ATLANTA — Berkadia has brokered the sale of an office asset in downtown Atlanta that will be redeveloped into a hotel property called Origin Hotel Atlanta. Kyle Stevenson and John Testerman of Berkadia completed the sale on behalf of the seller, Atlanta-based Access Point Financial. The Thrash Group purchased the property for $16 million. Built in the 1950s, the six-story office building is being redeveloped into a 124-room hotel that will offer standard king-bed rooms, two queen-bed rooms and handicap-accessible rooms and suites. After the completed renovation, the hotel will feature a restaurant, bar and meeting and event space. The construction timeline was not disclosed. Located at 166 Pryor St., the property is situated 10.8 miles from Hartsfield-Jackson Atlanta International Airport, less than a half-mile from Georgia State University and 2.6 miles from Midtown Atlanta.
SANTA FE SPRINGS, CALIF. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units and is scheduled to break ground in April. The Richman Group, based in Newport Beach, Calif., is developing the three-building intergenerational portion of the project. This part of the development will total 102 affordable apartment homes on nearly four acres. The first building, at four stories tall, will provide homes to 50 seniors. The other two buildings will be three stories tall and offer 52 family apartments. These homes will also share a 1,000-square-foot clubhouse with a fitness facility, laundry room, mail room and clubroom. The Whole Child is developing the three-story interim housing, which will serve up to 40 homeless families at any given time. Habitat for Humanity will build the 18 for-sale …
SANTA ROSA, CALIF. — USA Properties Fund has started construction of College Creek, an affordable multifamily community for a range of income levels in Santa Rosa. Completion is slated for fall 2023. Located at 2150 W. College Ave., the 164-unit property is close to downtown Santa Rosa, large shopping centers, healthcare providers and several schools. The community will be available for low-income residents that meet an expanded range of income limits established by the Tax Credit Allocation Committee. Renters earning 30 percent to 70 percent of the area’s median income could quality for residence at College Creek. The community, which will feature a four-story building and two three-story buildings, will offer a community room with computer workstations, fitness room, swimming pool, tot lot and onsite laundry facilities. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. USA Properties worked closely with the community, including the City of Santa Rosa and Sonoma County, on the project, which has been in the planning stages for several years.
CLEVELAND — The NRP Group, a Cleveland-based multifamily developer and operator, plans to break ground on approximately 6,000 apartment units spread across 23 construction projects in 2022. The properties will be a mix of affordable, market-rate and mixed-income communities. The total investment for the projects is estimated at $1.9 billion. The 23 communities are made up of 11 market-rate developments totaling 3,762 units; 10 affordable developments totaling 1,865 units for residents at or below 60 percent of the area median income (AMI); and two projects with 658 apartment homes in which half of the units are priced at market levels and half are priced for residents earning 80 percent of the AMI. Planned construction starts are distributed across the NRP footprint in Texas, the Washington, D.C., metro area, New York, New Jersey, Florida, North Carolina and Ohio.
WENTZVILLE, MO. — Houston-based developer Vault Partners has broken ground on Corporate Parkway Business Center in Wentzville, a western suburb of St. Louis. The 75,000-square-foot industrial flex building will feature a clear height of 24 feet and a rear truck court. Completion of the speculative property is slated for the fourth quarter of this year. Dial Architects designed the project. Joe Schneider and Keith Schneider of Cushman & Wakefield will market the property for lease. The project marks Vault’s first development in the St. Louis market.
TOMBALL, TEXAS — A partnership between Houston-based developer Lovett Industrial and New York City-based investment manager Clarion Partners has broken ground on Interchange 249, a 3.1 million-square-foot development in the northern Houston suburb of Tomball. Interchange 249 will consist of 10 buildings on a 240-acre site at the intersection of State Highway 249 and Rocky Road that will be developed across three phases. Macy’s has already committed to leasing 48 percent of Phase I, which will consist of four buildings totaling 1.9 million square feet. These buildings will feature 32- to 40-foot clear heights and combined parking for 577 trailers. Completion of Phase I is slated for the first quarter of 2023. The development features approximately one mile of frontage along Grand Parkway. The site has direct access to both Grand Parkway and Highway 249, allowing for efficient regional and local distribution. Additional advantages include proximity to Houston’s labor force and a central location within an area that is experiencing unprecedented residential and commercial growth, according to the developers. Powers Brown Architecture is designing Interchange 249, and Kimley-Horn is the civil engineer. Harvey Builders is serving as the general contractor, and Cushman & Wakefield has been tapped as the leasing …
SUMMERVILLE, S.C. — Charlotte-based The Keith Corp. and its Chicago-based partner Singerman Real Estate has completed a 1 million-square-foot industrial property in Summerville. The concrete tilt-wall and steel frame industrial building was built as part of the three-million-square-foot, 230-acre Charleston Trade Center campus. Twin Star Home, a designer and manufacturer of indoor and outdoor living products, will lease the building. Twin Star Home’s new cross-docked facility features 40-foot clear heights, 120 dock doors, two drive-in doors and 4,000 square feet of upfit office space. Construction began in January 2021 and was completed in less than 12 months. McMillan Pazdan Smith Architecture designed the project, Frampton Construction was the general contractor and Alliance Consulting Engineers was the civil engineer. Lee Allen and Kevin Coats of JLL handled the marketing and leasing for the development team.
MARTINSBURG, W.VA. — Columbia, S.C.-based Red Rock Developments and Cresset Real Estate Partners have broken ground on an 829,948-square-foot, speculative industrial facility in Martinsburg. The firms want to secure a tenant before the site’s completed construction, which is slated for early 2023. Gerry Blindbury and Colin Potter of Cushman & Wakefield will handle leasing once the project is completed. The development will feature space ideal for a distribution and fulfillment center. Once complete, the building will be equipped to facilitate cross-dock distribution operations. The project’s features will include 40-foot clear heights, 156 exterior docks, four drive-in doors, 516 parking spaces for cars and 349 trailer parking spaces.
BAYTOWN, TEXAS — Walmart (NYSE: WMT) has signed a lease to open a 1 million-square-foot distribution center at Cedar Port Trade Center in the eastern Houston suburb of Baytown. The Arkansas-based retail giant is expanding its supply chain operations near Port Houston, where it already occupies several million square feet of industrial space, with plans to add about 300 new jobs to the regional economy. Dallas-based Hunt Southwest developed the property on a speculative basis, beginning construction in September 2020 and completing the project in April 2021. Joseph Smith, Bill Frain and Jamie Roussel of CBRE represented Walmart, which plans to open the facility in the fall, in the lease negotiations. Jason Dillee and Nathan Wynne, also with CBRE represented Hunt Southwest.
LEWISVILLE, TEXAS — San Francisco-based Legacy Partners will develop Merit, a 296-unit apartment community in the northern Dallas suburb of Lewisville. The development will feature one-, two- and three-bedroom units that will range in size from 630 to 1,500 square feet and will be furnished with granite countertops, stainless steel appliances, work-from-home spaces and private balconies or patios. Amenities will include a pool, fitness center, dog park, coworking space, outdoor gaming area and a 24-hour convenience mart. Dallas-based JHP Architecture is designing Merit, and Provident General Contractors is building the community. Chinmay Bhatt, Cody Kirkpatrick and Noam Franklin of Berkadia secured a $20.2 million equity investment from Pondmoon Capital Holdings USA for the project. Completion is slated for mid-2023.