PHOENIX — Hines has purchased approximately 11 acres near the northwest corner of Happy Valley Road and 35th Avenue in Phoenix’s West Valley market. The Pederson Group sold the development site for $6.7 million. The buyer plans to develop a 325-unit multifamily property on the site. Totaling 318,000 square feet, the community will feature 161 one-bedroom, 140 two-bedroom and 24 three-bedroom apartment units. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Arizona represented the seller, while Hines represented itself in the transaction.
LOS ANGELES — Green Pace Financial, along with its affiliate Hoover Financial, has arranged $44.5 million in PACE-approved construction financing for Live, Work, Create Equity LLC. The loans will be used for the development of an apartment community in the Koreatown neighborhood of Los Angeles. The combined 80 percent loan-to-cost, non-recourse financing included $14.5 million in C-PACE energy saving financing. The balance of the C-PACE-approved financing for the project was a $30 million senior construction loan. One of Green Pace Financial’s private equity construction lenders provided those funds. Construction on the 126-unit multifamily property is slated to begin this summer.
SPARTANBURG, S.C. — Tindall Corp. has acquired 41 acres in Spartanburg to develop its $27.9 million utility division manufacturing facility. The locally based company, which provides concrete solutions for the industrial sector across the country, will use the new site to expand its operations and create 20 jobs. The new site is situated at 2877 Fairforest Clevedale Road, less than two miles from Tindall’s existing headquarters. Tindall expects the utility division to open in early 2021. The South Carolina Coordinating Council for Economic Development has awarded Spartanburg County a $100,000 Set-Aside grant for costs related to the project. John Montgomery, Garrett Scott and Brockton Hall of Colliers International represented the seller, a private family fund, in the land transaction. Bobby Lyons of Lyons Industrial Properties represented the buyer.
ARLINGTON, TEXAS — Houston-based Gordon Partners has completed the remodeling of Green Oaks Plaza, a 100,000-square-foot shopping center located at the junction of Interstate 20 and Little Road in Arlington. Movie Tavern and Sprouts Farmers Market anchor the property. Capital improvements included heightening the facades, replacing tenant signage, upgrading landscaping and adding two additional pylon signs. Gordon Partners acquired the asset in 2018 at 82 percent occupancy and has executed leases that will bring occupancy above 95 percent. The company also plans to develop a 2,300-square-foot outparcel building with a drive-thru that is expected to be complete in the fourth quarter.
CROMWELL, CONN. — Belfonti Cos. has broken ground on a $50 million luxury apartment community in Cromwell, a southern suburb of Hartford. Located off Country Squire Road near State Route 372, the property will feature of 160 units. Amenities will include a 4,500-square-foot community center, an outdoor swimming pool and a lounge area with grills and fire pits. The property will also be located four miles from the TPC River Highlands Golf Course. Construction is slated to be complete within the next two years.
EVANSTON, ILL. — Vermilion Development has received approval from Evanston’s City Council to build a 210,000-square-foot, 18-story office tower located at 605 Davis St. in Evanston. The Class A property will be the first high-rise office building in Evanston in 20 years, according to Vermilion. Solomon Cordwell Buenz is the architect for the project, which is slated for completion as early as 2022. John Clark and Bill Rolander of Newmark Knight Frank will market the property for lease. Plans call for 15 floors of office space with conference and fitness facilities, a tenant lounge and an outdoor terrace. The building’s ground floor will house two retail suites as well as a lobby and bike room. The top two floors will feature private balcony access.
BLUE ISLAND, ILL. — Clark Construction Group, in collaboration with the U.S. Army Corps of Engineers, has completed the transformation of the MetroSouth Medical Center, a shuttered hospital just south of Chicago, into an alternate care facility to treat COVID-19 patients. Located in Blue Island, the facility now features 585 beds, including 265 high-acuity beds for critically ill patients. Clark completed the project in 22 days. The project team also included architect Perkins and Will, engineer Salas O’Brien, Hill Mechanical, Titan Electric, RG Construction and Consolidated Flooring. The MetroSouth Medical Center closed in late 2019.
POMPANO BEACH AND PLANTATION, FLA. — Madison Realty Capital has provided a $102 million construction loan to Invesca Development Group for two planned multifamily projects in South Florida’s Broward County. Invesca will use some of the loan to complete a 214-unit property at 452 E. Atlantic Blvd. in Pompano Beach. Construction is 98 percent complete, and Invesca expects to start lease-up in the next two months. The yet-to-be-named property will also include 12,000 square feet of ground-floor retail space. The asset will feature two buildings connected by a sky bridge and will offer studio to three-bedroom floor plans. Invesca will use the other portion of the loan to begin construction on a 330-unit project at 4350 W. Sunrise Plantation Blvd. in Plantation. The planned development includes an additional 30,000-square-foot commercial building, office space and 10 townhomes with 37 townhome lots on a 12-acre site. The property will comprise eight nine-story buildings offering studio, one- and two-bedroom floor plans. The two communities are situated 11 miles from each other. Josh Zegan of Madison Realty Capital originated the loan.
ARLINGTON, VA. — Amazon (Nasdaq: AMZN) is “beginning to scale” at its HQ2 campus underway in Arlington, according to Jay Carney, the company’s senior vice president of global corporate affairs. During a weekly webinar series conducted by Walker & Dunlop, Carney said the corporate campus, dubbed Met Park, is under construction and that the company is hiring in earnest, though he said it will “take some time” to reach the previously announced 25,000 goal. Carney, who was the former White House press secretary during President Barack Obama’s administration, led Amazon’s national HQ2 search in 2017 and 2018 to find a second home for the company outside of Seattle. The e-commerce giant ultimately chose both Northern Virginia and Long Island City in the Queens borough of New York City in late 2018, in addition to a 1 million-square-foot outpost in Nashville, Tenn. Amazon pulled out of its planned New York City location in early 2019. Clark Construction is the general contractor for the HQ2 campus, and JBG Smith is Amazon’s development partner, as well as its landlord for office space that Amazon is using in the rebranded National Landing district in Arlington’s Crystal City submarket. Carney said the company is not …
CHICAGO — Hines has completed the development of Wolf Point East, a 698-unit luxury apartment tower in Chicago. Units located on floors 41 through 55 are known as the Lake Collection. Monthly rents for these units range from $2,695 to $5,605, and residents will begin moving into the tower in mid-May. Units located on floors 56 through 58 comprise the Penthouse Collection. There are six units per floor that average 1,700 square feet. Residents will begin moving into the penthouses in July. For units located below floor 41, monthly rents range from $2,095 to $3,995. First move-ins for these units began in January. Wolf Point East’s amenity space spans three floors. Amenities include a full-floor fitness center as well as The Sports Club, which features social games, a golf lounge and swing simulator, an indoor pool and sundeck. Additional common areas can be found on the 40th floor, including a coworking space, an outdoor dog run, dining and entertaining spaces and a gathering space known as Mirror Lounge. Soucie Horner Ltd. served as the designer for the amenity interiors and model units. Pelli Clarke Pelli Architects, in partnership with Pappageorge Haymes Partners, designed Wolf Point East, which is located at …