Mixed-Use

Ariel Property Advisors Brokers Two Sales Totaling $4.8M in Queens

by Amy Works March 6, 2015

NEW YORK CITY — Ariel Property Advisors has brokered two sales in Queens totaling $4.8 million. In the first transaction, the firm negotiated the sale of a development site with approved plans, located at 14-23 Broadway in Astoria, for $1.95 million. The 25-foot by 136-foot vacant lot is zoned for 13,620 buildable square feet of mixed-use or residential development. Daniel Wechsler, Michael Tortorici, Howard Raber, Marko Agbaba and Victor Sozio of Ariel Properties represented the seller and procured the buyer, both real estate investment groups, in the transaction. In the second deal, a retail site at 175-42 Hillside Ave in Jamaica sold for $2.85 million. The 100-foot by 100-foot lot includes a 2,054-square-foot building that is leased to KFC Corp. on a triple-net lease basis. Additionally, the site offers a total of 40,000 buildable square feet for future development. Tortorici, Wechsler, Agbaba and Sozio represented the seller, a real estate investment firm, and procured the buyer, a private investor, in the transaction.

March 6, 2015

Midwest Minnesota Mixed-Use

Trammell Crow Co. Acquires Site for New Mixed-Use Development in Minneapolis

by Danielle Everson March 5, 2015

MINNEAPOLIS — High Street Residential, the residential subsidiary of Trammell Crow Co., has acquired a nearly two-acre site for the construction of a 164-unit, six-story, Class A mixed-use building in Minneapolis. The residential complex will replace an existing restaurant and associated surface parking lot fronting the West Lake Corridor. Construction is expected to begin during the second quarter and ready for occupancy in the third quarter of 2016. 3118 W. Lake will include a contemporary studio, alcove, one-, two- and three-bedroom apartments with views of the surrounding Lake Calhoun and the Minneapolis Skyline. The commercial portion of the development will include 5,000 square feet of indoor restaurant space and an outdoor patio space. ESG Architects will serve as the project architect. A joint venture between Continuum Construction and Big D Construction will serve as the general contractor. Jerry Ebert, senior vice president of construction, will oversee the development of the project on behalf of High Street Residential and Trammell Crow Co.

March 5, 2015

Loans Maryland Mixed-Use Southeast

Cronheim Mortgage Secures $16.2M Loan for Mixed-Use Property in Maryland

by John Nelson March 5, 2015

ELKTON, MD. — Cronheim Mortgage has secured a $16.2 million loan for a mixed-use property located on East Pulaski Highway in Elkton, a town near the Maryland-Delaware border. The property includes a 78,800-square-foot medical office building converted from a former Walmart, a 5,000-square-foot build-to-suit urgent care center and an Olive Garden pad site. David Turley and Janet Proscia of Cronheim Mortgage structured the 10-year loan with a 30-year amortization schedule on behalf of the borrower. The funding retired existing debt on the property and enabled the owner to recover equity.

March 5, 2015

Loans Mixed-Use New York Northeast

HFF Arranges $42M Acquisition Loan for Mixed-Use Property in Manhattan

by Amy Works March 5, 2015

NEW YORK CITY — HFF has arranged $42 million in acquisition financing for a mixed-use property located at 1035 Third Ave. in Manhattan’s Upper East Side. HFF secured the six-year, floating-rate loan from Helaba Bank for Acadia Realty Trust. The funding was used for the acquisition and to reposition the property. The approximately 53,000-square-foot property features retail, office and parking space. Mike Tepedino, Jennifer Keller and Andrew Lane of HFF represented the borrower in the loan transaction.

March 5, 2015

Mixed-Use Southeast Virginia

Transwestern Brokers $53.5M Sale of Atrium Building in Alexandria

by John Nelson March 4, 2015

ALEXANDRIA, VA. — Transwestern has brokered the $53.5 million sale of the Atrium Building located at 277 S. Washington St. in Alexandria, a Virginia suburb of Washington, D.C. The five-story office building was 90 percent leased at the time of sale. The property features a restaurant and market called Society Fair and a two-level underground parking garage with 232 parking spaces. Joe Friedman and Julian Etches of Transwestern represented the Washington, D.C.-based buyer in the 1031 tax-deferred exchange transaction.

March 4, 2015

Georgia Mixed-Use Southeast

Cannon Equities Sells Office, Retail Space in Metro Atlanta

by John Nelson March 4, 2015

CUMMING, GA. — Atlanta-based Cannon Equities has sold office and retail space at Vickery Village, a master-planned development located at 5755 S. Vickery St. in Cumming, a suburb of Atlanta. Cannon Equities sold a 57,064-square-foot retail building and a 5,200-square-foot office building in Vickery Village. Fred Victor of Transwestern represented Cannon Equities in the transaction. Evolution Real Estate Partners purchased Vickery Village for an undisclosed amount.

March 4, 2015

California Mixed-Use Western

Venice Beach Mixed-Use Building Sells for $11.5M

by Nellie Day March 4, 2015

LOS ANGELES – A joint venture between BLVD Partners LLC and Arris Investments has acquired a 25,000-square-foot, mixed-use building in the Los Angeles submarket of Venice Beach for $11.5 million. The two-story building is located on Lincoln Boulevard at Rose Avenue. It is divided between retail and office space, with a 30 percent occupancy rate at the time of closing. The creative office space will be marketed by Industry Partners. The acquisition also included an adjacent 55-stall surface parking lot. CBRE’s Jeff Pion represented both the buyer and seller, a private partnership, in this transaction. Acquisition financing was provided by Latitude Real Estate Investors. Sklar Kirsh attorney Andrew Kirsh also advised the JV on the purchase and acquisition financing.

March 4, 2015

District of Columbia Mixed-Use Retail Southeast

AFIAA Purchases Arch Square in D.C.’s East End for $104.3M

by John Nelson March 3, 2015

WASHINGTON, D.C. — AFIAA, the investment foundation of 35 Swiss pension funds, has purchased Arch Square, a mixed-use building in Washington, D.C.’s Chinatown neighborhood, for roughly $104.3 million. The 54,896-square-foot property was built before World War II and refurbished in 2012. The property features retail space on the first two floors and office space on the top two floors. The office space is leased to the Alliance of Automobile Manufacturers, and the property’s retail tenant roster includes Walgreens, Sports Zone Elite and Panera Bread. Arch Square is located less than one mile from the White House at the corner of 7th and H streets in Washington, D.C.’s East End submarket.

March 3, 2015

Louisiana Mixed-Use Retail Southeast

Factor’s Row in New Orleans Undergoes Redevelopment

by John Nelson March 3, 2015

NEW ORLEANS — Corporate Realty has begun marketing the redeveloped Factor’s Row, a retail development located at the corner of Perdido and Carondelet streets in New Orleans. The ground-floor retail space has 14- to 17-foot ceilings and large storefront windows. The redevelopment project of Factor’s Row, which was built in 1858, will feature 9,484 square feet of ground-floor retail space and 50 upper floor luxury apartments. The redevelopment will also include upgrades to the adjacent Thiberge Building.

March 3, 2015

Market Reports Mixed-Use Retail Southeast Southeast Market Reports Tennessee

New Mixed-Use Developments Will Change the Face of Nashville’s Retail Market

by John Nelson March 2, 2015

The Nashville retail market continues to gain momentum. With approximately 338,773 square feet of retail construction underway, Nashville remains in a growth and expansion phase, with nationally recognized retail that offers unique options for tourists and locals. In 2014, approximately 53 restaurants opened, most notably Chauhan Ale and Masala House, Sinema, Prima, Acme Feed & Seed, Adele’s, City Winery, Two Ten Jack, Moto Cucina + Enoteca, Epice and Party Foul. Most of these landed in hot neighborhoods — The Gulch, East Nashville, 12th South, SoBro and Germantown. Nationally and locally we’re seeing demand for grocery-anchored retail. Demand has outstripped supply by a long shot. Major grocers own much of their real estate, and Publix followed suit in 2014, acquiring some centers it anchors, leaving fewer investor opportunities that will drive pricing and also move some investors into opportunities anchored by regional or independent grocers, or shadow-anchored assets. We actually expect non-retail projects to change the dynamic in Nashville in 2015. Within the Downtown loop, retail was non-existent, but with 1,000 new hotel rooms, 2,493 residential units and several new office projects under construction, bringing 5,000 more workers downtown, retail will follow. The $232.6 million Highwoods development for Bridgestone’s U.S. headquarters …

March 2, 2015

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