Development

Edwards Vacuum to Open 121,800 SF Office, Industrial Facility in Haverhill, Massachusetts

by Taylor Williams March 26, 2021

HAVERHILL, MASS. — Edwards Vacuum, a manufacturer owned by Swedish industrial conglomerate Atlas Copco, will open a 121,800-square-foot facility in Haverhill, located north of Boston. The property will feature space for office, manufacturing, warehousing and research and development. The largest portion of the first floor centers on manufacturing, alongside warehouse/storage, R&D labs, a training room, cafeteria, fitness area and bike storage space. Offices, conference rooms and an observation room will be situated in the mezzanine area. Dacon Corp. is designing the project, which is expected to bring about 200 new jobs to the area. Completion is slated for the second quarter of 2022.

March 26, 2021

Development Healthcare New Jersey Northeast

Rendina Breaks Ground on 82,000 SF Healthcare Project at Monmouth Mall in Eatontown, New Jersey

by Taylor Williams March 26, 2021

EATONTOWN, N.J. — Florida-based Rendina Healthcare Real Estate has broken ground on the RWJBarnabas Health Family Care & Wellness Center, an 82,000-square-foot project at Monmouth Mall in Eatontown, located near the Jersey Shore. The facility will feature custom-designed spaces for specialized pediatric care, women’s services and wellness resources. The building will also include a commercial-grade kitchen to support the wellness center. Completion is slated for November.

March 26, 2021

Acquisitions Development Multifamily New Jersey Northeast

CBRE Negotiates Sale of Multifamily Development Site in Plainfield, New Jersey

by Taylor Williams March 26, 2021

PLAINFIELD, N.J. — CBRE has negotiated the sale of a multifamily development site that will ultimately house 104 units at 803 South Ave. in Plainfield, located in the north-central part of the state. A partnership between Bennett Realty & Development and EDEN Property Co. LLC sold the site to West of Hudson Real Estate for an undisclosed price. Jeffrey Dunne, Jeremy Neuer, Gene Pride, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented both parties in the deal. A construction timeline for the project was not disclosed.

March 26, 2021

Development Florida Industrial Loans Southeast

Bridge Development Secures $78.2M Construction Financing for Bridge Point AVE Industrial Park in Miami

by Julia Sanders March 25, 2021

MIAMI — Bridge Development Partners has secured $78.2 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and is scheduled to be delivered in the third quarter. Steve Roth of CBRE’s Debt & Structured Finance team arranged the loan through Canadian Imperial Bank of Commerce (CIBC). Bridge acquired the nearly 50-acre development site located within the master-planned AVE, Aviation and Commerce Centre in late 2019. Building 1 will be located at 5590 NW 145th St. and span 199,800 square feet. Building 2 will be located at 14150 NW 56th Court and consist of 110,588 square feet. Lastly, Building 3 will be located at 14250 Aviation Drive and span 279,499 square feet. All three buildings will feature modern amenities and an ESFR fire suppression system. Bridge Point AVE will be bounded by Palmetto Expressway to the north and Gratigny Parkway to the south. Bridge has acquired 493 acres in 16 separate transactions throughout Miami-Dade and Broward counties and delivered approximately 7 million square feet of Class A industrial space across the South Florida region since entering the market in 2012.

March 25, 2021

Development Louisiana Office Southeast

Hertz Investment Group Opens Connect Hub Coworking at 400 Poydras Tower in New Orleans

by Julia Sanders March 25, 2021

NEW ORLEANS — Hertz Investment Group has opened a new coworking space in New Orleans called Connect Hub Coworking at 400 Poydras Tower. The space is situated on the ninth floor within Hertz’s 400 Poydras Tower, a 32-story, 620,000-square-foot office building in the city’s central business district. Hertz invested about $1 million into the project. According to Jim Ingram, chief investment officer of Hertz, the property is offering desk-to-office options for remote workers, those splitting time between home, field and/or office and growing businesses in need of flexible lease agreements. The property offers offices suites ranging from 100 square feet to 100,000 square feet, as well as fiber internet, conference rooms and onsite management. Connect Hub is one of 80 tenants at 400 Poydras Tower. 400 Poydras Tower tenants include IMTT, Accruent, Entercom, Regions Bank and Reily Foods. Hertz Investment Group is a real estate investment firm based in Woodland Hills, Calif. The company currently operates seven properties in New Orleans, including First Bank and Trust Tower, Poydras Center and 400 Poydras Tower.

March 25, 2021

Affordable Housing Development Multifamily Seniors Housing Texas

Cadence McShane Completes 197-Unit Affordable Seniors Housing Project in San Antonio

by Taylor Williams March 25, 2021

SAN ANTONIO — Cadence McShane, the metro Dallas-based general contractor that is a division of The McShane Cos., has completed Brookwood Senior Apartments, a 197-unit affordable housing project in San Antonio catering to senior citizens. Designed by B&A Architects, the six-acre property features one- and two-bedroom units. Amenities include a clubroom, fitness center, dining area, lounge, arts and crafts studio, game room, salon and self-storage rooms. Outdoor amenities include a pool, herb garden and two courtyards. The four-story, wood-frame property also houses carports and 224 parking spaces. San Antonio-based Mission GD developed the property, which is located at 9015 Ingram Road on the city’s west side, in partnership with the Texas Department of Housing & Community Affairs (TDHCA). Information on renter restrictions was also undisclosed.

March 25, 2021

MorningStar-Assisted-Living-&-Memory-Care-at-River-Oaks

Development Multifamily Seniors Housing Texas

MorningStar, Hines Near Completion of 112-Unit Seniors Housing Facility in Houston

by Taylor Williams March 25, 2021

HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate giant Hines are nearing completion of MorningStar Assisted Living & Memory Care at River Oaks, a 112-unit seniors housing facility in Houston. The six-story community will feature 85 assisted living residences and 27 memory care suites. The site is bordered by River Oaks, West University, The Texas Medical Center, Montrose, Downtown and the Galleria. The opening is set for this fall.

March 25, 2021

California Development Industrial Western

City of Visalia Plans 2.5 MSF Expansion at Industrial Park in Central California

by Amy Works March 25, 2021

VISALIA, CALIF. — The Visalia Industrial Park (VIP) continues to grow with numerous projects underway. VIP includes a 425,000-square-foot UPS facility, a 1.3 million-square-foot fulfillment center coming online this summer and two speculative, 300,000-square-foot warehouses, one of which is pre-leased, are nearing completion. Additionally, more than 2.5 million square feet of further industrial space is planned. Millipore Sigma established a $28 million distribution center at the park, while Sorma is planning to expand into a new location and California Dairies’ facilities have undergone expansions. The City of Visalia has invested $152 million to expand the city’s wastewater treatment plant, creating space for another significant water user. The park offers rail access, access to State Route 99, expanded roadways and enhanced utilities.

March 25, 2021

California Development Retail Western

American Eagle Outfitters to Open Nine Locations in Westfield Shopping Centers

by Amy Works March 25, 2021

LOS ANGELES — American Eagle Outfitters Inc. (AEO), a Los Angeles-based clothing retailer, has announced plans to open seven Aerie stores and two OFFLINE by Aerie locations at Unibail-Rodamco-Westfield shopping centers during the second half of 2021. The new Aerie stores will open at Westfield Garden State Plaza in Paramus, N.J.; Westfield Montgomery in Bethesda, Md.; Westfield Old Orchard in Skokie, Ill.; Westfield Plaza Bonita in National City, Calif.; Westfield Southcenter in Seattle; Westfield South Shore in Bay Shore, N.Y.; and Westfield Valley Fair in San Jose, Calif. The locations at Westfield Garden State Plaza and Westfield Montgomery will also feature adjacent OFFLINE by Aerie stores, a new brand by AEO offering a collection of activewear and accessories, which launched in July 2020.

March 25, 2021

Development Market Reports New Jersey Northeast Market Reports

Not Urban, Not Suburban: Why Surban Living is Here to Stay

by Taylor Williams March 25, 2021

By Lenny Tartamella, COO of Larken Associates Since the moment the first subdivision was built, the debate defining the residential and multifamily development process has been centered around the core question of, “Where do people want to live?” As we look to answer this question in 2021, the answer is not as clear as it seemed only several years ago. It is obvious that the living preferences of millennials — those born between 1981 and 1996 who at 70 million now represent the largest segment of the U.S. adult population — and the generation after them, Gen Z, will be a key piece of the answer. Similarly, and not to be forgotten when we are answering this question, the preferences of seniors and those nearing retirement age will also factor heavily into how our multifamily communities continue to evolve. While the differences between those two groups already make answering the core question behind multifamily development difficult, the COVID-19 pandemic and its disruption to how we live, work and play have only added further complexity to the answer. However, as we move towards a post-pandemic future of a live-work-play lifestyle, a new word is entering our lexicon that precisely defines where this …

March 25, 2021

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