Development

Cornerstone Cos. to Develop 40,000 SF Medical Office Building in Carmel, Indiana

by Kristin Harlow June 12, 2020

CARMEL, IND. — Cornerstone Cos. Inc. has purchased a three-acre parcel at 12174 N. Meridian St. in Carmel, a suburb of Indianapolis. Cornerstone plans to develop a 40,000-square-foot medical office building on the site. Known as Carmel Medical Arts Pavilion, the three-story project will be home to four healthcare tenants providing orthopedics, rehabilitation, primary care and pediatric dentistry services. The property will feature covered physician parking and an outdoor terrace on the third floor. Cornerstone will serve as developer, construction manager and property manager. The Indianapolis-based company specializes in healthcare real estate. A timeline for completion was not disclosed.

June 12, 2020

Development Illinois Midwest Office Top Stories

Trammell Crow Plans to Develop 423,454 SF Fulton Labs Life Science Facility in Chicago

by Alex Patton June 12, 2020

CHICAGO — Trammell Crow Co. (TCC), a Texas-based developer, has unveiled plans for Fulton Labs, a 423,454-square-foot life science facility in the Fulton Market neighborhood of Chicago. Located at 400 N. Aberdeen St., Fulton Labs will span 16 floors, with 12 floors of wet or dry lab space, dependent on the tenant’s needs. The lab space will be equipped for drug, chemical and biological testing as well as digital research and analysis. The facility’s 34,000-square-foot, column-free floor plates will be able to accommodate small startups as well as multi-floor tenants. The building will also feature passenger and freight elevators, as well as chemical and equipment storage space for tenants. “With Fulton Labs’ advanced research and development infrastructure, flexible lab spaces, and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” says Grady Hamilton, managing director of TCC’s Midwest Business Unit. The building will feature 35,000 square feet of amenity space, which will include a health and wellness center, a 190-person collaboration center, a rooftop fire lounge and two private balconies per floor. The property will offer access to interstates 90, 94 and 290, as well …

June 12, 2020

Acquisitions Development Florida Lee & Associates Multifamily Southeast

Lee & Associates Arranges $3M Sale of Waterfront Site in Southwest Florida for Future Multifamily Development

by Alex Tostado June 11, 2020

FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.

June 11, 2020

California Development Loans Office Western

JLL Arranges $33.8M Construction Financing for Spec Office Development in Bay Area

by Amy Works June 11, 2020

BURLINGAME, CALIF. — JLL Capital Markets has secured $33.8 million in construction financing for the development of 250 California, a speculative office building in Burlingame. Jordan Angel and Chris Gandy of JLL represented the borrower, Dewey Land Co. and Divco West, to capitalize the project through a joint venture partnership. Slated for completion in 2022, the 44,605-square-foot project will feature four stories of office space, ground-floor retail space and a three-level subterranean parking facility. The transit-oriented property is situated in downtown Burlingame immediately adjacent to the Burlingame Caltrain station, near Highway 101 and state routes 82 and 92.

June 11, 2020

Development Midwest Minnesota Multifamily Seniors Housing

Lakeview Methodist Starts Construction of $24M Skilled Nursing Facility in Minnesota

by Kristin Harlow June 11, 2020

FAIRMONT, MINN. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs are estimated at $24 million. Construction is slated for completion by fall 2021. Located at 610 Summit Drive on Lakeview Methodist’s campus overlooking the Budd and Sisseton lakes, the new facility will feature a child daycare center, dining room, overnight guest room, gift shop, movie theater, fitness center, beauty shop, courtyard and gardens. Lakeview Methodist has worked in the Minnesota skilled nursing sector for 50 years and provides 24-hour care for short- or long-term stays.

June 11, 2020

California Development Multifamily Top Stories Western

LaTerra, QuadReal Plan Two Mixed-Use Projects in Hollywood, Burbank

by Taylor Williams June 11, 2020

LOS ANGELES AND BURBANK, CALIF. — A joint venture between Los Angeles-based LaTerra Development and Canadian investment firm QuadReal Property Group has launched a $250 million fund to develop and operate multifamily communities in Southern California. The joint venture has acquired land for two different projects in the greater Los Angeles area. The first project will be a 573-unit, transit-served community that will be situated on an eight-acre site at 777 N. Front St. in Burbank. The site is located near the corporate headquarters of Walt Disney Studios and Warner Bros. and will also house a 300-room hotel that will be developed separately. This community, which will be branded The Line at Burbank, will be just the second new multifamily project to be constructed in Burbank in the last 20 years. The other, the 241-unit Talaria at Burbank, was completed in February 2019 following years of setbacks that included adjustments to surrounding traffic flows and various environmental concerns. The second development will be a 71-unit complex at 7617 Santa Monica Blvd. in West Hollywood that will also house 10,000 square feet of ground-floor retail space. Amenities at this property will include a rooftop pool and two levels of subterranean parking. …

June 11, 2020

California Development Industrial Western

Shea Properties Completes 500,000 SF Shea Business Center in Santa Ana, California

by Amy Works June 10, 2020

SANTA ANA, CALIF. — Aliso Viejo, Calif.-based Shea Properties has completed the development of Shea Business Center, a Class A industrial park located on the former ITT site on Dyer Road in Santa Ana. Construction began in August 2018 and was completed on June 1, 2020. Totaling 500,000 square feet, the nine-building Shea Business Center offers dock-high and ground-level loading doors, ESFR sprinklers, concrete foundation, gas service to all buildings, potential private yards, ample power and 28-foot to 30-foot clear heights. Anduril has inked a deal to occupy 72,000 square feet at the industrial park. Anduril is a defense technology start-up focused on artificial intelligence platforms to protect troops, fight wildfires, perform search-and-rescue missions and more. John Griffin and Max Wang of Cushman & Wakefield are leasing agents for the property. Tucker Hughes of Hughes Marion represented Anduril in its lease.

June 10, 2020

Development Multifamily Northeast Office Vermont

Nedde Begins Work on 96,000 SF Office, Multifamily Redevelopment in Burlington, Vermont

by Alex Patton June 10, 2020

BURLINGTON, VT. — Nedde Real Estate has begun work on a 96,000-square-foot office and multifamily redevelopment project in Burlington, approximately 40 miles northwest of Montpelier. Project costs are estimated to be roughly $20 million. The locally based developer will convert the People’s United Bank Building, located at 77 Pine St., into a property with 43,000 square feet of office and bank space and 50 apartments. People’s United Bank currently uses the office space as its headquarters. The apartments will offer loft, one- and two-bedroom floor plans. The project is slated for completion in summer 2021.

June 10, 2020

Development Industrial North Carolina Southeast

Prime Beverage Group to Invest $68M for New Manufacturing Facility in Metro Charlotte

by Alex Tostado June 10, 2020

KANNAPOLIS, N.C. — Prime Beverage Group will invest $68 million in a manufacturing facility in Kannapolis that will create 231 jobs. The 300,000-square-foot property will include warehouse space and will have the capability of packing 1,500 cans per minute. The property will be located at 1858 Kannapolis Parkway, 21 miles northeast of downtown Charlotte. Among the positions Prime Beverage will add in the Cabarrus County facility are technicians, sales, operations and managerial personnel with an average annual salary of $65,900. According to North Carolina Gov. Roy Cooper’s office, the current average annual wage in Cabarrus County is $38,892. Funding for the project is coming in part from the state’s Economic Investment Committee, which approved a 12-year Job Development Investment Grant. The grant authorizes the potential reimbursement of up to $2.4 million if the company meets its hiring goal. Prime Beverage is a beverage co-packing company that will contract with brand name beverage companies to mix and package their canned drinks. A timeline for construction was not disclosed.

June 10, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Completes Construction of 146-Unit Senior Living Community in Naperville, Illinois

by Kristin Harlow June 10, 2020

NAPERVILLE, ILL. — McShane Construction Co. has completed the construction of Avenida Naperville, a 146-unit senior living community in Naperville. Reserved for adults age 62 and older, the six-building property is geared toward residents who want to maintain an active lifestyle. Residents have access to 13,000 square feet of amenity space, including a clubhouse with a bistro, fitness and yoga studios, a theater, library, private dining room and arts studio. Outdoor amenities include a pool, game lawn and barbecue areas. Meeks + Partners designed the community. Avenida Partners is the developer and owner.

June 10, 2020

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