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"Adaptive Reuse"

Adaptive Reuse in Core New Orleans Pushes Industrial Activity Westward

by John Nelson January 14, 2019

When real estate professionals think of the New Orleans industrial market, oil companies, the Port of New Orleans (recently rebranded Port NOLA) and distribution companies come to mind. That thought is currently undergoing an evolution. The historically industrial areas of New Orleans are being absorbed seemingly daily by an insurgence of retail and entertainment-based business. As traditional retail in American shopping and strip malls is on the decline, developers are rushing to buy warehouses for physical entertainment and non-traditional uses. Port NOLA used to be home strictly to cargo ships and tankers, but is now expanding to fill the need of cruise ships. Norwegian, Carnival and the newly announced Viking Cruise lines all now use it as a docking port. The $2 billion port master plan encompasses the growth needs of the cruise ships, as well as the recently announced deepening of the Mississippi River’s main channel to 50 feet. However, Tchoupitoulas Street warehouses that once served the port are being turned into cross-training gyms and breweries. High-profile industrial properties are in huge demand. Drive Shack, a competitor of popular Topgolf, is developing a $29 million venue at the old Times-Picayune newspaper site owned by Howard Investors LLC, which is …

January 14, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

Adaptive Reuse Projects Spur Growth in New Jersey Office Market

by David Cohen January 9, 2019

Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth. The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 office properties totaling 2.7 million square feet are slated for redevelopment, which will further lower the availability rate. The redevelopment of these spaces has also steadily driven up Class A asking rents over the past three years by 6.1 percent to 29.62 per square foot. The positive momentum in the market can also be attributed to the 4.2 percent unemployment rate, a 10-year low, and incentive programs, like Grow NJ, that have attracted and retained businesses in the Garden State, sustaining demand. The most significant adaptive reuse project currently under way is at 110 Edison Place in Newark. Also known as Ironside, the 22-acre project will transform a historic obsolete building at the corner of Edison Place and McCarter Highway into a 450,000-square-foot state-of-the-art office and retail …

January 9, 2019

Development Loans Lument Multifamily Northeast Pennsylvania RED Capital Group

RED Capital Group Secures $7.8M Construction Loan for Adaptive Reuse Multifamily Building in Pennsylvania

by David Cohen October 17, 2018

LANDISVILLE, PA. — RED Capital Group has secured a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of a historic building in Landisville. The loan will be used to develop the currently vacant brick property into a 66-unit apartment community. The structure, a former tobacco warehouse, consists of four connected buildings and was built in the early 1900s. The property is listed on the National Register of Historic Places. RED Capital Group secured the financing on behalf of developer, S. B. Conrad. The lender was undisclosed. When completed, the complex will include a mix of one-, two- and three-bedroom units.

October 17, 2018

California Development Office Western

Wilshire Skyline, Kings Arch Break Ground for Adaptive Reuse of Office Building in Santa Monica

by Amy Works October 17, 2018

SANTA MONICA, CALIF. — Wilshire Skyline, in partnership with Kings Arch Inc., has broken ground on the restoration and adaptive reuse of a landmarked building located at 1305 Second St. in Santa Monica. KFA designed the renovation of the three-story building that was built in 1914. The project will provide new spaces for commercial office tenants. Exterior renovations will include adding ground-floor window awnings, providing new landscaping around the property and rehabilitating the exterior brick finishes and site paving. The existing windows will be rehabilitated, as well as the cornice and corbel details along the roofline of the building, which will be repainted and repaired as required. Additionally, a new roof deck area, providing an amenity for future commercial office tenants, will be created adjacent to the existing penthouse. The surface parking will be updated to provide two loading spaces, an accessible parking space and 10 tenant parking spaces.

October 17, 2018

Loans Mixed-Use Texas

Hunt Capital Provides $22.8M for Adaptive Reuse Project in El Paso

by Taylor Williams September 4, 2018

EL PASO, TEXAS — Hunt Capital Partners has provided $22.8 million in equity financing for the adaptive reuse of Blue Flame Apartments, a historic multifamily building in El Paso. Built in the 1954, the 18-story building has been vacant for the past 12 years and will now be converted into a mixed-use property with 120 affordable housing units and 39,672 square feet of commercial space. The project, which carries a total price tag of $55.3 million, is scheduled for completion by January 2020.

September 4, 2018

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Deconversions, Adaptive Reuse Drive Chicago Multifamily Investment

by Kristin Harlow June 7, 2018

Resilience in the Chicago apartment market amid a historic construction boom is creating opportunities for multifamily investors, particularly those who are willing to go the extra mile — sometimes literally — to capitalize on rent growth outside the downtown core. Across the city in outlying neighborhoods like Uptown, Rogers Park and Pilsen, value is being discovered in vintage buildings due to their high appreciation potential. In addition to circumventing rising material and labor costs, buyers of existing buildings are benefiting from their ability to collect rents now, while there’s still room for growth, rather than going through the time-consuming development process that has cast a shadow over some pipeline projects. Wave of deconversions Condo deconversions have been a popular choice among investors in recent years, with nearly 2,000 units deconverted at a combined market value of approximately $437 million since late 2016 in Chicago, according to data from CoStar Group and Interra Realty. When executed well, these transactions create a win-win for both parties involved. Condo owners, some of whom are still trying to recover value lost during the recession, can usually sell their units at a higher price than they would have achieved on their own, particularly in older …

June 7, 2018

Development Georgia Mixed-Use Southeast

Knotting, Ardent Break Ground on 35-Acre Adaptive Reuse Project in Athens, Georgia

by Camren Skelton April 25, 2018

ATHENS, GA. — Knotting Development, in partnership with the Ardent Cos., has broken ground on General Time Athens, an adaptive reuse project at the former Westclox Building in Athens. The first phase of the project will revitalize the 100,000-square-foot warehouse of the former clock manufacturer, located at 100 Newton Bridge Road, roughly two miles from the University of Georgia (UGA) campus. Terrapin Beer Co. will anchor the project, leasing 68,000 square feet of warehouse space. The Athens-based brewery has been situated across the street from the site for 11 years. Phase II of General Time Athens will include environmental remediation, as well as demolishing and rebuilding the original 250,000-square-foot Westclox manufacturing building. The space will house offices, shops and restaurants. In addition, the project will house residential units and a 3,000-seat music venue that will host beer and wine festivals, recreational events, movie nights and other community events. Charlottesville, Va.-based Red Light Management is developing the music venue in partnership with Knotting and Ardent. Headed by UGA graduate Michael Dinerman and Jennifer Davidson, Knotting Development worked closely with the Athens Clarke County (ACC) Commissioners, ACC Economic Development, ACC Leisure Services, small business owners and the surrounding community to curate the …

April 25, 2018

Market Reports Office Texas Texas Market Reports

New Breed of Millennials, Adaptive Reuse Drive San Antonio’s Office Market

by Taylor Williams March 9, 2018

Would you believe that San Antonio is the second most sought-after city for millennials? According to local media pundits and reports from Forbes, San Antonio is attracting the greatest number of millennials of any city in Texas, even beating out Austin, the original yuppie capital of the state. San Antonio, which had taken a back seat to Austin in terms of creating tech jobs and drawing millennial workers, has surged ahead in recent years. The metro has begun to appeal to a different breed of people born between 1980 and 1999. We refer to members of this group as the “logical millennials.” While entrepreneurial in spirit, the San Antonio millennial differs from the standard millennial through his or her understanding of the need for affordable housing and a lower cost of living. The influx of this sub-type of millennials has created growth in urban areas, most notably the Pearl District, which is situated adjacent to the downtown area. The popularity of this mixed-use shopping and community destination has spurred the development of a number of new urban lifestyle projects. Frost Tower, Rising Rents Another indicator of San Antonio’s success at attracting a younger demographic is embodied in the most significant …

March 9, 2018

Georgia Loans Office Retail Southeast

HFF Arranges $16.2M Acquisition Loan for Adaptive Reuse Project in Atlanta

by Camren Skelton February 6, 2018

ATLANTA — HFF has arranged a $16.2 million acquisition loan for Ellsworth Lofts, a three-building adaptive reuse complex located at 1460 and 1510 Ellsworth Industrial Blvd. N.W. in Atlanta’s West Midtown district. Gregg Shapiro of HFF arranged the five-year, floating-rate loan through Wells Fargo Bank on behalf of the borrower, Origin Investments. Ellsworth Lofts comprises two office buildings totaling 80,977 square feet and one retail outparcel totaling 9,840 square feet. Bacchanalia and Star Provisions Market & Café occupy the property’s retail portion. In addition, the 6.7-acre site includes 1.2 acres of developable land. Ellsworth Lofts was 70 percent leased at the time of sale.

February 6, 2018

Loans Mixed-Use Office Restaurant Retail Southeast Tennessee

HFF Arranges $26.7M Construction Loan for Adaptive Reuse Project in Nashville

by Camren Skelton January 18, 2018

NASHVILLE, TENN. — HFF has arranged a $26.7 million construction loan for the adaptive reuse of the former May Hosiery textile mill in Nashville. The development is located at 425 to 431 Chestnut St. and 510 Houston St. in the city’s Wedgewood Houston neighborhood. Danny Kaufman and Christopher Knight of HFF arranged the two-year, floating-rate loan through LoanCore Capital on behalf of the borrower and developer, Chicago-based AJ Capital Partners. Proceeds of the loan will be used for the renovation and remaining lease-up of the property. Constructed in 1909, the 120,000-square-foot facility was originally home to May Hosiery, which made socks through most of the 20th century. AJ Capital Partners is redeveloping the property into a mixed-use space featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. In addition, the project will include a private rooftop terrace and central outdoor spaces. At the time of closing, the development was 47 percent preleased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken & Fish and Blockhouse Barbers.

January 18, 2018

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