TULSA, OKLA. — Discovery Senior Living has completed renovations at Country Club at Woodland Hills, a senior living community in Tulsa. A grand unveiling of the updated areas was held Saturday, July 27. Country Club at Woodland Hills offers independent living and respite care. The number of units was not disclosed. The renovations largely took place in the common areas, including exterior enhancements, a new fitness center and improvements to other amenities and lifestyle programs.
CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …
CONYERS, GA. — Cabot Properties and Republic Property Co. have broken ground on a 275,000-square-foot, build-to-suit distribution center in Conyers. Biolab Inc. will occupy the entire building upon completion. Biolab, which has operated in Conyers since 1973, will use the new facility to house production and storage space for pool and spa water-treatment chemicals. The center will feature a 32-foot ceiling clear height, fifteen overhead dock doors and two drive-in doors. ARCO Design/Build is the general contractor. A timeline for completion was not disclosed.
LEXINGTON, KY. — The Thrash Group has opened Origin Lexington, a 120-room, 76,000-square-foot hotel situated within The Summit at Fritz Farm in Lexington. Origin Lexington includes 2,100 square feet of meeting space as well as 33 Staves, a restaurant named after the number of wooden stave pieces needed to form a full-sized oak barrel used to age bourbon. Amenities at the hotel include a fitness center, in-room yoga kits and in-room tents and sleeping bags. Birmingham, Ala.-based Bayer Properties is the owner and developer of Summit at Fritz Farm, an outdoor shopping center that has more than 60 retailers and restaurants across 54 acres.
SAN JOSE, CALIF. — Verizon will co-develop and lease-to-purchase a new ground-up campus for its Verizon Media workforce at the Coleman Highline campus in San Jose. Co-developed by Hunter Properties, the new campus will support 3,400 employees, including 2,400 from Verizon Media’s current Sunnyvale, Calif., location. Verizon signed a long-term lease for approximately 640,000 square feet in multiple buildings, including a welcome pavilion and workplace amenities such as a fitness center and cafeteria. Verizon’s new campus will be part of the larger Coleman Highline mixed-use development that includes a hotel and retail and residential space, as well as communal gathering and collaboration spaces. Groundbreaking for the Verizon asset is slated for this fall, with completion scheduled for 2021. At build-out, Coleman Highline will feature more than 7,500 square feet of on-site retail options; a public market; a diverse collection of cuisine, caterers and food trucks; two dedicated retail pavilions anchored by a main plaza and promenade; an on-site hotel; more than 2,500 new housing units; and 11 acres of urban parkland. The transit-oriented project will also offer access to the Santa Clara Caltrain and Santa Clara Valley Transportation Authority stations. Gensler, a global design and architecture firm, is designing the …
WOOD VILLAGE, ORE. — Pacific Oak Capital is funding the $33 million development of Wood Village Apartments, a multifamily and retail property located in an Opportunity Zone in Wood Village, a suburb of Portland. The property will feature 172 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 361 square feet to 1,325 square feet, spread across seven three- and four-story buildings. The asset will also include a more than 10,000-square-foot, two-building neighborhood retail center, a community clubhouse and pool. Construction is slated to begin later this year, with completion scheduled for summer 2021.
YPSILANTI, MICH. — This summer, multiple construction projects are underway at Eastern Michigan University in Ypsilanti. Sill Hall, the home of the renamed College of Engineering and Technology, is undergoing a $40 million renovation with completion set for fall 2020. A $16 million project at Olds-Robb Recreation and Intramural Complex involves extensive improvements to fitness and training areas as well as a new entrance and gathering spaces. Earlier this month, workers finished the $20 million student-athlete performance center, which consisted of a new two-story structure adjacent to the north end zone of Rynearson Stadium. The project includes a new weight room, athletic training and meeting rooms, offices and a scoreboard. At the northwest end of campus, construction is underway on a $14 million, two-building health project that is a collaboration between the university, St. Joseph Mercy System and Integrated Healthcare Association (IHA). One of the buildings will be a community health center staffed by IHA while the other will house university programs. Completion is set for January 2020. Integrated Design Solutions served as the architect for Sill Hall and the performance center. Contractors working on the projects include Clark Construction, Granger Construction, Barton Malow, Kasco and O’Neal Construction. Founded in …
CARMEL, IND. — Cornerstone Cos. Inc. has completed the development and construction of a 38,537-square-foot medical office building for Goodman Campbell Brain and Spine in Carmel. The build-to-suit facility comprises medical office, treatment and administrative services. The building sits along U.S. 31 in the Meridian Corridor and includes covered physician parking. Goodman Campbell Brain and Spine specializes in neurosurgery.
AUSTIN, TEXAS — The Jenkins Organization, a Houston-based self-storage developer, has opened Northgate Storage, an 800-unit facility in Austin. The property, which spans 124,000 square feet of climate-controlled space, fronts State Highway 183 on the city’s north side. Additional features include a covered loading zone, video monitoring and gated access. ARCO/Murray served as the design-build firm on the project.
INGLEWOOD, CALIF. — The NBA’s Los Angeles Clippers have unveiled plans for a $1.1 billion arena and team headquarters in Inglewood, located just southwest of downtown Los Angeles. The Inglewood Basketball & Entertainment Center will be located along Prairie Avenue and West Century Boulevard and offer seating for approximately 18,500 fans. In addition, the building will house the Clippers’ team offices, training facility and a sports medicine clinic, essentially making Inglewood the team’s full-time home. The project will also feature retail, restaurants and educational facilities, as well as public basketball courts and an event plaza. A developer and general contractor have not yet been named, but the project will be entirely privately financed. The proposed site does not house any homes or churches and includes many buildings that have been vacant for decades, according to the developers. It is unclear how many new jobs that the project will create, but the Clippers have pledged to make 35 percent of those jobs local hires. A construction timeline is still being negotiated, but the team’s lease at the Staples Center, which it shares with the Lakers, expires in 2024. In addition, Curbed Los Angeles reports that a lawsuit filed by Madison Square Garden …
