NEW YORK CITY — Locally based construction firm Eastman Cooke & Associates has completed an adaptive reuse project that converted a warehouse at 438 W. 51st St. into an ambulatory surgery center for Sovereign Medical Group. The five-story building was originally constructed in 1905. Designed by Stonehill Taylor, the project entailed a three-story roof extension, upgrades of vital operating systems and a complete installation of infrastructure systems. The development team also worked to preserve the façade and marry the cast iron beams supporting the building with structural steel. The new medical facility features examination and diagnostic areas, four operating rooms and pre- and post-surgical rooms.
STRATFORD, CONN. — Lindquist Security has sold a 20,062-square-foot industrial building in Stratford, located in the southern coastal part of the state. Lindquist has owned and occupied the building for the last 25 years. Bruce Wettenstein of Connecticut-based brokerage firm Vidal/Wettenstein represented Lindquist Security Co. in the transaction. Force3 Pro Gear, which manufactures protective equipment for Major League Baseball, has since taken occupancy of the building.
AUSTIN, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) has acquired land near the Texas State Capitol in downtown Austin with plans to develop Block 150, a 300-unit luxury apartment tower. Rising 400 feet at the corner of 12th and San Antonio streets, the project will span 420,000 gross square feet and include ground-floor retail space. Development costs are estimated at $185 million, according to the Austin American-Statesman. The scope of the project includes the historic A.O. Watson house, which will be renovated and expanded to offer resident amenities such as a restaurant, pool and garden. Built in 1894, the house was the personal residence of architect Arthur Osborn Watson. Construction on Block 150 is expected to begin in early 2023 with completion slated for mid-2025. Stratus Block 150 LP, a Texas limited partnership, will own the development. Financing for the land purchase and predevelopment is in place and includes a land acquisition loan in the amount of $14 million. The remaining predevelopment costs will be funded by approximately $21 million in equity contributed to the limited partnership by Stratus and private equity investors. Stratus will receive 25 percent of the limited partnership’s equity, in exchange for development costs to date …
By David Vincent, investment products specialist, Cadre Asset selection in the hospitality investment market will be critical through the remainder of 2021, as particular hotels in select locations could thrive from new sources of growth and revenue, while others may sit on the wrong side of shifting demand. But investors shouldn’t completely write off the sector. Instead, they should keep their eyes wide open about specific opportunities with solid information that could support a potential increase in valuation. Travel on the Rise Stretching their wings after extended COVID-19-related isolation, Americans are now taking to the skies and highways in large numbers. A need to return to normalcy is driving increased demand for travel, boosted by the promise — and delivery — of vaccinations and then-falling infection rates. Confidence appeared to peak in the early summer, as major airlines announced profitable quarters and plans to hire and purchase planes more aggressively, according to reports by The New York Times. In July, the uptick in travel and lodging brought the national hotel occupancy rate to 71.4 percent — the highest level since summer 2019, according to data from CoStar Group. Now, amid the uncertainty of the Delta variant, the future of hospitality …
SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include: • Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968. • Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005. • Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966. • Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn. • Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015. • Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017. Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, …
PORT ST. LUCIE, FLA. — Miami-based Origin Construction will build America Walks, an active adult rental community in Port St. Lucie spanning 60 acres and more than 400 residences. The project is expected to cost $75 million to develop and deliver in the third quarter of 2023. Ohio-based America Walks is the developer for the gated community. America Walks will feature both a residential and recreational component, including two four-story apartment buildings with 115 units, as well as 300 villas in 60 buildings surrounding four lakes with walking and biking trails. Each of the 60 buildings will include four to six villas, each with its own garage. The recreational space will include a two-story clubhouse encompassing over 26,000 square feet with a restaurant, exercise facilities, sports bar and a salon. Community amenities will include a pool, spas, pickleball court, bocce, fire pits and an outdoor dining facility.
HOUSTON — Goodman Manufacturing Co., a supplier of HVAC systems, has signed a 494,000-square-foot industrial lease to occupy more than half the space at Sam Houston Distribution Center, an 833,720-square-foot speculative development on the city’s northwest side. Seth Koschak of Stream Realty Partners represented the tenant in the lease negotiations. Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond of Transwestern represented the landlord, a partnership between Transwestern Development Co. and J.P. Morgan Global Alternatives.
Berkadia Secures $51.2M Financing for Affordable Housing Acquisition, Redevelopment in Metro Atlanta
JONESBORO, GA. — Berkadia has secured $51.2 million in financing for the redevelopment of Riverwood Townhouses, a 282-unit affordable housing development in Jonesboro, about 18.3 miles south of downtown Atlanta. Vitus, a national developer and owner of affordable housing, recently acquired the property for $30.5 million from an entity doing business as RWood Holdings LLC. Tim Leonhard of Berkadia secured both $25.9 million in acquisition bridge financing and $25.3 million in permanent financing used to rehabilitate the property. The bridge loan had a 4.3 percent adjustable interest rate and was provided through Berkadia’s proprietary bridge lending platform. The permanent loan was provided through Freddie Mac’s affordable housing program. Located at 681 Flint River Road, Riverwood Townhouses features one-, two-, three- and four-bedroom units. All the units are rent restricted to 60 percent of area median income. Community amenities include a business center and computer lab, clubhouse, community room, playground and picnic area. The property will be undergoing interior and exterior renovations as part of the redevelopment.
SPRING, TEXAS — A partnership between Austin-based Sunrise Capital, Plano-based Zane Holdings and Goodegg Investments has acquired Royal Spring, a 351-unit multifamily property located on the northern outskirts of Houston. Delivered earlier this year, Royal Spring’s units feature an average size of 1,007 square feet and are furnished with stainless steel appliances, granite countertops, custom cabinetry and wood-vinyl plank flooring. Amenities include a pool, clubhouse and lounge, fitness center, outdoor yoga space and a dog park. Rents start at approximately $1,200 per month for a one-bedroom unit.
SEATTLE — Amazon is expanding its presence in the Mid-Atlantic by opening several new delivery stations and a career center in Maryland and Virginia. The first facility set to open is a 72,000-square-foot delivery station located at 2100 Van Deman St. in Baltimore, Amazon’s first delivery station in Baltimore City. The e-commerce giant also plans to open a 194,000-square-foot facility at 7226 Preston Gateway Drive in Hanover, Md., which will be Amazon’s third delivery station in the city. Since 2010, Amazon has created more than 29,000 jobs in Maryland, and the company has invested over $9.5 billion for infrastructure and compensation in the state. Additionally, Amazon announced it will open an Amazon Career Center at 1989 S. Military Highway in Chesapeake, Va. This center will be used for hiring and orientation duties for the company’s Hampton Roads operations facilities. Additionally, the company will open two new delivery stations in the area including a 165,000-square-foot facility at 1400 Sewells Point Road in Norfolk and a 111,600-square-foot facility at 223 W Mercury Blvd. in Hampton, which was formerly a Kmart store. Since 2010, Amazon has provided more than 27,000 jobs in Virginia. The company has 15 delivery stations in the Commonwealth.