SYRACUSE, N.Y. — Hampshire Venture Partners LLC has purchased a 134,444-square-foot retail building in Syracuse that was formerly occupied by Sam’s Club The purchase price was roughly $5.6 million. The new ownership plans to convert the building, which sits on 14.2 acres at 2649 Erie Blvd., into a self-storage facility. Phil Marshall of O,R&L Commercial represented Hampshire in the sale. Bill Anninos of CBRE represented the seller, Sam’s Real Estate Business Trust. No timeline for the building conversion was provided.
ARLINGTON, VA. — American Real Estate Partners (AREP) has unveiled its plans to redevelop and rebrand the Rosslyn Metro Center in Arlington’s Rosslyn neighborhood. AREP began the $35 million project earlier this month. Rosslyn City Center is a 62,000-square-foot former mall located directly above the Rosslyn Metro Station. Completion is scheduled for third-quarter 2020. Rosslyn City Center is located at 1700 N. Moore St., three miles east of downtown Arlington and less than five miles from Amazon’s HQ2 campus. The redevelopment will include transforming the existing structure on the site, improving pedestrian accessibility, and adding a conference facility, flexible work space, a 30,000-square-foot fitness studio and an outdoor terrace. AREP will bring in Austin, Texas-based Oz Rey to manage a 12-stall food hall.
MORRISVILLE, N.C. — Equator Capital Management will redevelop the vacant Morrisville Outlet Mall in Morrisville into a 245,000-square-foot office campus. Knighthead Funding LLC provided the developer with a $34 million construction loan that features a 24-month non-recourse period. Gensler designed the office campus to include extensive use of glass walls, some as high as 30 feet. Common area upgrades will include a new surfaced parking lot, landscaped courtyards with outdoor seating, turf yoga lawn, bocce court and new signage. Lighting and drainage around the 25-acre property will also be improved. Situated at 1001 Airport Blvd., the new office campus is located two miles from the Raleigh-Durham International Airport, 12 miles southeast of downtown Durham and 13 miles west of downtown Raleigh. Construction is expected to begin immediately, with delivery slated for spring 2020.
PERRYMAN, MD. — Merritt Properties has announced plans for Tower Logistics Center, an 860,000-square-foot industrial building in Perryman. Delivery is expected in late 2020. The building will be located at 1225 S. Philadelphia Road, about 30 miles north of the Port of Baltimore. Tower Logistics Center will feature 40-foot clear heights, 60-foot speed bays, more than 150 dock bays and 200 trailer parking spaces. Truck courts will span 130 feet and the building will include four drive-in doors. The construction team includes Powers Brown Architecture as the architect and Morris & Ritchie Associates Inc. as the civil engineer. Merritt has engaged CBRE as a listing partner, with Bill Pellington and Jon Casella of CBRE leading leasing efforts.
PLEASANT PRAIRIE, WIS. — Zilber Property Group is developing an industrial build-to-suit for Bio Fab Technologies Inc. in Pleasant Prairie. The 50,000-square-foot facility will be situated within LakeView Corporate Park. Kenosha-based Bio Fab is a provider of custom stainless-steel equipment and components for the pharmaceutical, biotechnology, semiconductor, architectural and food and beverage industries. Groundbreaking is scheduled for this summer with completion in spring 2020. Project partners include Riley Construction, Pinnacle Engineering Group, Partners in Design Architects, raSmith and Electrical Contractors Inc.
NORMAN, OKLA. — A partnership between Dallas-based MedCore Partners and The National Realty Group (TNRG) will develop a 188-unit senior living community in Norman, Oklahoma. The project currently calls for 100 independent living units, 64 assisted living residences and 24 memory care residences, with a planned second phase that will add another 75 independent living units. Amenities at the community will include multiple dining venues, a bar/pub and other entertainment areas, a wellness center with salon and spa, multiple activities venues, a fitness center, club rooms, a theater, outdoor pool, dog park, walking paths and dedicated courtyard spaces. Pi Architects is designing the project. Construction of Phase I is scheduled to begin in January 2020 and to be complete in summer 2021.
PLANO, TEXAS — Locally based general contractor KWA Construction has completed McDermott Park Senior Living, a 144-unit project located just off Sam Rayburn Tollway in the northeastern Dallas suburb of Plano. McDermott Park features one-, two- and three-bedroom units with modern finishes and amenities such as a pool, fitness center, media room, theater and a coffee bar. The property marks the 15th collaboration between KWA and the project developer, Seneca Investments.
EASTVALE, CALIF. — Rexford Industrial Realty has purchased a 15.5-acre, fully entitled development site in Eastvale, within the Inland Empire West submarket, for $18.2 million, or $26.93 per land square foot. Rexford has retained the undisclosed seller as fee developer to construct the project, branded as “The Merge,” which will contain a total of 333,500 square feet of industrial space within six buildings. Once completed, the project will feature 10 warehouse spaces, ranging from 20,000 square feet to 45,000 square feet, offering 30- to 32-foot clear heights, ESFR fire sprinklers and market-leading dock-high loading capacity. Delivery is slated for the third quarter of 2020, after incurring incremental all-in development and construction costs of approximately $37 million.
WILMINGTON, ILL. — Elion Partners has renamed RidgePort Logistics Center to Elion Logistics Park 55 (ELP 55) and planned a $2 billion development project at the site in Wilmington, approximately 40 miles southwest of Chicago. Following the expansion, ELP 55 will become the largest rail-served industrial park in the Midwest, according to the real estate investment firm. Elion began acquiring land for the park in 2016. To date, 6.3 million square feet of multi-tenant and build-to-suit space exists. Some of the tenants include Post, Lineage and Batory Foods. The master plan comprises up to 2,500 acres, which includes an existing, full-service TA Petro Travel Plaza and up to 140 acres for planned commercial development. Current projects underway include an on-site first responders’ station, interconnectivity via planned pedestrian walking paths and an on-site helipad. ELP 55 features two miles of frontage along the BNSF’s Transcontinental Mainline with up to 12 million square feet of potential rail services, and three miles of I-55 frontage with a complete interchange. The park is located in a regional distribution hub that reaches 27 percent of the U.S. population within a one-day drive, according to Elion. “The goal is to develop a mixed-use logistics park that …
DILLON, S.C. — Equus Capital Partners Ltd. will break ground on a 373,100-square-foot speculative industrial building in Dillon in the third quarter of 2019. The site is situated off I-95 and one mile from Inland Port Dillon. The property will offer warehouse and logistics space, 32-foot clear heights, a 180-foot truck court, 189 parking spots, 58 loading spaces and 64 trailer parking spaces. The Philadelphia-based developer expects to deliver Phase I in 2020. Bob Barrineau and Brendan Redeyoff of CBRE as well as Drew Chaplin of Palmetto Commercial Real Estate are leading leasing efforts at the property on behalf of Equus. Phase II is proposed on a nearby site, which allows for the construction of multiple build-to-suit buildings with up to 1.5 million square feet of additional development capacity. A timeline for Phase II was not disclosed.