Development

Cushman & Wakefield Brokers $4M Sale of Flex Development in Thornton, Colorado

by Amy Works May 1, 2019

THORNTON, COLO. — Cushman & Wakefield has arranged the sale of 67 acres of industrial-zoned land that will be developed into 25 North, a master-planned flex development in Thornton. A newly formed joint venture between RMS Properties Co. and Bow River Capital acquired the site for $4 million. Located at Washington Street and 148th Avenue in Thornton, 25 North will feature approximately 900,000 square feet of Class A industrial space. Construction of the first phase is underway and will include two speculative buildings totaling approximately 220,000 square feet. The site is zoned to allow for a variety of uses, including office, flex, industrial, warehousing, manufacturing and outdoor storage uses. Additionally, the development will offer new speculative development and land for build-to-suits, with buildings ranging in size from 50,000 square feet to 250,000 square feet. Matt Trone, Steve Hager and Joey Trinkle of Cushman & Wakefield Denver represented the seller, Regal Properties, in the transaction.

May 1, 2019

Development Multifamily New York Northeast

Moinian Group, Bushburg Near Completion of $160M Multifamily Project in Brooklyn

by Taylor Williams May 1, 2019

NEW YORK CITY — A partnership between The Moinian Group, a privately held real estate group based in Manhattan, and locally based developer Bushburg Properties is nearing completion of its $160 million multifamily project located at 123 Linden Blvd. in Brooklyn. The property, known simply as 123 Linden, will include 467 units across 26 stories. The Moinian Group’s lending arm provided construction financing for the deal, and the company will also operate the property. Upon completion later this year, 123 Linden will feature 50,000 square feet of amenity space, including indoor and outdoor pools and fitness centers, a basketball court and a dog run.

May 1, 2019

Development Northeast Office Pennsylvania Retail

LG Realty Advisors Unveils Plans for $50M Office, Retail Project in Pittsburgh

by Taylor Williams May 1, 2019

PITTSBURGH — LG Realty Advisors, a privately held development and management firm, has unveiled plans for Liberty East, a $50 million office and retail project in Pittsburgh. Liberty East, which is a redevelopment of the nine-story Penn Plaza building, will ultimately house 246,000 square feet of Class A office space with a 50,000-square-foot retail space on the ground floor that will be occupied by Whole Foods Market. The development will also include an additional 4,600 square feet of retail space and 700 parking spaces. Construction of Phase I of the project, which also includes a $1 million contribution to the upgrading of nearby Enright Park, is expected to begin this summer and wrap up in summer 2021.

May 1, 2019

Development Maryland Retail Southeast

Whole Foods Market to Anchor $350M Mixed-Use Development in Metro Baltimore

by Alex Tostado April 30, 2019

TOWSON, MD. — Developers Greenberg Gibbons and Caves Valley Partners have signed Whole Foods Market to anchor the retail component of Towson Row, a $350 million mixed-use development in downtown Towson. Whole Foods will occupy 45,000 square feet and include a 6,200-square-foot mezzanine and outdoor dining terrace. Construction on the store is expected to begin this winter and take 18 months to complete. Amenities will include a two-story parking deck and covered walkways leading to the store. Towson Row is currently under construction on a five-acre site, 10 miles north of downtown Baltimore. The 1.2 million-square-foot development will include over 75,000 square feet of retail/restaurant space, 150,000 square feet of Class A office space, 300 student housing units, 200 luxury high-rise residential units and a 220-room hotel.

April 30, 2019

Development Retail South Carolina Southeast

Topgolf Opens 50th U.S. Venue in Greenville

by Alex Tostado April 30, 2019

GREENVILLE, S.C. — Topgolf has opened its 50th venue in the United States this past Friday in Greenville. The three-tier, 55,000-square-foot driving range and bar is located at 201 Clifton Court, 10 miles from downtown Greenville and directly off Interstate 85. The new Topgolf features a chef-driven menu, top-shelf drinks, big screen TVs, flexible private event spaces and music in climate-controlled hitting bays. More than 350 full- and part-time employees were hired in advance of the opening. The new Topgolf will host a summer academy for children ages 6 through 12 as well as events like College Night for local college students.

April 30, 2019

Development Indiana Midwest Multifamily Seniors Housing

Vermillion, HED Open 119-Unit Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow April 30, 2019

FORT WAYNE, IND. — Vermillion Development, a Chicago-based real estate firm, has opened Silver Birch Fort Wayne, an affordable seniors housing community in Fort Wayne. Design and engineering firm HED partnered on the project. The 97,000-square-foot community sits on 4.2 acres and features 119 units. The assisted living facility offers studio and one-bedroom units for older adults in need of supportive housing. Silver Birch Fort Wayne is the eighth facility opened by Silver Birch Living, which is the operational arm of Vermillion. The property is adjacent to a golf course, which was recently acquired by a nearby university to be repurposed as a fitness center.

April 30, 2019

Arizona Development Industrial Western

PCCP, Hopewell to Develop Three Industrial Buildings Totaling 245,418 SF in Phoenix

by Amy Works April 30, 2019

PHOENIX — PCCP has formed a joint venture with Hopewell Development to develop a three-building speculative industrial project in Phoenix’s Southwest Valley submarket. The buildings will be located on two fully entitled sites and completion is slated for late 2019. Two buildings — offering 78,150 square feet and 84,708 square feet — will be situated on a 10.6-acre parcel along 67th Avenue. The third building will be located on a 4.8-acre site along 43rd Avenue. Each building will feature 28-foot to 32-foot clear heights, between 17 and 25 dock-high doors in addition to grade-level doors, and one speculative office build-out space. Additionally, both sites will feature direct frontage to an intersection, multiple access points and easy freeway access to both the Interstate 10 and the future Loop 202 extension, which is scheduled for completion in late 2019. Bo Mills and Mark Detmer of JLL sourced the joint venture equity for the partnership.

April 30, 2019

Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

JDS Receives $664.1M Construction Loan to Build Brooklyn’s Tallest Building

by John Nelson April 30, 2019

NEW YORK CITY — A pair of real estate lenders provided a $664.1 million construction loan that will allow JDS Development Group to build the tallest building in Brooklyn. Situated at 9 DeKalb Ave. in the borough’s downtown district, the tower will rise 1,066 feet and will include 425 rental apartments, 150 for-sale condominiums and 120,000 square feet of retail space. JDS and development partner The Chetrit Group expect to deliver the 73-story residential tower in 2022. About 30 percent of the rental units at 9 DeKalb will be capped below market rates. The lenders include New York-based Silverstein Capital Partners and Montreal-based Otera Capital Inc., a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s leading institutional fund managers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Mark Fisherand, Matthew Collins and Sean Bastian of JLL arranged the financing, details of which were not disclosed. SHoP architects is designing the residential tower’s façade to be clad in bronze and glass. New York-based JDS and Chetrit Group originally acquired the 9 DeKalb site in 2016 for $90 million, including air rights for the future development. On the site is a 70,000-square-foot, five-story property that once housed …

April 30, 2019

Development Florida Mixed-Use Southeast

Coral Rock, Arena Capital Break Ground on Nine-Acre Mixed-Use Project in South Florida

by John Nelson April 29, 2019

HIALEAH, FLA. — Coral Rock Development Group and Arena Capital Holdings have broken ground on Pura Vida Hialeah, a nine-acre mixed-use project in the Miami suburb of Hialeah. The Miami-based co-developers plan to deliver the project in 2020. Situated at the corner of West 16th Avenue and West 29th Street, Pura Vida will comprise three eight-story residential towers and three outparcel retailers spanning roughly 40,000 square feet. The outparcel retailers will include a Wawa gas station and convenience store, a two-story YouFit Health Club and a Taco Bell restaurant. Residences at Pura Vida Hialeah will feature studio, one-, two- and three-bedroom apartments ranging from 538 square feet to 1,099 square feet. Amenities will include a resort-style pool, gym, barbecue area, dog park, and 24-hour security staff. The residential towers will also feature approximately 11,000 square feet of retail space, including a Dollar Tree store.

April 29, 2019

Development Georgia Mixed-Use Southeast

NAP Begins Vertical Construction at Colony Square in Midtown Atlanta, Announces May Openings

by John Nelson April 29, 2019

ATLANTA — North American Properties (NAP) has begun vertical construction on the redevelopment of Colony Square, a massive mixed-use campus in Midtown Atlanta. The two components going vertical include the Main & Main food hall operated by Oz Rey and the new IPIC movie theater. In May, NAP plans to open a new 10,000-square-foot urban park named The Grove and a new Starbucks in Building 100. Reopenings at Colony Square in May include a Chick-fil-A, the bike house C-Cycle for Colony Square’s office tenants, the lobby of Building 400 and Establishment, which will debut its patio and outdoor bar this summer. Opening later this year is sushi restaurant Sukoshi, and NAP has commissioned an all-female team to paint a mural titled “Moon Goddess” that front Peachtree Street. Colony Square at full buildout will include 912,000 square feet of Class A office space, 160,000 square feet of retail and restaurants, a 466-room W hotel, outdoor space and 262 luxury residences. NAP is planning for Colony Square’s grand opening in May 2020. Colony Square’s project team includes office leasing firm Cushman & Wakefield, architect of record Lord Aeck Sargent, lead design firm Beyer Blinder Belle, landscape architect Site Solutions, general contractor Hoar …

April 29, 2019

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