Development

Childress Klein, CGA Capital Acquire Duke Energy’s Office Tower Underway in Uptown Charlotte

by John Nelson December 24, 2019

CHARLOTTE, N.C. — Childress Klein and CGA Capital have partnered to purchase the Uptown Charlotte site for Duke Energy’s future office tower. Located at 525 S. Tryon St., the 40-story Charlotte Metro Tower project is set for a 2022 completion. Construction is currently underway. Charlotte-based Childress Klein and Baltimore County-based CGA Capital have agreed to fully fund the development and construction of the project, which could total up to $675 million as per the purchase agreement with seller and future tenant Duke Energy (NYSE: DUK), an energy holding company based in Charlotte. “We look forward to working with Childress Klein and its team to fund the creation of a dynamic office tower and a terrific new addition to the city skyline,” says Kyle Gore, managing director and principal of CGA Capital. As part of the sale-leaseback agreement, the new ownership will enter into a long-term lease with Duke Energy at the tower upon completion. The development will span 1 million square feet of office and retail space and include a 1,100-space parking garage. Nuveen, a TIAA Company, is leading a debt investment group to help fund the development. The project team includes general contractor Batson-Cook Co. and architect tvsdesign, which …

December 24, 2019

Development Multifamily Oklahoma Texas

Hines to Develop 325-Unit Apartment Community in Oklahoma City’s Nichols Hills District

by Taylor Williams December 23, 2019

OKLAHOMA CITY — Hines will develop The Residences at Classen Curve, a 325-unit apartment community that will be located in the Nichols Hills submarket of Oklahoma City. Designed by Dwell Design Studio, the project will be situated adjacent to a retail center that houses a Whole Foods Market and Trader Joe’s. Units will average roughly 900 square feet and amenities will include a pool, fitness center, coworking lounge, package facilities, courtyards and a resident clubroom. Construction is slated to begin in 2020, and the first units are expected to be available for occupancy in late 2021.

December 23, 2019

Development Industrial Texas

IDV Acquires Land for New Industrial Park in Houston

by Taylor Williams December 23, 2019

HOUSTON — Houston-based Investment & Development Ventures LLC (IDV) is has acquired land for the development of a new industrial park in Houston. The development spans 214 acres with nearly a mile of frontage along Beltway 8 on the city’s south side. Dave Ramsey and Brad Elmore of Houston-based NewQuest Properties represented the seller in the land disposition.

December 23, 2019

Development Hospitality Texas

NewcrestImage Opens 91-Room Hyatt Place Hotel in Amarillo

by Taylor Williams December 23, 2019

AMARILLO, TEXAS — Dallas-based hospitality developer NewcrestImage has opened a 91-room Hyatt Place in Amarillo. The hotel is located in the city’s medical district and is part of the company’s hotel campus that also features a 90-room Tru by Hilton and a 90-room Aloft by Marriott. The Tru by Hilton hotel opened in August 2018, and construction of the Aloft hotel is scheduled to begin in mid-2020.

December 23, 2019

Development Industrial New Jersey Northeast

Novaya Foxfield Completes 122,000 SF Industrial Project in West Deptford, New Jersey

by Alex Patton December 23, 2019

WEST DEPTFORD, N.J. — Novaya Foxfield Industrial LLC has completed construction of a 122,000-square-foot industrial project in West Deptford, a southern suburb of Philadelphia. Located at 301 Grove Road, the Class A property offers 32-foot clear heights, 10 loading docks, two drive-in doors and office space. NAI Mertz is handling leasing efforts on behalf of Novaya Real Estate Ventures.

December 23, 2019

Development Illinois Midwest Office Top Stories

Riverside, Convexity Break Ground on 50-Story BMO Tower Office Building in Chicago

by Taylor Williams December 23, 2019

CHICAGO — A partnership between Riverside Investment & Development and Convexity Properties has broken ground on BMO Tower, also known as Union Station Tower. The 50-story office building is part of the Union Station redevelopment project in Chicago. Global architecture firm Goettsch Partners (GP) designed the property, which will be situated on 2.2 acres directly south of the Union Station headhouse building. The office tower will feature 1.4 million square feet of office space. The tower and new public space are part of the larger redevelopment of Chicago Union Station, which originally opened in 1925. Riverside and Complexity unveiled plans for the $1 billion project in September 2018, beginning with the demolition of a 404-unit apartment building and the design of a 1.5-acre plaza and park. “This project will activate a prime site that has been largely underutilized next to Chicago’s busiest commuter station,” says James Goettsch, chairman and co-CEO at GP. “The office tower and park will bring vibrant, complementary additions to the city.” As the name indicates, Montreal-based BMO Financial Group will be the building’s anchor tenant. Construction is scheduled for completion in 2022. Although development costs were not disclosed, the Chicago Tribune reports that the developers received $476 million …

December 23, 2019

Development Loans Multifamily Seniors Housing Southeast Tennessee

HJ Sims, Duncan-Williams Arrange $219.3M Financing Package for Seniors Housing Project in Tennessee

by Alex Tostado December 20, 2019

COLLIERVILLE, TENN. — Herbert J. Sims & Co., Inc. (HJ Sims) and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower for the development at 3382 Grand Central Circle E. is Retirement Cos. of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 percent pre-sold. Construction has commenced throughout the campus. The apartments will be delivered in stages, with the first resident occupancy planned for June 2021. The health campus is slated for completion in April 2021. Nine of the garden homes are already completed, with seven more currently under construction. REES Architects and Renaissance Group served as architects. Memphis-based Dalhoff Thomas design studio assisted as landscape architect. Linkous Construction Co. Inc. is the general contractor. Greystone is the project manager, with RCA as asset manager. Sims and Duncan-Williams were co-managers on the transaction, which was structured as …

December 20, 2019

Acquisitions Development Georgia Mixed-Use Southeast

Third & Urban, FCP Acquire 15.2-Acre Site Along Atlanta BeltLine for Adaptive Reuse Project

by Alex Tostado December 20, 2019

ATLANTA — Atlanta-based Third & Urban LLC and Chevy Chase, Md.-based FCP have acquired 15.2 acres along the Atlanta BeltLine. The joint venture partnership will develop a 275,000-square-foot mixed-use project at 950 W. Marietta St. The seller and price of the property were not disclosed. Designed by Perkins and Will, the development will focus primarily on converting an existing warehouse on the site into adaptive reuse space featuring both offices and retail. The project is directly across from the King Plow Arts Center, adjacent to The Foundry at Puritan Mill and near the Westside Park at Bellwood Quarry, which will be Atlanta’s largest green space after its planned opening in spring 2020. Construction is expected to begin in the third quarter of 2020, with an anticipated occupancy in the third quarter of 2021. Atlanta Paper Co., which was originally Elsas, May Paper Co., built the warehouse on West Marietta Street in the 1940s. It was once used to create packaging for The Coca-Cola Co. Later, it was owned and operated by Atlanta-based WestRock, a corrugated packaging company.

December 20, 2019

Development North Carolina Retail Southeast

Publix to Anchor 2 MSF Wendell Falls Development Near Raleigh

by Alex Tostado December 20, 2019

WENDELL, N.C. — East West Partners and G.H.K. Developments Inc., the developers behind Wendell Falls, unveiled that Publix will occupy a 48,387 square-foot, freestanding grocery space in Wendell, approximately 11 miles east of Raleigh. Wendell Falls is one of the largest master-planned developments in the Research Triangle. CBRE | Raleigh’s Retail Services and Land Services groups represented the ownership group in the transaction. The store will employee approximately 130 people. An opening date has not yet been announced. Located at the northwest corner of Wendell Falls Parkway and Taylor Road, Publix will join the project’s existing tenants that include KinderCare Daycare, Farmhouse Cafe and Cruizers Convenience Marketplace. Publix at Wendell Falls be the grocer’s seventh store in Wake County. East West and G.H.K. will soon debut a collection of shops and restaurants at Wendell Fallas known as Treelight Square, as well as an office park named The Collective.

December 20, 2019

Acquisitions Arizona Development Mixed-Use Multifamily Office Retail Western

Sunchase Holdings Sells 30-Acre Opportunity Zone Redevelopment Site in Scottsdale

by Amy Works December 20, 2019

SCOTTSDALE, ARIZ. — Sunchase Holdings has completed the disposition of Scottsdale Entrada, a 30-acre former auto mall at the northeast corner of 64th Street and McDowell Road in Scottsdale. Los Angeles-based Banyan Residential acquired the site for an undisclosed price through a qualified Opportunity Zone fund. Banyan Residential plans to redevelop the site into a speculative mixed-use development, which is slated to break ground in April 2020 and deliver mid-2021. Scottsdale Entrada will feature 735 multifamily units, 7,000 square feet of retail space, and a three-story, 245,000-square-foot office building. The office plans call for floor plates of approximately 80,000 square feet, high ceilings, full-height windows and indoor-outdoor space. Office amenities will include an on-site fitness center, game lawns, dog park, pedestrian walkways with direct access to the Arizona Crosscut Canal and tunnel access to Papago Park. Tom Adelson and Erin McClure of Newmark Knight Frank (NKF) handled the transaction. Mike Garlick and Jimmy Hoselton of Newmark Knight Frank will represent the project’s office leasing. DPC Cos. is serving as developer for the project.

December 20, 2019

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