Development

Hunt Southwest to Develop 370,000 SF Spec Industrial Project in El Paso

by Taylor Williams June 3, 2020

EL PASO, TEXAS — Dallas-based industrial developer Hunt Southwest will enter the El Paso market with Rojas East Distribution Center, a 370,000-square-foot speculative project that will be located about 15 miles southeast of the downtown area. The two-building complex will offer proximity to Interstate 10 and the Zaragoza International Bridge, which connects El Paso to its sister city of Ciudad Juarez, Mexico. Building features will include parking for up to 292 automobiles and 42 trailers, as well as 28- to 32-foot clear heights, ESFR sprinkler systems and build-to-suit office spaces. PSRBB Industrial Group Inc. is handling design services for the development, and Conlan Co. is the general contractor. Sonny Brown & Associates will handle leasing of the project. Construction is underway and expected to be complete in the first quarter of 2021.

June 3, 2020

Development Industrial Nevada Western

Dermody Properties Purchases 9.5-Acre Site for LogistiCenter at Sunset in Las Vegas

by Amy Works June 3, 2020

LAS VEGAS — Dermody Properties has acquired a 9.5-acre land site for the development of LogistiCenter at Sunset. Situated at Sunset Road and Bruce Street in Las Vegas, the 151,200-square-foot, e-commerce-ready property is slated for completion in first-quarter 2021. Currently under construction, the building will be divisible to 20,000 square feet and offer build-to-suit office space, 33 dock-high doors, six drive-in doors, 32-foot clear heights, a 135-foot truck court, LED warehouse lighting, tilt-up concrete panel construction and an ESFR fire protection system. LogistiCenter at Sunset will be located approximately one mile from the Interstate 215/Interstate 15 interchange, five miles from the Resort Corridor and within 10 miles of major FedEx and UPS distribution hubs. Additionally, the facility will be adjacent to McCarran International Airport. Kevin Higgins, Garrett Toft, Jake Higgins and Sean Zaher of CBRE represented Dermody in the land acquisition and will be the leasing agents for the completed project. The name of the seller and acquisition price were not released.

June 3, 2020

Development Multifamily Top Stories Washington Western

LMC Breaks Ground on 450-Unit Luxury Apartment Community in Redmond, Washington

by Kristin Harlow June 3, 2020

REDMOND, WASH. — LMC, a wholly owned subsidiary of Lennar Corp., has broken ground on LMC Marymoor, a 450-unit luxury apartment community in Redmond, a suburb of Seattle. The three-building project will feature 37,000 square feet of retail space. The first move-ins are slated for early 2022. The development is situated on 70th Street, just northeast of the 640-acre Marymoor Park. Residents will be steps from a Whole Foods Market and less than a mile from Redmond Town Center, a retail destination with more than 110 shops and restaurants. Public transportation access will be available through the SE Redmond Link Light Rail Station, which is currently under construction. LMC Marymoor will consist of studio, one-, two- and three-bedroom floor plans ranging from 450 to 1,400 square feet. Amenities will include a pool, hot tub, fitness center, coworking lounge, community gardens and play areas. A sky lounge will open to a large rooftop deck. The project will feature artwork from several local artists, including a mural wrapping the entire northern building. Redmond is known for its tech sector, being the home of Microsoft and Nintendo. Amazon, Google, Facebook and SpaceX also have large presences in the area. “Redmond continues to be …

June 3, 2020

Data Centers Development Industrial Southeast Virginia

Aligned Energy Breaks Ground on 513,000 SF Data Center Extension in Northern Virginia

by Alex Tostado June 2, 2020

ASHBURN, VA. — Aligned Energy has broken ground on a 513,000-square-foot extension of its hyperscale data center in Ashburn. Phase I, which was completed in 2019, comprises 370,000 square feet and has a 60-megawatt capacity. Upon completion of Phase II, the data center’s capacity will double to have 120-megawatt capacity. Upon full buildout, the data center will have 180-megawatt capacity and span 1 million square feet. Aligned Energy expects to deliver Phase II by the end of 2020. The facility is located at 21890 Uunet Drive, 30 miles west of downtown Washington, D.C. The colocation property offers access to more than 50 carriers in the region. Plano, Texas-based Aligned Energy has data centers in Ashburn, Phoenix, Dallas and Salt Lake City that offer innovative, sustainable and adaptable colocation and build-to-scale solutions for cloud, enterprise, and managed service providers.

June 2, 2020

California Development Loans Multifamily Student Housing Western

Capstone Development Closes on Financing for $23.5M Student Housing Project at San Diego State University

by Amy Works June 2, 2020

SAN DIEGO — Capstone Development Partners has closed on traditional debt and equity financing for the development of VIVA 5750, a new on-campus student housing community at San Diego State University in San Diego. Situated on ground leased by Capstone, the four-story, 80,000-square-foot community will house approximately 182 students in a mix of apartment-style units. Additionally, the project will feature indoor and outdoor amenities. Construction of the $23.5 million project commenced in May, with completion slated for the fall 2021 semester. Capstone, JWDA Architects and Cannon Constructors collaborated with the San Diego State University Research Foundation’s project stakeholders to design the new apartment property to meet the university’s goals and objectives relative to upper-division and graduate student housing options. VIVA 5750 is Capstone’s second P3 partnership with the San Diego States University Research Foundation.

June 2, 2020

Development Retail Texas

Gulf Coast Commercial Underway on 18,000 SF Retail Project in Houston

by Taylor Williams June 2, 2020

HOUSTON — Locally based developer Gulf Coast Commercial Group is underway on construction of Block 14 at Garden Oaks, an 18,000-square-foot retail project the Garden Oaks neighborhood of Houston. The project is being developed on a 1.7-acre site just north of Loop 610 and is expected to be complete in July. Tenants that have already signed leases include McAlister’s Deli and Salata.

June 2, 2020

Development Midwest Office Ohio

Coworking Concept COhatch to Open Second Cincinnati Location in Hyde Park

by Kristin Harlow June 2, 2020

CINCINNATI — COhatch is expanding its Cincinnati presence to Hyde Park. The coworking startup has purchased a 13,000-square-foot building at 2727 Erie Ave. for $2 million and plans to repurpose the three-story property to house coworking and event space. COhatch will occupy the second and third floors of the building. Italian and Argentine restaurant Alfio’s Buon Cibo will continue to occupy the first floor. North High Brewing Co. will move into an adjacent first-floor space that Keegan’s Seafood Market previously leased. COhatch expects to open the Hyde Park facility in the fall. It will predominantly feature private offices along with a handful of meeting rooms. The company’s Deerfield Towne Center location is slated to open in July. There are currently 15 COhatch locations open or under development in the Midwest.

June 2, 2020

Development Massachusetts Northeast Office

WuXi Biologics Plans $60M Office Project in Worcester, Massachusetts

by Alex Patton June 1, 2020

WORCESTER, MASS. — Chinese biomanufacturing company WuXi Biologics will develop a $60 million office project in Worcester, approximately 45 miles west of Boston. The 107,000-square-foot building will anchor a 46-acre master-planned biomanufacturing campus called The Reactory, a 470,000-square-foot redevelopment of a site formerly occupied by Worcester State Hospital. Worcester Business Development Corp. (WBDC) sold the 7-acre parcel of land to WuXi for $1.5 million. Brian Cohen, Chris McCauley and Colin Coughlin of CBRE represented WuXi Biologics in the transaction. Jim Umphrey and Drew Higgins represented WBDC. WuXi expects the facility to be operable in 2020.

June 1, 2020

Development Multifamily Texas

Tema Development Begins Renovation of 35-Story Residential Tower in Houston

by Taylor Williams June 1, 2020

HOUSTON — Locally based firm Tema Development has begun renovating The Parklane, a 35-story residential tower located at 1701 Hermann Drive, just south of downtown Houston. Upon completion, the project will feature 195 residences that may be purchased or rented. Mirador Group is the architect, interior designer and landscape designer for the project. Construction of a new fitness center, amenity deck and lobby will begin in the fourth quarter, and completion of the entire project is slated for December 2021.

June 1, 2020

Affordable Housing Development Georgia Loans Multifamily Southeast

CIG Capital Provides $125M Construction Loan for Affordable Housing Community in West Point, Georgia

by Alex Tostado June 1, 2020

WEST POINT, GA. — CIG Capital has provided a $125 million construction loan for The Villages at West Point, a planned 624-unit affordable housing community in West Point. The Villages will sit on 70 acres within one mile from West Point Lake and Campground. CIG Capital provided the loan to the development team, which includes Utah-based American Development Corp., which specializes in developing multifamily charter schools. The Villages will offer onsite parking facilities for residents’ boats, recreational vehicles and camp trailers. The developers plan to hold a ribbon-cutting ceremony in late August. West Point is situated near the Georgia-Alabama border along Interstate 85.

June 1, 2020

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