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Development

Downtown-Center-Celina
CivicDevelopmentTexas

City of Celina Unveils Plans for Downtown Center Civic Project

by Taylor Williams

CELINA, TEXAS — The City of Celina, located north of Dallas near the convergence of Denton and Collin counties, has unveiled plans for Downtown Center. The impetus behind the 115,245-square-foot project is a need for expanded parking in the downtown area as well as new home for city operations. The first phase will center on the construction of a 25,202-square-foot, four-story parking garage totaling nearly 400 parking spaces. Following completion of the garage, the development team will construct a new facility that will house the operations of various city administrative departments, as well as a 26,209-square-foot library and a rooftop community space. Swinerton is the general contractor for the project. Construction on the garage will begin next fall.

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Denton-Point
DevelopmentIndustrialTexas

JLL Arranges Construction Financing for 451,856 SF Industrial Project in Denton

by Taylor Williams

DENTON, TEXAS — JLL has arranged an undisclosed amount of construction financing for a three-building, 451,856-square-foot industrial project in the North Texas city of Denton. Denton Point III, IV and V will feature rear-load configurations, 28- to 32-foot clear heights, 114 total dock doors and bay depths ranging from 160 to 280 feet. Campbell Roche, Will Mogk, Tom Weber, Luke Rogers and Jordan Buck of JLL arranged the five-year loan through First United Bank on behalf of the borrower, Holt Lunsford Commercial Investments, which is developing the project in a joint venture with Dallas-based Silverado Interests. Completion is scheduled for the third quarter of 2025.

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DevelopmentGeorgiaLeasing ActivityOfficeRetailSoutheast

The Athlete’s Foot Opens Corporate Headquarters, Flagship Store in Midtown Atlanta

by John Nelson

ATLANTA — The Athlete’s Foot, a shoe and sports apparel retailer with 400 stores in 24 countries, has opened its corporate headquarters and flagship store in Midtown Atlanta. The retailer’s new home at 931 Monroe Drive also includes a community center component that will serve as “cultural hub” for community engagement. The Athlete’s Foot’s new headquarters and flagship store is situated along the Atlanta BeltLine adjacent to Piedmont Park. Project partners included prominently Black-owned companies, including T. Dallas Smith & Co. (real estate advisor), J.M. Lee Construction Co. (general contractor) and Aysha Pennerman (mural artist).

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Madison Capital Obtains $34.3M Construction Financing for Apartment Development Near Raleigh

by John Nelson

APEX, N.C. — Madison Capital Group has obtained $34.3 million in construction financing for a new apartment development in the metro Raleigh-Durham area. Affiliate firm Madison Communities is planning the 218-unit community, which will be named Madison Aquiline and will be located in Apex. Warren Johnson and Travis Anderson of JLL arranged the loan through Centennial Bank on behalf of Madison Capital. Madison Aquiline will feature an integrated clubhouse with a fitness center and a resort-style pool and pool deck with grilling stations and a fire pit. Other amenities will include a café island with a wet bar, cyber lounge, flexible workspaces and a coffee bar. The construction timeline was not disclosed.

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261-315-Grand-Concourse-Bronx
DevelopmentLoansMultifamilyNew YorkNortheast

SCALE Lending Provides $135M Construction Loan for Bronx Multifamily Projects

by Taylor Williams

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $135 million construction loan for 261 Grand Concourse and 315 Grand Concourse, two adjacent multifamily projects that will be located in the Mott Haven area of The Bronx. The two buildings will rise 14 stories and house 405 units between them. Residences will come in studio, one- and two-bedroom floor plans, and the development will also include 136 parking spaces and a 5,100-square-foot shared recreation space. Landstone Capital arranged the 24-month loan on behalf of the developer, Beitel Group, which acquired the sites in April 2022 and subsequently demolished existing structures. Completion is slated for late 2025.

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Devon-Self-Storage-Glassboro-New-Jersey
DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Inland Private Capital, Devon Self Storage Complete 870-Unit Facility in Glassboro, New Jersey

by Taylor Williams

GLASSBORO, N.J. — Inland Private Capital Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed an 870-unit facility in Glassboro, about 25 miles south of Philadelphia. The site at 124 Delsea Drive S formerly housed the facilities of Liscio’s Bakery. The two-story, elevator-served facility features 86,700 net rentable square feet of 100 percent climate-controlled space and includes a vehicle drive-thru area with high-speed roll-up doors, as well as multiple unloading locations and epoxy finished flooring.

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DevelopmentMidwestMultifamilyStudent HousingWisconsin

Subtext, Harrison Street Complete 12-Story Student Housing Development Near University of Wisconsin-Madison

by Kristin Harlow

MADISON, WIS. — Developer Subtext and Harrison Street have completed VERVE Madison, a 12-story student housing development located two blocks from the University of Wisconsin-Madison. ESG Architecture & Design served as the architect for the 536-bed, 142-unit community. The project team also included Stevens Construction Corp., civil engineer JSD Professional Services and landscape architect Damon Farber. Harrison Street served as the lead investor, while Old National Bank was the lender. The 278,143-square-foot property offers fully furnished one-, two-, three-, four- and five-bedroom units. The rooftop features a pool, hot tub, cabanas and gardens. Additional amenities include a multipurpose turf and game zone, fitness center with sauna, second-floor terrace courtyard and study areas. VERVE Madison is fully leased.

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DevelopmentIllinoisIndustrialMidwest

S&C Electric Co. Opens 275,000 SF Manufacturing Facility in Palatine, Illinois

by Kristin Harlow

PALATINE, ILL. — S&C Electric Co. has opened a new 275,000-square-foot manufacturing facility in Palatine, a northwestern suburb of Chicago. The expansion created 200 production and engineering jobs. The property is situated about 25 miles from S&C’s headquarters and manufacturing campus in Chicago’s Rogers Park neighborhood. Production in Palatine includes circuit-washers, devices that protect transmission substation transformers and other grid-hardening equipment.

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DevelopmentLeasing ActivityNew YorkNortheastOfficeTop Stories

AllianceBernstein Opens New 189,000 SF Office at The Spiral in Manhattan

by John Nelson

NEW YORK CITY — Global investment management firm AllianceBernstein LP (NYSE: AB) has opened its new office at The Spiral, a 66-story office tower in New York City’s Hudson Yards district. The office spans 189,000 square feet across four floors and houses two business lines for the tenant: AllianceBernstein and Bernstein Private Wealth Management. Tishman Speyer delivered The Spiral last year at 66 Hudson Blvd. E, which is situated on the west side of Midtown Manhattan. The tower sits at the north end of the High Line trail and houses office, healthcare and retail locations for tenants including HSBC, New York-Presbyterian Hospital and Pfizer, among others. AllianceBernstein’s new office features open floor plans, advanced technology, collaborative meeting and events spaces and outdoor terraces on every level. “This transition marks a special moment for our firm,” says Onur Erzan, head of AB Global Client Group and Bernstein Private Wealth Management. “Our brand-new, state-of-the-art space in the heart of New York City presents significant opportunities to our clients and colleagues.” AllianceBernstein struck the 20-year lease agreement with Tishman Speyer in 2019.  The firm’s previous New York headquarters was located at the AllianceBernstein Building at 1345 Avenue of the Americas. The New York …

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Clay-Road-Business-Park-Sunyvale
DevelopmentIndustrialTexas

CapRock Partners to Develop 518,000 SF Industrial Project in Sunnyvale, Texas

by Taylor Williams

SUNNYVALE, TEXAS — California-based CapRock Partners has acquired 32.5 acres in Sunnyvale, an eastern suburb of Dallas, for the development of a 518,000-square-foot industrial project that will be known as Clay Road Business Park. The development will consist of three shallow-bay buildings with 32-foot clear heights, dock-high and ramp loading doors, ESFR sprinklers and trailer parking. Construction is scheduled to begin in 2025 and be compete in 2026. Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King of JLL represented CapRock in the land acquisition.

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