IRVING, TEXAS — Locally based developer JPI has broken ground on Jefferson Texas Plaza II, a 325-unit apartment project in Irving. Units will feature granite countertops, glass-enclosed showers and private yards. Amenities will include a fitness center, pool with cabanas and a demonstration kitchen. JPI is partnering with investment firm NTS on the project, which is expected to be complete in fall 2022.
GLENDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a 108-acre industrial development site at the northeast corner of Loop 303 and West Bethany Home Road in Glendale. An undisclosed national real estate investment trust acquired the property from Loop 303 at Bethany North LLC for $23.2 million. The buyer plans to develop Sarival Logistics Center, which will total up to 2.2 million square feet of Class A industrial space that will be constructed on a speculative basis in multiple phases. The total project site also includes an additional 40-acre plot that the buyer acquired in December 2020. Phase I of the 148-acre Sarival Logistics Center will feature a 1.1 million-square-foot speculative building. Construction is slated to begin in early 2021. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
OLD BRIDGE, N.J. — General contractor Unity Construction Services Inc. has completed a 38,000-square-foot office project for regional grocer Key Food’s corporate headquarters in Old Bridge, about 40 miles south of New York City. Key Food is relocating from Staten Island to the new building, which houses open and private offices, conference rooms, a fitness center, an executive suite and a test kitchen. California-based Ware Malcomb designed the project.
SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …
LOS ANGELES — In a 50-50 joint venture, Lendlease and Aware Super, an Australian superannuation fund, have acquired a 3.5-acre, transit-oriented, mixed-use development site at 3401 S. La Cienega Blvd. in Los Angeles. La Cienega Properties sold the 156,380-square-foot site for $92 million. The team plans to develop a 500,000-square-foot mid-rise project offering 260 multifamily residential units, 250,000 square feet of creative office space and ground-floor retail space. The site offers transit access to the beach and downtown Los Angeles, as well as the Exposition Corridor Bike Path. Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025. The site currently houses 1,144 self-storage units, totaling 86,897 rentable square feet, which will provide a steady in-place income stream for the partnership during the development planning. Upon completion, the project, which is the partnership’s first Los Angeles development, will have an estimated value of $600 million. Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark represented the seller in the deal.
MILTON, WASH. — Bridge Development Partners has purchased a 117-acre land site in Milton, three miles from the Port of Tacoma, for an undisclosed price. The company plans to develop Bridge Point I-5 Seattle, a four-building, 1.9 million-square-foot industrial park at the site. Bridge Point I-5 will be delivered in two phases: a 1 million-square-foot cross-dock facility to be delivered in first-quarter 2023 and three single-load buildings totaling 921,270 square feet to be delivered in 2024. Of the 117 acres purchased, 89 acres will be used for Bridge Point I-5 Seattle. The four planned industrial buildings will range in size from 119,022 square feet up to 1 million square feet. The facilities will feature 32- to 40-foot clear heights, ESFR sprinklers, LED lighting, 1,218 car parking spaces, and 130- to 185-foot truck courts. Mike Newton of Kidder Mathews represented Bridge, while Bob Naber of NAI Puget Sound Properties represented the undisclosed seller in the transaction. Newton was retained to serve as leasing agent for the project.
PONTOON BEACH, ILL. — Contegra Construction Co. has completed the second warehouse at NorthPoint Development’s Gateway Tradeport in Pontoon Beach near St. Louis. Contegra built the 544,000-square-foot property six months after completing the first warehouse at the 600-acre industrial park. The new building features a clear height of 40 feet, 56 dock doors and parking for 157 trailers. JLL is handling the lease-up. Contegra also made a series of infrastructure improvements to facilitate future development at the site.
O’FALLON, ILL. — IMPACT Strategies has broken ground on a 36,000-square-foot, three-story medical office building in O’Fallon near St. Louis. Known as 50 West Office Building, the Class A project will be situated near the new St. Elizabeth’s Medical Facility. The new building will house the practices of Advanced Vision Care and Ideal Eye Surgery. Construction is slated for completion in July. The Striler Group is serving as the owner’s representative.
CARY, N.C. — Epic Games Inc., a global gaming company whose products include the hit video game “Fortnite,” has purchased a distressed mall in Cary for its new headquarters campus. The property, Cary Towne Center, spans 980,000 square feet and in recent years lost three of its five anchor tenants, with only Dave & Buster’s and Belk remaining. Epic purchased the 87-acre site from Turnbridge Equities and Denali Properties for $95 million. Stephen Porterfield of Capital Associates represented Epic in the transaction. Founded in 1991, Epic has had its headquarters in Cary for more than 20 years and will continue to operate from its offices at 620 Crossroads Blvd. until completion of the redevelopment, which is estimated to be in 2024. Epic plans to break ground on the adaptive reuse project this year, thanks in part to Turnbridge and Denali getting Cary Towne Center rezoned in late 2019. The developers purchased the distressed mall in January 2019 for $31 million, according to Triangle Business Journal. Turnbridge and Denali had planned to transform the mall into a 4 million-square-foot project dubbed Carolina Yards, but ultimately decided to sell the property to Epic. “Epic shares our vision for transforming Cary Towne Center …
PHILADELPHIA — DH Property Holdings will develop a 733,800-square-foot distribution center on a 69-acre parcel at 5000 Richmond St. in Philadelphia, a project that is valued at $115 million. The site is located near Interstate 95, about six miles from the Center City area, and will house a 351,800-square-foot side-load building and a 382,000-square-foot cross-dock building. Walker & Dunlop arranged a limited equity partner to assist DH Property Holdings with the project. A construction timeline was not released.