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Valley-View-Park-East-Hanover
DevelopmentMultifamilyNew JerseyNortheast

KRE Group Completes 239-Unit Apartment Community in East Hanover, New Jersey

by Taylor Williams

EAST HANOVER, N.J. — Locally based developer KRE Group has completed Valley View Park, a 239-unit apartment community in East Hanover, about 30 miles west of Manhattan. The property, which is named for a golf course that occupied the site from 1937 to 1973, consists of five four-story buildings. Units come in one- and two-bedroom floor plans, and 34 residences are subject to income restrictions. The amenity package comprises a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. Rents start at approximately $2,700 per month for a one-bedroom apartment. Construction began in April 2023, and leasing launched in September 2024.

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DevelopmentNew JerseyNortheastRetail

Topgolf to Open New Entertainment Venue in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — Topgolf will open a new entertainment venue at 1269 U.S. Route 46 in the Northern New Jersey community of Parsippany. The square footage was not disclosed. The three-level facility will feature 102 climate-controlled hitting bays, a full-service restaurant and bar, fire pits, private event space and a rooftop terrace. Construction of the venue, which will be the Dallas-based operator’s third in New Jersey and is expected to employ between 350 and 400 people, is now underway. The opening is slated for next summer.

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DevelopmentFloridaRestaurantRetailSoutheast

Topgolf to Open Venue in Panama City Beach, Florida

by John Nelson

PANAMA CITY, FLA. — Topgolf will open its newest outdoor venue at 15475 Topgolf Way in Panama City Beach tomorrow. The new Topgolf will be the Dallas-based operator’s 10th outdoor location in Florida and its first on the state’s Emerald Coast. The property is situated along Powell Adams Drive near Panama City Beach Parkway and adjacent to Pier Park. The venue will employ between 275 and 300 staffers and feature 74 outdoor climate-controlled hitting bays spanning two levels, each furnished with lounge-type couches or high-top tables. The Topgolf will also feature a full-service bar and restaurant, outdoor patio with lawn games and a 22-foot video wall with more than 140 HDTVs.

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DevelopmentLoansMixed-UseMultifamilyRestaurantRetailSoutheastVirginia

PREIT Obtains $150M Loan to Recapitalize Springfield Town Center in Northern Virginia

by John Nelson

SPRINGFIELD, VA. — PREIT has closed on a $150 million loan for Springfield Town Center, a mixed-use redevelopment of the former Springfield Mall in Northern Virginia. The property includes more than 1 million square feet of retail space, including a 32,000-square-foot LEGO Discovery Center that opened in 2023. Other tenants include Build-A-Bear, Burger King, Chuy’s, Dave & Buster’s, Dick’s Sporting Goods, Finish Line, Five Below, H&M, Hot Topic, JC Penney, LA Fitness, Macy’s, Maggiano’s, Nordstrom Rack, Regal Cinema, Sephora, Toys “R” Us and Target, among others. Springfield Town Center will also include a 460-unit apartment community that is underway, along with a hotel and public park. The property will also house another 400 apartments that are in the planning stages and expanded parking that will have skybridge connectivity between the development’s various components. Goldman Sachs and Barclays Bank were the lead lenders for the five-year loan, which features interest-only payments and a fixed interest rate of 7.1 percent. With the new financing, PREIT expects to realize more than $5.1 million in annual interest savings.

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Astria-Apts-Tempe-AZ
ArizonaDevelopmentMultifamilyStudent HousingWestern

Trinitas, Mitsui Fudosan to Break Ground on 27-Story Student Housing Tower Near Arizona State University

by Amy Works

TEMPE, ARIZ. — A partnership between Trinitas Ventures and Mitsui Fudosan America is set to break ground on Astria Tempe, a 27-story student housing tower located steps away from the Arizona State University campus in Tempe. The development will offer units in studio, one-, two- and three-bedroom configurations. Shared amenities will include a pool, spa, fitness center, coworking space, social lounges, dog-friendly areas and ground-floor retail space. The community is scheduled for completion in summer 2027. TSB Capital Advisors arranged equity for the project, and BMO Bank provided financing. The development team includes Layton Construction Co. and Niles Bolton Associates. 

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ANOVA-Aggie-Square-Sacramento-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

GMH, Wexford Complete 252-Bed Student Housing Project Near UC Davis, Sacramento Campus

by Amy Works

SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has completed ANOVA Aggie Square, a 252-bed development located on Stockton Boulevard near the University of California, Davis (UC Davis) campus in Sacramento. The community offers 190 units in a mix of studio, one-, two- and four-bedroom configurations. Shared amenities include a 2,500-square-foot fitness center with yoga and spin studios; soundproof office pods and private conference rooms; a coffee bar; wellness lounge with a sauna and massage chairs; 24-hour package system; game room with billiards; and an amenity patio with grilling stations. UC Davis Student Housing and Dining Services master leases 49 of the units and leases them at below-market rates. Priority for occupancy of these units is given to first-year medical, nursing and graduate students studying on the Sacramento campus. The remaining units are available for lease via GMH Communities, which operates the property, with priority given to university students, faculty and staff. The community was constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space. 

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DevelopmentHospitalityMidwestOhio

Nationwide Realty Investors Nears Completion of Renovations at Hotel, Conference Center in Metro Columbus

by Kristin Harlow

LEWIS CENTER, OHIO — Nationwide Realty Investors is nearing completion of renovations at Nationwide Hotel and Conference Center, a 20-acre hotel and event complex in Lewis Center, a northern suburb of Columbus. In conjunction with the renovations, the property will be rebranded as The Ohioan Hotel & Event Center later this summer. The newly completed event center renovations include renovated and modernized ballrooms, expanded pre-function and post-function spaces and a new private outdoor courtyard with multiple fireplaces. Additional renovations underway include updates to the 193 guestrooms and suites. The hotel will remain open throughout the phased renovations. The 2,000-square-foot pub will also be given a refresh later this fall. Nationwide also commissioned three Ohio-based artists to create original artworks for display throughout the event center. What began as a radio station in the 1940s evolved into Green Meadows Inn during the 1960s. The property then became a training center for Nationwide Insurance in the 1970s and ultimately expanded into a full-scale conference and hotel destination by the early 2000s.

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DevelopmentIndustrialMidwestWisconsin

HSA Commercial Begins Development of 226,321 SF Spec Industrial Facility in Oconomowoc, Wisconsin

by Kristin Harlow

OCONOMOWOC, WIS. — HSA Commercial Real Estate has begun development of a 226,321-square-foot speculative industrial facility at Pabst Farms, a 1,500-acre master-planned community in Oconomowoc, about 35 miles west of Milwaukee. Located one mile southwest of the I-94 and Highway 67 interchange, the Class A warehouse is slated for completion in the fourth quarter. Situated on 17.3 acres, the project will accommodate users seeking as little as 40,800 square feet. The building will feature a clear height of 32 feet, 50-foot-by-50-foot column spacing with a 60-foot speed bay, more than 30 dock doors, four drive-in doors, 342 automobile parking spaces and 140 trailer stalls. Cushman & Wakefield | Boerke is handling leasing for the property. Cornerstone Architects, a Nelson company, is the project architect. Pinnacle Engineering is the civil engineer, and Riley Construction is the general contractor. Nearly 1,000 acres have been developed across the residential, retail, healthcare and education sectors within Pabst Farms, which was created in 2002. The remaining 450 acres will be built under an updated 2024 master plan that further integrates commercial, industrial and innovation uses.

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DevelopmentHospitalityMidwestNebraska

Midas Hospitality Develops 102-Room Hotel Near Casino, Racetrack in Nebraska

by Kristin Harlow

COLUMBUS, NEB. — Midas Hospitality has developed a dual-branded hotel featuring Fairfield Inn & Suites and Townplace Suites near Harrah’s Racing and Casino in Columbus, a city in eastern Nebraska. The four-story property is under the Marriott umbrella. Locally based Foreman Lumber built the project, which caters to short-term and long-term stays with the 54-room Fairfield Inn & Suites and the Townplace Suites, which offers 48 extended-stay rooms. Amenities include a fitness center, pool, flex space, outdoor patio, meeting room and complimentary breakfast. The casino and horse racing venue came about following the passage of three Nebraska constitutional amendments in 2020, which legalized casino gambling adjacent to horse racing venues in the state.

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Scripps Memorial La Jolla
CaliforniaDevelopmentHealthcareTop Stories

Scripps Health Completes Development of $664M Hospital Tower in San Diego

by Hayden Spiess

SAN DIEGO — Locally based health system Scripps Health has completed the development of a new hospital located in the La Jolla neighborhood of San Diego. Construction costs totaled $664 million.  Dubbed Scripps Memorial Hospital La Jolla North Tower, the building totals 420,000 square feet across eight floors. The property is situated on the Scripps Memorial Hospital La Jolla campus, about 15 miles north of downtown San Diego. Designed by HGA Architects, the hospital building features 188 inpatient beds, a rooftop helistop, nine operating rooms, three interventional radiology suites, expanded imaging capabilities, a NICU (neonatal intensive care unit), labor and delivery section and postpartum services.  McCarthy Building Cos. served as the general contractor for the tower, which is directly connected to the Prebys Cardiovascular Institute, also constructed by McCarthy.  According to Scripps Health, the tower was planned and constructed over eight years. Financing for the project included a $2.5 million gift from philanthropist Barbara Smith.  Scripps Health, a $5 billion not-for-profit health system, operates four hospitals on five campuses.  — Hayden Spiess

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