Mixed-Use

Duncan Brokers Sale of Historic Distillery Commons Complex in Louisville, Buyer Plans $75M Adaptive Reuse Project

by John Nelson November 15, 2022

LOUISVILLE, KY. — Duncan Commercial Real Estate (DCRE)/CORFAC International has brokered the sale of Distillery Commons, a historic distillery complex located at Lexington and Payne streets in Louisville’s Irish Hill neighborhood. The buyer, St. Louis-based Bamboo Acquisitions LLC, an affiliate of Intelica Commercial Real Estate, plans to redevelop the red-brick complex into a mixed-use project housing residences, offices, shops and restaurants. Barrel House Investments sold Distillery Commons to Bamboo for an undisclosed price. In 2019, the seller purchased the complex from Kinetic Properties, which had owned the site since the mid-1970s. The Courier-Journal reports that Distillery Commons operated as a bourbon warehouse that was constructed in the 1890s and that the proposed mixed-use development carries a price tag of $75 million. The City of Louisville recently condemned the rickhouse (Building 100 of the property), which was demolished last month.

November 15, 2022

Content Partner Development Features Industrial Midwest Mixed-Use Multifamily Northeast Northmarq Office Retail Southeast Texas Western

Project Destined: Training a New and Diverse Generation for Real Estate Careers

by Sarah Daniels November 15, 2022

For the better part of the last two decades, billions of dollars have poured into underserved neighborhoods across the U.S. as corporations, millennials and real estate investors rediscovered downtowns and other urban districts. But to former Carlyle Group executive Cedric Bobo and real estate entrepreneur Fred Greene, young people who grew up in the neighborhoods were often excluded from playing a role in the transitions. To remedy that problem, in 2016 they began training 15 Detroit high school students in real estate fundamentals and invested $150,000 to buy two properties with the idea of using the cash flow to fund scholarships. Soon after, Bobo and Greene officially launched Project Destined, an endeavor to effect social change in the commercial real estate industry by providing college students with financial literacy, entrepreneurship and real estate training. “Cedric found that there was a real need for diverse talent in commercial real estate but that it was hard for companies to find it,” reports Cristina Ciacciarelli, a junior at Burach College in New York City who completed the program in 2021 and now heads up corporate partnerships for Project Destined. “It was also hard for the companies to sell themselves to diverse talent even …

November 15, 2022

Arizona Development Healthcare Mixed-Use Multifamily Office Restaurant Retail Western

Overland Group Breaks Ground on Avondale Commons Mixed-Use Project in Arizona

by Amy Works November 14, 2022

AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.

November 14, 2022

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $17.5M Sale of Manhattan Mixed-Use Building

by Taylor Williams November 14, 2022

NEW YORK CITY — Cushman & Wakefield has brokered the $17.5 million sale of a mixed-use building located at 833 Madison Ave. on Manhattan’s Upper East Side. The five-story, 9,302-square-foot building comprises two retail spaces, one office space, two galleries and six residential units. Hunter Moss of Cushman & Wakefield represented the seller, A. L. Holdings Inc., in the transaction. Daniel Kaplan of CBRE led the team that represented the buyer, Myles Madison Inc.

November 14, 2022

Development Mixed-Use Southeast Tennessee

RMR Group Underway on 18-Acre Mixed-Use Project in Nashville

by John Nelson November 11, 2022

NASHVILLE, TENN. — RMR Group is underway on Station East, an 18-acre mixed-use development located at 111 N. First St. in the East Bank neighborhood of Nashville. Designed by Hastings Architecture, the development will feature 1,400 residential units, 1.2 million square feet of office space, over 600 hotel rooms, 2.9 acres of green space and 225,000 square feet of retail space. A project timeline was not disclosed.

November 11, 2022

Acquisitions Hospitality Loans Mixed-Use Southeast Tennessee

JLL Arranges $172M Acquisition Loan for Four Seasons Hotel Nashville

by John Nelson November 10, 2022

NASHVILLE, TENN. — JLL has arranged $172 million in acquisition financing for Four Seasons Hotel Nashville, a 40-story hospitality tower located at 100 Demonbreun St. in downtown Nashville’s South Broadway district. The 235-room hotel includes Mimo Restaurant, Mimo Bar, a full-service spa, event space and a resort-style pool and pool deck. The Four Seasons property also includes 143 condominiums that were not part of the sale. Eric Tupler, Jeff Bucaro, Brian Dawson and Kevin Davis of JLL arranged the financing through Credit Suisse on behalf of the borrower, a joint venture between GD Holdings, Stonebridge Development Co. and Copford Capital Management LLC. The sellers, Congress Group and AECOM Capital, opened the hotel earlier this week.

November 10, 2022

Development Maryland Mixed-Use Southeast

Trademark Completes Renovation of 2 MSF Annapolis Town Center in Maryland

by John Nelson November 10, 2022

ANNAPOLIS, MD. — Trademark Property Co. has completed the renovation of Annapolis Town Center, a mixed-use development in Annapolis spanning 2 million square feet. Whole Foods Market and Target anchor the property, which is also home to retailers including Anthropologie, RH and Paper Source. Trademark’s improvements included the addition of green space and a new community gathering area called Green Village; a climate-controlled paseo for improved connectivity and walkability; improved signage and wayfinding; and art installations from local artists. A number of new tenants are set to open within Annapolis Town Center this year, including True Food Kitchen, Tuscan Prime, Warby Parker, Life Time Fitness, Williams Sonoma, Pottery Barn, GABBY Summer Classics Home, Urbano Mexican Fare, Tempur Sealy and VIBE.

November 10, 2022

Development Florida Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Top Stories

LD&D Plans $200M Mixed-Use Development in Downtown Tampa

by Jeff Shaw November 10, 2022

TAMPA, FLA. — Miami-based investment, development and design firm LD&D has announced plans for the development of a $200 million mixed-use project in downtown Tampa. The project site, located at 1101 E. Harrison St., comprises two acres within the 40-acre master-planned development district known as ENCORE. LD&D acquired the property from the Tampa Housing Authority (THA). Plans for the project include the construction of a 28-story multifamily building, a 178-room hotel, 32,500 square feet of ground-floor retail space and a 586-space parking podium. Baker Barrios Architects is the designer for the project. Construction is scheduled to commence in the second half of 2023. The residential tower, which the developers say will be the tallest building in the area, will feature 365 units and more than 45,000 square feet of amenity space. Amenities will include a 4,500-square-foot wellness area, 10,000-square-foot coworking space and a 26th-floor sky lounge with views of the city. Hotel and residential uses at the development are to be separated by a pedestrian alleyway, which will be lined with restaurant and retail tenants. Situated blocks from the site of the Amtrak station and potential new Brightline train station that would connect other major cities in the state, the …

November 10, 2022

Development Healthcare Leasing Activity Mixed-Use Montana Retail Western

Corning Cos. Begins $50M Redevelopment of Gallatin Valley Mall in Bozeman, Montana to Include State’s First Whole Foods

by Amy Works November 8, 2022

BOZEMAN, MONT. — Corning Cos. is currently underway on a $50 million, multi-phase redevelopment of Gallatin Valley Mall, a retail center located in Bozeman. To be known as Gallatin Crossing, the mixed-use property will feature retail, entertainment and medical space, including a 45,000-square-foot medical pavilion that will bring together Intermountain Healthcare and Ortho Montana PSC. Whole Foods Market will also join the property with a location that marks its first in the state. The first phase of development for the project, which began in September 2022, is scheduled for completion later this year. A second phase — which will include façade upgrades, updated parking and refreshed landscaping, signage and lighting — is scheduled to begin in spring 2023. Grossman Development Group, Boston Realty Advisors and Situs Realty Group are working with owner Corning Cos. on the project.

November 8, 2022

Development Mixed-Use Southeast Tennessee

GBT Completes 15-Story Parke West Mixed-Use Development in Nashville

by John Nelson November 7, 2022

NASHVILLE, TENN. — GBT Realty Corp. has delivered Parke West, a 15-story mixed-use project located in the West End neighborhood of Nashville. Parke West features 210 residential units, 11,000 square feet of retail space and a nine-story Hilton hotel. Occupancy in the residential tower, which began leasing this summer, is approaching 15 percent. The tower features apartments in studio, one- and two-bedroom layouts. Community amenities include a dog run and washing station, coffee bar, fitness center, game room, club room and a rooftop pool. Monthly rents begin at $1,865. Current retail leases on the ground floor include Stride Fitness and Complexion, an aesthetics and skincare boutique. Both concepts will open in spring 2023 and occupy 2,611 square feet and 3,030 square feet, respectively. Opened in October of this year, the hotel is dual-branded, with 103 Hilton Garden Inn keys and 69 Home2Suites by Hilton keys. Shared amenities comprise a lobby bar and restaurant, rooftop pool deck and 4,000 square feet of flexible meeting space.

November 7, 2022

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