development1

PRP Plans $81M Office-to-Residential Conversion in Alexandria, Virginia

by Alex Tostado January 2, 2020

ALEXANDRIA, VA. — Washington, D.C.-based developer and investment manager PRP is converting its 12-story, 209,000-square-foot office building at 4900 Seminary Road in Alexandria into apartments. PRP is financing the $81 million project using equity raised through Crowdstreet, a crowdfunded real estate investing platform, as well as $53 million loan from Pacific West Bank. The $27 million in crowdfunded equity was raised through 450 investors and represents the largest individual commercial real estate project equity raised online to date, according to Crowdstreet. The office building at 4900 Seminary Road is adjacent to Mark Center and Interstate 95 and is less than 10 miles from the Pentagon, Amazon’s future HQ2 site and downtown Washington, D.C. Located within an Opportunity Zone, PRP is planning the project to hold 213 apartments, featuring studios and one- and two-bedroom layouts. The planned building will feature a package room, lounge, library, screening room, firepits and a deck. Construction on the office-to-residential conversion is scheduled to begin in March, with initial occupancy expected in the fourth quarter of 2021.

January 2, 2020

Development Illinois Midwest Office

Parkside Realty Tops Off 90,000 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow December 24, 2019

CHICAGO — Parkside Realty Inc. has topped off Fulton East, a 12-story, 90,000-square-foot office building in Chicago’s Fulton Market district. Clayco is leading the design-build construction along with its in-house architecture firm Lamar Johnson Collaborative. Located at 215 N. Peoria St., the building is slated for occupancy in June 2020. Fulton East features an 8,000-square-foot landscaped rooftop park exclusively for tenant use. Each floor also has its own balcony. On the ground level, 5,000 square feet of retail space is available for lease.

December 24, 2019

Connecticut Development Northeast Office Retail

Stone Harbour to Convert Office, Retail Building in Stamford, Connecticut into 77-Unit Multifamily Property

by Alex Patton December 24, 2019

STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.

December 24, 2019

Development North Carolina Office Southeast

East West Partners, Northridge Capital Open Crabtree Terrace in Raleigh’s Brookside Village Area

by Alex Tostado December 24, 2019

RALEIGH, N.C. — Developer East West Partners and equity partner Northridge Capital LLC have opened Crabtree Terrace in the Brookside Village neighborhood of North Raleigh. Located at 4950 Creedmoor Road, the 173,468-square-foot office and retail project was completed earlier this month and tenants are expected to occupy the building in January 2020. The tenant roster includes coworking company Spaces, JLL, Longleaf Law Partners and Perry’s Steakhouse & Grille. Designed by Gensler and Kimley-Horn, Crabtree Terrace has floor-to-ceiling glass throughout, as well as covered parking. The building offers nearby access to U.S. Routes 50 and 70 and the Capital Area Greenway trail system. In addition to the ground-floor retail, a fitness facility with showers is planned in the building. Brasfield & Gorrie served as general contractor, and CBRE | Raleigh’s Advisory & Transaction Services | Investor Leasing group and Retail Services group are handling the office and retail leasing for Crabtree Terrace.

December 24, 2019

Acquisitions Development North Carolina Office Southeast Top Stories

Childress Klein, CGA Capital Acquire Duke Energy’s Office Tower Underway in Uptown Charlotte

by John Nelson December 24, 2019

CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …

December 24, 2019

Development Multifamily Oklahoma Texas

Hines to Develop 325-Unit Apartment Community in Oklahoma City’s Nichols Hills District

by Taylor Williams December 23, 2019

OKLAHOMA CITY — Hines will develop The Residences at Classen Curve, a 325-unit apartment community that will be located in the Nichols Hills submarket of Oklahoma City. Designed by Dwell Design Studio, the project will be situated adjacent to a retail center that houses a Whole Foods Market and Trader Joe’s. Units will average roughly 900 square feet and amenities will include a pool, fitness center, coworking lounge, package facilities, courtyards and a resident clubroom. Construction is slated to begin in 2020, and the first units are expected to be available for occupancy in late 2021.

December 23, 2019

Development Industrial New Jersey Northeast

Novaya Foxfield Completes 122,000 SF Industrial Project in West Deptford, New Jersey

by Alex Patton December 23, 2019

WEST DEPTFORD, N.J. — Novaya Foxfield Industrial LLC has completed construction of a 122,000-square-foot industrial project in West Deptford, a southern suburb of Philadelphia. Located at 301 Grove Road, the Class A property offers 32-foot clear heights, 10 loading docks, two drive-in doors and office space. NAI Mertz is handling leasing efforts on behalf of Novaya Real Estate Ventures.

December 23, 2019

Acquisitions Arizona Development Mixed-Use Multifamily Office Retail Western

Sunchase Holdings Sells 30-Acre Opportunity Zone Redevelopment Site in Scottsdale

by Amy Works December 20, 2019

SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.

December 20, 2019

Development Loans Multifamily New York Northeast Retail

CIM Provides $120M Construction Loan for Redevelopment of Manhattan Residential Tower

by Alex Patton December 20, 2019

NEW YORK CITY — CIM Group has provided a $120 million construction loan for the redevelopment of 685 Fifth Avenue, a 115,330-square-foot multifamily and retail property in Manhattan. The borrower, a partnership of developer-owners SHVO, Bilgili Group and Deutsche Finance, will redevelop and rebrand the residences as 69 Mandarin Oriental and will construct 10 additional floors for the tower. Originally built in 1928, the 20-story building was the former headquarters of Gucci, and current retail tenants include apparel and accessory retailers Coach, Stuart Weitzman and Tag Heuer. Construction is slated for completion in 2021.

December 20, 2019

Development Mixed-Use Texas

Ryan Cos. to Develop 60-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams December 20, 2019

AUSTIN, TEXAS — Minneapolis-based Ryan Cos. will develop a 60-story mixed-use tower at 311 and 321 W. 6th St. in downtown Austin. Designed by Page, the building will rise 770 feet and span 530,371 square feet. Levels 12 through 17 will comprise 120,000 square feet of Class A office space. Levels 20 through 60 will consist of 363 multifamily units, 75 percent of which will be studio and one-bedroom residences. The remainder will be two- and three-bedroom units. The other floors will be reserved for parking and retail. Residential amenities will include a pool, fitness center, media room, pet park and a 3,000-square-foot clubhouse on the top floor. A construction timeline was not released, but Ryan Cos. plans to propose the project to the Austin City Council before the end of the year. BBVA currently occupies a bank branch at the Sixth Street site and plans to lease 4,000 square feet in the new development. CBRE advised BBVA on this project.

December 20, 2019

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