Development

Wayfinder Breaks Ground on 321-Unit Apartment Community Near Downtown Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Wayfinder Real Estate has begun construction on The Troubadour, a 321-unit apartment community located within the University Park master-planned development in Austin. The six-story property will be situated one mile north of downtown at the southwest corner of Concordia Avenue and Interstate 35, the former site of Concordia University. Set to open in late 2021, The Troubadour will offer one-, two- and three-bedroom floor plans, as well as a resort-style pool, 24-hour fitness center, indoor bike storage and maintenance facility and two rooftop decks, one of which will be equipped for outdoor movie screenings. The Troubadour represents the first development for Wayfinder, an Austin-based firm founded by real estate veterans Mac McElwrath and Chris Sipes. The project team includes general contractor Oden Hughes Construction, architect Davies Collaborative, civil engineer Jones Carter, landscape architect Blu Fish Collaborative, MEP engineer MEP Delta Design and interior designer PPDS. Vantage Bank provided construction financing on behalf of Wayfinder.

January 9, 2020

California Civic Development Mixed-Use Multifamily Office Restaurant Retail Western

Triad Lagoon Valley Acquires 840 Acres for Mixed-Use Development in Vacaville, California

by Amy Works January 9, 2020

VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …

January 9, 2020

Development Hawaii Loans Retail Western

Pearlmark Closes $16.2M Investment for Niumali Marketplace Development in Hawaii

by Amy Works January 9, 2020

KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.

January 9, 2020

Development North Carolina Office Southeast

FCP, Strategic Capital Break Ground on Forty540 II Office Building in Triangle

by Alex Tostado January 8, 2020

MORRISVILLE, N.C. — FCP and Indianapolis-based Strategic Capital Partners (SCP) have broken ground on the Forty540 II office building, located at 710 Slater Road in Morrisville, almost equidistant between Durham and Raleigh. Forty540 II will be a five-story, 198,535-square-foot office building near the intersection of Interstates 40 and 540. FCP and SCP, which previously co-developed the adjacent Forty540 I office building, also announced that SolarWinds software company has preleased 40 percent (80,000 square feet) of Forty540 II. SolarWinds is also a tenant at Forty540 I, which was sold by FCP and SCP in April 2019 at full occupancy. Forty540 II will feature prominent building signage opportunities, a fitness center, showers and an internet café. Delivery of Forty540 II is anticipated in mid-2021, with SolarWinds expected to occupy its new facility in summer 2021. CBRE|Raleigh’s Investor Leasing group will manage leasing responsibilities for the development.

January 8, 2020

Development Healthcare Texas

Medistar to Develop 92-Bed Hospital in Houston’s Bay Area

by John Nelson January 8, 2020

HOUSTON — Medistar Corp. plans to develop Medical Behavioral Hospital of Clear Lake, a 92-bed hospital in Houston’s Bay Area submarket. NeuroPsychiatric Hospitals (NPH) will operate the facility with up to 200 employees and 18 providers of psychiatry, internal medicine and neurology. Houston-based Medistar expects to deliver the hospital this summer. Located at 16850 Buccaneer Lane, the property will be NPH’s sixth hospital.

January 8, 2020

California Development Restaurant Retail Western

Unibail-Rodamco-Westfield to Redevelop 160,000 SF Former Los Angeles Sears Store into Dining, Entertainment District

by Amy Works January 8, 2020

LOS ANGELES — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance for Westfield Topanga and improved connectivity with The Village. Neiman Marcus, Nordstrom, Macy’s, Target, Tesla, Apple, Microsoft, Anthropologie, Tiffany & Co., Gucci, Salvatore Ferragamo, Louis Vuitton, Cartier, Montblanc, Rolex and Saint Laurent are current tenants at Westfield Topanga & The Village, which is located at 6600 Topanga Canyon Blvd.

January 8, 2020

Development Mixed-Use Multifamily Retail Washington Western

Lowe Completes Development of 286-Unit Talisman Apartments in Redmond, Washington

by Amy Works January 8, 2020

REDMOND, WASH. — Los Angeles-based Lowe has completed the development of Talisman, an apartment property located at Redmond Town Center, a mixed-use lifestyle center in Redmond. As the first apartment building to be completed at the 1.2 million-square-foot Redmond Town Center, Talisman features 286 apartments and 9,400 square feet of ground-floor retail space. Row House, F45, Musashi and The Airrosti Chiropractic occupy the retail portion. The apartment community offers a mix of one- and two-bedroom layouts with loft-inspired designs and high-end finishes, including keyless entry, stainless steel appliances, custom flooring and quartz countertops. Community amenities include a lobby, co-working space, a community sports bar with kegerator, resident lounge, two-level fitness center with yoga room, rooftop deck, outdoor kitchen, fire pit and a maker space where tenants can meet to create, invent and learn. Pre-leasing is underway, with the first occupancies slated for February. The project team includes Compass Construction as general contractor, Encore Architects as architect, Ankrom Moisan as interior designer, Communita Atelier as landscape architect, KPFF as civil engineer and BCQ as structural engineer. Greystar will serve as property manager, and JSH is handling leasing of the retail portion.

January 8, 2020

Development New York Northeast Retail

Wegmans to Open 121,000 SF Supermarket in Harrison, New York

by Alex Patton January 7, 2020

HARRISON, N.Y. — Wegmans Food Market will open a 121,000-square-foot supermarket in Harrison, a northern suburb of New York City. The store is known for its wide selection of fresh produce, deli meats, cheeses and fresh baked breads, as well as its devoted following of “Wegmaniac” fans. The store will also house an internal restaurant called The Burger Bar, which will serve made-to-order burgers, sandwiches, salads and other casual cuisine, as well as beer and wine by the glass. Wegmans plans to hire 280 part-time and 220 full-time employees at the store, which is slated to open Sunday, June 7.

January 7, 2020

Development Healthcare New Jersey Northeast Office

The Hampshire Cos., Hackensack Meridian Health to Open 45,375 SF Medical Office in Montclair, New Jersey

by Alex Patton January 7, 2020

MONTCLAIR, N.J. — The Hampshire Cos. and Hackensack Meridian Health will open the 45,375 Mountainside Medical Center office building in Montclair, a western suburb of New York City. The medical center will provide a range of medical services including general surgery, cardiology, orthopedics and pediatrics. The Class A, three-story building will be located at 1 Bay Ave. NK Architects designed the building and construction began in 2018. The medical center will open this Thursday, Jan. 9.

January 7, 2020

Acquisitions Development Florida Office Southeast

Kimco Sells Land in South Florida to Spirit Airlines for New $250M Global Headquarters

by Alex Tostado January 7, 2020

DANIA BEACH, FLA. — Kimco Realty Corp. has sold approximately nine acres of land at its Dania Pointe mixed-use development in Dania Beach, near Interstate 95 and Stirling Road in Broward County. The buyer, Spirit Airlines, will develop a new global headquarters at the site, investing up to $250 million for the creation of a corporate campus that will support more than 1,000 employees in up to 500,000 square feet of space. The airline has also executed a ground lease for an additional land parcel for the construction of a Spirit corporate training residence. Dania Pointe is a 102-acre mixed-use development with nearly 1 million square feet of retail and restaurants, in addition to apartments, hotels, offices and public event space. The project is located five miles southeast of Fort Lauderdale near the Fort Lauderdale-Hollywood International Airport. Construction of the Spirit Airlines headquarters is expected to begin in 2021, with an anticipated transfer of employees in mid-2022. Phase I of the 102-acre Dania Pointe development opened in November 2018 and spans approximately 330,000 square feet of retail, now 96 percent leased to brands including T.J. Maxx, Hobby Lobby, Ulta Beauty, BrandsMart, Five Below, Shoe Carnival, Starbucks, and Youfit Health Club. …

January 7, 2020

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