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Development

AcquisitionsDevelopmentMixed-UseNorth CarolinaOfficeSoutheast

Cousins Properties Acquires RailYard Office Building, Adjacent Parcel in Charlotte’s South End for $229.1M

by Alex Tostado

CHARLOTTE, N.C. — Cousins Properties has acquired RailYard, a 328,985-square-foot office building, and an adjacent 3.4-acre plot for the development of a mixed-use project in Charlotte’s South End district. The Atlanta-based REIT paid $201 million for RailYard and $28.1 million for the land. Charlotte-based Beacon Partners delivered RailYard in 2019 and sold it to Cousins for approximately $611 per square foot. At the time of sale, the 296,392-square-foot office portion was 97 percent leased to tenants including Allstate, Parsons Corp., EY, Slalom Consulting and WeWork. RailYard also features 32,593 square feet of ground-level retail space. Patrick Gildea, Matt Smith, Will Yowell, Grayson Hawkins and Brandon McMenomy of CBRE represented Beacon Partners in the sale. Cousins Properties acquired the adjacent land, which features access to the Bland Street Metro Station, from an undisclosed seller. Cousins plans to develop a mixed-use project spanning up to 700,000 square feet that will include office and residential space.

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DevelopmentIndustrialNorth CarolinaSoutheast

Chick-fil-A to Develop $52M Distribution Center in Raleigh-Durham Area

by Alex Tostado

MEBANE, N.C. — Chick-fil-A will develop a $52 million distribution center in the Durham suburb of Mebane. The property is expected to open in early 2022 and house 160 employees. The facility will be situated about 25 miles west of downtown Durham near Interstate 85. In 2019, the Atlanta-based restaurant chain launched its distribution company, Chick-fil-A Supply LLC, to serve its restaurants. This will be Chick-fil-A’s second distribution center, joining the location in Cartersville, Ga. Chick-fil-A operates 2,600 restaurants in 47 states, Washington, D.C. and Canada.

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DevelopmentGeorgiaOfficeSoutheast

Boston Consulting Group to Expand Downtown Atlanta Office Footprint by 60,000 SF

by Alex Tostado

ATLANTA — Boston Consulting Group (BCG) will invest $18 million in a 60,000-square-foot office expansion at 100 Peachtree Street NE in downtown Atlanta. The project will add 331 full-time jobs comprising administrative services, human resources, finance, information technology, operations and design. BCG opened its first Atlanta office in 1995 and expanded in 2017 to have 268 employees in the Peach State. The company also owns BrightHouse, an Atlanta-based global creative consultancy with a focus on brand strategy that is located in Ponce City Market in the Old Fourth Ward district. When this expansion in Atlanta is complete, BCG and BrightHouse will employ more than 900 Georgians across three metro Atlanta offices. A timeline for completion was not disclosed.

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Inwood-at-Renaissance-Square-Marlton-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Canoe Brook, RD Management Begin Leasing 338-Unit Apartment Community in Marlton, New Jersey

by Taylor Williams

MARLTON, N.J. — A partnership between Canoe Brook Development and RD Management has begun leasing Inwood at Renaissance Square, a 338-unit luxury apartment community in Marlton, located outside Philadelphia. The property offers studio, one- and two-bedroom units ranging in size from 602 to 1,238 square feet. Units feature custom cabinetry, quartz countertops and backsplashes, stainless steel appliances and individual washers and dryers. Communal amenities include a pool, fitness center, conference room, golf lounge and simulator and an onsite public park with a playground and dog run. Rents start at approximately $1,500 per month for a studio apartment.

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DevelopmentMidwestMultifamilyOhio

Pizzuti Opens 100-Unit Residences at the Sutton in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — The Pizzuti Cos. has opened The Residences at the Sutton, a 100-unit luxury apartment development in the Short North Arts District of Columbus. Move-ins for the first residents have begun. The six-story project features studios, one- and two-bedroom floor plans as well as 123 parking spaces. Amenities include a fitness center with Peloton bikes, yoga area and package room. The third floor includes a 2,000-square-foot amenity deck with a bocce ball court, fire pit and clubroom. Lupton Rausch Architecture was the project architect. Monthly rents start at $1,175. Residents can now receive two months of free rent on a 14-month or longer lease.

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DevelopmentMarylandOfficeSoutheastTop Stories

Armada Hoffler, Beatty Development to Build $250M Headquarters for T. Rowe Price in Baltimore

by Alex Tostado

BALTIMORE — A joint venture between Armada Hoffler Properties and Beatty Development Group has unveiled plans for T. Rowe Price’s new office headquarters in Baltimore’s Harbor Point for $250 million. Plans call for the property to span 450,000 square feet and include ground-level retail space, parking and expanded green spaces. T. Rowe Price expects to move its 1,700 employees into the space in the first half of 2024. The initial lease is for 15 years. T. Rowe Price was founded in Baltimore in 1963 and has been headquartered at 100 E. Pratt St. in downtown Baltimore since 1975. According to the Baltimore Sun, T. Rowe Price signed a 10-year lease renewal at 100 E. Pratt in 2017. The newspaper cited T. Rowe Price’s concerns over safety and traffic as the main reasons for the global investment management firm’s move away from downtown. Harbor Point is situated along Patapsco River, two miles south of T. Rowe Price’s current headquarters. Other Armada Hoffler projects within Harbor Point include office buildings Wills Wharf and Thames Street Wharf, and 1405 Point Apartments. “T. Rowe Price further validates Harbor Point as a top-tier destination for world-class companies,” says Lou Haddad, president & CEO of Armada …

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DevelopmentGeorgiaIndustrialSoutheast

Hyundai Transys to Develop $240M Advanced Manufacturing Facility in West Point, Georgia

by Alex Tostado

WEST POINT, GA. — Hyundai Transys will develop a $240 million advanced manufacturing facility in West Point. The building will span 620,000 square feet and is expected to bring 678 full-time jobs to the area. Hyundai Transys specializes in transmissions and the new facility will produce eight-speed transmissions for Kia. The exact location of the new plant was not disclosed, though Georgia Gov. Brian Kemp’s office says it is near the company’s existing plant within the Kia campus. A timeline for construction was not disclosed.

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Marx Realty Breaks Ground on $41M Redevelopment of Hospitality-Themed Office Building in D.C.

by Alex Tostado

WASHINGTON, D.C. — Marx Realty has broken ground on The Herald, a 114,000-square-foot office building in Washington, D.C. The New York-based developer is investing $41 million to redevelop the property into a hospitality-themed office building. The lobby will feature 22-foot ceilings, a doorman, European-style café, 8,800-square-foot lounge, a fitness center, historical art and several seating areas, similar to a hotel lobby. The asset was originally built in 1923 as the printing press and offices for the Washington Herald Examiner. Marx Realty will update the entrance to the lobby to include floor-to-ceiling copper and glass walls inspired by linotype printing machines. Marx Realty expects construction to be completed in the spring. David Burns of Studios Architecture designed the asset.

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Westcore-Goodyear-AZ
ArizonaDevelopmentIndustrialWestern

Westcore Acquires 45 Acres in Western Phoenix for Build-to-Suit Distribution Center

by Amy Works

GOODYEAR, ARIZ. — Westcore has purchased approximately 45 acres of land at Thomas and Citrus roads near Interstate 10 and Loop 303 in Goodyear. First Industrial sold the land parcel for $11.2 million. Westcore plans to break ground immediately to construct a 721,156-square-foot, build-to-suit distribution facility for a national third-party logistics company. The completed cross-dock building will feature 36-foot clear heights, an ESFR sprinkler system and secure site trailer storage capacity. Completion is slated for June 2021. The project team includes Merit Partners, Butler Design Group, Hunter Engineering and Stevens-Leinweber Construction. Completion is slated for June 2021.

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DevelopmentMidwestMissouriRetail

Brinkmann Constructors Breaks Ground on Jaguar Land Rover Dealership in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — Brinkmann Constructors has broken ground on a Jaguar Land Rover dealership in Chesterfield, a suburb of St. Louis. Situated on seven acres, the dealership is expected to open next summer and will be the first facility owned by Imperial Motors outside the Chicago area, according to Brinkmann. The 32,000-square-foot dealership will include 18 service bays and a waiting room. Robert Flubacker Architects is the project architect.

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