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AcquisitionsDevelopmentHealthcareNorth CarolinaOfficeSoutheastUncategorized

Flagship Acquires Former Verizon Office Building in Wilmington, Plans Conversion to Healthcare Campus

by John Nelson

WILMINGTON, N.C. — Flagship Healthcare Properties has purchased a 153,526-square-foot office building located at 3601 Converse Road in Wilmington. The Charlotte-based company acquired the property through Flagship Healthcare Trust for an undisclosed price. The seller was also not disclosed. The three-story office building was built as a single-tenant property and was formerly home to Verizon Wireless. Flagship is underway on the conversion of the office building into an outpatient healthcare campus dubbed Flagship Medical Plaza. Novant Health has signed a lease to occupy two floors at the project beginning in 2025. The tenant’s planned services at the clinic will include specialized physicians, lab services, imaging and infusion therapy, according to Ernie Bovio, president of Novant’s coastal region. Novant operates the Novant Health New Hanover Regional Medical Center hospital, which is located two miles from Flagship Medical Plaza.

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DevelopmentMidwestMixed-UseOhioRetail

Developer to Transform Former Tri-County Mall in Ohio into City Center Springdale Mixed-Use Project

by Kristin Harlow

SPRINGDALE, OHIO — A group of investors operating as AV Cincinnati Acquisition LLC is set to transform the former Tri-County Mall site in Springdale, a northern suburb of Cincinnati, into a mixed-use destination named City Center Springdale. Plans call for roughly 600,000 square feet of retail, entertainment and restaurant space, 750,000 square feet of office space, 2,600 multifamily units, 200,000 square feet of fitness facilities and 400 hotel rooms. The new ownership group, which is led by MarketSpace Capital, purchased the property earlier this year. Lee & Associates is handling leasing and management for the project. The mall closed in 2022.

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DevelopmentIllinoisMidwestOffice

New Ownership Group Revitalizes 161 North Clark Office Tower in Chicago

by Kristin Harlow

CHICAGO — Chicago office tower 161 North Clark has emerged from receivership with a new ownership group that has inked 75,000 square feet of leases so far this year. The 50-story property features a refreshed lobby and a soon-to-open Veteran Roasters coffee shop. The new ownership group is an entity doing business as 161 North Clark Newco LLC. Telos Group is overseeing leasing, CBRE is the property manager and Xroads Real Estate Advisors is the asset manager. The 1 million-square-foot property is situated directly across from Google’s new Chicago headquarters, which are slated to open in 2026. Established in 2017, the veteran-owned Veteran Roasters is opening in the retail space formerly occupied by Freshii. Visitors will also enjoy a multimedia art exhibit from local artist Tom Rossiter. Tenant amenities include a conference center, 12th-floor outdoor roof terrace, fitness center and lounge. The new ownership is working on plans to expand and update the amenity and conference center floor.

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5035-Coliseum-Plaza-LA-CA
CaliforniaDevelopmentMixed-UseMultifamilyRetailWestern

Thrive Living Breaks Ground on Costco-Anchored Mixed-Use Project in South Los Angeles

by Amy Works

LOS ANGELES — Thrive Living, along with Los Angeles city and community leaders, has broken ground on 5035 Coliseum Plaza, a mixed-use project in South Los Angeles. The community will feature a Costco Wholesale anchoring the street-level retail space and 800 units of rental housing above. The project is the first mixed-use development in the nation to have Costco as the anchor retail tenant. A total of 184 apartments, or 23 percent of the total units, will be dedicated to low-income households, and the balance of the units will be non-subsidized affordable and workforce housing. The site is designed to support families, seniors and other residents to move laterally from within the community. Community amenities will include an advanced full-service fitness center, high-tech shared workspaces for residents, study space for students, community rooms connected to landscaped courtyards and a rooftop pool. Construction of the 5035 Coliseum project will support thousands of jobs and is expected to take approximately 30 months from the start date. Additionally, the Costco location will creation an estimated up to 400 jobs once fully operational.

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ColoradoDevelopmentIndustrialWestern

Ware Malcomb Announces Completion of 272,500 SF Eagle Rock Distributing Facility in Monument, Colorado

by Amy Works

MONUMENT, COLO. — Ware Malcomb has announced the completion of a flagship facility for Eagle Rock Distributing Co. in Monument, approximately 20 miles north of Colorado Springs. Ware Malcomb provided integrated services, including civil engineering, architecture and interior design, and Murray & Stafford provided general contracting services for the 272,500-square-foot project. Eagle Rock specializes in the distribution of alcoholic beverages, offering its customers a selection of premium, craft and imported beers, wine, spirits, liquors and other related beverages. The distribution center consists of two buildings: a 262,500-square-foot distribution center and an adjacent 10,000-square-foot maintenance facility to service the company’s trucks. The distribution center includes 209,175 square feet of Controlled Environment Warehouse (CEW), a 12,480-square-foot key cooler, 30,125-square-foot two-story office space, loading docks and an event hosting area on each floor with an outdoor patio. The maintenance facility has a sand/oil interceptor and sanitary line connected. Additional improvements include solar panels covering most of the roofing, an asphalt parking lot, delivery truck loading ramps, concrete sidewalks, landscaping and all associated utilities.

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Georgia-Pacific-Rendering
DevelopmentGeorgiaMixed-UseSoutheastTop Stories

Georgia-Pacific Announces Plans for Mixed-Use Redevelopment at 51-Story Downtown Atlanta Campus

by Hayden Spiess

ATLANTA — Paper products manufacturing and marketing giant Georgia-Pacific has announced plans to redevelop the company’s 51-story world headquarters building and the surrounding city block in downtown Atlanta.  Upon completion, the development will feature more than 400 apartment units on the tower’s top floors; 125,000 square feet of retail, restaurant and entertainment space; 600,000 square feet of Class A office space anchored by Georgia-Pacific and its parent company, Koch Inc.; 35,000 square feet for a large, central plaza; more than 2,100 parking spaces; and MARTA and Atlanta Streetcar transportation access.  “The office landscape has changed, and we recognize that the adaptive reuse of our site and office tower can create greater long-term value,” says Christian Fischer, president and CEO of Georgia-Pacific. “We are also acutely aware of the need for more residential, shopping, dining and entertainment options in our downtown neighborhood, which is why Georgia-Pacific is excited to provide a space that will offer unmatched opportunity in downtown Atlanta.” Additionally, the redevelopment plans will allow for future multi-phase hospitality, retail and residential development opportunities at the site. Delivery of the transformed campus is scheduled for fall 2027. Located at 133 Peachtree St., the office tower has been occupied by Georgia-Pacific …

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Affordable HousingDevelopmentLoansMarylandMultifamilySeniors HousingSoutheast

Enterprise Community Development Secures $116.4M Financing for Three Affordable Housing Properties in Maryland

by John Nelson

BALTIMORE — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The properties include College Parkway Place in Annapolis and The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore. Built in 1978, College Parkway Place features 170 apartments and will undergo extensive renovations to unit interiors. The property will serve households earning 50 percent or less of the area median income (AMI) and all apartments will receive federally funded rental assistance. The rehabilitation financing for College Parkway Place totals $74 million, with financing from the Maryland Department of Housing and Community Development and equity generated through the sale of federal Low Income Housing Tax Credits (LIHTC) and gap financing from the State of Maryland. The Greens at Irvington Mews II is a new construction project that will add 59 apartments for independent seniors, including 47 apartments for residents earning up to 50 percent of AMI and 12 apartments for those earning up to 30 percent AMI. The property, set to come on line in October 2025, represents Phase II of the existing Irvington Mews development. The total development cost for the Greens at Irvington Mews II is approximately …

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DevelopmentIndustrialMarylandSoutheast

Baldor Specialty Foods Opens 100,000 SF Warehouse in Lanham, Maryland

by John Nelson

LANHAM, MD. — Baldor Specialty Foods has opened a new 100,000-square-foot warehouse in Lanham, a Maryland suburb of Washington, D.C. The new facility is situated within Hargrove Industrial Campus and features 35 dock doors and refrigeration and frozen storage capabilities. Baldor currently has a staff of 140 employees at the facility, with plans to hire more drivers and warehouse staff. The Lanham facility serves as the fourth hub for the food distributor, joining Baldor’s headquarters in The Bronx and regional hubs in Boston and Philadelphia. The Lanham facility houses more than 7,000 premium and specialty produce, meat, fish, dairy and grocery items.

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CivicDevelopmentTexas

FC Dallas, City of Frisco to Undertake $182M Renovation of Toyota Stadium

by Taylor Williams

FRISCO, TEXAS — FC Dallas and the City of Frisco have formed a public-private partnership to undertake a $182 million renovation of Toyota Stadium, the Major League Soccer (MLS) team’s home playing field. Upgrades will include three new clubs and a new roof structure that will provide shade for the majority of fans in the seating bowl. The partnership will also deliver expanded seating capacity, renovated entrances and new concession stands and restroom locations. HKS Architects is handling design of the project, and Manhattan Construction Group is serving as the general contractor. Construction will be carried out in phases and will begin early next year. Toyota Stadium originally opened in 2005, which makes it the third-oldest soccer-specific venue among MLS teams, according to the newly formed partnership.

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New-Braunfels-Commerce-Center
DevelopmentIndustrialTexas

CLX Ventures Completes 651,010 SF Industrial Project in New Braunfels, Texas

by Taylor Williams

NEW BRAUNFELS, TEXAS — Developer CLX Ventures has completed New Braunfels Commerce Center, a 651,010-square-foot speculative industrial project on the northeastern outskirts of San Antonio. Designed by Powers Brown Architecture and built by Arch-Con Construction Corp., New Braunfels Commerce Center consists of four buildings ranging in size from 129,949 to 204,876 square feet on a 46.7-acre site. All buildings feature 32-foot clear heights, rear-load configurations, move-in ready office spaces, drive-in and dock doors, extended truck courts and ESFR sprinkler systems. Stream Realty Partners is the leasing agent. Construction began in August 2023.

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