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"Adaptive Reuse"

Ponce City Market in Atlanta Now Listed on the National Register of Historic Places

by John Nelson December 7, 2016

ATLANTA — Ponce City Market, the 2.1 million-square-foot adaptive reuse of the former Sears Roebuck building in Atlanta’s Old Fourth Ward District, has earned a spot on the National Register of Historic Places. Originally built in 1926 on the site of the former Ponce de Leon Amusement Park, the mixed-use project now features 550,000 square feet of Class A loft office space, 300,000 square feet of retail and restaurants and 259 residential flats. Situated along the Atlanta Beltline, Ponce City Market is owned by Jamestown and is the largest adaptive reuse project in Atlanta’s history, as well as the largest brick building in the Southeast. The National Park Services placed Ponce City Market on the registry because of its historical significance to Atlanta. The building opened as a nine-story regional distribution center and retail destination for Sears and was surrounded by freight and trolley lines, as well as the Atlanta Crackers baseball field. Sears closed the retail component in 1979 but operated the regional office until 1987. The city of Atlanta purchased the property in 1991 and used it to house administrative offices until mid-2010 before selling it to Jamestown in 2011. In addition to its historical status, Ponce City …

December 7, 2016

North Carolina Office Southeast

NAI Carolantic Arranges Nutanix’s 70,000 SF Lease in Chesterfied Building in Downtown Durham

by John Nelson December 5, 2016

DURHAM, N.C. — NAI Carolantic has arranged a 70,000-square-foot lease with Nutanix, a San Jose-based software firm that is expanding its East Coast presence. The company will occupy space at the Chesterfield, an adaptive reuse of a former tobacco building in downtown Durham that Wexford Science + Technology is currently redeveloping. Upon completion the property will include lab and office space, a six-story atrium, 11,500 square feet of ground-level retail space and 42,000 square feet of shared lab innovation space. Robin Roseberry Anders of NAI Carolantic is the leasing agent for the Chesterfield building. Other committed Chesterfield tenants include Duke University for 100,000 square feet and BioLabs NC for 42,000 square feet. Marlene Spritzer, Edwin Yarbrough and Whitney Rodgers of Savills Studley’s Durham office advised Nutanix in the lease negotiations. Joe Brady and Mike Mordaunt of Savills Studley’s San Jose office, who have worked with Nutanix’s headquarters office since the tech firm’s founding, collaborated with Savills Studley’s Durham team on the transaction. Wexford plans to deliver the property in January 2017.

December 5, 2016

District of Columbia Office Southeast

Roadside Development, North America Sekisui House Buy Fannie Mae Headquarters in D.C. for $90M

by John Nelson December 2, 2016

WASHINGTON, D.C. — A joint venture between Roadside Development and North America Sekisui House LLC (NASH) has purchased the famous Fannie Mae headquarters campus located at 3900 Wisconsin Ave. in Washington, D.C. The acquisition includes the 228,000-square-foot office building and 10 acres of land. The venture paid a little less than $90 million for the site, according to the Washington Business Journal. Roadside Development is a private adaptive reuse developer, and NASH is the American arm of Sekisui House Ltd., Japan’s largest homebuilder. The companies plan to reposition the campus once Fannie Mae moves its headquarters to its new office tower at 1100 15th St. N.W. in Washington, D.C., which is still under construction.

December 2, 2016

Market Reports Michigan Midwest Midwest Market Reports Multifamily

Michigan’s Second Largest City Keeps Pace with Multifamily Housing Demand

by Jeff Shaw November 17, 2016

Many of the national trends unfolding in the multifamily sector are playing out in Grand Rapids, the second largest city in Michigan, with a population estimated at 195,000 and slightly more than 1 million metrowide. A combination of demographic, economic and lifestyle trends are leading to the creation of more renter households. This includes Baby Boomers, Millennials and renters by choice across all income levels. In addition, Grand Rapids is experiencing an urban renaissance that is bringing new commerce, housing and amenities into the downtown area. During the 2016 National Multifamily Housing Council conference in Orlando, Grand Rapids was recognized as one of the top three small to mid-sized markets in the country for multifamily investment. Annualized apartment rent growth in Grand Rapids has been running at a robust 7 to 8 percent for the past two years, but some momentum has been lost in the wake of a large number of units that have come on line. The annual rent growth slipped to 4.6 percent during the four-quarter period that ended Sept. 30. The average occupancy rate remains above 97 percent, but is gradually coming off a peak of 98.6 percent in the third and fourth quarters of 2013. …

November 17, 2016

Multifamily Northeast Pennsylvania Seniors Housing

The Woda Group Opens 50-Unit Affordable Seniors Housing Property in Pennsylvania

by Amy Works October 5, 2016

LEBANON, PA. — The Woda Group Inc., as developer, has opened Kreider Commons, an affordable seniors housing development located at 631 N. Eight St. in Lebanon. An adaptive reuse of a six-story manufacturing/warehouse building, the property features 50 one- and two-bedroom rental apartments for independent seniors aged 62 or older. Additionally, the building features all new systems, two elevators, drive-up entry, on-site parking, a community room with kitchen, library, computer room, grandchild room and crafts rooms. The project team includes Kinsley Construction, Marks Thomas Architects, Steckbeck Engineering, and Woda Management and Real Estate LLC. Financing for the development was provided by PNC Bank, Pennsylvania Housing Finance Agency, Lebanon County, Pennsylvania Department of Community and Economic Development and Federal Home Loan Bank of Pittsburgh.

October 5, 2016

Loans Multifamily Southeast Virginia

Phillips Realty Capital Secures $24M Loan for Renovated Apartment Community in Downtown Richmond

by John Nelson September 14, 2016

RICHMOND, VA. — Phillips Realty Capital has secured a $24 million loan for 8th & Main Apartments, an adaptive reuse apartment community located in downtown Richmond. The property features 195 loft residences with one-, two- and four-bedroom layouts; nearly 10,000 square feet of ground-floor commercial space, the majority of which has been leased to Apple REIT; a rooftop swimming pool and terrace; and a fitness center. Charles DuBose structured the loan on behalf of the borrower, The Monument Cos. Monument converted the former Morris Plan Bank and office building into a Class A apartment community using Historic Rehabilitation Tax Credits.

September 14, 2016

Kansas Midwest Multifamily Seniors Housing

CA Ventures, Pathway Complete $22M Hotel Transformation to Seniors Housing in Kansas

by Christina Cannon August 25, 2016

OLATHE, KAN. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Olathe, a 132-unit assisted living and memory care community in Olathe, approximately 25 miles southeast of Kansas City. The project is the first seniors housing community developed by CA Ventures, and is a $22 million adaptive reuse project of a former Holiday Inn. The two-story community sits on a seven-acre site near Olathe Medical Center and several medical office buildings. It features 75 assisted living units and 57 memory care units. CA Ventures owns the property, which Pathway operates. The community also features a rehabilitation facility on site — The Rehab Place at Travanse Living at Olathe — which Olathe Health System operates.

August 25, 2016

Conference Coverage Features Georgia Retail Southeast Top Stories

Retailers Embracing Mixed-Use Projects, Technology to Reach Their Customers, Says CREW Atlanta Panel

by John Nelson August 16, 2016

Around Atlanta and the rest of the country, there are few retail developments in the pipeline that aren’t attached to office or residential uses. During CREW Atlanta’s panel discussion titled “The Evolution of Retail,” experts agreed that retailers are embracing mixed-use projects out of necessity. “I’m not sure if in the near-term there will be any more retail-only projects. Retail alone can’t sustain a single development, it needs other users,” said Tisha Maley, founder and principal of The Maley Co., a retail real estate advisory company that spearheads the leasing efforts for Ponce City Market in Atlanta’s Old Fourth Ward district. The 2 million-square-foot adaptive reuse project is the gold standard of how retailers are integrating into larger multi-use developments to great effect. “Ponce City Market as an anchor of the BeltLine has changed Old Fourth Ward forever. What retailers are attracted to is that shoppers show up to Ponce City Market for one reason or another multiple times a week,” said Maley, referring to the office component of the development, as well as The Suzuki School and Core Power Yoga. “It’s about creating a place where retailers and restaurants can feel that they can do business.” In addition to …

August 16, 2016

Office Retail Southeast Tennessee

NGKF Secures ServiceMaster’s 315,450 SF Lease Relocation to Downtown Memphis

by Christina Cannon June 9, 2016

MEMPHIS, TENN. — Newmark Grubb Knight Frank (NGKF) has arranged the 315,450-square-foot lease relocation and adaptive reuse project for ServiceMaster, a home and commercial services provider whose products and services include home warranties, home inspections, furniture repair, residential cleaning, disaster restoration and termite and pest control. The publicly traded company plans to transform the former Peabody Place mall in downtown Memphis into Class A office space for its global headquarters. ServiceMaster will consolidate its office operations currently headquartered in four buildings within the suburban Poplar Avenue Corridor in Memphis. Neal Golden and Aaron Sommer of NGKF represented ServiceMaster in the two-year site selection process and lease transaction. ServiceMaster was considering relocating its corporate headquarters to other markets such as Atlanta, Dallas, Austin, Orlando and Tampa before selecting Memphis. The company plans to move approximately 1,200 employees to the renovated building by the end of 2017.

June 9, 2016

Illinois Midwest Multifamily Top Stories

CA Ventures, Habitat Partner on $600M Multifamily Portfolio in the Midwest

by Christina Cannon June 9, 2016

CHICAGO — CA Ventures and The Habitat Co. have formed a partnership whereby Habitat will manage a $600 million multifamily portfolio owned by CA Ventures. The five-property, 1,215-unit portfolio features four assets under construction and one that opened early this year. Additionally, the Chicago-based firms plan to pursue co-development and investment opportunities in select markets throughout the United States, targeting properties between $40 million and $120 million. “Since our inception, we have worked tirelessly to unearth opportunity in niche markets — both geographically and in various sectors of commercial real estate — where few other developers have thought to look,” says Tom Scott, CEO of CA Ventures. “Our strategic alliance with The Habitat Co. is one of many relationships we’ve established along the way and will supplement our development and investment expertise with best-in-class management services for which Habitat has been known for the past 45 years.” Habitat will initially oversee operations at the following CA Residential communities, which are in various stages of development: * The Buckler is an 11-story, 207-unit luxury rental community located west of the Milwaukee River in downtown Milwaukee. The development opened in early 2016 and is currently in lease-up. * 8 E. Huron is …

June 9, 2016

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