SOUTHLAKE, TEXAS — Developer RREAF Holdings has broken ground on Marriott Delta Hotel, a 240-room property that will be located in the Fort Worth suburb of Southlake. Designed by Merriman Anderson Architects, the six-story hotel will include 10,000 square feet of meeting space and a full-service restaurant and bar. Hill & Wilkinson is the general contractor for the project, which is expected to be complete by 2020.
TYSONS, VA. — Washington Property Co. (WPC) has acquired 5.2 acres of land in Tysons with plans to construct a 700-unit Solaire-branded multifamily community. An undisclosed global private equity firm sold the land to WPC for $21 million, according to someone with knowledge of the transaction. John Sheridan of CBRE represented the seller in the transaction. The parcel is part of the 19-acre Arbor Row neighborhood, a mixed-use development situated on Westpark Drive, 15 miles west of downtown Washington, D.C. WPC plans to break ground on the twin mid-rise buildings in the next 12 to 24 months. Plans for unit interiors include quartz countertops, stainless steel appliances, wood flooring, large windows and private balconies. The property will also include 8,000 square feet of retail space. WPC has not yet selected a design team for the project.
FERNLEY, NEV. — Mark IV Capital, in partnership with Heath Rushing of New Nevada Resources, has acquired Crossroads Commerce Center, a 4,300-acre industrial and commercial property located in Fernley, for an undisclosed price. The asset has been rebranded to Victory Logistics District. Situated 30 miles east of Reno, Nev., Victory Logistics Center will be completed in phases with the first phase including approximately 7.5 million square feet of industrial space. Build-out is expected to conclude within seven to 10 years. The first building will be an 800,000-square-foot speculative, cross-docked distribution facility with 40-foot clear heights. Irvine, Calif.-based HPA Architects is designing the building. The first phase also includes the construction of a full-service transload rail facility, which will serve new and existing rail customers in the projects as well as customers throughout the region. The rail facility is being developed in partnership with Black Gold Terminals. At complete build-out, the logistics center will feature manufacturing, distribution, industrial and data center space, as well as housing options, convenience retail, quick-service retail and restaurant and entertainment options.
CHANDLER, ARIZ. — Koelsch Communities has completed The Park at Copper Creek, an independent living community in Chandler. The $40 million property features more than 130 apartments. Amenities include a woodworking shop, theatre, veranda, and patio. In addition, there are two interior courtyards, outdoor exercise stations, and fitness center equipped with compressed air workout stations. A classic 1956 Dodge Custom Royal Lancer is also featured near the entrance, a unique feature of many Koelsch communities as an homage to the CEO’s father, who loved cars. Diana Escobedo is executive director of the new community.
IRVINE, CALIF. — Intracorp has acquired a land parcel located at 2055 Main St. in Irvine’s Business Complex. LBA Realty sold the asset for an undisclosed price. Intracorp plans to develop a 178-unit apartment building on the 2.2-acre site, which is located at the corner of Main Street and Gillette Avenue. The property will feature five stories of residential living with a rooftop amenity deck. Construction is scheduled to begin in summer 2020, with leasing starting in late 2021.
CHICAGO — EQ Office, an office company wholly owned by Blackstone, has reopened the Wacker Drive lobby at Willis Tower. The lobby features a new art installation by artist Jacob Hashimoto that hangs from the ceiling and spans 42 feet. The lobby transformation is part of the office tower’s $500 million renovation project. Now that the Wacker Drive lobby has reopened, the Adams Street lobby will be closing for redevelopment. The Franklin Street lobby will remain open. The renovation project will add more than 300,000 square feet of new retail, dining and entertainment space at the base of the tower as well as 150,000 square feet of new tenant amenity spaces and a 30,000-square-foot outdoor deck. More than 15,000 employees work at the 110-story Willis Tower.
BOLINGBROOK, ILL. — PREMIER Design + Build Group has broken ground on a 219,000-square-foot speculative warehouse in the southwest Chicago suburb of Bolingbrook. Known as Fountain Square Building 5, the facility is the final development within Fountain Square Commerce Center. The developer, Bridge Development Partners LLC, acquired the commerce center in November 2018. Fountain Square Building 5 will include 48 docks, two drive-in doors, a clear height of 32 feet and parking for 30 trailers and 178 cars. Completion is slated for March 2020. The project team includes Cornerstone Architects Ltd., SPACECO and Structural Resources Inc.
WINSLOW, N.J. — A partnership between two New Jersey-based investment firms, Homestake Capital LLC and Harvestate Group LLC, has broken ground on a 595-unit self-storage facility in Winslow, located outside Philadelphia. Extra Space Storage will operate the property, which will span 66,300 net rentable square feet and offer climate-controlled space. Completion is scheduled for January 2020.
WATCHUNG, N.J. — Graycor Construction has completed Cinemark Watchung and XD theater, a 10-screen venue in northern New Jersey. The 37,630-square-foot theater features luxury recliner seats and a private party room and is the first Cinemark theater to open in Somerset County. Beck Architecture designed the theater. Chicago-based Graycor will also build a 12-screen, 44,000-square-foot Cinemark Theatre within the Willowbrook Mall in Wayne.
NEW YORK CITY — A partnership between Shorewood Real Estate Group, Bridge Investments LLC and Capricorn Investment Group LLC will develop a 315-unit multifamily project in the Jamaica neighborhood of Queens. The property will be located within an Opportunity Zone. A construction timeline has not yet been determined.
