Development

Georgia Tech Research Institute Completes $42M Expansion in Marietta

by Alex Tostado May 7, 2019

MARIETTA, GA. — Georgia Tech Research Institute (GTRI) has completed a $42 million expansion that includes two buildings spanning 350,000 square feet in Marietta. The facilities are part of GTRI’s South Cobb Campus. In 20167, GTRI acquired four buildings on an unused, 52-acre Lockheed Martin site next to Dobbins Air Reserve Base. Renovations included transforming 205,500 square feet of retired office space into a research facility featuring computing and electronics laboratories. It also included the 144,500-square-foot renovation of a 403,500-square-foot high-bay industrial warehouse, which GTRI will also use for research. This space incorporates two, 10-ton cranes and a 30-ton crane to handle heavy equipment. The design team included McCarthy Building Cos. and Flad Architects. JLL’s project and development services division managed the design and construction phases.

May 7, 2019

Development Mixed-Use Texas

Seritage Breaks Ground on Redevelopment of Former Mall in North Dallas

by Taylor Williams May 7, 2019

DALLAS — Seritage Growth Properties (NYSE: SRG) has broken ground on Park Heritage, a mixed-use project located at the intersection of the LBJ Freeway and Preston Road in north Dallas that could ultimately span as much as 2 million square feet. Seritage is the master developer, and Dallas-based KDC currently plans to develop about 1.1 million square feet of Class A office space. Toll Brothers Apartment Living will construct the first phase of the project’s multifamily component, which calls for roughly 300 units. At full build-out, Park Heritage could span as much as 275,000 square feet of retail, restaurant and entertainment space, 660 to 800 multifamily units and up to 300 hotel rooms, as well as three acres of open space. Construction work will begin with the demolition of the former Sears building and automotive center, located at the site of the old Valley View mall, followed by investment in the surrounding infrastructure. Seritage was formed in 2015 to unlock the underlying real estate value of a portfolio acquired from Sears Holdings.

May 7, 2019

Affordable Housing California Development Multifamily Western

CPP Completes $35.6M Rehabilitation of Affordable Housing Community Near Sacramento

by Amy Works May 7, 2019

ANTELOPE, CALIF. — Community Preservation Partners (CPP) has completed the rehabilitation of Danbury Park Apartments, a 140-unit affordable housing community in Antelope, approximately 15 miles north of Sacramento. Located at 7840 Walerga Road, the community consists of 84 two-bedroom and 56 three-bedroom apartments. The $35.6 million rehabilitation includes an $18.5 million purchase and nearly $5 million in construction. Upgrades to the community include Energy Star appliances in each unit, an enhanced security system and new roofing. Built in 1996, without any units conforming to the Americans with Disabilities Act, CPP remodeled 14 units (10 percent of the community) to bring the units into compliance, widen the path of travel and make the amenities accessible. CPP acquired the property from Danbury Park LLC in 2018, with an equity investment from CPP’s parent company, WNC & Associates and Foundation for Affordable Housing.

May 7, 2019

California Development Multifamily Western

Levin Johnston Arranges $15.5M Sale of Land Site for Multifamily Project in Fremont, California

by Amy Works May 7, 2019

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a 2.7-acre land parcel located at 3515 Walnut Ave. in Fremont. A private high-net worth investor sold the property to a local multifamily developer for $15.5 million. The buyer plans to develop a multifamily property on the site that will include 275 market-rate apartments, 2,245 square feet of ground-floor retail space and a six-story parking garage. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the seller and the buyer in the transaction.

May 7, 2019

Development Industrial Michigan Midwest

Dembs Development Breaks Ground on 88,000 SF Tech Center for Hexagon in Novi, Michigan

by Kristin Harlow May 7, 2019

NOVI, MICH. — Dembs Development has broken ground on an 88,000-square-foot facility for Hexagon in Novi known as the Technology Center of Excellence. The two-story property is located within Beck North Corporate Park. Sweden-based Hexagon is an advanced manufacturing technology company. The tech center will include an 11,000-square-foot showroom and demonstration area, a 15,000-square-foot laboratory and an expansive technical training center. The building will also include a fitness center, coffee bars, multi-purpose kitchens and gathering areas. Completion is slated for the fourth quarter of this year.

May 7, 2019

Development Midwest Nebraska Office

McCarthy to Construct, Occupy New Office Building in Omaha

by Kristin Harlow May 7, 2019

OMAHA, NEB. — McCarthy Building Cos. Inc. will break ground on Wednesday, May 8 on an office and warehouse building that will serve as the company’s new local office in west Omaha. The 15,000-square-foot development will enable the construction company to expand its services within the healthcare, education, manufacturing, commercial, industrial and entertainment sectors. The office will include conference facilities and flexible gathering spaces. The climate-controlled warehouse will accommodate the delivery and short-term storage of construction materials as well as provide space for pre-assembly of building components. Completion is slated for December. Project partners include developer Tetrad Property Group, architect DLR Group and materials testing company Thiele Geotech. St. Louis-based first established its full-service Omaha office in 2007 and now oversees more than $200 million in construction work throughout Nebraska.

May 7, 2019

Development Louisiana Multifamily Southeast

Audubon Completes $20M Restoration of Vacant Multifamily Property in Baton Rouge

by Alex Tostado May 6, 2019

BATON ROUGE, LA. — Audubon Communities has completed the restoration of St. Jean Apartments, a vacant 624-unit multifamily property in Baton Rouge. In 2016, Louisiana experienced flooding that left 312 ground-level units at St. Jean with serious water damage and the property was abandoned. In 2017, Atlanta-based Audubon purchased the community for $33.3 million and launched a $20 million restoration and renovation effort. Audubon has since rebranded the 50-acre property as The Reserve at White Oak and is now leasing the community, which is 30 percent occupied.

May 6, 2019

Development Industrial Oregon Western

Columbia Distributing to Develop 530,000 SF Warehouse in Metro Portland

by Amy Works May 6, 2019

CANBY, ORE. — Columbia Distributing, along with joint venture partners Meritage and Trammell Crow Co., plans to develop a new warehouse at the intersection of Southeast First Avenue and South Walnut in Canby. The 530,000-square-foot facility will consolidate the beverage distributor’s three current locations on Portland’s Swan Island, Northwest Yeon Avenues and Northwest Guam Street. Situated on 43 acres, the property is slated for completion in fall 2020. Tualatin, Ore.-based Perlo Construction is serving as general contractor and Portland-based VLMK Engineering + Design is providing project design and permitting services. Allen Patterson of Capacity Commercial Group and Terry Tolls of T.N. Tolls Co. represented the Trammell Crow and the sellers in the land sale.

May 6, 2019

Development Multifamily Office Texas

AQUILA Commercial to Redevelop 86,099 SF Office Building in Austin

by Taylor Williams May 6, 2019

AUSTIN, TEXAS — AQUILA Commercial will redevelop Airport Center, an 86,099-square-foot office building located at 6505 Airport Blvd. in Austin. Located adjacent to the Austin Community College Highland Campus redevelopment project, the site will later house a mixed-use development that will include 326 apartments. Runa Workshop is the architect for the project, construction of which is scheduled to begin in July and wrap up by year’s end. The property will be rebranded Highland Tech Center.

May 6, 2019

Development Illinois Midwest Office

Principle Construction Completes Tenant Improvements for Wonderlic Office in Vernon Hills, Illinois

by Kristin Harlow May 6, 2019

VERNON HILLS, ILL. — Principle Construction Corp. has completed a 15,091-square-foot tenant improvement for Wonderlic at 544 Lakeview Parkway in Vernon Hills. The company, which produces cognitive ability tests, is moving across the street. The scope of the office project enables Wonderlic to have storage space for its printed materials as well as to properly recycle all used paper. Interform Architecture & Design served as the project architect.

May 6, 2019

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