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AcquisitionsDevelopmentRetailSelf-StorageSoutheastVirginia

Coldwell Banker Commercial Read Brokers $6M Sale of Shopping Center in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — Coldwell Banker Commercial Read & Co. has brokered the $6 million sale of Forest Hill Shopping Center, an 82,000-square-foot retail center located at 2820 Linkhorne Drive in Lynchburg. Rick Read and Ricky Read of Coldwell Banker Read represented the seller, an entity doing business as Lynchburg Investment Co. Inc., in the transaction. The brokerage firm has served as the landlord rep for the retail center for the past 20 years. The buyer, Swintstorage Conversion Fund LLC, plans to convert the shopping center’s anchor store into a self-storage facility with some outdoor RV and boat storage space. The new owner will also rehabilitate the balance of Forest Hill’s retail space.

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DevelopmentHealthcareNew JerseyNortheast

Atkins Cos. Completes Renovation of 70,140 SF Healthcare Building in Washington Township, New Jersey

by Taylor Williams

WASHINGTON TOWNSHIP, N.J. — New Jersey-based Atkins Cos. has completed the renovation of a 70,140-square-foot healthcare building in Washington Township, about 20 miles south of Philadelphia. The project team converted a former fitness club into 33,000 square feet of clinical healthcare space on the ground floor and 7,000 square feet of leasable space on the second floor. All common areas were upgraded with new lighting, ceilings, flooring, paint/wallcovering, furniture and artwork. Atkins also upgraded building signage, entry points and security systems. Construction began earlier this year.

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Anchor-House-Berkeley-CA
CaliforniaDevelopmentMultifamilyStudent HousingWestern

UC Berkeley Completes 772-Bed Residence Hall for Transfer Students

by Amy Works

BERKELEY, CALIF. — The University of California, Berkeley has completed Anchor House, a 772-bed residence hall for transfer students. The 14-story community spans 450,000 square feet and offers 244 units in studio, two- and four-bedroom configurations. Apartments are fully furnished and offer private bedrooms with built-in desks, full kitchens and in-unit washers and dryers. Shared amenities include a central courtyard with multiple outdoor terraces and balconies; outdoor space for work and gathering; maker space run by the Berkeley Art Studio, which hosts classes for students and the community; a culinary classroom and rooftop vegetable garden for the Rausser College of Natural Sciences; two event spaces with catering kitchens; and an 8,600-square-foot fitness center with a yoga and meditation room. The community offers flexible rent prices to help transfer students with low-income backgrounds and first-generation college students. The development team for the project included Morris Adjmi Architects, BDE Architecture, BCV Architecture, Andrea Cochran Landscape Architecture, PAE Engineers, BKF Engineers and Luma Lighting Design. The development was funded by philanthropic donations and opened ahead of the 2024-2025 academic year. The development team is also targeting LEED Gold certification for the property.

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DevelopmentSeniors HousingSoutheastVirginia

Watercrest, Partners Underway on 142-Unit Seniors Housing Community in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles outside Washington, D.C. Upon completion, the property will feature 106 assisted living units and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank & Trust is financing the development.

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Affordable HousingDevelopmentMidwestMultifamilyOhioSeniors Housing

Woda Cooper Completes 42-Unit Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has completed Hemming Crossing, a 42-unit affordable seniors housing community in Carrollton, about 55 miles south of Akron. The three-story development is reserved for residents age 55 and older with incomes between 30 and 70 percent of the area median income. Hemming Crossing represents a $12.5 million investment in the community. Rents range from $315 to $830 per month, depending on income restriction and size of unit. Amenities include a community room with kitchenette, fitness center, grandchild playroom and outdoor playground. The project was made possible with funding supported by Low-Income Housing Tax Credits (LIHTCs) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Marble Cliff Capital invested in the LIHTCs allocated to Hemming Crossing. Consumer National Bank provided a construction loan and first mortgage, and was a secondary investor in the tax credits. Appalachian Growth Capital provided a second soft mortgage. The project team included PCI Design Group, civil engineer Chadan Engineering and sustainability consultant Sol Design + Consulting. Woda Construction Inc. was the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, oversees leasing and property management.

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DevelopmentMichiganMidwestMixed-UseOfficeTop Stories

Bedrock, GM Unveil Redevelopment Proposal for Renaissance Center in Downtown Detroit

by Kristin Harlow

DETROIT — Developer Bedrock and General Motors Co. (NYSE: GM) have unveiled a conceptual plan to redevelop the Renaissance Center (RenCen) and 27 acres along the Detroit riverfront. According to the companies, the plan preserves the essence of Detroit’s skyline, right-sizes the RenCen’s footprint and connects the site to the heart of downtown. A surrounding entertainment district would feature restaurants, hospitality, residential and market space and complement Detroit’s Riverwalk, which draws more than 3.5 million annual visitors to the city. The project has an estimated price tag of $1.6 billion, according to Crain’s Detroit Business. First opened in 1976, RenCen is widely considered Michigan’s most iconic and recognizable property and serves as the headquarters of GM. The automaker purchased the asset in 1996 and has invested more than $1 billion in improvements to date. Earlier this year, GM unveiled its plans to leave RenCen for Hudson’s Detroit, the redevelopment of the former J.L. Hudson’s department store currently underway by Bedrock. GM plans to take occupancy in 2025. GM and Bedrock established a partnership earlier this year to study redevelopment opportunities for the RenCen site along with the City of Detroit and Wayne County. A team of urban planners, architects and …

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Northmarq Arranges $18.5M Sale of Multifamily Development Site in Tysons, Virginia

by John Nelson

TYSONS, VA. — Northmarq has arranged the $18.5 million sale of a multifamily development site in Tysons, an affluent suburb of Washington, D.C., in Northern Virginia. The 1.3-acre parcel is approved for a 25-story high-rise comprising 447 one-, two- and three-bedroom apartments and 15,207 square feet of retail space. The site is part of Scotts Run, a 40-acre master-planned development comprising 6.5 million square feet of multifamily, office, retail and hotel space. The future apartment high-rise is located within walking distance of the McLean Metro Station’s Silver Line. The buyer and construction timeline were not released.

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Comcast-Spectacor-Philadelphia
DevelopmentNortheastPennsylvaniaRestaurantRetail

Comcast Spectacor, Cordish Provide Updates on Redevelopment of South Philadelphia Sports Complex

by Taylor Williams

PHILADELPHIA — Philadelphia-based Comcast Spectacor, in partnership with Cordish Cos., a Baltimore-based developer specializing in sports-anchored entertainment districts, has provided updates on the redevelopment of the Xfinity Live! sports complex in South Philadelphia. New developments include the transformation of the Live! plaza into a central two-story building featuring a rooftop oasis known as AVA Rooftop Bar; the expansion of the PBR Cowboy Bar via an outdoor backyard area with a stage and new bar offerings; and a new and improved turf area that will provide flexible space for various activities and community activations. Construction is expected to be fully complete by early 2026, and the facility will remain open while work is ongoing.

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DevelopmentMultifamilySeniors HousingWashingtonWestern

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Amy Works

VANCOUVER, WASH. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles outside Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories.  PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison Street, Huntington Bank, City National Bank, Comerica Bank and First National Bank.  Opened earlier this month, The Springs at Waterfront features 182 independent living residences, 48 assisted living residences and 20 memory care units. Amenities at the property include a spa and wellness center; an indoor pool; multiple dining venues, including Fancho’s Public House; a terrace; putting green; gardens and private wine lockers.  According to PMB, the community will create more than 100 permanent jobs. 

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DevelopmentMidwestMultifamilySeniors HousingWisconsin

McShane to Build 72-Unit Senior Living Community in Mukwonago, Wisconsin

by Kristin Harlow

MUKWONAGO, WIS. — McShane Construction Co. will build Azura Mukwonago, a three-building senior living community with 72 units in Mukwonago, about 30 miles southwest of Milwaukee. Azura Living is developing the assisted living and memory care property. In addition to dining rooms, kitchens, community rooms and sunrooms, residents will have access to a fitness area, spa and salon. Outside, residents will be able to enjoy a community garden, walking paths, putting greens, bocce ball courts and courtyard amenities. Completion is slated for December 2025. EUA is the architect.

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