Tuesday, November 26, 2024
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Mixed-Use

Enterprise-Research-Campus-Allston
DevelopmentMassachusettsMixed-UseNortheastTop Stories

Tishman Speyer Breaks Ground on 900,000 SF Enterprise Research Campus in Boston

by Taylor Williams

BOSTON — New York City-based real estate giant Tishman Speyer has broken ground on Phase I of Enterprise Research Campus, a 900,000-square-foot mixed-use project that will be located in the Allston neighborhood of Boston. The nine-acre site is adjacent to the Harvard Business School and Harvard Science & Engineering Complex in Allston. New York City-based Otera Capital led a syndicate of lenders that provided $750 million in construction financing for the project earlier this year. Phase I of the development will consist of two life sciences buildings totaling 440,000 square feet, a 343-unit apartment complex and a hotel, all of which will be developed on a nine-acre parcel. Within the multifamily component, 25 percent of the units will be designated as affordable housing for households earning between 30 and 100 percent of the area median income. Tishman Speyer will also develop, on Harvard University’s behalf, the mass-timber David Rubenstein Treehouse to serve as a campus-wide conference facility. Turner Construction is partnering with Janey Construction Management and J&J Contractors to build the life sciences portion of the project. A partnership between Consigli Construction and Smoot Construction is building the multifamily and hotel portions of the development. At full build-out, Enterprise Research …

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AlabamaDevelopmentLoansMixed-UseRetailSoutheast

Benson Capital Partners Joins $2.2B MidCity District in Huntsville as Investment Partner

by John Nelson

HUNTSVILLE, ALA. — Benson Capital Partners, an investment firm founded by New Orleans Saints owner and New Orleans Pelicans governor Gayle Benson, has invested in MidCity District, a $2.2 billion mixed-use development in Huntsville. The New Orleans-based company has provided a $5.7 million equity investment via its real estate fund, Benson Capital Real Estate I LP, for MidCity Placemakers Retail II, a retail component within MidCity spanning 82,669 square feet. Additionally, Randy Wolfe of Northmarq arranged a $13.8 million loan for MidCity Placemakers Retail II. RCP Cos. is the principal owner of MidCity District, which will ultimately comprise 1,865 residential units, 925 hotel rooms, shops, restaurants, entertainment retail and Class A offices, along with outdoor gathering spaces, including the Orion Amphitheater. “We are excited to further RCP’s vision for MidCity, redefining community spaces,” says Keith Schneider, managing director for Benson Capital’s real estate fund. “MidCity District represents a pioneering vision that aligns with our commitment to investing in transformative projects.”

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AcquisitionsMixed-UseTexasTop Stories

Newmark Brokers Sale of 2.2 MSF CityLine Mixed-Use Development in Metro Dallas

by Kristin Harlow

RICHARDSON, TEXAS — Newmark has brokered the sale of CityLine, a 2.2 million-square-foot mixed-use development in Richardson, a northern suburb of Dallas. The price was undisclosed. The property consists of four State Farm Insurance-occupied office buildings, including 120,000 square feet of retail space, and an attached 42,000-square-foot medical office building. Mirae Asset Global Investments was the seller. The buyer was a firm created by former Phoenix Suns owner Robert Sarver, according to The Dallas Morning News. The office buildings, constructed in 2016, are the focal point of a master-planned, 186-acre development located at the connection of two major DART Rail lines. There are also eight luxury apartment complexes, 30 restaurants and bars, a 148-room Aloft hotel and 21 acres of green space and walking trails, none of which were included in the sale. Dallas-Fort Worth office-using employment continues to remain near historical highs, according to Newmark. As of the end of August 2023, the metroplex reported 1.28 million office workers, an increase of 67.6 percent compared with 2010 and an increase of 21.5 percent compared with 2019. “CityLine is a dynamic development, well situated to reap long-term appreciation as the metroplex continues to grow north,” says Chris Murphy, a vice …

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DevelopmentLeasing ActivityMarylandMixed-UseRestaurantRetailSoutheast

Pinky Cole to Open Two Restaurant Concepts at $5B Baltimore Peninsula Development

by John Nelson

BALTIMORE — Restaurateur Pinky Cole will open two food-and-beverage concepts, Slutty Vegan and Bar Vegan, at Baltimore Peninsula, a $5 billion mixed-use redevelopment project currently underway in Baltimore. Scheduled to open in the fourth quarter of 2024, the plant-based restaurants are expected to create more than 100 new jobs. The 14 million-square-foot, 235-acre Baltimore Peninsula development also features a four-acre sports venue, ROOST Apartment Hotel and the Rye House and 250 Mission residential communities. The development and investment team for the project includes MAG Partners, MacFarlane Partners, Kevin Plank of Under Armour and his Sagamore Ventures investment firm and Goldman Sachs Asset Management Urban Investment Group. Additionally, Pinky Cole will join the development team for Baltimore Peninsula’s Rye Street Market component.

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703-8th-Ave-San-Diego-CA
CaliforniaLoansMixed-UseMultifamilyRestaurantRetailWestern

Marcus & Millichap Arranges $2.7M Refinancing for North of Market Mixed-Use Building in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.7 million refinancing for North of Market, a mixed-use retail and multifamily property in San Diego. Located at 701-721 8th Ave., the property comprises a restaurant, salon, clothing store and 10 apartments. Chad O’Connor of MMCC’s San Diego office secured the three-year, fixed-rate, interest-only loan for the undisclosed borrower.

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ArkansasDevelopmentLoansMixed-UseMultifamilyRetailSoutheast

CBRE Secures Construction Financing for Whole Foods-Anchored Development in Rogers, Arkansas

by John Nelson

ROGERS, ARK. — CBRE has secured an undisclosed amount of construction financing for the development of Pinnacle Springs, a planned mixed-use development located at 1800 S. Osage Springs Drive in Rogers. The project will comprise 362 apartments and 91,000 square feet of retail space, including a 37,000-square-foot Whole Foods Market grocery store. The borrower is SJC Ventures, a mixed-use development firm based in Atlanta. Richard Henry, Mike Ryan, Brian Linnihan and J.P. Cordeiro of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. Arvest Bank provided uncrossed construction loans for the project, while Dome Equities provided both common and preferred equity investments in the multifamily component. SJC Ventures plans to break ground on Pinnacle Springs by the end of the year, with an expected delivery date of 2025. 

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DevelopmentLife SciencesMixed-UseTexasTop Stories

Texas Medical Center Opens First Building at 37-Acre Helix Park Life Sciences Campus in Houston

by Jeff Shaw

HOUSTON — Texas Medical Center, The University of Texas MD Anderson Cancer Center (MD Anderson), Texas A&M University Health Science Center and The University of Texas Health Science Center at Houston have opened the TMC3 Collaborative Building in Houston. The building is the first project completed within Helix Park, a life sciences campus spanning 37 acres and approximately 5 million square feet of planned development. At full build-out, the Helix Park campus will also offer a 700,000-square-foot industry research building called Dynamic One, six future industry and institutional research buildings, a hotel, a residential tower and a mixed-use building with retail space. Helix Park will also include 18.7 acres of green space across six public parks, which will link together in a double helix configuration. Each park will comprise approximately 55,000-square feet. The parks will offer gathering space, water features, cafes, retail shops and other public spaces. Individual gardens will be available as event spaces. The TMC3 Collaborative Building comprises 250,000 square feet at the heart of Helix Park. According to the Texas Medical Center, the property was designed to foster collaboration between academic institutions and industry partners. The building offers purpose-built wet laboratories, as well as office and co-working space. The building will …

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DevelopmentMixed-UseNorth CarolinaOfficeRestaurantRetailSoutheast

Third & Urban Delivers 80,000 SF Pass 41 Mixed-Use Project in Charlotte

by John Nelson

CHARLOTTE, N.C. — Third & Urban has delivered Pass 41, a mixed-use development in Charlotte that comprises 80,000 square feet of walkable retail, entertainment and office space, as well as local art murals and outdoor gathering spaces. Pass 41 is the first phase of The Pass, a 12-acre mixed-use campus located at 530 E. Sugar Creek Road and 4100 and 4212 Raleigh St. in the city’s NoDa district. Odell is the project architect for The Pass, Urban Design Partners is the civil engineer and Gay Construction is the general contractor. Foundry Commercial is handling office leasing, and Thrift Commercial Real Estate oversees retail leasing. In addition to Pass 41’s completion, Third & Urban also announced it has executed leases with PINE, a new venue space from 828 events, and Borderline Bar & Billiards. The developer is focused on tenant build-outs and the construction of the multifamily building at The Pass. First retail tenants, including Soul Gastrolounge, are expected to open in spring 2024 and first residents are expected to move in during summer 2025. The adaptive reuse project is bracketed by the Cross Charlotte Trail, the light rail at Sugar Creek Station and a pocket park underneath an overpass that will …

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IndianaMarket ReportsMidwestMidwest Market ReportsMixed-Use

Greater Lafayette, Indiana Is No Longer in the Shadows

by Kristin Harlow

By Jim Pitoukkas, Coldwell Banker Commercial Shook Outside of recognition related to Purdue University, the Greater Lafayette region (consisting of West Lafayette, Lafayette and surrounding towns in Tippecanoe County), has been in the shadows of the Indianapolis MSA to the south and Chicago MSA to the north. This is changing, though. Growth over the last decade has pushed Greater Lafayette into the national spotlight as an emerging hub for innovation in advanced manufacturing in industries including medical, aerospace and defense, agriculture and nanotechnology, and a burgeoning housing market. For three quarters straight, The Wall Street Journal and Realtor.com have ranked Greater Lafayette the No. 1 Emerging Housing Market in America based on comparatively affordable housing, a skilled technology-based workforce, and a strong growing local economy. Additionally, current and to-be residents benefit from consistent public investments in quality-of-life infrastructure that continue to attract new residents across a range of ages and backgrounds. Quality of life Greater Lafayette has invested in excess of $889 million in public investment since 2015. These investments have ranged from new utility infrastructure, a new minor league ball field, parks, county-wide trails, public facilities like the West Lafayette Wellness Center and the Lafayette Public Safety Center, and …

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DevelopmentLeasing ActivityMixed-UseRetailTexasTop Stories

Scheels to Open 240,000 SF Sporting Goods Store in Metro Austin

by John Nelson

CEDAR PARK, TEXAS — Scheels, an employee-owned sporting goods retailer based in Fargo, N.D., plans to open a 240,000-square-foot store in Cedar Park, a northern suburb of Austin. The store will be the retailer’s second “All Sports” location to open in Texas, joining a store at Grandscape in The Colony that opened in 2020. Scheels plans to employ more than 500 associates at the store, most of whom will be local to Cedar Park. The Cedar Park Scheels is the second anchor tenant announced for CedarView, a mixed-use development that will also feature a 1.2 million-square-foot Nebraska Furniture Mart (NFM), a convention center and a hotel with at least 250 rooms. CedarView will be situated on a 118-acre site near the H-E-B Center. NFM is the master developer of both CedarView and Grandscape. The new Scheels store will stock more than 1 million pieces of inventory throughout 75 specialty departments and boutiques. The property will also host entertainment attractions, including a 65-foot Ferris Wheel, 16,000-gallon saltwater aquarium, a wildlife mountain and Fuzzyiwig’s Candy Shop. Other attractions at the store will include interactive arcade games, sports simulators and Ginna’s Café, a restaurant that will serve gourmet soups and sandwiches, homemade fudge …

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