SJC Kicks Off $1B Mixed-Use JV
The partners will develop luxury multifamily and grocery-anchored retail projects across the East Coast.
SJC Ventures and a global insurance company have created a $1 billion programmatic joint venture to develop mixed-use projects comprising luxury multifamily and retail space across the East Coast. Cushman & Wakefield arranged the partnership.
The platform will debut with an initial $300 million equity tranche. The venture has already closed on three seed developments comprising 341 units and 197,000 square feet of retail space. SJC also executed anchor tenant leases.
In Wyomissing, Penn., the duo will develop the 341-unit Residences at Broadcasting District and the Shops at Broadcasting District—set to encompass a total of 121,602 square feet. Truist issued a $44 million floating-rate construction note for the Whole Foods-anchored retail component and a $69 million loan for the multifamily part.
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Another project will take shape in Wesley Chapel, Fla., where SJC will build a 76,000-square-foot retail center, also to be anchored by Whole Foods. Seacoast Bank issued a $30 million floating-rate note for this development, dubbed Wesley Chapel Station.
Additionally, the venture seeks to develop other such projects in Georgia, Maryland, Virginia and Florida, according to a company statement. The duo will capitalize on the integration of grocery-anchored retail with luxury multifamily communities in affluent markets that exhibit potent tenant appeal and favorable economic conditions.
Cushman & Wakefield Vice Chairs John Alascio and Mark Gilbert, together with Executive Managing Director Alex Hernandez and Managing Director Aaron Graves, as well as Associate Mitch Rothstein, advised SJC Ventures in the formation of the program.
Multifamily goes well with retail
SJC Ventures and its partner aren’t the only duo bullish on mixing retail and multifamily projects. Just last month, Gilbane and Xenolith Partners received approval to buy more than 3 acres in downtown New Haven, Conn., for the construction of 447 multifamily units and 80,000 square feet of retail space, as reported by New Haven Register.
Earlier this year, NewQuest Properties broke ground on a mixed-use project in Houston, set to comprise 550 apartments and nearly 300,000 square feet of commercial space, including an approximately 150,000-square-foot Target store.
