Development

Joint Venture Revives Toys ‘R’ Us Brand, to Open Two New Stores Before Christmas

by Jeff Shaw July 19, 2019

PARSIPPANY, N.J., AND SAN FRANCISCO — One of the recently fallen retail giants is poised to make a return less than two years after its demise. Tru Kids Brands, the Parsippany-based parent company of Toys ‘R’ Us, and b8ta, a San Francisco-based experiential retail firm, have announced plans to bring back Toys ‘R’ Us stores to the United States. The retailer announced in March 2018 that it was declaring bankruptcy and would start an “orderly wind down” and close its 735 remaining stores. Now, 16 months later, the Tru Kids-b8ta joint venture is hoping to bring the 71-year-old brand back with more small-format, experience-based retail spaces. Plans call for the first two stores — located in The Galleria in Houston and Westfield Garden State Plaza in Paramus, New Jersey — to open before the holiday season. “With a 70-year heritage, the Toys ‘R’ Us brand is beloved by kids and families around the world, and continues to play a leading role in the hearts and minds of today’s consumers,” says Richard Barry, CEO of Tru Kids Brands and interim co-CEO of the new Toys ‘R’ Us joint venture. “We have an incredible opportunity to entirely reimagine the Toys ‘R’ Us …

July 19, 2019

Development Florida Loans Multifamily Southeast

Madison Realty Capital Provides $225M Construction Loan for Residential High-Rise in Boca Raton

by Alex Tostado July 18, 2019

BOCA RATON, FLA. — Madison Realty Capital has provided a $225 million loan for The Residences at Mandarin Oriental, a planned 12-story, 580,00-square-foot condominium tower in Boca Raton. The borrower, owner and developer Penn-Florida Cos., is developing the project within Via Mizner, a $1 billion, 2 million-square-foot mixed-use project. Penn-Florida broke ground on The Residences several months ago, along with the connected 164-room Mandarin Oriental Hotel. The hotel and condos are joined by an underground parking tunnel as well as an upper-level bridge. In addition to the hotel and condo components, Via Mizner will include a 366-unit apartment building and the 60,000-square-foot The Shoppes at Via Mizner. Anthony Orso, Bill Weber and Henry Stimler of Newmark Capital Market Strategies arranged the financing on behalf of the borrower.

July 18, 2019

Development Mixed-Use Texas

i3 Interests Breaks Ground on 24-Acre Mixed-Use Project in Metro Houston

by Taylor Williams July 18, 2019

CYPRESS, TEXAS — i3 Interests, an investment and development firm active in Louisiana, Texas and Florida, has broken ground on Telge Crossing, a mixed-use project that will be situated on 24 acres in the Houston suburb of Cypress. Project plans currently call for 15,000 square feet of retail space, 12,000 square feet of medical office space, several pad sites and a 303-unit apartment community. EDGE Realty is marketing the retail component of the project for lease, and Transwestern has been tapped to lease the medical office building. Arch-Con Corp. is the general contractor for the retail and medical office components, and Identity Architects is handling design. Domain Builders is handling the multifamily component, with W Partnership providing design services.

July 18, 2019

Development Multifamily New York Northeast

Mill Creek Begins Leasing 192-Unit Apartment Community on Long Island

by Taylor Williams July 18, 2019

MINEOLA, N.Y. — Mill Creek Residential has begun leasing Modera Metro Mineola, a 192-unit apartment community on Long Island. The transit-served property offers studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops, custom cabinetry, tile backsplashes and key fob entry systems. Indoor amenities include two 24-hour fitness centers with yoga and Pilates studios, two indoor clubhouses with lounges, TVs and resident kitchens, a business center with a conference room, a coffee bar, pet spa and package concierge service. Outdoor amenities include a pool, sun deck, grilling area and kitchen and a lounge. The first units are expected to be available for occupancy in the coming weeks.

July 18, 2019

Affordable Housing Development Multifamily New York Northeast

Exact Capital Completes Renovation of 333 Affordable Housing Units in The Bronx

by Taylor Williams July 18, 2019

NEW YORK CITY — Exact Capital, a locally based finance and development firm, has completed the renovation and preservation of 333 affordable housing units spread across 19 buildings in The Bronx. As part of the project, the developer also renovated four retail spaces located within those properties, all of which rise between two and seven stories. Exact Capital partnered with Shepherd Restoration Corp. on the project, which enhanced roofs, refreshed common areas and upgraded kitchens and bathrooms. TD Bank provided financing for the project in conjunction with the New York City Department of Housing Preservation & Development and Community Preservation Corp.

July 18, 2019

Development Indiana Industrial Midwest

Core5 Begins Development of 1 MSF Spec Industrial Building Near Indianapolis

by Kristin Harlow July 18, 2019

MONROVIA, IND. — Core5 Industrial Partners has begun development of a 1 million-square-foot industrial building within the Hendricks Gateway Park in Monrovia, about 25 miles southwest of Indianapolis. The building will be the first speculative industrial building in the market with a clear height of 40 feet. It is slated for completion in the second quarter of 2020. The development will offer parking for 663 cars and 251 trailers. Andrew Morris and Jeremy Woods of CBRE represented Core5 in the purchase of 76 acres of land for the project. The duo will also represent Core5’s leasing efforts for the new property. The project team includes GDI Construction, MacGregor Associates Architects and Structurepoint. Hendricks Gateway Park is currently home to DHL, Chewy.com, Johnson & Johnson and Geodis.

July 18, 2019

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes $52M Expansion of Hospital in Mora, Minnesota

by Kristin Harlow July 18, 2019

MORA, MINN. — Kraus-Anderson Construction Co. has completed a $52 million expansion of FirstLight Health System in Mora, about 75 miles north of Minneapolis. Designed by DSGW Architects, the renovation includes a new main entry and common area, eye clinic, lab, chemotherapy and radiology spaces, IT facilities, administration offices and gift shop. A two-story addition features a new rehabilitation area with a therapy pool, food-service kitchen, cafeteria and inpatient pharmacy. It also includes new units for births, medical surgeries and ICU. Another two-story addition features a new emergency department, community pharmacy, ambulance garage and fitness center. A separate one-story addition comprises clinical exam rooms. Exterior upgrades include new parking areas, relocation of the helipad and improved access from the highway. All hospital services were in full operation during the entire duration of the multi-phased, 25-month project. The original hospital was built in 1943, with additions completed in 1960, 1970, 1995, 2002 and 2007.

July 18, 2019

California Development Multifamily Seniors Housing Western

Canyon Partners Invests $10.9M in West Oaks Seniors Housing Project in California

by Amy Works July 18, 2019

THOUSAND OAKS, CALIF. — Canyon Partners Real Estate LLC has provided $10.9 million of preferred equity to Griffin Living for the construction of a seniors housing community in Thousand Oaks, approximately 40 miles west of Los Angeles. The community is West Oaks, a Class A development featuring 58 assisted living units and 28 memory care units in a 103,704-square-foot, two-story building. Irwin Partners Architects designed the property. “The Thousand Oaks community is an underserved area for seniors housing and memory care with high projections for unmet demand by 2020, yet this project is currently one of only two senior living developments approved in Thousand Oaks,” says Paul Griffin, chief executive officer of Griffin Living. The transaction is Canyon’s fourth investment with Griffin since 2013. The other projects include: The Viano at Riverwalk apartments in Riverside, Calif.; the Georgian Lakeside, a 95-unit assisted living and memory care residence in Roswell, Ga; and VivaBella at Simi Valley, a 101-unit assisted living and memory care community in Simi Valley, Calif.

July 18, 2019

Development Midwest Ohio Top Stories

FC Cincinnati Kicks Off Construction of $250M Soccer Stadium

by Alex Tostado July 18, 2019

CINCINNATI — FC Cincinnati (FCC), a Major League Soccer team, is headed for a new home. The team recently started construction of a $250 million stadium in the city’s West End, unveiling the full design plans for the first time this week. General contractor Turner Construction broke ground on the project in December and expects to complete the stadium in March 2021. Architecture firm Populous designed West End Stadium — the team said the name may change as potential corporate sponsors get involved with naming rights — to hold between 26,000 and 26,500 seats. It will also feature standing room known as “The Bailey,” which can hold up to 3,100 additional fans. FC Cincinnati has entered into a public-private partnership with the City of Cincinnati for infrastructure improvements around the stadium, with the city providing $35 million for those projects. The construction itself will be privately funded by the team’s ownership. U.S. Bank is providing construction financing for the stadium, according to Cincinnati Public Radio. “As a Cincinnati native and lifelong resident, I have nothing but pride knowing our West End Stadium will be a strong symbol of this city on the world stage,” says FCC president Jeff Berding. ““MLS …

July 18, 2019

Development Office Retail Texas

Four Rivers Capital Begins Construction of 12-Story Office, Retail Building in Dallas

by Taylor Williams July 17, 2019

DALLAS — Four Rivers Capital has begun construction of Weir’s Plaza, a 12-story office and retail building in the Knox-Henderson neighborhood of Dallas. The project will consist of 250,000 square feet of office space and 40,000 square feet of retail space, about 70 percent of which will be occupied by Weir’s Furniture. International law firm Kirkland & Ellis has signed a 65,986-square-foot office lease to occupy the buildings’ top three floors, and WeWork has signed a 71,598-square-foot lease for coworking space. Tommy Nelson and Dennis Barnes of CBRE represented Four Rivers Capital in the lease negotiations. Kevin Kushner, Phil Puckett, Harlan Davis and Neal Puckett of CBRE, along with Brooke Armstrong of JLL, represented Kirkland & Ellis. Completion of the project is slated for 2021. CBRE represented the landlord in the office lease negotiations. Tim Jordan and Clint Coe of JLL arranged construction financing for the project through PCCP LLC.

July 17, 2019

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