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"Adaptive Reuse"

CIM Group Completes Loft-Style Residences Within $5B Centennial Yards Project in Downtown Atlanta

by Kristin Harlow April 28, 2021

ATLANTA — CIM Group has completed construction of The Lofts at Centennial Yards South, an adaptive reuse apartment project within the larger $5 billion development in downtown Atlanta known as Centennial Yards. A ribbon-cutting ceremony that took place yesterday also marked the completion of the 160 Trinity offices as well as the launch of construction at 99 Ted Turner creative office, 185 Ted Turner office and the Canyon, a 740-foot-long retail, dining and event destination. Located adjacent to Atlanta’s Castleberry Hill neighborhood, Centennial Yards South comprises six acres and is the first portion to reach completion within the 50-acre Centennial Yards. A redevelopment of the former Southern Railway Freight Depot and Office Building, which served Norfolk Southern from 1982 to 2005, anchors this portion of the development. The Lofts at Centennial Yards South features 162 loft-style apartments, including 27 furnished units to accommodate corporate relocations and Atlanta’s burgeoning film industry. The apartments will be available for occupancy starting this summer. The creative office space at 99 Ted Turner will span approximately 80,000 square feet. The Canyon will serve as a pedestrian promenade below street level. LaGrange-based craft beverage company Wild Leap is slated to open a two-level brewery, distillery and …

April 28, 2021

Market Reports Mixed-Use Texas Texas Market Reports

Mixed-Use Settings Bolster Office Prospects in Texas

by Taylor Williams April 27, 2021

By Taylor Williams The COVID-19 pandemic has cast a shadow of uncertainty on both the short- and long-term fates of many office buildings, but mixed-use developers in Texas are hardly reluctant to continue to include this use in their projects. Philosophies behind mixed-use projects vary in terms of which components lead and which ones follow. Some developers view retailers and restaurants as the connective tissue that dots the networks and thoroughfares and that creates the walkable experience. Others see residential as the nucleus of the project that from the beginning provides critical mass and a user base for the retail and restaurant tenants during non-working hours. But in either case, the office use remains an important piece of the puzzle as a driver of traffic to retail during the nine-to-five window and as an impetus for leasing a unit at a nearby residential building. Overall Uncertainty No mixed-use developer professes to know when society will officially deem office buildings ready for re-occupancy, or the extent to which many large office users will continue to rely on complete or partial remote-work programs. But they remain bullish on the property type as it exists within larger projects that incorporate other key uses …

April 27, 2021

Acquisitions Georgia Mixed-Use North Carolina Office Southeast Top Stories

Preferred Apartment Communities Agrees to Sell Southeast Office Portfolio to Highwoods for $717M

by John Nelson April 20, 2021

ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …

April 20, 2021

Development Florida Mixed-Use Southeast

Florida Panthers Invests $65M to Redevelop Fort Lauderdale Auditorium for New Practice Facility, Entertainment Center

by Julia Sanders April 16, 2021

FORT LAUDERDALE, FLA. — The Florida Panthers, the NHL club based in South Florida, plans to redevelop the War Memorial Auditorium in Fort Lauderdale into a new practice facility and entertainment center. The 144,000-square-foot project is slated for completion in summer 2022. Originally announced in April 2019, the Panthers privately financed $65 million for the War Memorial Auditorium revitalization, which was created through a public-private partnership with the City of Fort Lauderdale. The Florida Panthers plan to restore the facility through an adaptive reuse of its existing structure. The revitalized Florida Panthers Fort Lauderdale War Memorial Auditorium will feature two regulation-sized indoor ice rinks (including one available for public use), a practice facility and a ballroom-style concert and performance venue that can accommodate up to 3,800 people. The Panthers practice rink, which will primarily be used for community ice programming, will also feature stadium seating for up to 1,000 fans during practices and training camps. The facility will also be home to the Florida Panthers Foundation’s Youth Hockey Scholarship program that will launch this spring in partnership with the Boys & Girls Club of Broward County. Additional project components include a sit-down indoor and outdoor restaurant, new community fitness and …

April 16, 2021

Development Florida Loans Multifamily Southeast

Estate Cos. Receives $29.5M in Construction Financing for Hotel Redevelopment in South Florida

by Julia Sanders April 13, 2021

HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan. The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space. Construction is underway, and completion is scheduled for the fourth quarter. The Estate Cos. acquired the five-acre site for $15.3 million in August 2020 and received site plan approval in December. The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Community amenities will include a pool with sundeck, fitness center and clubhouse. Monthly rents will start in the $1,200s. Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit. The adaptive reuse development is the first project to be introduced as part of the new Alture brand of The Estate Cos., which focuses on value-add opportunities and repositioning older assets.

April 13, 2021

Development Georgia Mixed-Use Southeast

Cotton Cos. to Open 55,000 SF Highside Market in Columbus, Georgia

by Julia Sanders March 24, 2021

COLUMBUS, GA. — The Cotton Cos. is bringing Highside Market, an urban infill and adaptive reuse mixed-use development, to Columbus. The first phase of the development is expected to be open in September, and Cotton Cos. plans to fully open the project by the third quarter of 2022. Located at the intersection of 13th Street and 2nd Avenue, Highside Market will feature four retail, dining, work and gathering spaces. The mixed-use development will also include full-service, dine-in and fast-casual restaurants; 20,000 square feet of retail space; 10,300 square feet of office space; green space; and outdoor lounges. Highside Market’s flagship structure, the 211 Building, was built in 1939 and previously operated as the premier auto dealership in Columbus for 55 years. The building’s ground floor will include a bakery, two dine-in restaurants and a mix of retail market stalls with office space, pop-up space for events and workshops occupying the first floor. An adjacent, circa-1959 Brutalist Bank building will be repurposed and transformed into the 201 Building. Cotton Cos. will remodel the building to have a ground-floor restaurant, basement bar and second floor retail or art gallery space, as well as an outdoor common area. Additionally, a newly constructed building, …

March 24, 2021

California Development Loans Mixed-Use Multifamily Retail Top Stories Western

Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin

by Amy Works March 2, 2021

OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland. The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay. Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan. “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.” Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons …

March 2, 2021

Life Sciences Market Reports North Carolina Office Southeast Southeast Market Reports

Raleigh-Durham Office Market Remains Stable, Life Sciences Actively Leasing Space

by John Nelson February 22, 2021

The Raleigh-Durham commercial real estate market continues to be one of growth and perseverance despite the global pandemic. Its economy is rich with an array of industries, healthcare and university systems that support population growth and expansion. Commercial real estate is experiencing its own challenges and opportunities through this pandemic, including one of the most talked about asset classes, office. The sector is the subject of the big “pause” discussion as there’s uncertainty going forward. Despite the lack of commitment to many significant leases, the office market’s fundamentals have remained stable in Raleigh-Durham. Rates are holding steady with an average Class A rental rate of $29.59 per square foot. Vacancy and absorption are maintaining competitive levels, allowing market rates to hold somewhat steady. Over the last year, activity reflected these trends as many landlords negotiated short-term renewals without rate increases. If the leasing trend continues this year, renewals and space consolidation will possibly lead to a reduction in rental rates. One of the key driving forces of office product in Raleigh-Durham stems from the life sciences industry. The market is currently ranked No. 5 among life sciences markets in the United States, according to CBRE’s annual report. The life sciences …

February 22, 2021

Hospitality Illinois Loans Midwest

Owner of Residence Inn Chicago Hotel Receives $141M Refinancing Loan

by Kristin Harlow February 12, 2021

CHICAGO — Prime LaSalle/Madison Partners (PLMP) has received $141 million for the refinancing of the 381-room Residence Inn Chicago Downtown hotel located at 11 S. LaSalle St. The hotel opened in September 2015 upon completion of the adaptive reuse of the 38-story Roanoke Building & Tower, a historic property built in three phases from 1915 to 1925. It was constructed originally as the Lumber Exchange Building and also served as a late Chicago school. The Prime Group Inc. and Michael Reschke own and control PLMP. Proceeds of the financing were used to repay the senior loan and preferred equity financing originally funded to acquire and construct the hotel; to establish reserves for working capital, interest and other items; and to pay fees and transaction costs. Loan terms were not disclosed.

February 12, 2021

Acquisitions Indiana Industrial Midwest Office

SomeraRoad Acquires Majority Stake in Historic Stutz Factory in Indianapolis, Plans Redevelopment

by Kristin Harlow February 1, 2021

INDIANAPOLIS — SomeraRoad, a New York City and Nashville-based real estate firm specializing in restoring and modernizing historic properties, has acquired the majority stake in the historic Stutz Factory in downtown Indianapolis for an undisclosed price. The company will embark on a long-term redevelopment and modernization plan for the 400,000-square-foot property. The seller, Turner Woodard, will retain a minority ownership position and consult on the redevelopment efforts. Woodard, an Indianapolis resident and adaptive reuse developer, has owned the Stutz Factory since 1992. The multi-building property was originally built in 1912 as the home of the Stutz Motor Car Co. It is currently home to more than 200 art studios and specialty businesses. Stutz was an American producer of high-end sports and luxury cars. Stutz manufactured its last car in 1934 and the company closed in 1937. Colliers International has been retained as property manager.

February 1, 2021

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