Development

Punch Bowl Social to Open 23,038 SF Venue in Downtown Austin

by Jeff Shaw February 5, 2019

AUSTIN, TEXAS — Punch Bowl Social, an entertainment concept that centers on artisanal food and beverages and parlor-style entertainment, will open a 23,038-square-foot venue in the Scarbrough Building, a historic office property in downtown Austin. Britt Morrison and Brett Maze of Weitzman represented the landlord in the lease negotiations. Perren Gasc with DBA Commercial Real Estate LLC and Dan Nesson of Denver-based True North represented Punch Bowl Social. The opening is scheduled for the third quarter of 2019.

February 5, 2019

Development Mixed-Use Texas

KRS Begins 12,000 SF Retail, Office Renovation Project in Fort Worth

by Taylor Williams February 5, 2019

FORT WORTH, TEXAS — KRS Realty Advisors has begun a 12,000-square-foot retail and office renovation project within Fort Worth’s historic stockyards district. The first building features 7,000 square feet of divisible space and can accommodate a drive-thru or patio seating for a restaurant user. The second building will offer 4,970 square feet in an open concept complete with mezzanine space and ample parking. Stream Realty Partners will handle leasing of the project.

February 5, 2019

Affordable Housing Development Loans Multifamily New York Northeast

KeyBank Provides $12.1M Construction Loan for Affordable Housing Community in Buffalo

by David Cohen February 5, 2019

BUFFALO, N.Y. — KeyBank has provided a $5.4 million construction loan and $6.7 million in 9 percent tax credit equity for the construction of Elim Townhomes in Buffalo. The two-acre property will feature 30 townhome units, available to households earning 50 percent of the area median income. Additionally, six of the 30 units will be set aside for individuals and families with physical, hearing or vision impairments. The borrower was Belmont Housing Resources. Terms of the financing were not disclosed. Other investments in Elim Townhomes included $3.1 million in permanent financing from the New York State Housing Trust Fund and a $900,000 permanent, long-term HOME loan from the City of Buffalo.

February 5, 2019

California Development Office Western

Alvarez & Marsal Capital Real Estate to Develop ELEVAR Creative Office Campus in Los Angeles

by Amy Works February 5, 2019

LOS ANGELES — Alvarez & Marsal Capital Real Estate recently acquired a 4.3-acre site at 18362-18424 Oxnard St. in Los Angeles’ Tarzana neighborhood for redevelopment into a creative office campus with studio capabilities. The site, which was formerly used as production space, will be redeveloped into ELEVAR, a state-of-the-art studio and creative office campus. Situated at the corner of Oxnard Street and Reseda Boulevard, the asset currently consists of four standalone flex and industrial buildings totaling 73,045 square feet. The new construction will add more than 20,000 square feet, bringing the total project size to 96,500 square feet. The redeveloped campus will feature usable outdoor space, including a greenbelt, WiFi-enabled patios and an artisanal café. Additionally, the campus will feature shaded outdoor areas, above-standard power and data capabilities, high ceilings and a fitness center for tenants. ELEVAR will offer ample surface-level parking and close proximity to the Metro Orange Line Reseda Station. Rob Hooks, Katie Bernhisel and Dillon Moscone of Cushman & Wakefield, along with Kevin Fenenbock and Jacob Mumper of Colliers, will serve as the leasing agents for the property.

February 5, 2019

Development Multifamily Nevada Seniors Housing Western

Clearwater Living Starts Construction of Seniors Housing Community within Mixed-Use Development in Reno

by Amy Works February 5, 2019

RENO, NEV. — Clearwater Living, in partnership with Goldman Sachs, has started construction of Clearwater at Rancharrah, an assisted living and memory care community. The property will be located within the Rancharrah master-planned development in the heart of Reno. The surrounding Rancharrah community will offer a variety of retail, restaurants and recreation to residents. “We are excited about this location within the Rancharrah master-planned community as well as being adjacent to our partners at Revel Rancharrah, an independent living community,” says Tony Ferrero, Clearwater’s CEO. “Clearwater at Rancharrah completes the full continuum of care providing residents assistance with activities of daily living in a state-of-the-art assisted living community.” The two-story community will offer a total of 118 units.

February 5, 2019

Development Mixed-Use North Carolina Southeast

Beacon Properties Breaks Ground on Mixed-Use Project in Metro Raleigh

by Alex Tostado February 4, 2019

CARY, N.C. — Beacon Properties Group has broken ground on a two-story, 28,231-square-foot mixed-use building located at 150 Wellesley Trade Lane in Cary. The building will feature 16,000 square feet of medical office and office space and 10,000 square feet of retail space, including 3,400 square feet for a restaurant. The project is situated about 18 miles west of downtown Raleigh and about 17 miles south of downtown Durham. Picket Sprouse Commercial Real Estate is handling leasing for the building. The project team also includes architect Barber Architects and civil engineer EarthCentric Engineering. The building is expected to be complete this summer.

February 4, 2019

Development Georgia Industrial Southeast

North Signal Capital, Westport Capital Break Ground on 450,000 SF Industrial Park in Savannah

by Alex Tostado February 1, 2019

SAVANNAH, GA. — North Signal Capital and Westport Capital have broken ground on Dean Forest Commerce, a 450,000-square-foot industrial park in Savannah. The development will consist of two sites: Site I will span 355,000 square feet when complete, and Site II will span 88,000 square feet when complete. Anticipated completion for both sites is slated for December, and both sites are being built to accommodate multiple tenants. The development will be situated about seven miles from Port of Savannah. The development team includes North Signal, Evans General Contractors, Thomas & Hutton and LS3P.

February 1, 2019

Development Georgia Office Southeast

Logistics Firm Breaks Ground on Future 80,000 SF Headquarters Near Atlanta

by Alex Tostado February 1, 2019

PEACHTREE CITY, GA. — Logistics firm SMC3 has broken ground on its future 80,000-square-foot corporate headquarters in Peachtree City. The new headquarters is situated about 36 miles southwest of downtown Atlanta and is expected to deliver in March 2020. SMC3 is a shipping logistics company that specializes in LTL (less than truckload) shipping. Jefferson Browne Gresham Architects designed the building and South-Tree Enterprises will build it. The site will feature a three-story atrium, smart glass, acoustical metal decks to improve sound absorption and extensive natural lighting.

February 1, 2019

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Breaks Ground on Atria Community in New City, New York

by David Cohen February 1, 2019

NEW CITY, N.Y. — Capitol Seniors Housing has started construction of Atria New City, an assisted living and memory care community in the affluent hamlet of New City in Clarkstown. Located approximately 30 miles north of Manhattan, the $30 million, three-story, 70,000-square-foot community features 80 residential suites. Atria Senior Living is the operator. Atria New City is scheduled to open in the first quarter of 2020. Meyer Senior Living Studio designed the community. Capitol Seniors Housing also is constructing Stonegate at Greenburgh, an assisted living and memory care community in nearby Greenburgh.

February 1, 2019

Acquisitions Development Lee & Associates Multifamily New York Northeast

Lee & Associates Orchestrates $11.5M Sale of Development Site in Queens

by David Cohen February 1, 2019

NEW YORK CITY — Lee & Associates has arranged the $11.5 million sale of a 25,473-square-foot development site in the Astoria neighborhood of Queens. Located at 26-24 and 26-26 4th St., the property consists of two lots, which are zoned residential. One of the lots features a 20,000-square-foot warehouse. The properties allow for a total of 67,982 buildable square feet. Alfonso Holloman of Lee & Associates represented the buyer, Bruman Realty, and the undisclosed seller, in the transaction.

February 1, 2019

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