DENVER — Schnitzer West has purchased a land parcel, located at 3615 Delgany St. in Denver’s River North Art District, for an undisclosed price. The acquisition is the result of a partnership between Schnitzer West and Craft Cos., a Denver-based real estate firm. Schnitzer plans to develop a 12-story, 200,000-square-foot speculative office building on the 34,250-square-foot site. The current site design includes one level of underground parking, five levels of above-grade podium parking and seven floors of office space. The first phase of construction is scheduled to begin first-quarter 2020.
NEW YORK CITY — Marcus & Millichap has arranged the $2.5 million sale of a 9,155-square-foot development site in Brooklyn. The property is located at 151 Quincy St. in the Bedford-Stuyvesant section of Brooklyn. Shaun Riney and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
CINCINNATI — Messer Construction has purchased one-third of a development-ready industrial site from The Port of Greater Cincinnati Development Authority. In partnership with Terrex Development and Construction, Messer plans to build a 73,000-square-foot building. A groundbreaking is slated for this summer with completion in 2020. The project team also includes BHDP Architecture, Colliers International and Fifth Third Bank. The project represents a $6.5 million investment, according to Tim Steigerwald, Messer CEO. The site was formerly home to the Cincinnati Gardens property, which The Port purchased in July 2016.
NEW YORK CITY — JLL has arranged a $66.7 million construction loan for a nine-story boutique office building in Manhattan. Located at 141 E. Houston St., the 63,000-square-foot property will include seven individual office floors ranging from 5,000 to 7,000 square feet, a 3,300-square-foot retail store at grade level, and two additional below-grade retail levels. Aaron Appel, Jonathan Schwartz, Michael Diaz, and Patrick Cotter of JLL secured the financing on behalf of the borrowers, East End Capital and K Property Group. The lender was CapitalSource, a division of Pacific Western Bank and Canyon Partners Real Estate LLC. Terms of the financing were not disclosed.
ST. PETERS, MO. — Propper Construction Services is nearing completion of 5300 Centre Apartments, a 265-unit luxury apartment complex in St. Peters, about 30 miles west of St. Louis. Slated to open this summer, the two-building property is situated at the intersection of Mexico Road and St. Peters Centre Boulevard near St. Peters City Centre Park. The buildings are connected by a covered bridge. Green space built on top of parking decks features community gardens, individual garden plots, outdoor gaming areas, grilling stations and recreational space. Other amenities include a pool, fitness center, yoga studio, dog park and pet salon. Monthly rental rates will range from $920 for studios to $2,555 for three-bedroom suites. Leasing is underway. Propper is the developer, while Zwick + Gandt Architecture is the architect and S.M. Wilson and Co. is the general contractor.
MCKINNEY, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) has opened a 14-screen theater at the intersection of U.S. Highway 380 and Hardin Boulevard in the northern Dallas suburb of McKinney. The freestanding venue features wall-to-wall screens, oversized recliners with footrests, an arcade and a variety of food and beverage options. The theater is Cinemark’s 27th in the metroplex.
CARSON, CALIF. — Developer MBK Rental Living and general contractor Snyder Langston have broken ground on Evolve South Bay, a multifamily complex at 20330 S. Main St. in Carson. Situated on 11.8 acres, the 300-unit Evolve South Bay will feature three-story stacked flats with top-floor lofts in a mix of one-, two- and three-bedroom layouts with private garages. The units will feature modern cabinetry, quartz countertops, stainless steel appliances and wood-style flooring. Community amenities will include a fitness center, resort-style pool and spa, barbecue area, outdoor fireplaces, outdoor fitness equipment, dog park, walking path, co-working space, business center, social lounge and California Room, an open-air transition space. Snyder Langston has completed more than 50 percent of the vertical and horizontal utility improvements and land stabilization work for Evolve South Bay. The property is slated to begin pre-leasing in early 2020.
NORTH EAST, MD. — Smithfield Foods Inc., a pork producer and meat packing company, will open a 420,000-square-foot distribution facility within Principio Business Park in North East. The Baltimore Sun reports the center will cost $74 million to build. According to a press release from Gov. Larry Hogan’s office, the new facility will create 240 jobs in Cecil County. Stewart Properties’ Principio Business Park is home to tenants including Amazon, Lidl and Medline. According to Baltimore Business Journal, the State of Maryland will give Smithfield $800,000 in loans through the Advantage Maryland program and, pending review, Cecil County will pitch in $80,000. A timeline for construction was not disclosed.
MIAMI — A joint venture between Adler Group, 13th Floor Investments and Barings LLC has delivered Motion at Dadeland, a 25-story, 294-unit apartment community in Miami’s Dadeland submarket. The joint venture also teamed with Miami-Dade County Department of Transportation and Public Works to deliver the asset. Motion at Dadeland offers studio, one-, two- and three-bedroom floor plans and just under 8,000 square feet of retail space. Located at 8400 S. Dixie Highway, the building is adjacent to Dadeland North Metrorail Station and the Dadeland Station retail center. Amenities at Motion Dadeland include a fitness center, swimming pool with poolside cabanas, media room and coworking space. The design team included general contractor Civic Construction and designer Corwil Architects. TD Bank and Santander Bank provided construction financing.
SPRINGFIELD, VA. — Federal Realty Investment Trust has unveiled plans to redevelop Old Keene Mill, a 90,000-square-foot shopping center in Springfield. Whole Foods Market, Planet Fitness and Walgreens anchor the center, which is situated at the corner of Old Keene Mill and Rolling roads, about 16 miles southwest of downtown Washington, D.C. Redevelopment plans include introducing an outdoor fireplace, communal village design, new landscapes, wide sidewalks and new façade and signage. Completion is expected before Thanksgiving.