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"Adaptive Reuse"

GeorgiaLeasing ActivityMixed-UseRetailSoutheast

Construction Resources to Open Design Center at Westside Paper Development in Atlanta

by John Nelson

ATLANTA — Construction Resources, a distributor of home improvement products, plans to open a new design center at Westside Paper, a mixed-use development located at 950 W. Marietta St. in Atlanta’s West Midtown district. The center, which is set to open early next year, will be the first location to feature all of Construction Resources’ products in a single location. Westbridge and FCP co-developed and own Westside Paper, which is an adaptive reuse of a 70-year-old paper mill. Brad Pope of JLL represented Construction Resources in the lease transaction, and Shelbi Bodner with Bridger Properties represented the landlord. Other tenants at Westside Paper include El Santo Gallo, Pancake Social, Elsewhere Greenhouse, Bar Driver, Northern China Eatery, Ancestral Bottle Shop & Market and King of Pops.

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AlabamaMarket ReportsOfficeSoutheastSoutheast Market Reports

Birmingham’s Office Market Presents Opportunities Amid Economic Uncertainty

by John Nelson

By Brad Jones of Cushman & Wakefield/EGS Commercial Real Estate Despite ongoing challenges facing the national economy, Birmingham’s commercial real estate landscape remains steady and consistent. Over the past seven years, encompassing both pre- and post-pandemic periods, the overall vacancy rate for Birmingham’s multi-tenant office market has exhibited fluctuations like most markets, ranging from 12.9 percent in 2017 to 19 percent in 2023, according to research from Cushman & Wakefield/EGS Commercial Real Estate. However, for perspective, Birmingham’s year-end vacancy rate of 19 percent remains below the national average vacancy rate of 19.7 percent recorded in 2023, according to research from Cushman & Wakefield. Office leasing activity in Birmingham has maintained momentum, experiencing a notable 12 percent year-over-year increase from 2022. Total leasing activity for 2023 totaled 718,219 square feet. Class A transactions dominated with 564,681 square feet leased, indicating a continued preference for Class A office space (i.e. a flight to quality). This is good news for Class A product in this supposed period of economic slowdown. Office investment sales activity in Birmingham has, however, decelerated in the current economic climate. The impending ripple of debt maturities poses challenges for large institutional owners and creditors. At the same time, it …

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DevelopmentFloridaLeasing ActivityOfficeSoutheast

Dycom Industries Signs 40,000 SF Office Lease for New Headquarters at 300 Banyan in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Dycom Industries Inc., a specialty contractor serving the telecommunications and utilities industries, has signed a lease to anchor 300 Banyan, a six-story boutique office building in West Palm Beach. The company’s new headquarters will comprise the top two floors and span 40,000 square feet. Brian Gale and Anthony Librizzi of Cushman & Wakefield represented the landlord, Brand Atlantic Real Estate Partners and Wheelock Street Capital, in the lease negotiations. Derek Baker of Colliers represented the tenant. 300 Banyan is part of Brand Atlantic’s Banyan & Olive development along with 111 Olive, an adaptive reuse of a historic three-story building. Dycom’s lease brings 300 Banyan to 50 percent preleased. In addition to offices and private terraces, the office building features an 8,000-square foot restaurant with a garden dining room, sidewalk café and a private, six-story parking garage.  

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DevelopmentDistrict of ColumbiaMixed-UseMultifamilyRetailSoutheast

Donohoe Development, Aimco Complete Final Phase of $300M Mixed-Use Development in D.C.

by John Nelson

WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.

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DevelopmentGeorgiaLeasing ActivityOfficeSoutheast

Swinerton Debuts New Office at Armour Yards in Atlanta

by John Nelson

ATLANTA — Swinerton, a general contractor firm based in San Francisco, has opened its new office space at 251 Armour Drive in Atlanta. The 10,000-square-foot office is part of the Armour Yards adaptive reuse development and will house 70 Swinerton employees. JLL arranged the lease on behalf of the Armour Yards landlord, Northwoods Office. Designed by MurphyMeyers, the new space includes 22 private offices, 30 workstations, two flex rooms, two meeting rooms and a “preconstruction room.” Amenities include a fitness studio, wellness room and a working lounge with overhead doors, as well as direct access to the Atlanta BeltLine. The space also includes a mural, custom art pieces and the integration of mass timber into the overall aesthetic. Founded in 1888, Swinerton is 100 percent employee-owned and has 21 offices nationwide. Swinerton first opened its Atlanta office in 2017.

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DevelopmentFeaturesRetailWestern Feature Archive

Repurposing Historic Buildings Can Create Meaningful, Revitalizing Retail Destinations

by Jeff Shaw

— By Elise Kunihiro and Maura Schafer — Historic building adaptive reuse creates a bridge between the past and the future, resulting in places that can become the hearts and souls of their communities. The reuse of these buildings offers community benefits, such as sustainability, new public spaces and character.  Reactivate local economies  Beyond revitalizing older buildings, adaptive reuse projects can also support small local business owners. A 1922 brick office building in the East Village Arts District of downtown Long Beach, Calif., for example, now hosts Partake Collective. The 25,000-square-foot cloud concept and food hall incubator allows visitors to support local restauranteurs while dining in a communal food hall or sidewalk dining area.    Studio One Eleven served as the project’s architect, while RDC did interiors and procurement. The goal of this redevelopment model was to create a benchmark for future development that celebrates food diversity and enhances community building. It doesn’t hurt that Partake Collective remains an active and engaged member of the Long Beach community by working with local educational institutions to support pathways to private enterprise, business ownership and job opportunities for the most underrepresented communities. Partake Collective has already partnered with culinary programs at Browning High …

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AcquisitionsMidwestMissouri

HDA Architects in St. Louis Returns to Sole Ownership

by Kristin Harlow

ST. LOUIS — St. Louis-based HDA Architects is refocusing on its core business in a move that returns sole ownership of the company to HDA President Jack Holleran under a new name, HDA Design. In 2020, Green Street Real Estate Ventures acquired HDA. As part of the transition, HDA’s leadership team will work alongside Holleran. In August 2023, HDA promoted four key employees as part of its strategic plan. Patrick Holleran and Brice Zickuhr were named senior principals, and Josh Goodman and Kent Wagster were named principals. The firm currently has active projects in 12 states across the beverage wholesaler, industrial/distribution, adaptive reuse, office/commercial, automotive, multifamily, mixed-use and hospitality sectors. HDA is currently reviewing opportunities to relocate its headquarters within the St. Louis area. The new office will be designed by the firm.

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DevelopmentFeaturesMultifamilyOffice

The Journey from Empty Urban Offices to Residential Solutions Is a Complex Path

by John Nelson

By Charvi Gupta of Getzler Henrich & Associates LLC Vacancy rates in office buildings in major metropolitan areas like New York City have surged, driven by the widespread adoption of remote work policies as well as the relocation of major corporate headquarters. With housing shortages exacerbating the issue, there is a growing discourse surrounding the conversion of these vacant office spaces into residential units. According to The Wall Street Journal, 1 billion square feet of office space sits vacant across the United States. While the numbers cover only office mortgages packaged into commercial mortgage-backed securities (CMBS), they reflect a broader freeze in the lending market for office buildings. However, the journey from empty office buildings to habitable residences is far from a linear path and comes with considerable challenges. With numerous examples to examine, as well as insights from financial restructuring consultants to consider, it’s clear that office-to-residential conversions are complex to say the least. Conversion Challenges The conversion process is becoming increasingly difficult. Construction loans are far more expensive than they were 18 months ago, and banks continue to be cautious about development lending, with many conversion efforts on hold because of higher interest rates.  Although more cities are …

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DevelopmentFloridaSelf-StorageSoutheast

Go Store It Opens 530-Unit Self-Storage Facility in Pensacola, Florida

by John Nelson

PENSACOLA, FLA. — Go Store It Self Storage, an affiliate of Madison Capital Group, has opened a new, 530-unit self-storage facility at 3670 N. L St. in Pensacola. Totaling 530 units, the property features climate control, as well as recorded video surveillance and keypad access for security. BenCo Construction completed the project, an adaptive reuse of a former office building, on behalf of Go Store It. Monthly rental rates at the property begin at $36, according to the facility website.

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DevelopmentMultifamilyNew JerseyNortheast

Coldwell Banker Begins Leasing 43-Unit Apartment Complex in Union, New Jersey

by Taylor Williams

UNION, N.J. — Coldwell Banker Realty New Homes has begun leasing a 43-unit apartment complex in the Northern New Jersey community of Union. The complex is an adaptive reuse of the historic former Union Center Bank facility. Units come in studio and one-bedroom floor plans. Rents start at $1,900 per month for a studio apartment. Nicholas Wong, head of Titan Engineers PC, developed the project.

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