Mixed-Use

Joint Venture to Rebrand New England Executive Park in Burlington

by Amy Works June 10, 2015

BURLINGTON, MASS. — A joint venture between National Development, AEW Capital Management and Charles Rivers Realty Investors is rebranding New England Executive Park in Burlington, which the partnership acquired in June 2013, as The District Burlington. The rebranding is part of a multi-phase redevelopment to revamp the 13-builting complex into a walkable, urban-style destination. The planned redevelopment will include a 170-room hotel, restaurant and retail space and a 350-car parking garage, as well as upgrades and renovations for select buildings to create state-of-the-art workspace. Scheduled to begin this summer, the upgrades include the construction of a new parking structure, renovation of Building 7, which will consist of a 54,000-square-foot addition to create 80,000 square feet of modern workspace, a green roof deck and glass exterior that will form the new terminus to the main street. Additional enhancements will include walking trails and utility, paving, lighting, signage and landscape improvements throughout the buildings and along the frontage. The complex features a build-to-suit opportunity of up to 180,000 square feet. AEW owns the property on behalf of the AEW Core Property Trust (U.S.), an open-end core real estate fund. Jones Lang LaSalle is the leasing agent for the property. The project team …

June 10, 2015

Florida Loans Mixed-Use Southeast

George Smith Partners Secures $125M Loan for Phase I of Celebration Pointe

by John Nelson June 5, 2015

GAINESVILLE, FLA. — Los Angeles-based George Smith Partners has closed a $125 million construction loan for the development of Celebration Pointe, a large-scale mixed-use development underway in Gainesville. George Smith Partners secured the financing on behalf of the project’s developers, comprising Gainesville-based SHD Development, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G. Located at the intersection of I-75 and Archer Road and anchored by Bass Pro Shops, the $200 million, 1 million-square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurants uses, as well as a new 137-room Hotel Indigo. Phase I of Celebration Pointe is slated to open in fall 2016.

June 5, 2015

California Mixed-Use Western

Orinda Theatre Square in San Francisco Bay Area Changes Hands

by Nellie Day June 4, 2015

SAN FRANCISCO – Orinda Theatre Square, an eight-building, mixed-use property in the San Francisco Bay submarket of Orinda, has sold to an unnamed buyer for an undisclosed sum. The property is visible from Highway 24 and sits adjacent to the Orinda BART station. It was built in 1941 and expanded in 1986. Orinda Theatre features 47,610 square feet of office space and 42,927 square feet of retail space. The space is 98 percent leased to tenants like Starbucks, Serika Japanese Restaurant, Sweet Dreams Toy Store, Entourage Spa & Salon, Morgan Stanley Smith Barney, Wells Fargo Advisors and Chicago Title. The seller was represented by HFF’s Steven Golubchik, Nicholas Bicardo and Brandon Rogoff.

June 4, 2015

Florida Loans Mixed-Use Southeast

Mission Capital Arranges $19M Acquisition, Renovation Loan for Mixed-Use Asset in Miami Beach

by John Nelson June 3, 2015

MIAMI BEACH, FLA. — Mission Capital Advisors has arranged $19 million in acquisition and renovation financing for the Variety Building, a 70-unit mixed-use building located at 1700 Alton Road in Miami Beach. The property will undergo renovations as the retail space is prepared for re-leasing and the residential component is converted to hospitality space. Jason Cohen, Jordan Ray, Ari Hirt and Axel DeAngelis of Mission Capital arranged the loan through Ladder Capital on behalf of the borrower, a joint venture between Springhouse Partners and Forte Capital Management. The property’s current tenant roster includes scooter dealer Vespa Miami.

June 3, 2015

Mixed-Use Texas

PM Realty Group Reveals Master Plan for $1B Mixed-Use Development in Houston

by Haisten Willis May 29, 2015

HOUSTON — PM Realty Group (PMRG) has revealed the plans and name for its development of a 35-acre tract in the center of Houston’s Energy Corridor, the previous location of the ExxonMobil Chemical headquarter campus. PMRG acquired the site in 2013. Republic Square, the $1 billion-plus, high-density mixed-use development, will include a mix of restaurants, hotels, meeting space and apartments. The development is situated between I-10 and Memorial Drive, bordering Terry Hershey Park, a 500-acre public park that winds through the Energy Corridor. PMRG plans to incorporate Republic Square with Terry Hershey Park to create a pedestrian-and-eco-friendly destination.

May 29, 2015

Market Reports Mixed-Use Texas Texas Market Reports

Smart Code Helps El Paso Develop for the Future

by Haisten Willis May 29, 2015

In March 2012 The El Paso City Council unanimously adopted Plan El Paso, a comprehensive development plan based on the principles of green and smart growth. Smart Code, which is based on these same princples, was largely chosen to combat sprawl, large land use and carbon pollution. After numerous citywide meetings with citizens, government entities, nonprofit groups and business leaders, the plan moved forward. Smart Code emphasizes new urbanism, density, walkability, mixed-use development and open space with access to public transit. Developers have the choice in most instances to pick the traditional zoning code or opt for Smart Code. The Smart Code offers potential Chapter 380 economic incentives with city council approval. Sales, use and property tax abatements are available for qualified projects. Higher densities and higher property values through Smart Code generate greater taxes, which justify the rebates. Some developers say project costs are about 30 percent higher under Smart Code when compared to the traditional code. Smart Code typically makes the most sense for infill development in higher-income areas. Prior to the economic downturn of 2008, a large mixed-use development in northeast El Paso was slated to become the first project in the city to implement elements of …

May 29, 2015

Mixed-Use New York Northeast

Saber Real Estate Advisors Breaks Ground for Rivertowns Square in Dobbs Ferry

by Amy Works May 28, 2015

DOBBS FERRY, N.Y. — Saber Real Estate Advisors has completed demolition and begun construction for Rivertowns Square, a $150 million mixed-use development in Dobbs Ferry. Slated to open next year, the project will feature a hotel, restaurants, and boutique retail and entertainment space. Rivertowns Square is currently 80 percent pre-leased to a variety of tenants, including Mrs. Green’s Natural Market, ULTA Beauty, Chipotle, Buddha Asian Bistro, My Gym, The Learning Experience, New York Sports Club, Starbucks Coffee, GNC and a luxury movie theater. Leasing for the project is being handled by Greenstone Realty of Manhattan.

May 28, 2015

Mixed-Use Multifamily New York Northeast Retail

CPEX Brokers $5.25M Sale of Mixed-Use Property in NYC

by Amy Works May 28, 2015

NEW YORK CITY — CPEX has brokered the sale of a mixed-use property located at 173 Court St. in New York City’s Cobble Hill historic district. The property sold for $5.25 million, or $1,129 per square foot. The four-story building features approximately 2,000 square feet of commercial space and 3,000 square feet of residential space. Timothy King, Keat Chew and Ryan Condren of CPEX represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

May 28, 2015

Loans Michigan Midwest Mixed-Use

Bernard Financial Arranges $6.8M HUD Loan in Downtown Detroit

by Amy Works May 28, 2015

DETROIT — Bernard Financial Group has arranged a $6.8 million HUD loan for the Moon Building on Woodward Avenue in downtown Detroit. The property features 42 apartment units and 5,000 square feet of retail space. The borrower is Moon Building at Merchants Row. Proceeds from the loan will be used to restore the building, as well as construction projects. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.

May 28, 2015

Maryland Mixed-Use Southeast

Medical Office Tenant, Package Store Join Gateway at UTC in Metro D.C.

by John Nelson May 27, 2015

HYATTSVILLE, MD. — ECHO Realty and Bernstein Cos. have signed two new tenants to their Gateway at UTC mixed-use development in Hyattsville, a Maryland suburb seven miles northeast of Washington, D.C. The Gateway at UTC development is currently under construction and will be located along East-West Highway, between America Boulevard and Democracy Avenue. The two new tenants joining the development are MedStar Health and Town Center Wine & Spirits. MedStar will operate a primary care office and a MedStar PromptCare urgent care facility comprising 10,000 square feet on the second level of the commercial development. With the majority of parking situated on the second story, patrons will have drive-up access to both MedStar and Phenix Salon Suites, the other tenant to occupy the project’s upper level. On the first floor, Town Center Wine & Spirits will occupy 3,600 square feet at the north end of the street-level retail lining America Boulevard. The mixed-use development is currently 95 percent pre-leased to tenants such as Safeway, Unleashed by Petco and Le’s Nails. Safeway is on schedule to open this fall with other retailers opening soon thereafter.

May 27, 2015

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