Mixed-Use

$600M Avalon Opens for Business in Alpharetta

by John Nelson October 31, 2014

ALPHARETTA, GA. — Developer North American Properties (NAP), Alpharetta Mayor David Belle Isle and other dignitaries and business professionals officially opened Avalon for business yesterday morning. The $600 million development features single-family homes, chef-driven restaurants and national eateries, a Whole Foods Market, apparel retailers, a gym, 12-screen Regal theater, dog park and upscale apartment residences. Retail tenants include Arhaus, Banana Republic, Columbia, Everything But Water, J. Crew, lululemon athletica, Orvis, Pottery Barn Kids, Ted’s Montana Grill and West Elm. Phase II of Avalon, which has been approved for construction, includes 85,000 square feet of retail and restaurant space and is scheduled to open in fall 2016.

October 31, 2014

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Arranges $6.4M Sale of Mixed-Use Building

by Amy Works October 30, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of 307 East 85th Street, a mixed-use building located in New York City. The 9,625-square-foot property sold for $6.4 million. Peter Von Der Ahe, Joseph Koicim, David Lloyd and Daniel Handweiler of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction. The five-story building offers 15 residential units and one commercial unit. The apartment mix includes four studio units, six one-bedroom units and five two-bedroom units.

October 30, 2014

Mixed-Use Top Stories

Brandywine Realty Trust, LCOR to Develop Mixed-Use Project at 1919 Market St. in Philadelphia

by John Nelson October 27, 2014

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN) has formed a 50/50 joint venture partnership with LCOR/CalSTRS for a mixed-use development located at 1919 Market St. in Philadelphia’s City Center neighborhood. The joint venture is planning a 29-story, 455,000-square-foot glass tower consisting of residential, retail and parking components. The project will be comprised of 321 luxury apartments with full concierge service and rooftop amenities that include a fitness center, club room with demonstration kitchen, outdoor roof garden with a fire pit and ledge pool and a game room including a golf simulator. The commercial space will consist of 24,000 square feet and is 90 percent pre-leased to Independence Blue Cross and CVS/pharmacy. A 215-car structured parking facility will support the development and also offer parking to the public. Brandywine has contributed the land parcel at 1919 Market St. and will manage the retail and parking components of the project. LCOR will oversee construction of the project and will be responsible for the marketing, leasing and management of the multifamily component. The project team includes architect Barton Partners and construction manager Hunter Roberts Construction Group. Construction will begin immediately with an expected spring 2016 delivery. “With LCOR’s experience developing transit-oriented communities, we …

October 27, 2014

Mixed-Use South Carolina Southeast

Centennial American Properties Partners with TCC for Greenville Mixed-Use Development

by John Nelson October 27, 2014

GREENVILLE, S.C. — Trammell Crow Co. (TCC) has named Greenville-based Centennial American Properties as its local partner in the redevelopment of the Greenville News building in downtown Greensville. The two companies will develop a mixed-use project that could possibly include an upscale hotel, retail and restaurant space, dine-in movie theater, office building, multifamily residences, public plazas and pedestrian walkways, a parking garage and other uses that would fit within the upscale nature of the project. TCC is under contract with Gannett Publishing to purchase the Greenville News building, which is located on Main Street. Jackson Hughes Jr. of Hughes Commercial Properties is handling retail leasing for the development, and CBRE is handling office leasing. Wakefield Beasley & Associates is designing the project.

October 27, 2014

Mixed-Use Southeast Tennessee

Ovation Mixed-Use Development Breaks Ground in Franklin’s Cool Springs Area

by John Nelson October 24, 2014

FRANKLIN, TENN. — Developers SouthStar LLC, Highwoods Properties and Bristol Development Group have broken ground on Ovation, a mixed-use development in Franklin’s Cool Springs market. The property will be located on a 145-acre site at the corner of McEwen Drive and Carothers Parkway. SouthStar will develop 500,000 square feet of retail space, 950 residential units and two hotels totaling roughly 450 rooms. Highwoods plans to develop up to 1.4 million square feet of office space, and Bristol Development plans to develop living spaces, including apartments and upscale million dollar estates. To date, more than $20 million has been invested in Ovation’s infrastructure. Construction on Ovation’s retail portion is slated to begin in the spring.

October 24, 2014

California Mixed-Use Western

Ellis Partners Buys The Pruneyard Mixed-Use Property in Campbell

by Nellie Day October 24, 2014

CAMPBELL, CALIF. – Ellis Partners has acquired The Pruneyard, a 27-acre, mixed-use property in Campbell. Though the sales price was not released, reports put it as high as $300 million. The Pruneyard contains more than 365,000 square feet of office space, more than 250,000 square feet of retail space and a 171-room Doubletree hotel. It is located at the intersection of Campbell and Bascom avenues in Silicon Valley. The property initially opened in 1969. An 18-story office tower was added in 1970, while a second made its debut in 1972. The hotel component, which was formerly known as the Pruneyard Inn, opened in 1989. It was renovated and expanded in 1998. Ellis plans to complete the hotel’s most recent renovation. Seller Equity Office Properties began those renovations in 2013 when the hotel was being converted into the Hilton DoubleTree. Notable retail tenants at The Pruneyard include Marshall’s, Sports Basement, Trader Joe’s and Camera Cinemas.

October 24, 2014

Mixed-Use Multifamily New York Northeast Retail

GHP Office Realty Brokers $4M Sale of Mixed-Use Property Sale in Yonkers

by Amy Works October 23, 2014

YONKERS, N.Y. — GHP Office Realty has arranged the sale of a three-story mixed-use building located at 1179 Yonkers Ave. in Yonkers. Juster Development purchased the property for $4 million or $200 per square foot. The building features 20 rent-regulated apartments and seven retail stores. Jamie Schwartz of GHP Office Realty represented the seller, a private New York City investor, in the deal. Gary Juster and Michael Juster, principals of Juster Development, served as in-house representation for the buyer. John Dunne of Lynn, Gartner, Dunn & Covello LLP provided legal counsel for the seller, while Steven Hirsch of Hirsch & Gibaldi LLP was counsel for the buyer.

October 23, 2014

Georgia Mixed-Use Southeast

Wood Partners Breaks Ground on $100M Mixed-Use Development in Midtown Atlanta

by John Nelson October 21, 2014

ATLANTA — Wood Partners has begun construction on 33 Peachtree Place, a $100 million mixed-use development on West Peachtree Street in Midtown Atlanta. The project will include a 21-story high-rise and mid-rise apartment building totaling 369 residential units (including five penthouse suites) and 20,000 square feet of ground-level retail space. The project will be Atlanta’s first multifamily property to utilize natural gas for heating, cooling, water and cooking. The property’s amenity offerings include a dog-friendly resident park, resort-style pool deck, club rooms, half-acre private park and courtyard space and more than 500 parking spaces. Prudential Real Estate Investors (PREI) was the seller of the site, a former parking lot for the 10 Peachtree Place building. PREI is also Wood Partners’ equity partner for 33 Peachtree Place. The general contractor, Balfour Beatty, expects to complete the project by the third quarter of 2016.

October 21, 2014

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated, Cresa New York Arrange $52.9M Sale of Mixed-Use Property

by Amy Works October 20, 2014

NEW YORK CITY — Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a residential and retail property located at 110-112 Greenwich St. in Lower Manhattan. Built in 1929 and last altered in 1998, the 66,530-square-foot property features 60 free-market apartments, corner retail space and 30,000 square feet of additional development rights. Peter Hauspurg, David Schechtman, Lipa Lieberman, Abie Kassin of Eastern Consolidated, along with Mark Jaccom and Elyse Schindler-Candella of Cresa New York, represented the buyer, Hersel Torkian of the BHT Corp., and the seller, 110 Greenwich Street Associates, in the transaction.

October 20, 2014

Mixed-Use Multifamily New Jersey Northeast Office Retail

LCOR Tops Out Phase I of New Jersey Mixed-Use Project

by Amy Works October 17, 2014

MONTCLAIR, N.J. — LCOR, along with co-developer The Pinnacle Cos., has topped out Phase I of Valley & Bloom, a mixed-use project in Montclair’s central business district. Located at 638 Bloomfield Ave., Valley & Bloom will be comprised of two buildings that will include a total of 258 residential apartments, ranging from studio to two-bedroom units; 20,000 square feet of office space; 22,000 square feet of retail space; and 571 parking spaces. Phase I is on track to be completed by the end of May 2015, with the second building following shortly after. Valley & Bloom is the first phase of the Montclair Center Gateway Redevelopment Plan. The Pinnacle Cos. recently received approval for Phase II, which will include The MC Hotel, part of Marriott International’s Autograph Collection. The MC Hotel is slated to begin construction in 2015.

October 17, 2014

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