Development

Casto Opens 230-Unit Apartment Building in Columbus

by Kristin Harlow May 2, 2019

COLUMBUS, OHIO — Casto, along with development partners Robert Weiler Co., Kelley Cos., Columbus Metropolitan Housing Authority and S2 Construction, has opened a 230-unit apartment building in Columbus known as River & Rich. The project also includes 30,000 square feet of retail space and a 300-space public parking garage. Roy G Biv, a nonprofit art gallery, is joining River & Rich as the marquee tenant and will open on Friday, May 3. Located in the rear of the property are three large murals created by local artists. An additional 13 murals can be found inside the building. Amenities include a clubhouse, fitness center and amenity deck. Monthly rents for one-bedroom units start at $1,209.

May 2, 2019

Development Florida Multifamily Southeast

Mahaffey Underway on 382-Unit Multifamily Complex in Central Florida

by Alex Tostado May 1, 2019

WEST MELBOURNE, FLA. — Mahaffey Co. is currently underway on The Carlton of West Melbourne, a 16-building, 382-unit apartment complex in West Melbourne. The project is situated at the intersection of Palm Bay Road and Interstate 95 in south Brevard County. Amenities will include a clubhouse, social lounge, fitness center, business center, swimming pool, playground and a dog park. Interior units will include sunrooms, double master bedrooms and balconies. The design team includes civil engineer BSE Consultants and architect Fugleberg Koch. A timeline for completion was not disclosed.

May 1, 2019

Acquisitions Development Florida Multifamily Southeast

Cushman & Wakefield Brokers $10.6M Sale of Multifamily Development Site in Orlando

by Alex Tostado May 1, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the $10.6 million sale of a 17.1-acre development site within the MetroWest master planned community in Orlando. The buyer, Valdosta, Ga.-based Rise, plans to develop a five-building, 442-unit apartment community within the 1,805-acre MetroWest, which is located 10 miles southwest of downtown Orlando. Margery Johnson and Andy Slowik of Cushman & Wakefield represented the seller, Valencia Properties, in the transaction. A timeline for construction was not disclosed.

May 1, 2019

Development Florida Industrial Self-Storage Southeast

Miller Construction Delivers $8.4M Self-Storage Facility Near Miami

by Alex Tostado May 1, 2019

AVENTURA, FLA. — Miller Construction Co. has delivered an $8.4 million, 993-unit CubeSmart facility in South Florida for the owner, Urban Storage Fund LLC. The building is situated at 19301 W. Dixie Highway in Aventura, 19 miles north of downtown Miami. The two-story structure spans 107,429 square feet and offers 75 locker units. Units range in size from 25 to 300 square feet. The project team included architect WHA Design and engineering firms Hajjar & Associates Inc., Zamora & Associates Inc. and Alkemeyer & Associates.

May 1, 2019

Acquisitions California Development Office Western

Harvest Properties, Invesco Real Estate Buy Three-Building Office Development Site in Silicon Valley

by Amy Works May 1, 2019

SUNNYVALE, CALIF. — A joint venture between Harvest Properties and Invesco Real Estate has acquired a three-building, Class A office development site in Silicon Valley’s Sunnyvale submarket. Terms of the transaction were not released. The acquisition marks the eighth joint venture that Harvest and Invesco have completed together. The fully entitled, shovel-ready development site is situated in Peery Park, minutes from downtown Sunnyvale. The project totals approximately 540,000 square feet across three buildings and can be delivered in phases. The partnership plans to break ground immediately and deliver the first building, a 190,000-square-foot asset at 684 W. Maude Ave., in the third quarter of 2020.

May 1, 2019

Colorado Company News Development Office Western

Amazon to Open 98,000 SF Office Location in Denver, Plans to Create 400 New Tech Jobs

by Amy Works May 1, 2019

DENVER — Amazon plans to expand its Denver Tech Hub and create 400 new high-tech jobs in a variety of fields, including software engineering, hardware engineering, cloud computing and advertising. To accommodate this growth, the company will open a 98,000-square-foot office at Invesco’s 1515 Wynkoop building in Denver’s Lower Downtown district. Currently, Amazon has more than 350 employees in the Denver area, building new products and services for the company’s retail, advertising and Amazon Web Services businesses. The company’s new office joins the company’s Boulder office, which opened last fall, and will allow Amazon to more than double its tech workforce in the Denver area. In total, Amazon has created more than 3,500 full-time jobs in Colorado. Over the last three years, Amazon has invested more than $1.5 billion in Colorado including infrastructure, compensation and Whole Foods Market.

May 1, 2019

Acquisitions Colorado Development Industrial Office Western

Cushman & Wakefield Brokers $4M Sale of Flex Development in Thornton, Colorado

by Amy Works May 1, 2019

THORNTON, COLO. — Cushman & Wakefield has arranged the sale of 67 acres of industrial-zoned land that will be developed into 25 North, a master-planned flex development in Thornton. A newly formed joint venture between RMS Properties Co. and Bow River Capital acquired the site for $4 million. Located at Washington Street and 148th Avenue in Thornton, 25 North will feature approximately 900,000 square feet of Class A industrial space. Construction of the first phase is underway and will include two speculative buildings totaling approximately 220,000 square feet. The site is zoned to allow for a variety of uses, including office, flex, industrial, warehousing, manufacturing and outdoor storage uses. Additionally, the development will offer new speculative development and land for build-to-suits, with buildings ranging in size from 50,000 square feet to 250,000 square feet. Matt Trone, Steve Hager and Joey Trinkle of Cushman & Wakefield Denver represented the seller, Regal Properties, in the transaction.

May 1, 2019

Development Multifamily New York Northeast

Moinian Group, Bushburg Near Completion of $160M Multifamily Project in Brooklyn

by Taylor Williams May 1, 2019

NEW YORK CITY — A partnership between The Moinian Group, a privately held real estate group based in Manhattan, and locally based developer Bushburg Properties is nearing completion of its $160 million multifamily project located at 123 Linden Blvd. in Brooklyn. The property, known simply as 123 Linden, will include 467 units across 26 stories. The Moinian Group’s lending arm provided construction financing for the deal, and the company will also operate the property. Upon completion later this year, 123 Linden will feature 50,000 square feet of amenity space, including indoor and outdoor pools and fitness centers, a basketball court and a dog run.

May 1, 2019

Development Northeast Office Pennsylvania Retail

LG Realty Advisors Unveils Plans for $50M Office, Retail Project in Pittsburgh

by Taylor Williams May 1, 2019

PITTSBURGH — LG Realty Advisors, a privately held development and management firm, has unveiled plans for Liberty East, a $50 million office and retail project in Pittsburgh. Liberty East, which is a redevelopment of the nine-story Penn Plaza building, will ultimately house 246,000 square feet of Class A office space with a 50,000-square-foot retail space on the ground floor that will be occupied by Whole Foods Market. The development will also include an additional 4,600 square feet of retail space and 700 parking spaces. Construction of Phase I of the project, which also includes a $1 million contribution to the upgrading of nearby Enright Park, is expected to begin this summer and wrap up in summer 2021.

May 1, 2019

Development Maryland Retail Southeast

Whole Foods Market to Anchor $350M Mixed-Use Development in Metro Baltimore

by Alex Tostado April 30, 2019

TOWSON, MD. — Developers Greenberg Gibbons and Caves Valley Partners have signed Whole Foods Market to anchor the retail component of Towson Row, a $350 million mixed-use development in downtown Towson. Whole Foods will occupy 45,000 square feet and include a 6,200-square-foot mezzanine and outdoor dining terrace. Construction on the store is expected to begin this winter and take 18 months to complete. Amenities will include a two-story parking deck and covered walkways leading to the store. Towson Row is currently under construction on a five-acre site, 10 miles north of downtown Baltimore. The 1.2 million-square-foot development will include over 75,000 square feet of retail/restaurant space, 150,000 square feet of Class A office space, 300 student housing units, 200 luxury high-rise residential units and a 220-room hotel.

April 30, 2019

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