ATLANTA — CP Group has rebranded CNN Center, an iconic 1.2 million-square-foot office and retail building in downtown Atlanta, to The Center. The property has served as the headquarters for CNN for over 40 years and also features a large food court on the ground level that connects to State Farm Arena, home arena of the NBA’s Atlanta Hawks. The site also includes the Omni Atlanta Hotel at Centennial Park. CP Group plans to overhaul the former CNN Center to become a hub of world-class retail, dining, content creation and entertainment uses. CP Group has tapped Coleman Weatherholtz of Healey Weatherholtz Properties as The Center’s retail leasing agent and Jeff Keppen and Nicole Goldsmith of CBRE to handle office leasing. In 2021, CP Group purchased CNN Center from AT&T, the former parent company of CNN, in a sale-leaseback transaction that expires this year.
Development
ATLANTA – PrizePicks, a daily fantasy sports operator based in Atlanta, has selected the Star Metals Offices at 1055 Howell Mill Road for its new corporate headquarters. The owner and office landlord of the building in Atlanta’s West Midtown district is Coral Gables, Fla.-based Allen Morris Co. PrizePicks will occupy 33,000 square feet at Star Metals and will invest $25 million in its new headquarters space. The company estimates it will expand its workforce at the new space by 1,000 employees over the next seven years. Organizations involved in the site selection process for the PrizePicks headquarters include the Georgia Department of Economic Development, the Metro Atlanta Chamber, Invest Atlanta, Select Fulton and Georgia Power.
MANCHESTER-BY-THE-SEA, MASS. — Massachusetts-based life sciences company Cell Signaling Technology has purchased a 50-acre site in Manchester-by-the-Sea, about 30 miles northeast of Boston, with plans to undertake a life sciences redevelopment. Designed by architecture firm HGA, the project will convert the site of an abandoned rock quarry into a research and innovation campus that will feature 250,000 square feet of space. Ten acres of the site are occupied by the Manchester Athletic Club. A construction timeline for the project, which will be developed in phases, is still being finalized.
BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing project in Boston dedicated to serving African Americans. The renovation was funded through a mix of state and federal housing and historic tax credits, as well as public and private loans.
OAK BROOK, ILL. — Graycor Construction Co. has completed Wonderverse, a 45,000-square-foot entertainment space at Oakbrook Center in suburban Chicago. The project features a hybrid of physical and multi-media experiences, interactive installations, attractions and experiences, allowing visitors to step into their favorite Sony Pictures stories. Sony is the project’s owner. The space includes escape rooms, virtual reality adventures, bumper cars, racing simulators, an arcade and speakeasy. The project team included Scenario as the owner’s representative and EXP as the architect of record.
SAN DIEGO — Impact Real Estate LLC has sold a development site in San Diego to Gabriel Mauser for $1.3 million. The buyer plans to develop 11 accessory dwelling units (ADU) on the 30,493-square-foot property, which is located at 6353 Broadway. Aaron Bove of Marcus & Millichap represented the seller, while Simon Oliveri procured the buyer in the deal.
PHOENIX — Wespac Construction has completed work on three mixed-use buildings at Culdesac Tempe, a car-free, mixed-use development at 2025 E. Apache Blvd. in Tempe, just east of Phoenix. Situated on 17 acres, Culdesac Tempe will feature 44 apartments and 24,000 square feet of retail space. The site underwent extensive clearing, grading and utility installation. Additionally, a 2,500-square-foot restaurant shell and tenant improvement were constructed for Cocina Chiwas, a full-service restaurant. Key features include a 6,700-square-foot fitness facility and the 4,700-square-foot Market Building that spans three levels and features 16 apartments. DAVIS and Opticos designed the project, which Culdesac owns and developed.
Gantry Secures $7.1M in Financing for Auteur Wines Facilities in Healdsburg, California
by Amy Works
HEALDSBURG, CALIF. — Gantry has arranged a $7.1 million construction-to-permanent loan for the build-to-suit development of dedicated facilities for Auteur Wines, a vintner-founded winery specializing in Pinot Noir and Chardonnay. Located at 10520 Wohler Road in the Sonoma County city of Healdsburg, the project will include a production winery, tasting room and vineyard on 8.2 acres. Jeff Wilcox and Andrew Ferguson of Gantry’s San Francisco production office represented the borrower, a private real estate investor. The 20-year, construction-to-permanent, fixed-rate loan was provided through one of Gantry’s banking relationships and features an initial interest-only period transitioning to an 18-year amortization.
HOUSTON — Midway has opened The Laura, a 359-unit multifamily project that is part of the Houston-based developer’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura features studio, one- and two-bedroom apartments that range in size from 431 to 1,432 square feet. Amenities include a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners served as the general contractor for the project, construction of which began in late 2021. Rents started at $1,600 per month for a studio when leasing began last fall.
AUSTIN, TEXAS — Cleveland-based multifamily developer The NRP Group has completed The Markson, a mixed-income housing project in the Barton Springs area of Austin. Named after former company executive Dan Markson, the $60 million property comprises 330 units, more than half of which will be reserved for renters earning 80 percent or less of the area median income. Amenities include a pool, dog park, conference rooms, coworking lounge, coffee bar, fitness center, game room, outdoor kitchen, volleyball and bocce ball courts and access to surrounding nature trails. The NRP Group developed The Markson in partnership with the Housing Authority of the City of Austin. Amegy Bank and J.P. Morgan Asset Management provided financing for the project. According to the property website, monthly rents at The Markson’s essential worker living units start at $1,442 while market-rate units start at $1,790.