Property Type

Boylston Properties, The Wilder Cos. Secure $324M Construction Financing for Mixed-Use Redevelopment Near Boston

by David Cohen July 18, 2018

BOSTON — Developers Boylston Properties and The Wilder Cos. have secured $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown. HFF worked on behalf of the developers to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. HFF also arranged a $222 million construction loan from Wells Fargo Bank. “HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” says Brett Paulsrud, senior director at HFF. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.” Located on the site of the former Watertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, Boylston Properties and The Wilder Companies purchased the property with the intention of redeveloping it into a mixed-use project. Arsenal Yards is scheduled to open in 2019 and will feature 250,000 square feet of destination shops …

July 18, 2018

Market Reports Northeast Northeast Market Reports Retail Rhode Island

Providence Retail Presents Signs of a Strengthening Economy

by David Cohen July 18, 2018

The Rhode Island retail market has seen a considerable level of activity over the last year that presents promising signs of a strengthening economy and an improving property market. Generally speaking, each submarket has seen positive absorption of retail space, with the new concepts entering the market for the first time, as well as existing operators further expanding their footprints and market share. From street retail to lifestyle and big-box centers, each class has seen significant activity that represents a much healthier retail climate than popular opinion and media reporting might suggest. Some specific transactions are worth noting. Garden City Center in Cranston continues to outperform as the dominant outdoor shopping destination in the greater Providence market. This past year, The Wilder Companies built an approximately 29,800-square-foot addition at Garden City, which allowed them to bring Boston favorites Legal C Bar and Tavern in the Square to town. These are the first Rhode Island locations for both operators, which points to the strength of the local Rhode Island economy as well as the faith tenants have in the long-term viability of the best retail projects. Wilder was also able to bring The Simple Greek, Anthony’s Coal Fired Pizza, Z Gallerie …

July 18, 2018

Development Georgia Industrial Southeast

CRG, Pope & Land Enterprises to Develop 8.5 MSF Industrial Project Along Metro Atlanta’s I-85 South Corridor

by Camren Skelton July 17, 2018

NEWNAN, GA. — CRG, in partnership with Pope & Land Enterprises Inc., has unveiled plans to develop The Cubes at Bridgeport, a 560-acre industrial project located along the Interstate 85 South Corridor in Newnan. At full build-out, the park will include 8.5 million square feet of industrial space. The development is located near both CSX and Norfolk Southern railroads, roughly 30 miles from Hartsfield-Jackson Atlanta International Airport and approximately five miles from Newnan-Coweta County Airport. The first phase of the development will include a 1 million-square-foot speculative building with 40-foot clear heights, trailer storage and car parks. The building will be capable of handling warehousing, e-commerce and manufacturing tenants. Phase I will also include infrastructure improvements such as ramp upgrades, a new signalized intersection on Highway 29 and a public parkway and overpass above the CSX main line. Other planned infrastructural improvements include water lines, two miles of new sanitary sewer and electric utility improvements. Clayco is the design-builder for the project and its subsidiary, BatesForum, is the architect. Developers expect to wrap up construction on the first building at the project in December 2018. Chris Tomasulo and Steve Grable of JLL are handling The Cubes’ leasing assignment.

July 17, 2018

Development Kentucky Mixed-Use Southeast

Viking Unveils Redevelopment Plans for $100M Mixed-Use Project Near Louisville

by Camren Skelton July 17, 2018

HURSTBOURNE, KY. — Viking Partners Fund III LLC has unveiled plans for the redevelopment of Hurstbourne Business Park, a 27-acre property located at the intersection of Shelbyville Road and Hurstbourne Parkway in Hurstbourne, roughly 13 miles east of Louisville. Viking originally acquired the site in 2016. The property currently includes 350,000 square feet of office space in two separate buildings; P.F Chang’s and Z’s Oyster Bar & Steakhouse; and Hurstbourne Plaza, an existing shopping center. Hurstbourne Plaza will be demolished to make way for the new mixed-use development. Plans for the project include a 266-unit multifamily community, 149-room hotel, two freestanding restaurant/retail buildings and a 9,500-square-foot retail building that will accommodate three to four users. Hills Properties is developing the multifamily portion, which is scheduled for completion in the fall, with the first residents moving in mid-2019. The community will feature a park, resort-style pool, and social plaza with fire pits and a bocce ball court. Construction on the hotel portion of the project is expected to begin in early 2019.

July 17, 2018

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $6.2M Sale of Hanover Shopping Plaza in Massachusetts

by David Cohen July 17, 2018

HANOVER, MASS. — Marcus & Millichap has brokered the $6.2 million sale of the Hanover Shopping Plaza in Hanover. The 26,307-square-foot retail center is located at 1422 Washington St. and anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. The buyer has plans to renovate the property, which was developed in 1975, and lease up the vacant space.

July 17, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $4.3M Acquisition, Construction Financing for Multifamily Building in New Jersey

by David Cohen July 17, 2018

PASSAIC, N.J. — Progress Capital has secured $4.3 million in land acquisition and construction financing for a four-story multifamily building in Passaic. Construction is scheduled to begin immediately on the building, which will include 40 residential units. The property is expected to be completed in the second quarter of 2019. Progress Capital arranged a 36-month, interest-only loan, which floats at one-month LIBOR plus 310 basis points. The lender was Tri-State Capital, and the borrower was Future Realty LLC.

July 17, 2018

Loans Mixed-Use New York Northeast

Pembrook Provides $35M Bridge Loan for Mixed-Use Project in Manhattan

by David Cohen July 17, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $35 million first mortgage bridge loan for a mixed-use construction project located at 257-263 West 34th St. in Manhattan. The funds provided by Pembrook will refinance the developer’s existing debt and allow it to start construction on the project. When completed, the six-story building will include 15,000 square feet of retail space and 25,000 square feet of office space. The property is located in the garment district of Manhattan, near the Empire State Building, Macy’s Herald Square and Madison Square Garden.

July 17, 2018

Acquisitions Northeast Retail Rhode Island

Out of the Box Ventures Acquires 300,000 SF Shopping Center in Rhode Island

by David Cohen July 17, 2018

WOONSOCKET, R.I. — Out of the Box Ventures, a subsidiary of Lionheart Capital, has acquired Walnut Hill Plaza in Woonsocket for an undisclosed price. The seller was undisclosed. The 300,000-square-foot shopping center is located at 1500 Diamond Hill Road and anchored by Aero Trampoline, Planet Fitness, and Walnut Hill Bowl. Other tenants include Olympia Sports, Weight Watchers, Payless Shoe Source, GameStop and T-Mobile. Walnut Hill Plaza is the first acquisition in Rhode Island for Miami-based Lionheart Capital.

July 17, 2018

Delaware Loans Multifamily Northeast

Grandbridge Arranges $14.5M Refinancing for Multifamily Community in Delaware

by David Cohen July 17, 2018

WILMINGTON, DEL. — Grandbridge Real Estate Capital has arranged a $14.5 million refinancing of Brandywine Apartments, a 444-unit multifamily community in Wilmington. Built in 1978, Brandywine Apartments is made up of 37, three-story, garden-style apartment buildings on 25 acres. Grandbridge arranged a 20-year, fully amortizing loan through a life insurance company for the undisclosed borrower.

July 17, 2018

Development Multifamily Texas

Lanoha Underway on 345-Unit Apartment Tower at Grandscape in Metro Dallas

by Taylor Williams July 17, 2018

THE COLONY, TEXAS — Lanoha Development Co. is underway on Live Grandscape, a 345-unit luxury apartment tower within Grandscape, a 433-acre mixed-use development located in the northern Dallas metro of The Colony. The 419,000-square-foot tower, which will include studio, one- and two-bedroom apartments, broke ground earlier this year. Amenities will include multiple pools, outdoor amenity spaces with cabanas and lounges, multi-story exercise facilities, a dog park, theater and coworking office spaces. Move-ins are scheduled to begin in 2020. Lanoha is based in Omaha, Neb., same as Grandscape’s developer and anchor retailer, Berkshire Hathaway-owned Nebraska Furniture Mart.

July 17, 2018

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