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CaliforniaDevelopmentIndustrialWestern

Rockefeller Group, Newcastle Partners Break Ground on 203,944 SF Distribution Center in Inland Empire

by Amy Works

MORENO VALLEY, CALIF. — Rockefeller Group has broken ground on Centerpointe Commerce Center, a speculative distribution center situated on 8.8 acres of industrial land in Moreno Valley. The 203,944-square-foot facility is slated for completion in summer 2020. Located on Frederick Street, the dock-high industrial building will feature 32-foot clear heights, 8,000 square feet of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls. Additionally, the property will offer access to several Southern California freeways, including Interstate 215, State Route 60, State Route 90 and Interstate 10. Rockefeller Group acquired the site from Newcastle Partners in April. Newcastle pursued the required governmental approvals for the projects beginning in October 2017, and the company successfully obtained the entitlements and zoning just prior to Rockefeller Group’s acquisition. Rockefeller Group and Newcastle selected Newport Beach, Calif.-based RM Dalton as general contractor, Herdman Architecture + Design as architect and SDH & Associates as civil engineer. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for Centerpointe Commerce Center.

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DevelopmentHospitalityMultifamilyTexas

JMJ Development to Build 548,811 SF Hotel, Condo Project in Dallas’ Turtle Creek District

by Taylor Williams

DALLAS — JMJ Development will build a 25-story project in the Turtle Creek neighborhood of Dallas that will house a 177-room hotel and 97 condominium units. The site, which will include 387 parking spaces, is located just north of downtown Dallas. JMJ is currently negotiating with five-star hotel brands for the hospitality component of the project. New York City-based Madison Realty Capital provided a $32.5 million loan for the acquisition of the land. A construction schedule is still being finalized.

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DevelopmentMultifamilyTexas

Paragon Underway on Renovation of 450-Unit Multifamily Asset in The Woodlands

by Taylor Williams

THE WOODLANDS, TEXAS — General contractor Paragon Services Inc. is underway on the renovation of Boardwalk at Town Center, a 450-unit apartment community in The Woodlands, about 30 miles north of Houston. The project, which began last fall and is now 40 percent complete, will upgrade unit interiors with quartz countertops, stainless steel appliances, pendant lighting and wood-style flooring. Amenities at the property include two pools, a rooftop lounge, business center with a coffee bar, fitness center and a clubroom with a gourmet kitchen. Bentall GreenOak, an investment firm formed by the recent merger of Bentall Kennedy and GreenOak Real Estate, owns the asset.

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DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential to Develop 276-Unit Multifamily Community in Atlanta’s Summerhill District

by Alex Tostado

ATLANTA — Alliance Residential has acquired five acres within Carter’s Summerhill development to construct a 276-unit multifamily community. The master-planned project is located southeast of downtown Atlanta and just north of Georgia State Stadium, formerly known as Turner Field. Broadstone Summerhill will offer studio, one-and two-bedroom floor plans averaging 729 square feet. Communal amenities will include a swimming pool, clubroom, fitness center, flexible indoor /outdoor spaces and a top-floor sky lounge with views of the Downtown and Midtown skylines. The community is within a mile of the Atlanta BeltLine, Grant Park, Zoo Atlanta, The Georgia State Capitol and Georgia State University. Alliance Residential expects to break ground later this year and deliver the project in 2021.

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DevelopmentMultifamilySeniors HousingTexas

Sparrow Partners Opens 150-Unit Active Adult Community in Metro Houston

by Taylor Williams

KATY, TEXAS — Austin-based developer Sparrow Partners has opened Soléa Cinco Ranch, a 150-unit active adult community for renters 55 and older in the western Houston suburb of Katy. Located at 25500 Westheimer Parkway, the property features one- and two-bedroom apartments, and its amenities include a dog park, fitness center, game lounge, media room, coffee bar and a library. Tenant activities at Soléa Cinco Ranch include happy hours, wine tastings, cooking classes and book clubs. A grand opening event will be held on Thursday, Sept. 26.

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ArizonaDevelopmentMultifamilyWestern

Cushman & Wakefield Brokers $6.4M Sale of Multifamily Development Site in Phoenix

by Amy Works

PHOENIX — Cushman & Wakefield has arranged the sale of a 1.52-acre land site within Roosevelt Row Arts District in Phoenix. An entity formed by Phoenix-based Alliance Residential acquired the site from Edgehill Investments for $6.4 million. The buyer plans to develop Broadstone Portland on the land, which is located at the northeast corner of Third and Portland streets. The planned 161-unit multifamily asset will feature studio, one- and two-bedroom units ranging from 620 square feet to 1,600 square feet. Additionally, the five-story property will feature street-level stop entrances on the top of two levels of podium parking and an elevated amenity deck with a resort-style swimming pool and fitness facility. Construction is slated to started in fourth-quarter 2019. ORB Architects is designing the project.

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DevelopmentIllinoisMidwestOffice

Franklin Partners Opens Redeveloped Office Building in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Franklin Partners has opened The Shuman, a redeveloped 350,000-square-foot office building in Naperville. The property, located at 263 Shuman Blvd., formerly served as the headquarters for OfficeMax. Designed by Wright Heerema Architects, the multi-tenant property now includes a five-story atrium with a custom light installation. A staircase that doubles as seating space leads to the amenity floor, which includes private meeting rooms, a lounge, game room, golf simulator and fitness center. Fiona’s Fare is a dining area while Manan is an in-house coffee bar. Francis Prock and David Florent of Colliers International are marketing the property for lease. Thus far, approximately 35,000 square feet of space has been leased. Franklin Partners acquired the property in April 2018 in a joint venture with Bixby Bridge Capital.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Senior Lifestyle Corp. Breaks Ground on 200-Unit Community Near Chicago

by Kristin Harlow

OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.

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DevelopmentHealthcareNorth CarolinaSoutheast

Flagship Healthcare Delivers 20,995 SF Ambulatory Surgery Center in Granite Falls, North Carolina

by Alex Tostado

GRANITE FALLS, N.C. — Flagship Healthcare Properties has delivered a 20,995-square-foot ambulatory surgery center within RiverCrest Medical Park in Granite Falls. Atlantic Union Bank provided construction financing for the project, which began in July 2018. The center was built for Prime Surgical Suites, an affiliate of Caldwell UNC Healthcare. Flagship Healthcare Trust Inc., Flagship’s private REIT, owns the building. Flagship will also provide property and asset management services for the facility.

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