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"Adaptive Reuse"

JAMESTOWN SECURES $180 MILLION LOAN FOR ATLANTA’S PONCE CITY MARKET

by admin April 29, 2014

ATLANTA — Real estate development firm Jamestown has secured a $180 million construction loan for the Ponce City Market adaptive reuse project, located two miles northeast of downtown Atlanta. PNC Bank provided the loan in partnership with SunTrust and JP Morgan. Ponce City Market is the largest construction loan in post-recession Atlanta, according to Jamestown. Jeff Ackemann and Jonathan Rice with CBRE Debt and Structured Finance Group in Atlanta arranged the loan. Up until now, Jamestown has used its own equity to fund 100 percent of the 1.1 million-square-foot restoration of a former historic Sears, Roebuck & Co. building. The 10-story, 16-acre Ponce City Market is slated for a rolling opening this fall. The ballyhooed project will consist of 330,000 square feet of retail and restaurants, 517,000 square feet of Class A loft office space, and 259 residential units. Signed office tenants of the market include athenahealth, Cardlytics, MailChimp, as well as retailer Binders and The Suzuki School, a preparatory preschool. Restaurants committed to the project include Dub’s Fish Camp and H&F Burger, both led by James Beard Award-winning chefs. Ponce City Market is the largest brick building in the Southeast. Its previous iteration was as Atlanta’s City Hall East. …

April 29, 2014

Millenials Drive Strong Apartment Growth

by admin April 21, 2014

Baltimore, long known as a city that wore its grit as a badge of honor, is now shining with high-end multifamily developments and new in-town retail destinations. This city of neighborhoods has hit Forbes’ “hipster” list thanks to a vibrant arts scene, established and trendy restaurants, vital retail destinations and world-class attractions and events. These quality amenities make it possible for residents to work, shop, play and stay in the city, appealing to a growing young professional population. Baltimore’s strong economic base of higher education and health, coupled with the unwavering trend for convenient, quality city living, is driving a strong multifamily market. Delta Associates reports that the Baltimore area economy is experiencing above average growth. Despite losses in the state and local government sector, the unemployment rate remained steady at 6.9 percent in October 2013 compared to the national rate at 7.3 percent in the same period. The region is poised to experience long-term growth as a result of growth in sectors based in the Baltimore area, namely cyber-security, education and health. From December 2012 to December 2013, Delta notes that Baltimore’s Class A rents increased an average of 6 percent and stabilized occupancy is at 95 percent. Baltimore …

April 21, 2014

Features

COMPETITION GIVES COLLEGE STUDENTS A TASTE OF DEVELOPMENT EXPERIENCE

by admin April 1, 2014

By Danielle Everson CHICAGO — Students from several prominent universities in the Midwest are competing in the fourth annual Midwest Real Estate Challenge to determine which team comes up with the best redevelopment plan for the Marshall Field & Co. Building in Chicago. The now vacant building once served as an upscale department store for Marshall Field’s and Macy’s. Undergraduate, graduate and post-graduate student teams have been working for the last several months to develop ideas for the site and will present their final redevelopment plans at the one-day event, hosted by The Harold E. Eisenberg Foundation. The competition runs from 12:30 p.m. to 6:30 p.m., Saturday, April 12 at the Standard Club of Chicago, 320 S. Plymouth Court. Students will make their presentations before a panel of judges, who will evaluate their plans for the site based on innovation and design, financial feasibility and social and environmental responsibility. Teamwork on Display Student teams will make their presentations to a panel of judges, who will evaluate their plans for the site based on innovation and design, financial feasibility and social and environmental responsibility. The winning team’s university will receive a $5,000 scholarship, sponsored by 4K Diversey Partners LLC, and a …

April 1, 2014

Midwest Seniors Housing

BOSTON CAPITAL INVESTS IN CHICAGO SENIORS HOUSING COMMUNITY

by admin March 6, 2014

CHICAGO — Boston Capital will invest in the rehabilitation of Senior Suites of Norwood Park, an 84-unit development for seniors located in Chicago. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Chicago-based Senior Lifestyle Corp. is the developer. Senior Suites of Norwood Park will include the preservation and adaptive reuse of the Passionist Monastery. The multifamily community will feature a three-story building, which will include 10 studio units, 63 one-bedroom units and 11 two-bedroom units. Amenities include a central community room with scheduled events and activities, lounges on each floor, a fitness room, library/reading room, health/wellness office and a landscaped patio. Senior Suites of Norwood Park will be available to seniors earning 60 percent or less of the area median income.

March 6, 2014

California Market Reports Western Market Reports

Creative Tenants Drive LA Office Market, Draw Bargain-Hunting Investors

by admin February 27, 2014

New paradigms in tenant demand and workplace trends have dramatically altered Los Angeles’ office market in the past three years. Internet, creative and entertainment (ICE) tenants have primarily pushed demand and new trends in adaptive reuse, while finance, insurance and real estate (FIRE) end users — along with their law firm counterparts — have contracted. This is often due to lower spatial requirements per employee, coupled with the rising trend of collaborative space. The segments of LA with repurposed and renovated office properties are white hot. This is especially true in Santa Monica’s Silicon Beach area where rents average $50 but can get as high as $70 per square foot. This new coastal, high-rent district benefits its surrounding areas, as well as the city’s CBD and Downtown, where tenants are seeking lower-cost space. Despite an overall market vacancy of about 18 percent, Downtown rents are holding steady due to a concentration of Class-A owners holding firm or even slightly escalating rates. Considering the real estate fundamentals — relatively high vacancy and 9.5 percent unemployment — there may be a disconnect in the investment market. Los Angeles office investment is generally still a bargain compared to other global gateway markets, however. …

February 27, 2014

Northeast Seniors Housing

JOHNSON CAPITAL ARRANGES $14M LOAN FOR PEEKSKILL SENIOR LIVING COMPLEX

by admin January 14, 2014

PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.

January 14, 2014

Market Reports Midwest Market Reports Missouri

Speculative Industrial Development is Reaching Record High

by admin October 14, 2013

Speculative construction in Kansas City’s industrial market has exceeded the height of the last boom for a couple of reasons. On a macro level, the economy is improving, so it’s only natural that the local market would follow suit, especially given its logistical advantages. The development of intermodal facilities, the aging stock of existing product combined with no new construction in the past four years — plus a thriving automotive sector — are pushing this new wave of development locally. During the first half of this year, the Kansas City industrial market has absorbed more than 2 million square feet of space, driving down the vacancy rate to 7.5 percent, slightly lower than the historical average of 7.6 percent and down from the peak of 8.4 percent in 2011. We’re likely to experience an increase in vacancy during the next 18 months, however, as six properties totaling slightly more than 2 million square feet deliver. In fact, 2013 will post the most speculative development of the past decade, exceeding 2008’s total of 753,000 square feet. New Logistics, New Product One of the key demand drivers for the latest boom involves the more sophisticated approach to logistics on the part of …

October 14, 2013

Civic Southeast

FIRST PROJECT UNDER WAY AT ST. ELIZABETHS EAST CAMPUS

by admin May 30, 2013

WASHINGTON, D.C. — Ground has broken for the first project at St. Elizabeths East Campus, a 183-acre campus located in southeastern Washington, D.C. The Gateway Pavilion will be a $5 million outdoor space that will provide venues for casual dining, a farmers market, and cultural and entertainment events while the rest of the campus is under development. The D.C. Office of Planning & Economic Development has proposed several adaptive reuse projects for Phase I of St. Elizabeths including: 500,000 square feet dedicated to academic and innovation-minded companies; a 400,000-square-foot, mixed-use town center; approximately 100,000 square feet of trophy office space; and civic space.

May 30, 2013

Mixed-Use Northeast

SOMERSET TO REDEVELOP FORMER BELL LABS PROPERTY IN HOLMDEL, N.J.

by admin March 19, 2013

HOLMDEL, N.J. — Holmdel Township has selected Somerset Development to redevelop the former Bell Laboratories property in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 473 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan for the adaptive reuse of the former Bell Labs building that will transform the structure into a vibrant, mixed-use town center. Somerset’s plan will transform the building’s existing atrium into a pedestrian-friendly public promenade and potentially include retail and shopping and dining options, a health and wellness center, skilled nursing facility, hotel and conference center, educational facilities, upscale spa and public facilities. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Somerset is currently under contract with Alcatel-Lucent to purchase the site.

March 19, 2013

Market Reports New York Northeast Market Reports

2013: The End of the Wait-and-See Office Market in NYC?

by admin February 25, 2013

We We ended 2012 with a “wait-and-see” New York City office market, a predicament common to other cities and commercial real estate sectors across the U.S. With elections, the fiscal cliff and 2012 behind us, we expect 2013 to be a bit of a transition year with moderate growth, but it will still be interesting to observe and be a part of one of the world’s most dynamic markets as Midtown, Midtown South and Downtown evolve and historic developments such as the World Trade Center continue to take shape. In terms of tenant activity, Midtown South is still the biggest story. Midtown South vacancy closed the year at 7.9 percent, with average asking rents of $49.69 per square foot, while the submarket’s Class A space was 5.2 percent vacant with average asking rates of $62.57 per square foot. With Google and its $2 billion New York City headquarters at 111 Eighth Ave., Midtown South’s Silicon Alley has emerged as the East Coast hot spot for tech and social media tenants that are drawn to the city’s media and financial agglomerations and talent pool. Though Midtown and Midtown South offer a different vibe and, generally, different types of office inventory, owners …

February 25, 2013

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