LAS VEGAS — EastGroup Properties has acquired a Southwest Commerce Center, a newly constructed industrial asset in Las Vegas, for $25.5 million. Brass Cap Development and LM Construction Co. collaborated on the project. The property consists of three concrete tilt-up buildings offering a total of 195,947 square feet of industrial space. Situated on 11 acres at the northwest corner of Russell Road and Decatur Boulevard, the asset’s three buildings range from 23,000 square feet to 101,000 square feet. Two of the buildings were pre-leased during construction. Rentex, an audio visual and computer rentals company, will occupy the 71,000-square-foot Building B. Ghost, a sports supplement company, will occupy the 23,546-square-foot Building C for its West Coast manufacturing and distribution facility. Dan Doherty, Chris Lane and Jerry Doty of Colliers International | Las Vegas represented the buyer in the deal. This is EastGroup Properties’ third industrial asset in Las Vegas.
ITASCA, ILL. — Premier Design + Build Group has broken ground on a 48-acre industrial project in Itasca on behalf of developer Bridge Development Partners LLC. The project will feature three new industrial buildings totaling 741,621 square feet. In addition to the industrial buildings, Bridge Point Itasca will include more than seven acres of land newly zoned for retail use. In July, Premier supervised the demolition of two decommissioned radio broadcast towers. Each of the industrial buildings will be constructed with a clear height of 32 feet and will be intended for distribution and logistics use. The project team includes Cornerstone Architects Ltd., civil engineer Spaceco Inc. and structural engineer Swift Structural Design LLC. Lee & Associates will market the property for lease. Webster Bank and Associated Bank provided project funding.
CHARLOTTE, N.C. — Stiles and Shorenstein Properties LLC will develop a 23-story, 385,000-square-foot office tower in Charlotte’s South End neighborhood. The developers expect the building to also include 11,000 square feet of retail and restaurant space on the ground level. Construction is expected to begin in the next 12 months with potential to accommodate as much as 1 million square feet in future phases for larger users seeking an onsite location. According to Charlotte Business Journal, the two-acre parcel sold for $21.5 million and has two existing buildings on the site. The land is at the intersections of South Boulevard, East/West Boulevard and the East/West Boulevard Station in South End, two miles south of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Browder Harris Group, in the land transaction. Jessica Brown of Cushman & Wakefield is the leasing agent for the project.
GREENVILLE, S.C. — Trez Forman has provided a $115 million construction loan for Camperdown Square, a mixed-use development that is 40 percent built in downtown Greenville. The borrower, Centennial American Partners, is developing Camperdown Square, which is situated on 3 acres adjacent to the Greenville News building at the intersection of South Main and Broad streets. The developers broke ground on Phase II in January on Falls Tower office building within Camperdown Square. In May, coworking firm Spaces signed a 28,900-square-foot lease within Falls Tower. At full buildout, the project will include the 17-story Falls Tower, a 609-space parking garage, a 194-room AC Marriott hotel, 113,475 square feet of retail space and a 217-unit multifamily building. Brett Forman of Trez Forman originated the loan on behalf of the borrower.
IRVING, TEXAS — Clark Contractors has completed the renovation of all 506 guestrooms at the Westin Dallas Fort Worth Airport Hotel in Irving, a project that also upgraded the property’s restaurant area, fitness center and other public spaces. Designed by C+TC Design Studio, the project also delivered a new, 2,955-square-foot club area for Marriott Bonvoy reward members. The hotel also offers a rooftop pool, in-room spa services, a breakfast buffet and an airport shuttle service.
TAMPA, FLA. — VanTrust Real Estate and Tampa International Airport (TPA) broke ground on SkyCenter One, a planned nine-story, 270,000-square-foot office building connected to the airport. The building will feature a conference center, fitness center, café and access to multipurpose trails that will eventually join with Tampa Bay’s regional trail network. The building will be connected to the airport’s car rental center via an elevated pedestrian walkway that is also under construction. SkyCenter One will be located within the SkyCenter development, a mixed-use campus that will feature office and commercial space, as well as a hotel, on land the airport owns. J.E. Dunn is the general contractor for SkyCenter One, and HOK designed the building. VanTrust and TPA plan to complete SkyCenter One in 2021.
PLANT CITY, FLA. — A joint venture between Red Rock Developments, Wharton Industrial, Aspyre Properties and an institutional joint venture partner has broken ground on County Line Distribution Center, a 510,272-square-foot industrial facility in Plant City. The building will feature 36-foot clear heights, cross-dock loading, 200-foot truck courts and 60-foot speed bays. The property is situated on 36 acres, 30 miles east of downtown Tampa and two miles from Amazon’s announced Prime Air hub at Lakeland Linder International Airport. The joint venture expects to deliver the facility by the third quarter of 2020. Jan Boltres and Michelle Senner of Colliers International will handle leasing efforts.
TIFTON, GA. — Coca-Cola Bottling Co. Inc. United has acquired an 88.6-acre development site in Tifton for $1.4 million. The company plans to develop a $60 million sales center and warehouse spanning 300,000 square feet on the site. Birmingham, Ala.-based Coca-Cola Bottling United expects the facility to open in late 2021, when it will house 200 employees and produce 4.5 million cases on non-alcoholic beverages per year. The property is located at 101 Lamb Loop Road, which is a near the GSF Railway, which runs from Macon, Ga. to Lake City, Fla. with an alternative route to Jacksonville, Fla. Jamie Smithson and Conor Welton of JLL represented the seller, Independent Investors Inc., in the land transaction. David DeVaney of NAI Charter represented the buyer.
NEWARK, N.J. — CenterPoint Properties will develop a 185,856-square-foot warehouse facility at 49 Rutherford Street in Newark. The property will feature 45 dock doors, 80 trailer positions, 155 automobile parking spaces and a 40-foot clear heights. The location offers close access to the Port of Newark as well as immediate access to the New Jersey Turnpike. Construction is slated for completion in the fourth quarter of 2020.
AUSTIN, TEXAS — Transwestern Development Co. has acquired land across the street from the newly renovated Austin Community College campus for the development of a new multifamily project. The new community will feature 147 micro apartments and 3,600 square feet of ground-floor retail space. Construction is scheduled to begin in summer 2020 and to be complete in 2022. TDC is also developing Block 36, a micro-unit community between East Third and East Fourth streets in downtown Austin. Additionally, TDC completed The Indie, its first micro-unit project in Austin, in 2018.