Development

Hawthorne Residential, Evolve to Develop 248-Unit Apartment Complex Near Raleigh

by Alex Tostado November 10, 2020

WAKE FOREST, N.C. — A joint venture between Hawthorne Residential and Evolve Cos. has acquired a 23-acre site in Wake Forest to develop Hawthorne at the Forest, a 248-unit apartment community. The developer acquired the land from an undisclosed seller for $4.3 million. The asset is expected to deliver in 2022 and will be situated at 10728 Star Road, 14 miles north of downtown Raleigh. The property will offer one-, two- and three-bedroom floor plans with wood-style floors, energy-efficient GE appliances, washers and dryers, stone countertops and tile backsplashes. Communal amenities will include a saltwater pool, grilling area, 5,000-square-foot clubhouse, cyber café, fitness center, playground and a dog park. Caleb Troop, Ron Corrao and Eric Liebich of Capstone represented the buyers in the land transaction.

November 10, 2020

Development Multifamily Texas

Presidium Begins Leasing 408-Unit Apartment Community at Alliance Town Center in Fort Worth

by Taylor Williams November 10, 2020

FORT WORTH, TEXAS — Texas-based multifamily developer Presidium has begun leasing Presidium Revelstoke, a 408-unit apartment community located within Alliance Town Center in Fort Worth. O’Brien Architects designed the property, which is situated on 17.2 acres. Amenities include a pool with cabanas, fitness center with spin and yoga studios, outdoor grilling and game area, a 10,000-square-foot clubhouse with a demonstration kitchen and business center, a community playground and a dog park. Kimley-Horn served as the civil engineer for the project, and Provident General Contractors handled construction. Full completion is scheduled for next year.

November 10, 2020

Development Industrial Texas

Tailwind Real Estate Equities, Gulf Corp. Underway on 300,000 SF Spec Industrial Facility in Laredo

by Taylor Williams November 10, 2020

LAREDO, TEXAS — A partnership between Tailwind Real Estate Equities and Dallas-based Gulf Corp. is underway on construction of Tailwind II Logistics Center, a 300,000-square-foot speculative industrial facility in the South Texas city of Laredo. Tailwind II Logistics Center will feature 36-foot clear heights, 112 dock-high doors, 140 car parking spaces and 199 trailer parking spaces. CBRE is handling leasing of the project, which is expected to be complete in fall 2021.

November 10, 2020

Development Industrial New Jersey Northeast

Sansone, Brookfield Acquire Land in Northern New Jersey for 1.3 MSF Spec Industrial Project

by Taylor Williams November 10, 2020

SOUTH BRUNSWICK, N.J. — A partnership between St. Louis-based developer Sansone Group and a fund backed by Brookfield Asset Management has acquired 85 acres in Northern New Jersey for the development of a 1.3 million-square-foot speculative industrial facility. The property will be located in between the townships of Monroe and South Brunswick and near the Port of Newark. Construction is scheduled to begin in the first quarter of next year and to take a year to complete.

November 10, 2020

Development Industrial New Jersey Northeast

Fidelco, Elberon to Develop 140,000 SF Cold Storage Facility in Northern New Jersey

by Taylor Williams November 10, 2020

ELIZABETH AND NEWARK, N.J. — Developers Fidelco Realty Group and Elberon Development Group will build a 140,000-square-foot cold storage facility on the Elizabeth-Newark border in Northern New Jersey. The property will be located at the site of the former Magruder Color dye and pigment manufacturing plant, which was vacated in 2006. The 10.5 million-cubic-foot building will include 18 docks and 30,000 pallet positions. New Jersey-based FreezPak Logistics will operate the facility, which is expected to be complete in fall 2021.

November 10, 2020

CapRock-Tropical-Logistics-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Partners Breaks Ground on 1.1 MSF Logistics Park in North Las Vegas

by Amy Works November 10, 2020

NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has started construction on CapRock Tropical Logistics, a two-building logistics complex in North Las Vegas. Located at 5802 and 5902 E. Tropical Parkway, CapRock Tropical Logistics is situated on an 83-acre site that CapRock assembled through the acquisition of 24 parcels from 13 owners in first-quarter 2020. Totaling 1 million square feet, the park will feature a 857,060-square-foot building and a 271,262-square-foot building — both slated for delivery in the third quarter of 2021. The largest building is a build-to-suit for an undisclosed e-commerce retailer that signed a long-term lease. The tenant will also utilize approximately 17 acres of excess land south of the building that CapRock reconfigured to meet the tenant’s specifications, including providing additional parking. The smaller facility will feature 32-foot minimum clear heights, a 100 percent concrete truck court with 185-foot depth, above-standard trailer and automobile parking with 194 parking spaces and up to 57 trailer parking spaces, 54 dock-high loading doors, two drive-in doors, an ESFR sprinkler system and 3,000 amps of 277/480V, three-phase power. Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock Partners in the acquisition of the land and have been …

November 10, 2020

Development Multifamily New York Northeast

ACRES Capital Provides $16M Construction Loan for Multifamily Project in The Bronx

by Taylor Williams November 10, 2020

NEW YORK CITY — ACRES Capital Corp. has provided a $16 million construction loan for a 53-unit multifamily project that will be located at 653-655 Mace Ave. in the Allerton area of The Bronx. The seven-story building will be located near multiple public transit lines and will feature 15,000 square feet of amenity space. Abe Mann of Progress Capital arranged the loan on behalf of the borrower, Supreme Equities LLC.

November 10, 2020

California Development Mixed-Use Multifamily Top Stories Western

CIM Group, Strada Complete 288-Unit Apartment Tower in Downtown Oakland

by John Nelson November 10, 2020

OAKLAND, CALIF. — CIM Group and Strada Investment Group have completed Eleven Fifty Clay Street, a 288-unit apartment community in downtown Oakland. The co-developers delivered the 16-story property between 11th and 12th streets near the city’s Old Oakland neighborhood. Rents range from $2,544 for a studio apartment to $5,059 for a three-bedroom unit, with some concessions available for prospective tenants. The onsite leasing office is open five days a week. Amenities at Eleven Fifty Clay include a fitness center, lobby coffee bar, conference rooms, coworking areas and bicycle storage. A rooftop deck features open-air lounge areas, partially covered dining areas, fire pits and grills. Eleven Fifty Clay Street also features street-level retail space, as well as a large outdoor patio and a 17,000-square-foot public plaza fronting 12th Street. The publicly accessible plaza has a half basketball court, outdoor seating, specialty retail stores and a repurposed shipping container that has a full kitchen set. Nearby amenities include the 12th Street BART rail station, AC Transit bus stations, restaurants, shops, hotels, Lake Merritt and San Francisco Bay. Suffolk Construction was the general contractor for Eleven Fifty Clay Street. Greystar currently manages the property on behalf of CIM and Strada. CIM Group is …

November 10, 2020

Development Florida Loans Multifamily Southeast

Futura, Linkvest Receive $52.5M HUD Construction Loan for Multifamily Project in Orlando’s Lake Nona

by Alex Tostado November 9, 2020

ORLANDO, FLA. — Joint venture partners Futura and Linkvest Capital have received a $52.5 million construction loan for the development of Futura at Nona Cove in Orlando. Berkadia originated the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan on behalf of the developers. The community will be situated within Lake Nona, a master-planned community featuring, retail space, office space, multifamily units, single-family homes and hotels. Tavistock Group is the master developer of Lake Nona. The 260-unit property will offer studio through three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a two-story clubroom, fitness center, dog spa and park, coworking space and a pool. Construction at the 17-acre site has begun and the developers expect to deliver the community in the third quarter of 2022.

November 9, 2020

Development Industrial Midwest Missouri

Amazon to Build 1 MSF Fulfillment Center in Republic, Missouri

by Kristin Harlow November 9, 2020

REPUBLIC, MO. — Amazon.com Inc. has unveiled plans to open a fulfillment center in Republic, about 14 miles southwest of Springfield. Construction of the 1 million-square-foot facility is expected to begin in 2021. Upon completion, Amazon expects to create more than 500 full-time jobs. Employees will pick, pack and ship bulky or lager-sized items such as patio furniture, outdoor equipment and rugs. Since 2010, Amazon has created more than 4,500 jobs in Missouri and invested more than $780 million across the state, including infrastructure and compensation to its employees.

November 9, 2020

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