Development

Brennan Purchases 165 Acres in Lakeland, Florida for Industrial Development

by Alex Tostado December 9, 2019

LAKELAND, FLA. — Chicago-based Brennan Investment Group has purchased 164.9 acres in Lakeland, approximately 31 miles northeast of Tampa, for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for up to 1.5 million square feet. Edward Miller, Dee Seymour, Deborah Mickler and David Wilson of Colliers International’s Central Florida office represented Brennan in the land purchase. The seller was Ruthven I-4 LLC. Brennan will begin development of 1 million square feet of space at CenterState Logistics Park East this year, with completion expected by the end of 2020. Colliers will serve as the exclusive listing agent for the CenterState Logistics Park East development, which will feature a cross-dock warehouse with 40-foot clear heights and tractor parking. The site is located at Exit 38 on Interstate 4.

December 9, 2019

Development Florida Loans Multifamily Southeast

Love Funding Secures $50.9M HUD Construction Loan for St. Petersburg Apartment Community

by Alex Tostado December 9, 2019

ST. PETERSBURG, FLA. — Love Funding has secured a $50.9 million loan for the construction and permanent financing of Phillips Sur Club, a proposed 296-unit apartment complex in St. Petersburg, 24 miles southwest of Tampa. The project, to be located at 3000 34th St S., was financed through the U.S. Department of Housing and Urban Development’s (HUD) Section 221(d)(4) loan insurance program. The developer and borrower, Tampa-based Phillips Development & Realty, will have low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Atlanta-based Reese Vanderbilt & Associates is the design architect, and the general contractor is Birmingham-based Capstone Building Corp. Tampa-based Ovation Management will manage the property. Sur Club is located in St. Petersburg’s Skyway Marina district, five miles south of downtown St. Petersburg and adjacent to Interstates 275 and 375 and U.S. Route 19. The complex will feature an interior courtyard, two swimming pools and an attached parking garage.

December 9, 2019

Development Office Texas

CREA Breaks Ground on 172,000 SF Eastlake at Tillery Office Project in Austin

by Taylor Williams December 9, 2019

AUSTIN, TEXAS — Cypress Real Estate Advisors (CREA) has broken ground on Eastlake at Tillery, a 172,000-square-foot office project in East Austin. The development will consist of two three-story buildings and an adjacent parking structure. Amenities will include a fitness center, bike storage and rental space, a prep kitchen and rotating art installations. Delineate Studio is the project architect, and Harvey Cleary is the general contractor. Aquila Commercial will handle leasing of the project. CREA expects to begin tenant improvement work at Eastlake at Tillery in December 2020.

December 9, 2019

Development New Jersey Northeast Retail

Triple Five Group Launches 180,000 SF Big Snow Slope at American Dream in New Jersey

by Alex Patton December 9, 2019

EAST RUTHERFORD, N.J. — Triple Five Group has opened Big Snow, a 180,000-square-foot indoor snow slope within its American Dream entertainment and retail destination in East Rutherford, a western suburb of New York City. The 16-story vertical slope offers indoor skiing, snowboarding, sledding and other snow activities year-round. The facility will produce 4.4 tons of snow per hour, which will be kept at a constant temperature of 28 degrees with an average depth at 2 feet. Triple Five opened American Dream in late October with a Nickelodeon Universe theme park and an ice skating rink. The Dreamworks Water Park opened at American dream in late November, and future openings include a Legoland Discover Center, a Sea Life Aquarium and more than 100 retailers and restaurants.

December 9, 2019

Development Massachusetts Multifamily Northeast

Lotus Harvard Completes 16-Unit Apartment, Retail Project in Cambridge, Massachusetts

by Alex Patton December 9, 2019

CAMBRIDGE, MASS. — Lotus Harvard Enterprises LLC has completed development of 1699 Massachusetts Avenue, a 16-unit apartment building with 1,600 square feet of ground-floor retail space that is located adjacent to Harvard Law School in Cambridge. The property offers two studios, eight one-bedrooms, five two-bedrooms and three two-bedroom units, as well as an adjoining five-bedroom single-family home. Khalsa Design was the architect of the project and Nauset Construction was the general contractor.

December 9, 2019

Development Industrial Northeast Rhode Island

Gotham Greens Opens 100,000 SF Greenhouse in Providence, Rhode Island

by Alex Patton December 9, 2019

PROVIDENCE, R.I. — Brooklyn-based agricultural company Gotham Greens has opened a 100,000-square-foot greenhouse in Providence. The project is located along the Woonasquatucket River, at the site of a former General Electric lighting factory. The new urban farm will provide fresh produce to local restaurants and grocery stores, including Whole Foods Market, and will host educational programming about sustainable agriculture. Gotham Greens expects to create approximately 60 full-time jobs in Rhode Island and has committed to donating more than 5,000 pounds of fresh produce to the Rhode Island Food Bank during the winter season.

December 9, 2019

Arizona Development Multifamily Seniors Housing Western

Desert Land, Civitas Senior Living Break Ground on 210,572 SF Bluffs of Flagstaff in Arizona

by Amy Works December 9, 2019

FLAGSTAFF, ARIZ. — Arizona real estate developer Desert Land Group and Texas-based senior living management company Civitas Senior Living have started construction on their newest senior living boutique project, The Bluffs of Flagstaff. Totaling approximately 210,572 square feet, the community will feature 120 independent living, 66 assisted living and 18 memory care apartments. The Bluffs of Flagstaff is scheduled for completion in fall 2021. The architect for the project is Kaas Wilson, with Greenberg Construction as general contractor. Senior By Design is providing additional design services.

December 9, 2019

Development Georgia Office Southeast

Coro Realty, Southeastern Capital to Convert Former Masquerade Music Venue in Atlanta into Offices

by Alex Tostado December 6, 2019

ATLANTA — Coro Realty and Southeastern Capital Cos. are transforming the 118-year-old Excelsior Mill buildings in Atlanta’s Old Fourth Ward into 30,000 square feet of office space. The two companies purchased the building in 2016 when it was known as the music venue, The Masquerade. The partnership has teamed with designer Smith Dalia Architects to open the floor plan and add natural light. Much of the manufacturing equipment will remain in place, including an extensive heavy-duty gear and pulley system originally used at the property. Completion is slated for first quarter of 2020. The property is located across from Ponce City Market along the Atlanta BeltLine’s Eastside Trail. Scott DeMeyer and Emily Richardson with Colliers International are leading the office leasing efforts.

December 6, 2019

Development Industrial Kentucky Loans Southeast

Trez Forman Provides $38.8M Construction Loan for Spec Industrial Project in Northern Kentucky

by Alex Tostado December 6, 2019

WALTON, KY. — Trez Forman Capital has provided a $38.8 million construction loan for two spec industrial buildings totaling 776,820 square feet in Walton, a city in northern Kentucky approximately 20 miles south of downtown Cincinnati. The borrower, SFG Walton KY LLC, is developing the buildings on a 55-acre site within Logistics Park 75, near the intersection of Interstates 75 and 71. The first building will span 544,320 square feet and feature two tenant bays of equal size. The second will span 232,500 square feet also with two bays of the same size. The space has the ability to be subdivided to accommodate a wide variety of tenants. Each structure features 36-foot clear ceiling heights and multiple dock-high doors. The lot is situated 15 miles from Amazon’s Prime Air Cargo Hub at Cincinnati/Northern Kentucky International Airport. A timeline for completion was not disclosed. Brett Forman and Russ Holland of Trez Forman Capital originated the loan on behalf of the borrower.

December 6, 2019

Development Retail South Carolina Southeast

Publix Opens GreenWise Market in Lexington, South Carolina

by Alex Tostado December 6, 2019

LEXINGTON, S.C. — Publix Super Markets Inc. has opened a GreenWise Market store within Lexington Marketplace in Lexington. The new 20,400-square-foot grocery store is located at 5336 Sunset Blvd., 10 miles west of downtown Columbia. TSCG announced in April that Publix’s organic brand would be moving into the shopping center. This is second location for GreenWise in South Carolina. The 156,000-square-foot Lexington Marketplace is 94 percent leased to tenants including Hobby Lobby, Ulta Beauty, Brain Balance Achievement Centers, Fit Body Boot Camp, Smoothie King, MOD Pizza, Aiden Lane Boutique and Code Ninjas. Darrell Palasciano of TSCG represented the landlord and developer, Columbia Development, in the lease transaction.

December 6, 2019

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