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"Adaptive Reuse"

Goldman Sachs, Lincoln Property Acquire 287,216 SF Field Office Mixed-Use Project in Portland for $118M

by Amy Works May 3, 2019

PORTLAND, ORE. — A joint venture between the Merchant Banking Division of Goldman Sachs and Lincoln Property Co. has purchased Field Office, a Class A mixed-use project along River Promenade in Portland’s Pearl District. A venture between National Real Estate Advisors and Project^, which developed the property, sold the asset for $118 million. Completed last year, Field Office features a total of 287,216 square feet of office and retail space. The property includes flexible floor plans, on-site daycare facility, courtyard area with seating and fire pits, fitness center, commuter lounge for cyclists, solar power arrays, below-grade parking, and executive rooftops with city and river views. The two-building asset is located on 2.3 acres at 1895 and 2035 NW Front Ave. The site is adjacent to Interstate 405 and directly across the street from 648 new multifamily units, in addition to more than 600 proposed within the submarket. Located just north of downtown Portland, the formerly industrial Pearl District is now a hotbed of development for retail, restaurants, art galleries, breweries, adaptive reuse projects, multifamily and office. Field Office is also located within an Enterprise Zone, according to the developers, making tax abatements available for tenants that meet certain requirements, such …

May 3, 2019

Acquisitions Illinois Industrial Midwest

Podolsky Circle Brokers $1.4M Sale of Industrial Building in Chicago

by Kristin Harlow April 29, 2019

CHICAGO — Podolsky Circle CORFAC International has brokered the sale of an 8,258-square-foot industrial building in Chicago for $1.4 million. Located at 215 N. Laflin St., the vacant, single-story property is situated in the West Loop. Adam Tarantur and Austin Vanderstappen of Podolsky Circle represented the seller, a family trust. An undisclosed buyer plans to use the property for an adaptive reuse project that is in line with other Fulton Market projects.

April 29, 2019

Illinois Leasing Activity Midwest Office

AbelsonTaylor Signs 85,000 SF Lease at Chicago’s Old Post Office Building

by Kristin Harlow February 26, 2019

CHICAGO — AbelsonTaylor, a health and wellness advertising agency, has signed a lease to occupy nearly 85,000 square feet at the Old Post Office Building in Chicago. The firm plans to move all its operations to the building on March 1, 2020. The property owner, 601W Cos., is transforming the building into office space. Other tenants who have signed office leases at the building include Walgreens, candy manufacturer Ferrara and the Chicago Metropolitan Agency for Planning. Work on the $800 million adaptive reuse project is underway. Plans call for a food hall, fitness center, library and multi-acre rooftop park. Stephen Smith, Jamey Dix and Daniel Heckman of The Telos Group represented building ownership in the lease transaction with AbelsonTaylor. Jack Keenan of Cushman & Wakefield represented the tenant.

February 26, 2019

Illinois Industrial Market Reports Midwest Midwest Market Reports

Chicago Industrial Predictions: Absorption May Slow in Second Half of 2019

by Kristin Harlow February 21, 2019

As we begin 2019, there are several opposing market forces at work that are sure to influence each of us, and our respective firms and clients. These market dynamics will ultimately dictate who has a great year and why — or why not. This year, it seems the signals are more mixed than in the past several years, so making predictions about the local industrial real estate market is somewhat daunting. Nonetheless, here is what to look for in 2019. A tale of two halves Listen carefully: skip vacations, stay in town, hunker down and make as many deals as you can in 2019. Based on current supply and demand dynamics with several significant users already in play (build-to-suits, new leases, renewals, etc.), plus a recent wave of speculative deliveries, look for the first and second quarters to be fairly robust in terms of gross absorption. This should extend the growing record of 35 straight quarters of positive net absorption, dating back to the second quarter of 2009, with at least two to three more such quarters. But, like in sports, what happens in the first half can be overshadowed by a shift in momentum or other significant change in …

February 21, 2019

California Development Retail Western

Pacific Retail Capital, J.P. Morgan Plan $20M Renovation to Paseo Nuevo in Santa Barbara

by Amy Works February 20, 2019

SANTA BARBARA, CALIF. — Pacific Retail Capital Partners and J.P. Morgan Asset Management have announced a $20 million renovation program for Paseo Nuevo, a 458,000-square-foot outdoor shopping destination in Santa Barbara. Slated to begin in early 2019, the first phase of redevelopment will include revamping existing portions of the center, creating districts within the property’s footprint and working closing with the Santa Barbara County Office of Arts & Culture to implement an art program. Upon completion, the community will include upgraded shopping and entertainment areas, as well as interactive community spaces featuring group games, charging stations and gathering spots. The second phase involves the repurposing of the newly appointed Ortega Building — previously home to Macy’s. The adaptive reuse project will convert the former department store into a vibrant complex supporting community and commerce.

February 20, 2019

Illinois Leasing Activity Midwest Retail

Tucker Development Secures Three Retail Leases for Mixed-Use Development in Chicago’s Fulton Market

by Kristin Harlow January 28, 2019

CHICAGO — Tucker Development has secured three new retail leases for its mixed-use development known as 900 West in Chicago’s Fulton Market. The retailers include Kinton Ramen, a Toronto-based ramen bar; Jeni’s Splendid Ice Creams; and Independence, an upscale menswear boutique. All three businesses plan to open their new locations sometime this year. Completed in 2017, 900 West is the adaptive reuse of 10 historic buildings in the 900 block of West Randolph Street. Together, the buildings offer more than 45,000 square feet of street-level retail space and 45,000 square feet of office space on the upper floors. The office space is fully leased by co-working provider Spaces and private equity firm Parker Gale. Current retailers include lululemon, Bluemercury and Bonci Pizzeria.

January 28, 2019

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

New Orleans Adds Another Chapter to its 300-Year History Book of Multifamily Growth

by John Nelson January 21, 2019

How many cities can boast a multifamily history that goes back 300 years? New Orleans can, as it is celebrating its Tricentennial. New Orleans is home to the first apartment building in the United States. Historians have noted the “oldest continuously rented” multifamily development in the country is the Pontalba Apartments. Built in 1849 by the wealthy Baroness Michaela Pontalba, the iconic apartment’s crown molding, sconces, iron railings and balconies are now synonymous with New Orleans architecture. The Pontalba Apartments occupies prime real estate at the east and west side of the historic Jackson Square in the French Quarter. And yes, there is a waiting list to lease a unit. Today the city that sits on the bend of the Mississippi River has a limited amount of land, which keeps the equilibrium between supply and demand in sync. Thus new development is confined to urban infill locations, adaptive reuse projects or the few submarkets with available land — primarily located to the north of Lake Pontchartrain. Households that have income levels necessary to support the rents required for new properties are fueling market-rate development. The NOLA metro market has an inventory of approximately 54,000 units situated in nine distinct submarkets. …

January 21, 2019

Leasing Activity Midwest Missouri Restaurant Retail

Food Hall Under Development in St. Louis Is 50 Percent Preleased

by Kristin Harlow January 11, 2019

ST. LOUIS — Lawrence Group, the developer for City Foundry STL, has unveiled that the 30,000-square-foot food hall at the mixed-use project is now 50 percent preleased. The lineup of food vendors is exclusive to the development and St. Louis. Tenants include CropCircle, serving country fair-type foods; Good Day, offering crepes and breakfast sandwiches; Hello Poke, serving fresh poke and seafood; Lost & Found, a burger and pizza joint; Juice Box Central, a drink station with juices and smoothies; Mokyu Mokyu, selling ice cream with a Japanese and Korean flair; Press Waffle Co.; serving made-to-order waffles; Sumax, known for its Middle Eastern hummus and wraps; and UKraft; offering breakfast bowls, sandwiches, and soups. City Foundry STL is the adaptive reuse of the former 10-acre Century Electric Foundry complex in St. Louis’ Midtown neighborhood. The $210 million first phase will include 122,000 square feet of restaurant and entertainment space, 105,000 square feet of shops and 107,000 square feet of office space. Additional tenants will be announced this spring. Phase I is slated to begin opening in mid-2019.

January 11, 2019

Affordable Housing Development Features Multifamily

As Affordable Housing Demand Grows, Developers Struggle to Keep Up

by Jeff Shaw December 20, 2018

A shortage of more than 7.2 million affordable housing units exists nationwide for households with incomes at or below the poverty level, defined as 30 percent of area median income, according to the National Low Income Housing Coalition. But finding affordable housing is not just an issue for impoverished people. Typically, renters who earn up to 60 percent of area median income are also eligible to live in affordable housing properties. Clearly, affordable housing developers are in demand. The challenge they face is figuring out how to make their projects financially feasible amid rising construction costs and an intense regulatory process. After all, these are low-income producing properties. “In the affordable world, we know there’s a need, but how can we finance it?” asks Charlton Hamer, senior vice president of The Habitat Company’s Affordable Group in Chicago. “It takes all sorts of initiatives, policies and incentives to help fill the gap and help finance these developments.” For David Cooper, managing director of Columbus, Ohio-based Woda Cooper Cos. Inc., which exclusively develops and owns affordable housing units, the most immediate solution to today’s affordable housing crisis is more financial resources. Nearly all the new affordable housing built in the United States is …

December 20, 2018

Market Reports North Carolina Office Southeast Southeast Market Reports

Tech, Co-Working Shine in Raleigh-Durham’s Downtown Submarkets

by John Nelson December 9, 2018

The question today for office tenants and investors is not why Raleigh-Durham, but why not. The Raleigh-Durham market is defined by continued job growth and a thriving technology sector. The Triangle is enjoying significant rent growth, strong absorption and major construction that now has a Downtown Raleigh and a Downtown Durham. Raleigh-Durham’s overall growth continues and was recently ranked No. 1 in the Southeast in projected population growth, posting a 10.3 percent growth rate from 2017 to 2022. This figure is nearly double the 5.5 percent average growth rate for Southeastern cities. Job growth is the primary driver of the region’s expanding presence with over 30,000 jobs added in 2018 through the first half of the year, already surpassing the 24,000 jobs added in all of 2017. Over the last year, we have seen Infosys (2,000), Credit Suisse (1,200), LabCorp (400) and Ipreo (250) announce major job additions to the area. Most recently, Amazon announced 1,500 jobs that will be required for its new fulfillment center. The tech sector is a major contributor to those jobs, and there is a lot of talk about a well-known e-commerce giant and a major technology giant bringing a significant presence to our market. …

December 9, 2018

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