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San-Paseo-Apartments-Katy
DevelopmentMultifamilyTexas

Sueba USA Completes 293-Unit San Paseo Apartments in Katy, Texas

by Taylor Williams

KATY, TEXAS — Locally based developer Sueba USA has completed San Paseo, a 293-unit apartment community in the western Houston suburb of Katy. Located near the northeast corner of I-10 and the Grand Parkway, San Paseo consists of 273 apartments and 20 townhomes. Apartments come in studio, one-, two- and three-bedroom floor plans and range in size from 496 to 2,088 square feet, while the townhomes feature three different layouts and have an average size of about 2,450 square feet. Amenities include multiple pools, outdoor grilling and dining stations, a fitness center, coworking space and a coffee bar. Rents start at $1,170 per month for a studio apartment.

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DevelopmentLife SciencesTexas

St. John Properties Delivers 45,600 SF Life Sciences Building in Metro Austin

by Taylor Williams

GEORGETOWN AND ROUND ROCK, TEXAS — Baltimore-based St. John Properties has delivered a 45,600-square-foot life sciences building on the northern outskirts of Austin. The building is the first to be completed at Westinghouse Crossing, a 225,000-square-foot mixed-use development located at the southern border of Georgetown and the northern border of Round Rock. The 35-acre development will ultimately feature 170,000 square feet of research-and-development facilities, 40,000 square feet of office space and 15,000 square feet of retail space.

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DevelopmentFloridaIndustrialSoutheast

Miller Construction, Foundry Break Ground on Two South Florida Warehouse Projects Totaling 832,000 SF

by John Nelson

OPA LOCKA AND BOYNTON BEACH, FLA. — Miller Construction, working on behalf of Orlando-based commercial real estate services and development firm Foundry Commercial, has begun construction on two warehouse projects in South Florida totaling 832,000 square feet. The facilities, which combined for $68 million in value, include Meek International Business Park Phase IV (375,000 square feet) in Opa Locka, and Egret Point Logistics, a two-building park (457,000 square feet) in Boynton Beach. The project team for Meek International include Arcadis (architect), Puga & Associates (MEP engineer), DDA (structural engineer) and Langan (civil engineer). Arcadis and DDA were also part of the project team for Egret Point, which also included B&K Engineering (MEP engineer) and Kimley-Horn (civil engineer).

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DevelopmentNew JerseyNortheastRestaurantRetail

Connell Co. Breaks Ground on 55,000 SF Entertainment Building in Berkeley Heights, New Jersey

by Taylor Williams

BERKELEY HEIGHTS, N.J. — Local developer The Connell Co. has broken ground on a 55,000-square-foot entertainment building at The Park, a 185-acre mixed-use development in the northern New Jersey community of Berkeley Heights. The building will be located within The District, a 60-acre section of the larger campus. Tenants that have committed to the new building include craft beer provider Emberside Brewery, Mexican restaurant Rosa Azul and speakeasy-style steakhouse and entertainment concept BASH. Completion is slated for 2026.

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LogistiCenter-Irvine-CA
CaliforniaDevelopmentIndustrialWestern

Premier Design + Build Breaks Ground on 224,920 SF LogistiCenter at Irvine in California

by Amy Works

IRVINE, CALIF. — Premier Design + Build Group has started construction on LogistiCenter at Irvine I & II, its first project in the Western region for developer Dermody Properties. The development will consist of two LEED-certified industrial facilities totaling 224,920 square feet. LogistiCenter at Irvine I will be a 133,320-square-foot freestanding building situated on six acres. The asset will feature 10,000 square feet of office/mezzanine space, a clear height of 36 feet, 15 dock doors with dock bumpers, one drive-in door and 108 parking stalls. Situated on an adjacent 4.4 acres, the 91,600-square-foot LogistiCenter at Irvine II will offer 8,200 square feet of office/mezzanine space, a clear height of 36 feet, 11 dock doors, one drive-in door and 74 parking stalls. Completion is slated for first-quarter 2025. The project team includes HPA Architecture, Darin Fong and Associates, Tait Engineering, Kier + Wright, Gregg Electric and Wallace P. Johnson Plumbing. CBRE is serving as the real estate broker for the development.

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DevelopmentIllinoisMidwestOffice

Urban Innovations Completes Renovation of Consumers Credit Union Headquarters in Lake Forest, Illinois

by Kristin Harlow

LAKE FOREST, ILL. — Urban Innovations has completed the renovation and expansion of the Consumers Credit Union headquarters building at 300 N. Field Drive in the Chicago suburb of Lake Forest. Urban Innovations led the 140,000-square-foot renovation of an existing three-story building, which the tenant purchased in 2022 to move its headquarters from Gurnee. The project for the company’s 500 employees entailed a new interconnecting grand staircase from the first floor to the basement. Amenities include a Starbucks with lounge, fitness center, large training room and cafeteria. Other project features include an upgraded lobby and reception desk, new executive offices, a 40-person boardroom, new conference and phone rooms, six coffee bars and pantries, and a refresh of existing finishes and lighting. Partners by Design was the architect.

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DevelopmentLeasing ActivityMidwestNebraskaRestaurantRetail

Lockwood Construction Begins Demolition of Former Charleston’s Restaurant in Omaha

by Kristin Harlow

OMAHA, NEB. — Lockwood Construction has begun demolition work on a former Charleston’s restaurant space in Omaha. Terra Gaucha, a Brazilian steakhouse, will open in the 8,788-square-foot space. The new location marks the restaurant’s first venture into Omaha. The building will feature an expanded dining area to accommodate private dining, an expansive wine wall and open bar concept, and extensive exterior updates and landscaping to coincide with other Terra Gaucha locations. The restaurant is expected to open in May 2025.

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DiRienz Opportunities for borrowers Talonvest pull quote
AcquisitionsContent PartnerDevelopmentFeaturesLoansMidwestNortheastSoutheastTexasWestern

Part 2: Elective Refinances, New Business Plans: What’s Driving Activity Today?

by Sarah Daniels

By David DiRienzo, director — business development, at Talonvest Capital, Inc. This is part two of a two-part series discussing the key drivers behind transaction volume and the steps owners can take to ensure they are well positioned going forward. As highlighted in part one, despite substantial changes in the market over the past few years, the capital markets continue to offer quality financing solutions for real estate owners. Part two of this article series delves into two key drivers of current financing activity: elective refinancing to optimize the capital stack and the initiation of new business plans. Given the plethora of value-add projects in the pipeline and the interest in undertaking new business plans as equity capital returns to the market, these financing strategies are taking on greater importance than in past years. Interestingly, elective refinancing and starting a new business plan are two scenarios where the borrower’s actions are optional because an impending maturity is not a consideration. For this reason, it is important that borrowers understand the nuances behind these strategies as well as the approach that a capital expert might take. Elective Refinancing to Maximize Investment Performance While loan maturities trigger many refinancings, owners run into a …

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DevelopmentIllinoisIndustrialMidwest

Ryan Cos. Starts Construction on Final Phase of Pullman Crossings Industrial Park in Chicago

by Kristin Harlow

CHICAGO — Ryan Cos. US Inc. has formed a joint venture with Namdar Realty Group and Mason Asset Management to close on the land and start construction of the final phase of Pullman Crossings industrial park in Chicago. The final phase is a 160,000-square-foot speculative facility. Pullman Crossings is a 50-acre industrial park within Pullman Park, a 180-acre mixed-use project being developed by Chicago Neighborhood Initiatives. The new building will feature outdoor eating areas, exterior bike racks, ESFR fire protection and a clear height of 32 feet in the warehouse. Ryan is developing and building the facility with construction financing provided by Bankers Trust. Completion is slated for August 2025.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane, Ashlaur Complete 76-Unit Affordable Housing Building for Visually Impaired Residents in Chicago

by Kristin Harlow

CHICAGO — A joint venture between McShane Construction Co. and Ashlaur Construction has completed The Foglia Residences in Chicago. Brinshore Development and The Chicago Lighthouse developed the 76-unit affordable housing building for residents who are blind, visually impaired, disabled and veterans. The development marks the first Low-Income Housing Tax Credit building in the nation for the blind community, according to McShane. Situated on a site adjacent to The Chicago Lighthouse’s center in the Illinois Medical District, the podium-style building features nine stories with three levels of parking, six levels of units and first-floor retail space. Units are offered in studio, one- and two-bedroom floor plans. Income restrictions were not provided. Amenities include a fitness center, community room, fourth-floor rooftop terrace, dog run and playground. The common areas offer contrasting colors, lit braille unit signage, handrails, braille wallpaper, braille numbering on mailboxes, contrasting flooring in front of unit doors and elevators with audible signals. LBBA was the architect.

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