Georgia State University will soon begin a transformational project. Most of the $107 million needed for the project will come from an $80 million gift from the Robert W. Woodruff Foundation.

Development of the Hurt Park area includes removal of Georgia State’s Sparks Hall to integrate the existing campus Greenway into a district that crosses Gilmer Street and connects to Hurt Park. The Greenway will include an elevated plaza, enhanced walkways and a vegetated buffer along Courtland Street.

On the north end of Hurt Park, the 100 Edgewood building will get a dining area and gathering space. Renovations to the first four floors of the building will provide up-to-date classroom space and interconnecting stairways.

The Arts and Humanities Building, overlooking the newly activated outdoor hub, will get a new, more contemporary façade.

At Woodruff Park, new sidewalks, a realigned streetcar platform, façade improvements to the 25 Park Place building and plaza, and other pedestrian-oriented features will provide a connection to Broad Street and the Aderhold Learning Center.

Marcus & Millichap closed the sale of North County Oral & Facial Surgery Center, an 11,400-square-foot single-tenant net-leased medical/surgery office located at 839 E. Grand Ave. in Escondido. The asset sold for $6,150,000.

“The property was held in a partnership, and they wanted to monetize and invest separately,” said Ryan Gonzales, first VP investments in Marcus & Millichap’s San Diego Del Mar office. “The property was widely marketed and drew several offers. The buyers plan to occupy the building and use it as the flagship location of their advanced dental and maxiofacial surgery center.”

Gonzales marketed the property on behalf of the seller, NCOFSC, LLC. The buyer, 839 E Grand, LLC, was also procured by Gonzales. Conor Brennan, SVP investments in the San Diego Downtown office, introduced the seller and provided transaction support.

The JCAHO-compliant ambulatory surgery center is the largest private surgery center in North San Diego County, according to Marcus & Millichap.

Marcus & Millichap (NYSE: MMI) has published its Midyear 2024 Houston Industrial Market Report.

Highlights include:

• Houston’s industrial inventory expanded by 20% since 2019, adding over 110 million square feet, which increased the vacancy rate to 7.5% by mid-2024.
• A shift in the supply pipeline is helping to stabilize the market, with nearly 75% of the new space already pre-leased as of June 2024.
• The second half of 2024 will see a reduced slate of new deliveries, with about 2.8 million square feet less than the first half, signaling a slowdown in construction.
• Houston’s average asking rent is projected to grow for the fifth consecutive year, reaching $9.07 per square foot by year-end, despite trailing rates in Austin.

“While vacancy pressures have been a challenge, the industrial market is showing promising signs of recovery, particularly in areas like the Southeast and Southwest corridors,” added Marcus & Millichap’s Ford Noe.

For the eighth consecutive year, Connect Commercial Real Estate will honor women whose talent, drive, leadership and fresh ideas have helped them succeed and become influential in commercial real estate. Nominations are now open for the 2024 Women in Real Estate Awards, and we invite you to participate. 

We’ll put the spotlight on women from each of the 11 regions we cover with daily news. From coast to coast, that means honorees from California; Seattle and the Pacific Northwest; Phoenix and the Southwest; Texas; Chicago and the Midwest; Boston and New England; New York and Tri-State; Washington, DC; Atlanta and the Southeast; and Florida and the Gulf Coast, as well as National honorees. 

Along with nominees from across the country, we’re also looking across the CRE spectrum. Last year’s winners included women in development, finance, brokerage, investment and real estate law, among other disciplines that were represented. 

After considering your recommendations, we’ll choose this year’s honorees. We’ll begin announcing them in October. 

Please submit your nomination(s) by August 23. 

The St. Michael’s Veterans Center, together with Kansas City leaders and community members, broke ground on the final phase of a new housing development for military veterans.

The St. Michael’s Veterans Center’s affordable and permanent housing is geared toward veterans experiencing homelessness or living with a disability. The next phase will include 62 new apartment homes and is expected to open in late 2025.

“We were honored to gather together our public and private partners and the SMVC community to break ground as construction begins,” said St. Michael’s on its website. The project team included U.S. Bank, UMB Bank, Federal Home Loan Bank of Des Moines, Land Clearance for Redevelopment Authority, the Housing Authority of Kansas City, Rosemann & Associates, and Yarco Property Management.

CRE experts from the recent Connect Midwest Multifamily conference in Chicago reflected on their experience and the importance of meeting customer needs in business. As the age-old mantra says, “Customer is King,” and student housing is no exception.

“They will be the first to tell you if they have a bad experience and also be willing to share great experiences with customers down the road,” said Ashley Lott, Senior Vice President, Campusville, A Farbman Company, one of the event’s panelists.

In the video below, you’ll also hear insights from Lott and fellow expert Stratos Athanassiades, Regional Manager, Midwest, Red Oak Capital Holdings. They share trends in student housing and multifamily, including tenant demands, investment sales and financing challenges and opportunities.

Washington is about to get the state’s first location for the iconic California burger chain In-N-Out.

The restaurant would be the first In-N-Out in Washington, according to planning documents submitted to the city of Ridgefield, reported the Columbian. The company plans to build near the under-construction Ridgefield Costco at Union Ridge Town Center on Pioneer Street, just west of Interstate 5.

Potential plans for the In-N-Out call for a 4,354-square-foot building with a covered patio and 76 parking stalls. The restaurant will also include a drive-thru capable of accommodating 46 cars, according to planning documents.

The 76-year-old burger joint first opened in Oregon in 2015 with a location in Medford. There are also locations in Roseburg and Grants Pass. The company currently has more than 400 locations in California, Oregon, Nevada, Idaho, Utah, Colorado, Arizona and Texas, according to its website.

Vision Hospitality has purchased a quarter-acre lot in Raleigh’s Glenwood South in order to build a Moxy hotel. The Triangle Business Journal reports Vision paid $4.6 million for the parcel. Turnbridge Equities was the seller. Turnbridge paid $3.7 million for the piece in 2020. The parcel is part of a larger assemblage by Turnbridge, including the historic Creamery building where Turnbridge has plans to build two mixed-use towers – one rising 36 stories and one 21 stories.

Vision has filed plans to build a 9-story, 169-key hotel under the Moxy name. The brand is owned by Marriott International and is known for its boutique-style atmosphere at a competitive price.

The Moxy hotel site is currently a surface parking lot. Site plans for the Raleigh hotel show a flex meeting room, a kitchen, a bar, a food truck space, a lounge and patios.

ODA Architecture is listed as the project’s architect, and O’Kane & Associates is listed as the civil engineer.

Braves Development, SK Commercial Realty and Goldenrod Companies have joined forces on a mixed-use development in Cobb County, not far from the home of the Atlanta Braves, Truist Park.

The Henry will include about 650 apartments, 54 condos, a 250-key hotel and retail.

The project is expected to open at the end of 2026 or early 2027.

The Atlanta Business Chronicle reports two towers make up the project. Tower I will include the apartments and condos, and will likely be finished first. Tower II will include the hotel which will be part of the Autograph Collection by Marriott International.

Planned amenities at the hotel include a rooftop bar on the 19^th floor, a steakhouse and bar in the lobby, an infinity pool and a fitness center. The hotel also will have a conference and banquet center with breakout rooms, as well as areas for retail and pedestrian bridges.

Goldenrod and its partners will own the hotel.

Crescent and Nuveen jointly purchased the 20-story One Independence highrise in Charlotte in 2019 for $132 million. Since then, they’ve spent $30 million on renovations to the retail and restaurant offerings. Most of the improvements were aimed at the needs of tenants. In collaboration with architecture and design firm Gensler, retail space was repositioned, with Crescent leasing 23,000 square feet of restaurant and food and beverage space.

At the heart of those offerings is Monarch Market, an $18 million food hall that opened in November. The more than 18,000-square-foot space includes nine food vendors, such as Brooklyn Dumpling Shop, Kabab2Go, Rolled AF, Curry Gate and the recently opened Just Chicken. There’s also a full-service restaurant, Sushi Art and three unique cocktail offerings: Aster Cocktail Room, Lanai Terrace Bar and the Monarch Bar.

LRC Properties and Cornerstone Real Estate Advisors purchased what was then called 101 Independence Center from previous owner KBS Capital Advisors and Gramercy Property Trust in 2015 for $108 million