings include office, retail and lab space. Venable Center was 99 percent leased at the time to tenants including Precision Biosciences, which recently signed a long-term lease to extend and expand its space.

January 25, 2016

Mixed-Use Multifamily Office Restaurant Retail Texas

Southside Magnolia Purchases Mixed-Use Building in Fort Worth

by Haisten Willis January 22, 2016

FORT WORTH, TEXAS — Southside Magnolia Partners has acquired a mixed-use building located at 701 W. Magnolia Ave. in Fort Worth. Situated on the southwest corner of Magnolia Avenue and Hemphill Street, the building is the former headquarters of Fort Worth National Bank. The building features residential living, casual dining, retail and office space. Anchor tenants include Southside Bank and Shinjuku Station. There is a 4,000-square-foot site available for restaurant or retail, as well as five lofts on the second floor. Will Martin and Southside Magnolia Partners have a light restoration in plan for the property, but parts of the building still have original architectural features including exposed brick, hardwood floors and views of downtown Fort Worth. W. Martin and Co. represented the buyers and Grant Huff with Transwestern represented the seller.

January 22, 2016

Mixed-Use Southeast Virginia

Dominion Realty Partners to Develop $93M Mixed-Use Tower in Downtown Richmond

by John Nelson January 22, 2016

RICHMOND, VA. — Dominion Realty Partners LLC plans to develop a $93 million, 21-story mixed-use tower in downtown Richmond. The project, known as the 3Twenty-One Building, will feature 137,000 square feet of commercial space, 187 luxury apartments starting on the 10th floor and a 503-space parking structure. The commercial component will be known as The Locks at 3Twenty-One and the residential portion will be called The Residences at 3Twenty-One. The tower will be located at the intersection of 10th and Byrd streets along James River. SunTrust Bank has pre-leased 53,000 square feet of office space in the riverfront project. Paul Silver and Brian Berkey of Cushman & Wakefield | Thalhimer represented SunTrust in the lease deal, and Jeff Cooke of Cushman & Wakefield | Thalhimer represented Dominion. The Residences will feature a clubroom, rooftop pool and plaza. The project team includes architect JDavis Architects and general contractor Choate Construction. JDavis is aiming for the project to achieve LEED Platinum certification. Dominion will manage the mixed-use development on-site. The Raleigh-based developer has been involved in more than $250 million in development along James River in Richmond. Along with 3Twenty-One, Dominion’s other projects include Riverside on the James, The Residences at the …

January 22, 2016

Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $9.5M Sale of Mixed-Use Building in Chicago

by Christina Cannon January 21, 2016

CHICAGO — Marcus & Millichap has brokered the sale of a mixed-use loft building in the River North neighborhood of Chicago for $9.5 million. The four-story building is anchored by Kinzie Chophouse Restaurant on the ground level, and the three top levels are utilized as offices. Baum Revision and Kaufman Jacobs purchased the building, satisfying a 1031 exchange trade requirement, from an undisclosed private investor. The 26,000-square-foot property, which is located at the northwest corner of Kinzie and Wells streets, is currently 95 percent occupied. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.

January 21, 2016

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