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"Adaptive Reuse"

Third & Urban, Angelo Gordon to Develop $80M Adaptive Reuse Project in West Charlotte

by Alex Tostado June 17, 2020

CHARLOTTE, N.C. — Third & Urban has partnered with Angelo Gordon to develop Lower Tuck, an $80 million, 260,000-square-foot mixed-use project in Charlotte’s west side. Atlanta-based Third & Urban will transform the existing four-building property into office, showroom and retail space. The property is located along Tuckaseegee Road (where the project named is derived) between Jay and Gesco streets, two miles west of downtown Charlotte. Cadence Bank has provided a $48 million construction loan to the developers. Charley Leavitt, Barry Fabyan and Alexandra Mann of JLL will handle leasing efforts for the space. The design team includes Smith Dalia Architects, civil engineer LandDesign and general contractor Gay Construction. The development team expects to begin construction this summer with initial units being delivered in summer 2021.

June 17, 2020

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville Industrial Market is a Haven for Adaptive Reuse Opportunities

by Alex Tostado February 17, 2020

Nashville ranked as the No. 3 Market to Watch in 2020 according to Urban Land Institute and PricewaterhouseCooper’s report, Emerging Trends in Real Estate. The report credits Nashville’s population growth, investor demand, development opportunity and job growth. According to the Tennessee Department of Economic and Community Development, 100 economic development projects — including industrial-space-users ICEE, Togo North America and A&C Business Enterprises — announced relocations or expansions in Middle Tennessee, representing $3.2 billion in investment and 14,000 jobs. Nashville’s industrial market is firing on all cylinders. Demand for space has been met with elevated rent growth throughout the market, keeping Nashville’s industrial rates among the highest in the Southeast. The 755,314 square feet of absorption that occurred during the fourth quarter marks the 23rd consecutive quarter with an increase in occupancy, raising the 2019 net absorption to over 5.5 million square feet, resulting in a market vacancy of 3.8 percent. Investor volume in Middle Tennessee exceeded $962 million in transactions at the close of 2019. This is the region’s highest industrial sale volume in the last five years, with the second half of 2019 accounting for 75 percent of the deals. Big-box users including Amazon, CEVA Logistics and Geodis have …

February 17, 2020

Market Reports Office Texas Texas Market Reports

As Core Rents Rise, Austin Office Market Welcomes Adaptive Reuse in Suburbs

by Taylor Williams February 11, 2020

It’s no secret that Austin has exploded with jobs and people over the last 10 years, and evidence of the growth has perhaps been most visible in the asking rents for office space. Rental rates in Austin’s most sought-after neighborhoods have essentially doubled since 2010, when major tech firms really began eyeing the state capital for its pro-business climate and supply of educated workers, as well as its high quality of living. Today, we see full-service office rates well above $50 per square foot in the hottest submarkets. According to our data, the average full-service rent in downtown Austin typically ranges from $65 to $69 per square foot. Submarkets like The Domain and East Austin command rates that typically average about $55 and $50 per square foot, respectively, on a full-service basis. These rates include operating expenses which can be between $15 to $25 per foot depending on location, mainly due to property tax increases found in these higher density areas of Austin. While these rates appear to be a smaller issue for the tech giants that drive significant growth among office-using industries in Austin, the rapid rate of appreciation is unquestionably pricing out some users that also need to …

February 11, 2020

Development Loans Multifamily South Carolina Southeast

Bellwether Arranges $31M Construction Loan for Adaptive Reuse Apartment Project in Greenville

by John Nelson January 28, 2020

GREENVILLE, S.C. — Bellwether Enterprise Real Estate Capital LLC has arranged a $31 million construction loan for Judson Mill, a multifamily redevelopment project in Greenville. Judson Mill originally opened in 1912 as a textile mill and was placed on National Register of Historic Places in February 2018. The developer and borrower, Judson Mill Ventures I LLC, will use the financing to construct 204 units, as well as communal amenities including a pool, fitness center and a courtyard. Retail and commercial spaces are planned for future phases. Located at 69 Westerfelt, Judson Mill is situated three miles southwest of downtown Greenville and spans 800,000 square feet. The developer will also use South Carolina Textiles Communities Revitalization Act tax credits and state and federal historic tax credits to help fund the project. Matt Good and Marshall Waller of Bellwether Enterprise arranged the construction loan on behalf of the borrower through CresCom Bank.

January 28, 2020

Acquisitions Development Georgia Mixed-Use Southeast

Third & Urban, FCP Acquire 15.2-Acre Site Along Atlanta BeltLine for Adaptive Reuse Project

by Alex Tostado December 20, 2019

ATLANTA — Atlanta-based Third & Urban LLC and Chevy Chase, Md.-based FCP have acquired 15.2 acres along the Atlanta BeltLine. The joint venture partnership will develop a 275,000-square-foot mixed-use project at 950 W. Marietta St. The seller and price of the property were not disclosed. Designed by Perkins and Will, the development will focus primarily on converting an existing warehouse on the site into adaptive reuse space featuring both offices and retail. The project is directly across from the King Plow Arts Center, adjacent to The Foundry at Puritan Mill and near the Westside Park at Bellwood Quarry, which will be Atlanta’s largest green space after its planned opening in spring 2020. Construction is expected to begin in the third quarter of 2020, with an anticipated occupancy in the third quarter of 2021. Atlanta Paper Co., which was originally Elsas, May Paper Co., built the warehouse on West Marietta Street in the 1940s. It was once used to create packaging for The Coca-Cola Co. Later, it was owned and operated by Atlanta-based WestRock, a corrugated packaging company.

December 20, 2019

Development Illinois Midwest Multifamily

Summit Begins Adaptive Reuse Project at Former Historic Sears Store in Chicago

by Kristin Harlow September 30, 2019

CHICAGO — Summit Design + Build has begun the redevelopment of 1900 W. Lawrence Ave. in Chicago’s Ravenswood neighborhood. The building was formerly home to a Sears department store, which opened in 1925 and was shuttered in 2016. The adaptive reuse project involves the conversion of the commercial building into residential space, including 59 apartment units ranging from one- to three-bedroom floor plans. The 105,000-square-foot, three-story building spans the length of an entire city block along Lawrence Avenue. Summit plans to add a fourth floor as well as two elevators and three staircases. Since the building does not have many windows, extensive work will be required to create new openings for the apartments. The project will also feature 30,000 square feet of retail space, of which DeVry University will occupy approximately 15,000 square feet. The third Chicago campus for the university will include 11 classrooms, technology labs, interview rooms, staff offices and an auxiliary lounge. Newmark Knight Frank represented DeVry in its lease. CA Ventures and Springbank Capital Advisors are the developers. Gillespie Design Group is the project architect. Completion is slated for fall 2020.

September 30, 2019

Development Mixed-Use North Carolina Southeast

Canopy to Begin Construction on 120,000 SF Adaptive Reuse Project in Charlotte

by Alex Tostado August 21, 2019

CHARLOTTE, N.C. — Canopy will break ground on an adaptive reuse project in Charlotte’s NoDa (North of Davidson) neighborhood. The project, known as Indigo CLT, will be located at 4000 Raleigh St. and will comprise 60,000 square feet of industrial space, 40,000 square feet of office space and 20,000 square feet of retail space. Situated along Charlotte’s LYNX Blue Line, the existing building on the site was built in 1954 as the former home to a mill company. Redevelopment plans for Indigo CLT will highlight the existing original architectural features, including its 18-foot ceilings, exposed brick and numerous skylights. The redevelopment plans also include a boutique apartment community adjacent to the existing building. Canopy and The Nichols Co. plan to target complementary retail tenants to support Indigo CLT’s live-work-play dynamic, such as a coffee shop/juice bar, second-generation brewery, bodega and fitness concept. Charlotte-based Canopy expects the project to deliver in spring 2020.

August 21, 2019

Development Multifamily New York Northeast

Doyle Hardware Completes $15M Adaptive Reuse Project in Upstate New York

by Taylor Williams July 3, 2019

UTICA, N.Y. — Doyle Hardware LLC has completed a $15 million adaptive reuse project in Utica that involved the conversion of a vacant industrial building into a property that houses 56 apartments and 17,700 of ground-floor commercial space. Floor plans include 15 studio units, 26 one-bedroom apartments, two one-bedroom residences with lofts and 12 two-bedroom units. Amenities include a fitness center and a theater room. Five Star Bank and The Community Preservation Corp. respectively provided construction and permanent financing for the project. Utica is located in Upstate New York, about 55 miles east of Syracuse.

July 3, 2019

Industrial Louisiana Market Reports Southeast Southeast Market Reports

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

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