Development

Conor Commercial Begins Development of 150,000 SF Spec Industrial Building in Prospect Heights, Illinois

by Kristin Harlow July 22, 2019

PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has begun development of Executive Commerce Center in Prospect Heights. The 150,000-square-foot speculative industrial building will sit on 10 acres and feature a 32-foot clear height, 25 truck docks, two drive-in doors and parking for 165 cars. Completion is slated for the end of this year. McShane Construction Co. is the general contractor and Ware Malcomb is the architect. Denise Chaimovitz and Sean Sloan of Paine Wetzel are marketing the property for lease on behalf of Conor.

July 22, 2019

Development Industrial Iowa Midwest Self-Storage

StorageMart Expands Climate-Controlled Facility in Des Moines

by Kristin Harlow July 22, 2019

DES MOINES, IOWA — StorageMart has expanded its facility located at 1800 E. Army Post Road in Des Moines. The self-storage property now includes two climate-controlled buildings with 155 units. Both buildings feature large drive-in loading bays. StorageMart also expanded the office area, which now offers a variety of packing and moving supplies. The expanded facility also includes 25 additional boat, recreational vehicle and car parking spots on newly paved lots.

July 22, 2019

Development Industrial Midwest Ohio Top Stories

Amazon to Open Two 700,000 SF Fulfillment Centers in Ohio

by Taylor Williams July 22, 2019

AKRON AND ROSSFORD, OHIO — Amazon (NASDAQ: AMZN) will open two fulfillment centers in Ohio in a move that will bring more than 2,500 new jobs to the northern part of the state. The properties, each of which will span more than 700,000 square feet, will be located in Akron and Rossford, the latter being a suburb of Toledo. The developments will be the e-commerce giant’s seventh and eighth industrial assets in Ohio, and will be used to sort, pack and ship various items to customers in the region. According to the Akron Beacon Journal, the Akron facility will be developed at the site of the former Rolling Acres mall, which was recently foreclosed upon and demolished. Construction is scheduled to begin in September, the paper reports. Amazon did not disclose additional timelines for the openings of the centers. “Ohio has been a great place to do business, serve customers and create jobs,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We’re excited to grow our team in the Buckeye state, which now includes more than 8,500 Amazonians.” “Amazon continues to demonstrate confidence in the great workforce and e-commerce business climate we have in Ohio,” adds Ohio …

July 22, 2019

Lakeside-International-Office-Center-Flower-Mound-Texas

Development Office Texas

Realty Capital, Staubach Break Ground on 138,000 SF Office Project in Metro Dallas

by Taylor Williams July 19, 2019

FLOWER MOUND, TEXAS — A partnership between Irving-based Realty Capital and Dallas-based Staubach Capital has broken ground on Lakeside International Office Center, a 138,000-square-foot office project in the northern metroplex city of Flower Mound. The project will consist of a 120,000-square-foot building and an 18,000-square-foot building with amenities such as a tenant lounge, coffee bar and a trail system connecting to the nearby Shops at Lakeside. IntelliCentrics, a healthcare credentialing firm, has signed a 30,000-square-foot lease to become the property’s inaugural tenant. JLL’s Doug Carignan represented the tenant in the lease negotiations. BOKA Powell is the project architect, and Muckleroy & Falls is the general contractor. Completion is slated for the third quarter of 2020. JLL’s Cannon Camp and Chris Doggett will lead the marketing and leasing efforts for the property. Staubach Capital provided the equity financing, and First United Bank is providing the debt financing for the project.

July 19, 2019

Development Multifamily South Carolina Southeast

Madison Capital Breaks Ground on Apartment Complex Within Opportunity Zone in Downtown Charleston

by Alex Tostado July 19, 2019

CHARLESTON, S.C. — Madison Capital Group has broken ground on 577 Meeting Street, a 118-unit apartment complex within an Opportunity Zone in downtown Charleston. Madison Capital expects the project to deliver in early 2021. 577 Meeting Street will offer studio and one-bedroom floor plans. Patterson Real Estate Advisory Group arranged construction financing through CIBC Bank USA on behalf of Madison Capital, which is also raising equity for the project through a single-asset Opportunity Zone Fund. This is Madison Capital’s eighth multifamily development in Charleston.

July 19, 2019

Development Maryland Southeast

Senior Helpers Breaks Ground on Retro Town Center Near Baltimore Catered Toward Seniors

by Alex Tostado July 19, 2019

PERRY HALL, MD. — Senior Helpers has broken ground on Town Square, an 11,000-square-foot center in Perry Hall that will cater toward seniors in the area. Senior Helpers, a provider of in-home senior services, plans to open Town Square this fall. Town Square, situated at 9708 Belair Road, 15 miles northwest of downtown Baltimore, will offer seniors an interactive environment set in the 1950s. This is the first of several planned centers around the country. Each new Town Square will feature an interactive midcentury “town” that includes 13 distinctive storefronts and experiences that evoke the age when most members were young adults. These experiences include a 1950s-era diner, vintage car, movie theater, library, game room and garden shop, all arranged around a green central park. Each Town Square is designed to accommodate 100 guests per day. The first Town Square will be open to seniors in the Baltimore metro area and surrounding communities.

July 19, 2019

Development Industrial Midwest Self-Storage Wisconsin

I|C Construction to Break Ground on 800-Unit Self-Storage Facility in Wisconsin

by Kristin Harlow July 19, 2019

PLEASANT PRAIRIE, WIS. — I|C Construction is set to break ground on an 800-unit, 127,156-square-foot self-storage facility in Pleasant Prairie. Bruno and Lori Hanney purchased the 5.4-acre site at 9001 Wilmot Road for the development of the project. Upon completion, Extra Space Storage Inc. will manage the property. The facility will offer drive-in access, climate-controlled units, surveillance cameras, access codes and LED lighting. In.studio Architecture designed the project, which is slated for completion in January 2020.

July 19, 2019

Development Illinois Industrial Midwest

CHI Purchases 42-Acre Site in Elgin, Plans 638,000 SF Spec Industrial Development

by Kristin Harlow July 19, 2019

ELGIN, ILL. — Crow Holdings Industrial (CHI), in partnership with the California State Teachers’ Retirement System (CalSTRS), has purchased a 42-acre site at 2600 Mason Road in Elgin. The developer plans to break ground this month on Park 90 Elgin, a three-building speculative industrial development spanning 638,000 square feet. Building A will span 155,000 square feet, Building B will total 106,000 square feet and Building C will measure 377,000 square feet. Buildings A and B will include a clear height of 32 feet, while Building C will feature a clear height of 36 feet. Brian Kling and Reed Adler of Colliers International represented CHI in the land sale. The duo has also been retained to complete the lease-up of Park 90 Elgin.

July 19, 2019

Development Multifamily New Jersey Northeast

PCD Capital, Saber Real Estate to Develop 421-Unit Apartment Project in New Jersey

by Taylor Williams July 19, 2019

BOGOTA, N.J. — A subsidiary of New Jersey-based PCD Capital LLC and New York-based Saber Real Estate Advisors LLC will develop a 421-unit multifamily project in Bogota, located across the Hudson River from Harlem. The property will be situated on 13 acres and feature an 8,000-square-foot clubhouse with a fitness center and media room, as well as outdoor amenities such as a pool, dog park and outdoor grilling area. The building will also house 8,000 square feet of retail space. M&T Bank and BBVA USA provided a $60 million construction loan for the project. John Alascio and Sridhar Vankayala of Cushman & Wakefield arranged the financing. A construction timeline has yet to be established.

July 19, 2019

Development Hospitality New York Northeast

Sam Chang Breaks Ground on 200-Room Hotel in Manhattan

by Taylor Williams July 19, 2019

NEW YORK CITY — Local hotel developer Sam Chang has broken ground on a 200-room hotel that will be located at 223 W. 46th St. near Times Square in Manhattan. Designed by Gene Kaufman Architects, the hotel will span 70,000 square feet and rise 21 stories. Amenities will include a fitness center and a ground-floor restaurant with outdoor seating. Completion of the property, which has yet to be named and branded, is scheduled for September 2021.

July 19, 2019

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