Search results for

"Adaptive Reuse"

Avison Young Arranges 41,288 SF Office Sublease for Instacart at Ponce City Market in Atlanta

by Camren Skelton August 23, 2018

ATLANTA — Avison Young has arranged a 41,288-square-foot sublease for Instacart, an on-demand grocery service, at Ponce City Market in Atlanta. Phil Barry, Hilton Barry, Steve Cook and Jack Kerrigan of Avison Young represented the sub-landlord, Athenahealth, in the five-year lease transaction. Sam Pruitt of Site Selection Group, along with Michelle Galvani and Shan Morris of Wildmor Advisors, represented Instacart. The creative loft office space is located on the eighth floor and includes an outdoor deck area. The 2 million-square-foot Ponce City Market is an adaptive reuse of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline’s Eastside Trail in Atlanta’s Old Fourth Ward district. In addition to creative office space, the mixed-use development includes a food hall, loft apartments and retail space. Founded in 2012, San Francisco-based Instacart operates as a same-day grocery delivery service. Customers select groceries through a web application from various retailers and the order is delivered by a personal shopper.

August 23, 2018

Affordable Housing Loans Multifamily Texas

Bellwether Provides $23M Construction Loan for Affordable Housing Asset in San Antonio

by Taylor Williams August 15, 2018

SAN ANTONIO — Bellwether Enterprise Real Estate Capital LLC has provided a $23 million Fannie Mae loan for St. Johns Apartments, a 228-unit affordable housing community in San Antonio. The proceeds will be used to fund new construction and adaptive reuse of a historic 1920s-era Catholic seminary building and two smaller existing structures. The project will deliver 176 units that will be leased at restricted rents and 52 units that will command market-rate rents. Hadley Bressman of Bellwether secured the loan, which carries a fixed interest rate and a 35-year amortization schedule. The borrower was not disclosed.

August 15, 2018

Development Midwest Missouri Mixed-Use

S.M. Wilson Begins Construction of City Foundry in St. Louis

by Kristin Harlow July 26, 2018

ST. LOUIS — S.M. Wilson has begun construction of Phase I of the City Foundry STL mixed-use project in St. Louis. Plans call for the construction and renovation of six buildings, improvements to the 10-acre site and the construction of more than 60 tenant spaces. The $185 million Phase I includes 122,000 square feet of restaurant and entertainment space, 105,000 square feet of retail space and 110,000 square feet of office space. Steve Smith and London-based Caparo are the developers. Lawrence Group is the architect. Tenants are expected to begin opening at the property in mid-2019. The tenants disclosed by the developer include Alamo Drafthouse Theaters, Punch Bowl Social and McNellies Group. The project is the adaptive reuse of the former Century Electric Foundry complex.

July 26, 2018

Industrial Market Reports Texas Texas Market Reports

Building Size Matters in Amarillo Industrial Market

by Taylor Williams July 13, 2018

Amarillo’s industrial market is truly a tale of two sectors, as some form of that expression goes, and the key number is 50,000 square feet. The occupancy rate for industrial properties in the sub-50,000-square-foot range in Amarillo remains very high, with few properties of this size sitting on the market for extended amounts of time. With such high occupancy rates, several new developments have recently sprung up. Those with both large footprints and divisible floor plans to meet the needs of smaller tenants tend to be most successful in terms of leasing velocity. In addition, developers of this product type are seeing its success and gravitating to Amarillo with spec projects. This sector of the industrial market should remain profitable for developers unless construction costs increase at a greater pace than rents can justify. The lull lies in existing properties that measure more than 50,000 square feet. In a smaller market like Amarillo, properties of this size sitting empty can be an ominous sign, and a few in particular have really come to symbolize concerns about sales of assets of this magnitude. Such properties include a 140,208-square-foot manufacturing facility previously occupied by chemicals manufacturer Techspray; a 115,000-square-foot facility formerly occupied …

July 13, 2018

Development Georgia Mixed-Use Southeast

Construction Underway, First Tenants Announced at $40M Mixed-Use Project on Atlanta’s Upper Westside

by Camren Skelton July 11, 2018

ATLANTA — Eden Rock Real Estate Partners, in partnership with Stein Investment Group and Frank Buonanotte, has kicked off construction on Westside Village, a $40 million adaptive reuse project on Atlanta’s Upper Westside district. Redevelopment plans call for the transformation of the existing 51,000-square-foot warehouse building situated along Marietta Boulevard, the demolition of other smaller buildings and the new construction of three additional commercial buildings on the 10-acre site. The 100,000-square-foot development will also include 19 townhomes. The first announced tenants at the development are Primrose Schools, an early education and childcare provider, and The Refinery, a fitness training club. Primrose Schools will open a 12,400-square-foot facility, serving infants through Kindergarten-aged children. The Refinery will open an 11,700-square-foot facility that will offer adult fitness training, youth sports performance enhancement training, a private Pilates studio and a therapeutic “chiro-spa” for sports recovery, pain management and everyday wellness. Both tenants are expected to open at Westside Village in early 2019. Additional retailers, restaurant and service providers are expected to be announced within the next 60 days. Atlanta-based Shroeder Architects is the architect for the project, which is slated for completion by spring 2019.

July 11, 2018

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island’s Office Sector No Longer Tenant’s Market

by David Cohen July 9, 2018

The office sector in Rhode Island’s commercial real estate market has seen a strong carryover and positive momentum from 2017, into 2018, which we continue to enjoy today. The market has seen positive absorption in most areas and with little speculative development on the horizon, lease rates are being affected accordingly. It’s safe to say, it is no longer a Tenant’s market. In Providence, vacancy rates are hovering in the 12 percent range, down from 16.5 percent just a few years ago. Recent projects include the redevelopment of South Street Landing, a $230 million dollar renovation of the former Narragansett Electric power station which is now home to the URI/CCRI Nursing School as well as some of the administrative offices of Brown University. Just a block away, construction is underway for the 191,000-square-foot Providence Innovation Center. This will be occupied by the Brown University School of Professional Studies, Johnson & Johnson and the Cambridge Innovation Center. The redevelopment of 75 Fountain Street, a 160,000-square-foot building, once fully occupied by the Providence Journal, has also enjoyed positive absorption. The redevelopment by Nordblom Company and Cornish Associates has attracted companies such as Tufts Healthcare, GE Digital and Virgin Pulse to join the Providence …

July 9, 2018

Acquisitions Illinois Industrial Midwest Self-Storage

U-Haul to Acquire, Repurpose Former Kmart Building in Alton, Illinois

by Kristin Harlow June 21, 2018

ALTON, ILL. — U-Haul plans to acquire an 84,180-square-foot building formerly occupied by Kmart in Alton, about 25 miles north of St. Louis, in August. U-Haul, which currently leases the property, will transform the space into 700 climate-controlled, self-storage units with truck and trailer sharing and towing equipment onsite. The building, which had previously been vacant for eight months, is located within the Seminary Plaza shopping center. Madison Plaza Associates was the seller. U-Haul’s acquisition of the property was driven by its corporate sustainability initiative. The company says the adaptive reuse of existing buildings reduces the amount of energy and resources required for new-building materials and helps cities reduce their unwanted inventory of unused buildings.

June 21, 2018

Development Massachusetts Multifamily Northeast

MassHousing, Trinity Financial Break Ground on Mixed-Income Housing Community in Massachusetts

by David Cohen June 6, 2018

LAWRENCE, MASS. — MassHousing and Trinity Financial have broken ground on Van Brodie Mill, a 102-unit, mixed-income housing community in Lawrence. Lawrence Mayor Dan Rivera, Executive Director of MassHousing Chrystal Kornegay and State Representative Frank Moran attended the groundbreaking, which took place on June 6. The adaptive reuse project, which is located at 590 Broadway,will preserve a historic former mill in the Arlington Mills historic district. Trinity Financial is a real estate development firm specializing in redeveloping urban sites in the Northeast. The cost of the project was not disclosed.

June 6, 2018

Leasing Activity Midwest Missouri Office

Multiply, Orion Genomics Sign Office Leases at City Foundry Development in St. Louis

by Kristin Harlow May 18, 2018

ST. LOUIS — Digital publishing and technology firm Multiply and DNA technology company Orion Genomics have signed office leases at City Foundry in St. Louis. Together, the two companies will occupy 30,000 square feet and add almost 100 employees to the development. Previously announced leases at City Foundry include Alamo Drafthouse Theaters, Punch Bowl Social and Fassler Hall. Construction is expected to begin this summer with completion slated for the second half of 2019. Steve Smith is the developer of the $187 million mixed-use project, which involves the adaptive reuse of the former Century Electric Foundry complex. S.M. Wilson is the construction manager and Lawrence Group is the architect.

May 18, 2018

Market Reports Office Property Type Southeast Southeast Market Reports Tennessee

Memphis Office Market Grows Its Existing Inventory by Nearly 6 Percent

by John Nelson April 23, 2018

Memphis ended 2017 with an overall vacancy rate of 14.8 percent, which is up slightly from where the year started at 14.5 percent — the highest level in three years. As the saying goes, “don’t judge a book by its cover,” and this especially applies to the Memphis office market. In 2017, 600,000 square feet of office space was absorbed. Developers also started 2017 with more than 1.2 million square feet of new office space in the pipeline, with 800,000 square feet delivered last year and the other 400,000 square feet expected to be delivered by the end of the first quarter this year. So within just six months, nearly 6 percent of Memphis’ total office market size was added to the overall available space. That is more new product being delivered than the city has seen in over a decade. Of this 1.2 million square feet, nearly 80 percent will come from adaptive reuse projects, where previously non-functioning properties located in non-core submarkets have undergone significant repurposing. The Sears Crosstown building was erected in 1927 as a 1.5 million-square-foot, mail-order processing warehouse and Sears retail store. The project was the largest building in Memphis at the time of its …

April 23, 2018

Newer Posts

Older Posts