Development

Fidelis Underway on 200,000 SF Retail Redevelopment Project at Former Exxon Campus in Houston

by Taylor Williams January 24, 2020

HOUSTON — Fidelis Realty Partners is underway on construction of Brookhollow Marketplace, a 200,000-square-foot retail power center that will be located at the site of the former Exxon campus in Houston. Fidelis acquired the site in 2016 and has now completed demolitions. Located at the corner of Highway 290 and Dacoma Street, Brookhollow Marketplace will house retailers such as Burlington, Michaels, Ross Dress for Less, T.J. Maxx, Ulta, Old Navy, Rack Room Shoes and Five Below. Store openings are slated for this fall. An 80,000-square-foot Floor & Décor is also scheduled to open to the east of the center.

January 24, 2020

Affordable Housing Development Loans Multifamily Oregon Western

KeyBank Secures $93M in Construction Financing for Affordable Housing Project in Oregon

by Amy Works January 24, 2020

GRESHAM, ORE. — KeyBank Real Estate Capital (KBREC) has provided a total of $61.4 million in construction financing and Low Income Tax Credit (LIHTC) equity to Newport Beach, Calif.-based Community Development Partners for the development of Rockwood 10, a multifamily property in Gresham. In addition to the $42.6 million construction loan and $18.1 million of LIHTC equity investment from Key Community Development Corp. KBREC secured $32.4 million of fixed-rate Freddie Mac permanent financing for the property. Slated for completion in 2021, Rockwood 10 will feature 224 affordable residential units spread across five three- and four-story buildings on seven acres. As a Section 42 LIHTC project, all units are restricted to households earning no more than 60 percent of the area median income. Jonathan Woodland of KBREC’s Commercial Mortgage Group and Brett Sheehan of KBREC’s Community Development Lending and Investment team structured the financing.

January 24, 2020

Development Kansas Midwest Mixed-Use

Opus Completes Edison District Project in Overland Park, Kansas

by Kristin Harlow January 24, 2020

OVERLAND PARK, KAN. — The Opus Group has completed construction of the Edison District, a 125,000-square-foot retail and office development in downtown Overland Park. Located on the southwest corner of Marty and 80th streets, the five-story building offers shared office space managed by Edison Spaces on the second floor. The third through fifth floors will feature speculative office space. The project is also home to Strang Hall, a food hall with seven chef-driven concepts. Adjacent to the building is a skyway-connected parking garage with more than 400 stalls, 24 of which will remain available to the public. The project is also home to an outdoor activity plaza for hosting local events. Tim Barton and Matt Druten own Edison District. In addition to serving as developer of the project, Opus was the design-builder, interior designer, architect and structural engineer. Michael Hsu Architects provided interior design and furniture selection services for Strang Hall. Wiegmann Associates served as mechanical contractor and installed a high-efficiency HVAC system. AREA Real Estate Advisors is marketing the speculative office and retail spaces for lease.

January 24, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Buchanan Mortgage Funds $55M Construction Loan for The Orchard Mixed-Use Project in Azusa, California

by Amy Works January 24, 2020

AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space. The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space. The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.

January 24, 2020

Development Massachusetts Mixed-Use Northeast Top Stories

JLL Arranges $870M Construction Loan for South Station Redevelopment Project in Boston

by Taylor Williams January 24, 2020

BOSTON — JLL has arranged an $870 million construction loan for the first phase of the redevelopment of Boston’s South Station transit hub. Upon completion, the project will ultimately comprise 1.9 million square feet of commercial and residential space. The initial phase will feature a 1.2 million-square-foot, 51-story mixed-use tower rising above the historic transit station, which was built in 1898. Scheduled for completion in 2024, the tower will house approximately 660,000 square feet of Class A office space, 166 condominium units and more than 500 parking spaces. Pelli Clark Pelli Architects is designing the project. The office component will feature 26,000-square-foot floor plates, 13-foot floor-to-ceiling windows and unobstructed views of downtown Boston and Boston Harbor. The residential component will include one-, two- and three-bedroom units, as well as penthouse duplex units, and amenities such as an outdoor pool, fitness center, conference center and onsite restaurant. Riaz Cassum and Jennifer Kelly of JLL arranged the loan through The Children’s Investment Fund on behalf of the borrower, a joint venture between Hines, APG Groep NV and Dune Real Estate Partners. “Developments of this quality and magnitude arise infrequently in a mature market such as Boston,” says Cassum. “The tower at South Station …

January 24, 2020

Acquisitions Development Retail Southeast Virginia

S.L. Nusbaum Brokers Sale of Former Macy’s Store at Metro Richmond Mall, Buyers Plan New Sports Complex

by Alex Tostado January 23, 2020

GLEN ALLEN, VA. — S.L. Nusbaum has brokered the sale of a 109,813-square-foot former Macy’s within Virginia Commons Mall in for $2 million. The buyers, VCC Partners LLC and Shamin VCC LLC, plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. The mall, which is home to tenants including Burlington, JCPenney, Bath & Body Works, Foot Locker and Finish Line, is located 12 miles north of downtown Richmond. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.

January 23, 2020

Development Multifamily Northeast Pennsylvania

Equus Completes 182-Unit Madison Lansdale Station Apartments Near Philadelphia

by Taylor Williams January 23, 2020

LANSDALE, PA. — Equus Capital Partners, a locally based private equity fund, has completed Madison Lansdale Station, a 182-unit multifamily property in Lansdale, about 25 miles north of Philadelphia. The property, which features studio, one- and two-bedroom units, is part of a 6.7-acre mixed-use development located adjacent to Lansdale station on the SEPTA transit line. Additional uses include single-family homes and 15,000 square feet of retail space. Amenities at Madison Lansdale Station, which is now 50 percent leased, include a fitness center, business center, clubhouse, demonstration kitchen, billiard room and outdoor spaces with lounges and fire pits.

January 23, 2020

Development Massachusetts Multifamily Northeast

Greystar to Develop 126-Unit Apartment Building in Boston’s Back Bay

by Taylor Williams January 23, 2020

BOSTON — Charleston, S.C.-based Greystar has acquired land at 212 Stuart St. in Boston’s Back Bay neighborhood for the development of a 19-story, 126-unit apartment building that will also feature ground-floor retail space. The property will offer one- and two-bedroom units as well as three-bedroom penthouses ranging in size from 500 to 2,100 square feet. Amenities will include a fitness center, lounge, library and bike storage space. Greystar plans to break ground this month and to complete the project in the first half of 2022.

January 23, 2020

Development Idaho Loans Multifamily Western

Avison Young Arranges $27.7M Construction Loan for Summertown Apartments Near Boise

by Amy Works January 23, 2020

MERIDIAN, IDAHO — Avison Young has secured a $27.7 million loan to finance the construction of Summertown Apartments in Meridian, a suburb 12 miles west of Boise. The borrower is a joint venture between Phoenix Commercial Construction and 111 Capital. Jay Maddox and Peter Sherman of Avison Young Capital Markets Group arranged the loan, which a Los Angeles-based private lender provided. Located adjacent to the 58-acre Settler’s Park, Summertown will offer 190 units in a mix of two-story rowhouses and three-story garden-style apartments with gated front garden areas and enclosed garages. Situated on 5.8 acres, the property will feature resort-like amenities. Construction is slated to begin first-quarter 2020, with the first units delivered during summer 2020.

January 23, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Joint Venture to Develop $95M Mixed-Use Tower in Charlotte

by Alex Tostado January 23, 2020

CHARLOTTE, N.C. — A joint venture between Armada Hoffler Properties Inc. (NYSE: AHH), David Furman of Centro City Works and Charles Campbell of Flagship Healthcare Properties has unveiled plans for Ten Tryon, a 215,000-square-foot mixed-use development in Charlotte. The building will feature a Publix grocery store as well as a Fortune 100 office tenant. The developers expect the project will cost $95 million. The 15-story building, which is being designed to LEED standards, will feature 175,000 square feet of office space, a 340-space parking garage and a 9,000-square-foot indoor/outdoor rooftop restaurant. The project will be situated between 9th and 10th streets on North Tryon Street as part of the larger North Tryon Vision Plan that is geared toward developing and sustaining growth in the neighborhood. Armada Hoffler Construction Co., a wholly owned subsidiary of Armada Hoffler Properties, will serve as the general contractor for the project. The company anticipates breaking ground during the second quarter of 2020 with expected completion in summer 2022. The site is two blocks from the Ninth Street light rail station, providing tenants with multiple transportation options, and offers easy access to Interstate 277 for commuters. “Ten Tryon has everything we look for in a new ground-up development …

January 23, 2020

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