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DevelopmentIndustrialTexas

Hanover Co. Breaks Ground on 361,000 SF Industrial Project in Metro Austin

by Taylor Williams

ROUND ROCK, TEXAS — Houston-based developer Hanover Co. has broken ground on Settlers Park Business Center, a 361,000-square-foot industrial project in the northern Austin suburb of Round Rock. Th development will consist of three rear-load buildings that will range in size from 107,904 to 126,616 square feet. Hanover is developing the project in partnership with institutional investors backed by J.P. Morgan Asset Management. Powers Brown Architecture is designing the project, and Kimley-Horn is providing civil engineering services. KBC Advisors is the leasing agent. Construction is slated for a second-quarter 2025 completion.

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AcquisitionsData CentersDevelopmentIndustrialOfficeSoutheastVirginia

Finmarc Sells Land in Northern Virginia to Data Center Developer for $60M

by John Nelson

ASHBURN, VA. — Finmarc Management Inc. has sold a 25.3-acre site at 19886 Ashburn Road in Ashburn, a city in Loudoun County. The buyer, a data center developer doing business as JK Land Holdings LLC, purchased the site for $60 million. The new ownership plans to develop a new 360,000-square-foot data center on the site. The construction timeline for the project was not disclosed. Ryan Goeller of KLNB represented JK Land Holdings in the land acquisition, and Rob Faktorow, Josh Greenberg and Anna Faktorow of CBRE represented the seller. Finmarc acquired the site, which includes a 110,000 square foot office building and a nearly 80,000-square-foot industrial/R&D structure, in 2019. The two-building portfolio currently serves as the global headquarters for Telos Corp., a cybersecurity IT firm that has occupied the facility since 1988.

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DevelopmentFloridaRetailSoutheast

Sembler, Forge Underway on Redevelopment of Publix-Anchored Retail Center in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — The Sembler Co. and Forge Capital Partners are underway on the redevelopment of Daniels Crossing, a Publix-anchored retail center located in Fort Myers. Scheduled for completion in summer 2025, the project includes the demolition of the existing 48,890-square-foot Publix and 4,700 square feet of inline space. Once complete, the redevelopment will feature a new, 48,387-square-foot Publix and adjacent 3,010-square-foot Publix Liquors store. Other tenants at the property include Duck Donuts, Millenium Physician Group, Potts Sport Café, Quest Diagnostics, School of Rock, Subway, Sugaring NYC and The UPS Store.

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AcquisitionsDevelopmentRetailTexas

The Farm League Buys 35 Acres in Metro Houston for Recreational Sports Facility

by Taylor Williams

MAGNOLIA, TEXAS — The Farm League, an operator of recreational sports facilities, has purchased 35 acres in the northwestern Houston suburb of Magnolia for the development of its latest complex. The site is located at the northwest corner of State Highway 149 and FM 148 and will be combined with a 12-acre parcel, yielding a 47-acre complex that will feature multiple baseball, softball, football and soccer fields. Construction is slated to begin later this year and wrap up in 2026. Parkside Capital sold the land for an undisclosed price.

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

NewCourtland Completes 178-Unit Mixed-Income Adaptive Reuse Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

CASTO Begins Development of $70M Westrich Multifamily Project in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — CASTO has begun development of Westrich, a $70 million multifamily project that is an expansion of the River & Rich apartment community in the Franklinton neighborhood of Columbus. This second phase of development includes 234 units on vacant land adjacent to River & Rich. Completion is slated for 2026. Westrich will be marketed as a separate entity from River & Rich. In addition to CASTO and the Columbus Metropolitan Housing Authority (CMHA), funding partners include The Robert Weiler Co., The Kelley Cos. and Mark Cain of S. Cain Development and Construction. CMHA provided the majority of the construction financing through the issuance of $47.2 million in CMHA general revenue bonds. The project team includes CK Construction, Dimit Architects, landscape architect REALM Collaborative and civil engineer EMH&T. Plans for Westrich include a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of first-floor commercial spaces. There will be 229 parking spaces in a garage and adjacent surface lot. A private pedestrian walkway will connect the two buildings and provide access to the amenity deck. The majority of the new units at Westrich will be designated for households earning below 100 percent …

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Subtext Completes 751-Bed VERVE West Lafayette Student Housing Community Near Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Subtext has completed VERVE West Lafayette, a 751-bed student housing community located two blocks from Purdue University in West Lafayette. The project at 150 S. Chauncey Ave. rises seven stories with 235 units across studio, one-, two-, three- and four-bedroom layouts. VERVE West Lafayette includes two restaurants and a high-end bodega fronting Chauncey Street. The property is fully preleased for the coming school year. Amenities include a fitness center, clubhouse, study spaces, Zen courtyards, a pool, multipurpose lawn, dog park and year-round hut tub. The project team included WDG Architecture, interior designer Ankrom Moisan, Brinkmann Constructors and civil engineer TBIRD Design Services. PNC was the lender.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Greystone Provides $28.2M HUD-Insured Loan for Construction of Multifamily Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing in Traverse City. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing the 192-unit, $45 million multifamily community. Plans call for 96 one bedrooms, 78 two bedrooms and 18 three-bedroom units across eight buildings. Units will be designated for those earning between 80 and 120 percent of the area median income. Corners Crossing will also feature a clubhouse with an onsite management office and resident amenities, including a fitness center, computer center and patio. Construction is expected to take approximately 24 months and be completed in the second quarter of 2026. Brian Jones of Greystone originated the loan on behalf of JHT Wallick Holdings LLC. In addition to the loan from Greystone, the property will be financed with funds from the American Rescue Plan Act awarded by Grand Traverse County and the Michigan State Housing Development Authority. Additionally, Blair Township passed its first-ever Payment in Lieu of Taxes ordinance for the project, creating a fixed rate for the development’s real estate taxes.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Brown Commercial Group Negotiates Land Sale for 166,575 SF Industrial Development in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Brown Commercial Group has negotiated a land sale that will bring a new 166,573-square-foot industrial building to Bartlett in suburban Chicago. The project on the southeast corner of Kenyon Road and Illinois Route 25 will support warehousing, distribution or e-commerce tenants. Dan Brown of Brown Commercial Group represented Cratos Industrial in the acquisition. The project team includes Cornerstone Architects and DSI Group. The project will be divisible by three units of 45,000 to 65,000 square feet. Plans call for a clear height of 32 feet, 36 exterior truck docks, three-drive in doors and 202 parking spaces. Occupancy is slated for 2025.

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DevelopmentMidwestMultifamilyOhio

Nationwide Realty Investors Unveils Plans to Build $100M Parkline Multifamily Building at Grandview Yard in Ohio

by Kristin Harlow

GRANDVIEW HEIGHTS, OHIO — Nationwide Realty Investors has unveiled plans to build Parkline, a $100 million multifamily building at the Grandview Yard development in Grandview Heights, just north of Columbus. Located along the north side of Ray DeGraw Park, the six-story property will house 385 apartment units designed in a “s-shaped” configuration to maximize views of the park and courtyards. The project will feature first-floor amenities and commercial spaces along Yard Street. Plans also call for an adjacent parking structure, bringing the neighborhood total to nearly 6,000 parking spaces. Since the first phase opened in 2010, Grandview Yard has transformed what was once a blighted industrial district into a mixed-use development. National Realty Investors’ total investment in Grandview Yard has surpassed $1 billion. Construction of Parkline is expected to begin in late 2024 with completion slated for 2026.

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