Development

Stonemont Launches Phase I of 540-Acre Southwest International Gateway Business Park in El Campo

by Taylor Williams February 10, 2020

EL CAMPO, TEXAS — Atlanta-based Stonemont Financial Group has launched Phase I of Southwest International Gateway Business Park, a 540-acre industrial development in El Campo, located about 70 miles southwest of Houston. The rail-served development has the capacity to house up to 8 million square feet of industrial space. Phase I, construction of which is scheduled to begin this quarter, will include a 125,000-square-foot distribution center that is preleased to Vitro Chemicals and a 200,000-square-foot speculative warehouse. Atlanta-based developer Ridgeline Property Group is partnering with Stonemont on the project, and NAI Partners will handle leasing of the property.

February 10, 2020

Development Multifamily New York Northeast

Mill Creek Residential to Develop 334-Unit Apartment Community in New Rochelle, New York

by Alex Patton February 10, 2020

NEW ROCHELLE, N.Y. — Mill Creek Residential will develop a 334-unit apartment in New Rochelle, a northeastern suburb of New York City. The project will be situated on a two-acre plot at 115 Centre Ave., the site of the former Blessed Sacrament School. Mill Creek acquired the site for an undisclosed price. William Cuddy Jr. and Jacqueline Novotny of CBRE represented and advised the seller, Church of the Blessed Sacrament, in the transaction.

February 10, 2020

Development Retail Texas

CJ Development Buys 42.6 Acres in Metro Houston for Commercial Project

by Taylor Williams February 7, 2020

RICHMOND, TEXAS — Locally based builder CJ Development has purchased 42.6 acres at Grand Parkway and West Bellfort Street in the northern Houston suburb of Richmond for a commercial project that will be named Grand Center at Long Meadow Farms. The company previously purchased an adjacent 15-acre tract, creating a total of 58 acres for the new development. The project will feature a 46,000-square-foot retail center, and other tracts will be sold to individual buyers for various uses. Retail tenants that have committed to the center include Members Choice Credit Union, Spring Creek BBQ, Pet Suites, Service First and 7-Eleven. Chris Bergmann Jr. of JLL represented the undisclosed seller in the disposition of the land. Alan Chodrow of Chodrow Realty Advisors represented CJ Development. NewQuest Properties is handling leasing of the project.

February 7, 2020

Development Industrial Texas

United Equities to Develop Phase II of Beltway-225 Business Park in Metro Houston

by Taylor Williams February 7, 2020

PASADENA, TEXAS — United Equities will develop Phase II of Beltway-225 Business Park, an industrial project that fronts Beltway 8 in the eastern Houston suburb of Pasadena. Phase I of the project delivered 85,500 square feet, and the first two completed buildings of that phase have been leased to Cooper Valves (21,000 square feet) and PTR Holland Maritime (18,500 square feet). Travis Land and Michael Keegan of NAI Partners represented United Equities in both lease negotiations. Phase II of the project, a construction timeline for which was not released, will include two tilt-wall buildings totaling 46,000 square feet.

February 7, 2020

Development Georgia Office Southeast

Georgia World Congress Center Authority Opens Exhibit Hall Following $55M Renovation

by Alex Tostado February 7, 2020

ATLANTA — Georgia World Congress Center Authority (GWCCA) has opened Exhibit Hall BC, a 100,000-square-foot expansion creating more than 1 million square feet of contiguous exhibition space within Georgia World Congress Center in downtown Atlanta. The project’s budget was $55 million. The expansion brings Georgia World Congress Center’s total exhibit hall space to more than 1.4 million square feet. GWCCA reports that more than 20 events have already booked a spot in the new exhibit space, with dates stretching into 2030. Georgia World Congress Center is situated within a mile of Mercedes-Benz Stadium, Centennial Olympic Park, CNN Studios, State Farm Arena, Georgia Aquarium and World of Coca-Cola. Atlanta-based general contractor Holder Construction Co. completed the expansion in 18 months.

February 7, 2020

Development Northeast Office Pennsylvania

Fe Equus Underway on 20,000 SF Office Building in Pittsburgh

by Alex Patton February 7, 2020

PITTSBURGH — Fe Equus Development LLC, a Wisconsin-based developer, is underway on BLD 2563, a 20,000-square-foot Class A office building in Pittsburgh. Situated at 2563 Brandt School Road, the property will offer amenities including a full kitchen, billiards and game room and a fitness room with Peloton bikes. Software company SRS Computing is the building’s first signed tenant, with 6,400 square feet on the top floor. Construction is slated for completion by the third quarter of this year. Tim Goetz and Darin Shriver of Cushman & Wakefield are leading the leasing initiative.

February 7, 2020

Company News Development Industrial Midwest Office Ohio Top Stories

Sherwin-Williams to Develop World Headquarters, R&D Center in Metro Cleveland for $600M

by Alex Tostado February 7, 2020

CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities. The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland. The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866. “We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and …

February 7, 2020

Development Loans Multifamily Texas

Dougherty Mortgage Provides $35M HUD Construction Loan for Apartment Project in Terrell, Texas

by John Nelson February 6, 2020

TERRELL, TEXAS — Dougherty Mortgage has provided a $35 million construction loan for Crossroads at Terrell, a 270-unit, garden-style apartment community planned for a 10.5-acre site in the east Dallas suburb of Terrell. Dougherty’s Fort Worth office closed the HUD 221(d)(4) loan on behalf of the borrower and developer, an entity doing business as Terrell MF Ventures LLC. The loan features a 40-year term and 40-year amortization schedule. The Class A community will feature a package center, resort-style pool, fire pit, outdoor cooking, business center, clubhouse with kitchen, game room, fitness center, bicycle storage, dog park and a pet spa. The developer plans to build Crossroads at Terrell to National Green Building Bronze standards. The 221(d)(4) product is HUD’s flagship loan program financing the construction and redevelopment of market-rate and affordable housing apartment communities. Details about the project’s construction timeline were not disclosed.

February 6, 2020

Arizona Development Office Western

Cousins, Hines to Develop 18-Story Office Tower in Downtown Tempe

by Amy Works February 6, 2020

TEMPE, ARIZ. — Cousins Properties and Hines have unveiled plans for 100 Mill, an 18-story office tower in downtown Tempe. Cousins will have 90 percent ownership and Hines will have 10 percent ownership interest in the project. Located at the southwest corner of Mill Avenue and Rio Salado Parkway, the 287,000-square-foot office building is 44 percent pre-leased, with two long-term lease commitments from a Fortune 100 company and a professional services firm. Completion is scheduled for the first quarter of 2022. Total development cost is anticipated to be approximately $153 million.

February 6, 2020

California Development Hospitality Mixed-Use Multifamily Office Retail Western

Sea Breeze Properties Breaks Ground on 40-Acre Mixed-Use Development in San Diego

by Amy Works February 6, 2020

SAN DIEGO — Sea Breeze Properties has broken ground for MERGE 56, a 40-acre mixed-use development located in the Torrey Highlands submarket of San Diego. Adjacent to State Route 56 at Camino Del Sur, MERGE 56 will feature a 450,000-square-foot, Class A office and retail space; a boutique hotel; and 242 residential units, including single-family homes, townhomes and affordable apartments. The land was originally approved in 2004 as a big-box retail center before Sea Breeze Properties acquired the land in 2013 and redesigned it into a pedestrian-centric, mixed-use environment. CBRE’s Chris Pascale, Mike Hoeck and Ellycia Halden will handle leasing for the office space, while Steve Avoyer of Flocke & Avoyer will handle leasing for the retail component.

February 6, 2020

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