Development

Overton Moore Properties, Invesco Break Ground on Three-Building Industrial Park in Tempe, Arizona

by Amy Works January 13, 2025

TEMPE, ARIZ. — Overton Moore Properties, in partnership with Invesco Real Estate, has broken ground on Nextwave Tempe, a Class A industrial project situated on 35.5 acres at the former site of the Big Surf Waterpark in northeast Tempe. Located at 1500 N. McClintock Drive, Nextwave Tempe will feature 689,000 square feet in three divisible buildings that can accommodate tenants from 32,000 square feet to 258,727 square feet. Each building will feature heavy power with expansion, abundant parking, full HVAC in the warehouses, speculative offices and private, secured truck yard areas. Layton Construction is serving as general contractor and HPA Architecture is the architect on record. Nextwave Tempe is slated for delivery in fourth-quarter 2025. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE are the listing brokers for the project.

January 13, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

Development Illinois Leasing Activity Midwest Retail

Three New Retailers Join Tenant Lineup at East Court Village in Pekin, Illinois

by Kristin Harlow January 13, 2025

PEKIN, ILL. — Ross Dress for Less, Marshalls and Five Below have joined the tenant lineup at East Court Village in Pekin, about 10 miles south of Peoria. The retailers are slated to open in fall 2025. East Court Village, owned by Cullinan Properties, is currently undergoing significant upgrades and improvements.

January 13, 2025

Development Multifamily Northeast Pennsylvania

Urby Begins Leasing 204-Unit Apartment Complex in Philadelphia

by Taylor Williams January 13, 2025

PHILADELPHIA — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 204-unit apartment complex in Philadelphia’s Fishtown neighborhood. Known as Fishtown Urby, the five-story building is located at 1700 Front St. and houses studio, one- and two-bedroom units, as well as retail space that is occupied by multiple food-and-beverage users. Amenities include two courtyards, a rooftop terrace, outdoor grilling and dining stations, a dog park, speakeasy, fitness center and dedicated work-from-home areas. Rents start in the $1500s for a studio apartment.

January 13, 2025

Data Centers Development Industrial Texas

Partnership to Develop 800,000 SF Data Center Campus in South Dallas

by Taylor Williams January 10, 2025

DALLAS — A partnership between two Dallas-based firms, Lincoln Property Co. and Tradition Holdings, as well as infrastructure provider Gigabit Fiber, will develop an 800,000-square-foot data center campus in South Dallas. The site spans 131 acres in the Red Oak submarket. The campus will comprise four facilities that will have a total power capacity of up to 540 megawatts at full build-out and that will support users in cloud computing and artificial intelligence, among others. Construction will be carried out in phases, starting with the development of a 7,500-square-foot, two-megawatt facility in the first quarter. A completion date for the entire development was not disclosed.

January 10, 2025

Development Industrial Loans Texas

Affinius Capital Provides $77.4M Construction Loan for Fort Worth Industrial Project

by Taylor Williams January 10, 2025

FORT WORTH, TEXAS — Affinius Capital has provided a $77.4 million construction loan for West Worth Commerce Center, a 992,000-square-foot industrial project in Fort Worth. The site is located off I-820 between interstates 30 and 20, and the development will consist of four buildings that will feature 32- to-36-foot clear heights, 274 dock-high doors, 12 drive-in doors and parking for 235 trailers and 912 cars. The borrower is a joint venture between Forefront Commercial Real Estate and a fund backed by Ares Management Real Estate. A tentative completion date for West Worth Commerce Center was not disclosed.

January 10, 2025

Development Multifamily Texas

Trademark Tops Out 321-Unit Vickery Apartments in Downtown Fort Worth

by Taylor Williams January 10, 2025

FORT WORTH, TEXAS — Trademark Property Co. has topped out The Vickery, a 321-unit multifamily project in downtown Fort Worth. Designed by GFF and developed in partnership with SCOA Real Estate Partners, The Vickery will consist of 307 apartments, 14 townhomes and a 5,300-square-foot restaurant with a second-story lounge, as well as an amenitized green space. Residential amenities will include a pool, rooftop lounge and coworking space. Construction began in February 2024 and is expected to be complete this spring.

January 10, 2025

Development Hospitality Texas

CBG Real Estate to Undertake 165-Room Hotel Redevelopment Project in Northeast San Antonio

by Taylor Williams January 10, 2025

SAN ANTONIO — Locally based firm CBG Real Estate will undertake a hotel redevelopment project in northeast San Antonio. CBG will redevelop an existing hotel located at the intersection of Perrin Beitel Road and Loop 410 near San Antonio International Airport into a 165-room, dual-branded property. The new hotel will be operated under the La Quinta and Hawthorn Extended Stay by Wyndham brands and will offer amenities such as a fitness center, outdoor grilling and picnic areas and meeting/event space. The project is expected to be complete before the end of the year.

January 10, 2025

Development Mixed-Use Northeast Pennsylvania

Piatt Cos. Unveils Plans for $600M Riverfront Mixed-Use Project in Pittsburgh

by Taylor Williams January 10, 2025

PITTSBURGH — Locally based developer Piatt Cos. has unveiled plans for The Esplanade, a $600 million, 1.7 million-square-foot mixed-use project in Pittsburgh. The site, which formerly supported industrial uses, spans 15 acres along the Ohio River on the city’s north side. Residential plans for The Esplanade currently call for more than 400 apartments, 20 percent of which will be reserved as affordable housing, as well as 105 condominium units. In addition, the development will feature roughly 8 acres of public green space, a 225-room hotel with meeting and event space and retail and entertainment uses such as an aquarium, grocery store, museum, splash park, walking trails, public art installations and a Ferris wheel. According to multiple local news sources, including the Pittsburgh Post-Gazette, Piatt Cos. received approval in November from the City Planning Commission for the project, which is expected to generate $75.3 million in annual economic impact for the region, as well as to support the creation of more than 7,000 jobs.

January 10, 2025

Development Loans Multifamily Washington Western

Waterton Provides $69.2M Senior Construction Loan for Apartment Development in Vancouver, Washington

by Amy Works January 10, 2025

VANCOUVER, WASH. — Waterton, in partnership with Strathcona Capital, has provided a $69.2 million senior construction loan for the development of 12th & Main, a seven-story mid-rise apartment building in Vancouver. The borrower, Oregon-based Pahlisch Commercial, started construction in December 2024 on the project that is slated for completion in 2027. Totaling 198 units, 12th & Main will offer studio, one- and two-bedroom floor plans and an amenity package including a 24-hour fitness center, rooftop lounge with river views, dog wash station, game room, remote work offices, electric vehicle charging stations and a steam shower and sauna. Additionally, the property will include 21,359 square feet of ground-floor commercial space. Pahlisch Commercial will occupy roughly half of the ground-floor space as its headquarters office.

January 10, 2025

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