COLUMBUS, GA. — Cotton Cos. has signed Cleaver & Cork, a butcher and artisan market, to an 1,800-square-foot lease at Highside Market, an adaptive reuse mixed-use development in Columbus. Cleaver & Cork will offer a selection of charcuterie, meats, seafood, artisan goods, local cheeses, as well as a variety of craft beer and wine. Cleaver & Cork currently has locations across Georgia in Sharpsburg, Newnan, Marietta and Alpharetta. Slated to open this summer, Highside Market will be a 55,000-square-foot mixed-use development featuring 20,000 square feet of restaurants, 20,000 square feet of retail, 15,000 square feet of office space, a greenspace and outdoor lounge areas. Cotton Cos. has already received tenant commitments for 26 percent of Highside Market’s available leases. Colliers is representing the locally based developer in the lease transactions.
ST. PAUL, MINN. — NorthMarq has arranged a $19 million construction loan for an adaptive reuse project at 1554 Midway Parkway in St. Paul. The former seniors housing facility will be transformed into 148 market-rate apartment units. Completion is slated for next year. Michael Padilla of NorthMarq’s Minneapolis office arranged the five-year loan, which features two years of interest-only payments followed by a 25-year amortization schedule. A local bank provided the loan on behalf of the borrower, Premier Holdings LLC.
ATLANTA — Crestlight Capital, a Detroit- and New York-based private equity real estate investment firm, and institutional investors advised by J.P. Morgan Global Alternatives have acquired two adaptive reuse projects, Inland Tract and COMPLEX, in an off-market transaction. The buyers also acquired two other properties, Puritan Mill and Ellsworth. The total sales price for all four properties was $114 million. In 2018, Third & Urban and Granite Properties formed a joint venture to transform Inland Tract and COMPLEX from warehouses into creative office and flex/showroom space prior to this sale. Urban Realty Partners sold Puritan Mill. Origin Investments sold Ellsworth. The four projects are expected to retain their individual names, but will be rebranded as the Westside Collective portfolio. Located at 1218 and 1236 Menlo Drive, Inland Tract included two warehouses totaling 79,000 square feet and features a natural light, high ceilings and outdoor workspaces. COMPLEX was redeveloped by Third & Urban and recapitalized into the partnership with Granite Properties. Located at 1175 Chattahoochee Ave., the property offers 110,000 square feet of space positioned for retail, showroom and creative office use. Puritan Mill totals 83,000 square feet of creative office space with brick and timber interiors and is connected to …
LOS ANGELES — A joint venture between New York-based LIVWRK and Daniel Kotzer of Los Angeles has purchased a historic 63,100-square-foot property in Los Angeles’ Art District for $20 million. The partnership will transform the two-building asset, located at 800-810 Traction Ave., into an office and lifestyle project called AtTraction. Construction on the renovations is slated to begin this week, with completed scheduled for early 2023. Upon completion, AtTraction will be a five-story building, plus a basement, totaling 53,400 square feet. Floors will range between 7,500 square feet to 10,700 square feet with ceilings ranging from 10 feet to 15 feet. The property at 810 Traction Ave. will be a two-story building, plus basement, totaling 9,700 square feet. Each building will also offer the potential for ground-level retail. The building at 800 Traction Ave. will feature a rooftop patio deck and the building at 810 Traction Ave. will offer a private gated patio space. Additionally, there is a private parking lot serving both buildings. The building originally housed the Joannes Brothers Co., a coffee, tea and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Co. Mike Condon Jr., McKenna Gaskill and Brittany Winn of …
NEW YORK CITY — Locally based construction firm Eastman Cooke & Associates has completed an adaptive reuse project that converted a warehouse at 438 W. 51st St. into an ambulatory surgery center for Sovereign Medical Group. The five-story building was originally constructed in 1905. Designed by Stonehill Taylor, the project entailed a three-story roof extension, upgrades of vital operating systems and a complete installation of infrastructure systems. The development team also worked to preserve the façade and marry the cast iron beams supporting the building with structural steel. The new medical facility features examination and diagnostic areas, four operating rooms and pre- and post-surgical rooms.
BIRMINGHAM, ALA. — Parkview Financial has provided a $25.5 million construction loan to Orchestra Partners Development for the redevelopment of the historic Frank Nelson Building in Birmingham. The overall financing for the property included $9 million in state and federal Historic Tax Credits, opportunity zone investors and a mezzanine loan, according to Parkview Financial. Built in 1903 as the First National Bank Building, the Frank Nelson Building is located at 205 20th St. N. The 10-story, 79,000-square-foot office building will be converted into a 180-unit apartment community and will include four commercial units on the ground floor totaling 9,000 square feet of retail space. Construction is slated for completion in late 2022. The residential units will include 135 studios with averaging 398 square feet and 45 one-bedroom units averaging 532 square feet. The units will feature stainless steel appliances, washer/dryers and custom cabinets. Community amenities will include a dog park and run, fitness center, pool table, outdoor deck, conference rooms and basement storage areas. The retail portion is preleased to The UPS Store in a 3,125-square-foot space and Trattoria ZaZa in a 1,441-square-foot space. The other retail units are available for lease. The property is located less than one mile …
ST. JOSEPH, MO. — Sky Real Estate LLC and Sunflower Development Group LLC have completed a $36 million adaptive multifamily reuse project in downtown St. Joseph, about 55 miles north of Kansas City. The project involved the conversion of the former Richardson Dry Goods Co. headquarters into a 140-unit, loft-style apartment complex named American Electric Lofts. Amenities include a game room, fitness room, pet park and smart home technology throughout the property. Hazel’s Coffee recently opened on the building’s first floor. SWD Architects, Lankford Fendler + Associates and Rau Construction made up the project team. The developers utilized federal and state historic tax credits.
MILWAUKEE — Hunt Capital Partners has arranged $13.1 million in Low-Income Housing Tax Credit (LIHTC) equity for the rehabilitation and adaptive reuse of an old school in Milwaukee dating back to 1902. Developer Royal Capital Group plans to create 82 multifamily units known as the Phillis Wheatley Apartments. Of the units, 67 will be set aside for households earning up to 60 percent of the area median income. Amenities will include a business center, community room, fitness center, theater room and onsite management. Supportive service providers will include the Milwaukee County Veterans’ Services Office and Lutheran Social Services. Chase Bank is the primary lender on the project, providing a $15.4 million construction loan and a $3.6 million permanent loan. Chase is also extending a tax-increment financing loan for $1 million. Other financing mechanisms include HOME funds and the Federal Home Loan Bank’s Affordable Housing Program. Hunt Capital Partners syndicated the tax credits through its proprietary fund, Hunt Capital Fund Tax Credit Fund 26. The former Phillis Wheatley Elementary School, located in the Lindley Heights neighborhood of Central Milwaukee, has sat vacant since 2005.
LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a high-rise seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- bedroom apartments. The fully renovated property includes two 14-story towers totaling 189,000 square feet. The asset features four dining venues. Taboon serves Mediterranean-inspired food, while The W Lounge serves traditional food along with cocktails, beer and wine. The Gallery Café offers coffee and small food options. Also, Watermark at Westwood Village offers dedicated room service or catering for events at the property’s private dining rooms. The community also features a salon and spa; library and lounge; event space; fitness and wellness center; and a courtyard with a fireplace and private dog run. Residents will have access to 24-hour assistance from onsite associates who provide room service, transportation, pet care …
By Mark Fogel, president and CEO, ACRES Capital As the state’s second-most populous metro, the Pittsburgh MSA is the anchor of western Pennsylvania. Over the last 20 years, Pittsburgh has pivoted and evolved into a hub for the healthcare, education and technology industries, thus attracting an influx of young, high-earning millennials. Over the last 10 years, Pittsburgh has undergone an economic resurgence. Firms such as Google and Uber have opened regional headquarters in the city, lured by the strong base of talent graduating from Carnegie Mellon University’s (CMU) computer science and robotics programs. In fact, Pittsburgh has been the epicenter for autonomous vehicles (AVs) since the mid-1980s, when CMU’s Robotics Department developed the world’s first self-driving car. AV research, development and testing are expected to be catalysts of growth for the city in the coming years. In addition, the cutting-edge research at the University of Pittsburgh School of Medicine and the associated University of Pittsburgh Medical Center, which operates eight hospitals within the MSA and plans to build three more over the next several years, is attracting medical professionals from around the world. These factors, combined with a low cost of living and proximity to high-end amenities, have helped Pittsburgh …