Development

SAVANNAH, GA. — Chesterfield and Stonemont Financial Group have unveiled development plans for Georgia International Trade Center (GITC), a 1,150-acre, Class A industrial park in Savannah. The rail-served park will be located within 10 miles of the Georgia Ports Authority’s Garden City Terminal, which is part of the Port of Savannah. At full buildout, the logistics campus will feature up to 7.2 million square feet of light industrial and manufacturing warehouse space. The first two speculative buildings, Buildings 1A and 1B, are slated for completion in late 2019. Building 1A will span 407,000 square feet and include clear heights of 36 feet, while the 155,000-square-foot Building 1B will feature 32-foot clear heights. “The Georgia ports continue to drive import, export and e-commerce traffic throughout the entire Southeast region,” says Zack Markwell, founder and CEO of Stonemont. “The Port [of Savannah] has seen tremendous growth in recent years, but it needs more distribution and warehouse capacity to support customers’ increasing needs.” Over the next 10 years, the Georgia Ports Authority will grow the Port of Savannah’s annual capacity to 8 million 20-foot equivalent container units, according to Griff Lynch, executive director for the organization. GITC will provide direct access to Interstates …

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TEJON RANCH, CALIF. — Tejon Ranch Co. has announced a third joint venture agreement with Majestic Realty Co. to develop a speculative industrial building at Tejon Ranch Commerce Center (TRCC) in Tejon Ranch. Situated on 34 acres with more than 2,000 feet of frontage along Interstate 5, the cross-docked distribution facility will feature 580,000 square feet of Class A space, 36-foot clear heights, an ESFR sprinkler system, 62 dock-high doors, 177 trailer parking stalls, 327 vehicle parking stalls and a 180-foot wide truck court. Construction is slated to begin later this year or early 2019, with delivery scheduled for third-quarter 2019. The new building will be located next to a 480,480-square-foot building, which Tejon and Majestic built in 2017 and leased to Dollar General and L’Oréal USA in 2018. The joint venture also owns a fully-leased 651,909-square-foot industrial building within TRCC on the west side of Interstate 5, adjacent to IKEA’s 1.8 million-square-foot distribution center. John DeGrinis of Colliers International will serve as the listing broker for the new facility.

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SaintJosephMedicalPavilion-Denver-CO

DENVER — Fidelis Healthcare Partners has finalized an agreement to develop Saint Joseph Medical Office Pavilion, a five-story medical office property on the Uptown Denver campus of Saint Joseph Hospital. Situated at the intersection of Park Avenue, Odgen Street and 18th Avenue, the 100,000-square-foot property will have three floors dedicated to Class A medical office space, ground-floor retail and restaurant space, with wellness, fitness and entertainment space on the rooftop. Additionally, the project includes ground-level, covered parking for physicians and an adjacent parking lot for patients, visitors and tenant employees. The new facility is slated for completion in the second quarter of 2020.

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The-Victor-Dallas

DALLAS — Hines has broken ground on The Victor, a 39-story residential tower that will be located within the Victory Park mixed-use development in Dallas. According to culturemap.com, the project carries a price tag of $150 million. The for-rent property will consist of 344 units featuring 10-foot ceilings, private balconies and floor-to-ceiling windows. Amenities will include a resort-style pool, a fitness center, coworking and conference spaces, social lounges with complimentary beverage and coffee bars, a pet spa, bike shop and 9,500 square feet of street-level retail space. Munoz + Albin designed the building, which is slated for a second-quarter 2021 completion. Preleasing will begin in fall 2020.

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COOKEVILLE, TENN. — CBL Properties, along with Browning Development Solutions and CHM LLC, has opened The Shoppes at Eagle Point, a power retail center located on Interstate Drive in Cookeville. Publix, Academy Sports + Outdoor, Ross Dress for Less, PetSmart, Shoe Carnival and Ulta Beauty anchor the 228,000-square-foot shopping center. Additional tenants include Panera Beach and Chipotle Mexican Grille, among other shops and restaurants.

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Holiday-Inn-Suites-Pooler-GA

POOLER, GA. — Knighthead Funding has provided an $8.5 million short-term loan for the completion of a Holiday Inn & Suites in Pooler, approximately 20 miles west of Savannah. The sponsor is a Georgia-based hotel development and management company whose assets include Hilton, Marriott and Holiday Inn flagged properties throughout the state. Upon completion in 2019, the hotel will feature 104 guest rooms, a restaurant and lounge, outdoor pool with sundeck, fitness center, business center and market pantry. The sponsor used its own capital to fund the first half of the development, and due to liquidity constraints, needed a creative source of capital to fund the remaining portion of the development.

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SMITHTOWN, N.Y. — Benchmark has opened Whisper Woods of Smithtown, an assisted living and memory care community in Smithtown, located on Long Island. Whisper Woods is a three-story, 88,500-square-foot building that sits on 12.6 acres. The property, Benchmark’s first in New York, features 101 units that can serve up to 136 residents. “There has been a need for high-quality seniors housing on Long Island, where the 75-plus population has grown by 20 percent in the last eight years,” says Tom Grape, Benchmark’s chairman and CEO. “Whisper Woods is in an ideal location — close to downtown Smithtown and St. Catherine of Siena Medical Center.” Desiree Krajnyak-Baker is the community’s executive director, overseeing a team of 85. Based in Waltham, Mass., Benchmark operates 58 senior living communities offering independent living, assisted living, memory care and continuing care in Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont.

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The-Condor-Denver-CO

DENVER — Knighthead Funding has originated a $10 million non-recourse loan for the construction of The Condor, a 28-unit townhome development in Denver’s Berkeley neighborhood. First Stone Development is the borrower. Located at 4469 Tennyson St., the three-level townhomes will range in size from 1,100 square feet to 1,800 square feet and will include an attached single-car garage and rooftop deck. This is the second loan Knighthead has funded for the borrower.

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DEARBORN, MICH. — Beaumont Health and Universal Health Services (UHS) have formed a joint venture to develop a new $40 million mental health hospital in Dearborn. The partnership also plans to implement Beaumont graduate medical education programs in psychiatry, psychopharmacology and other clinical training opportunities, and expand intensive day programs and outpatient care. Construction is slated to begin in early 2019 on the 150-bed hospital, which will be located across the street from Beaumont Hospital. The facility is expected to open in early to mid-2021. Inpatient mental health services across Beaumont Health will be consolidated into the one location, which will serve adult, pediatric and geriatric patients. Over time, Beaumont plans to implement a comprehensive telemedicine program that will support its nine emergency rooms and other patient care settings across the system.

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Houston-Spaceport

HOUSTON — Sterling Construction Co. has been awarded the design-build contract for Phase I of the Houston Spaceport, a project that will deliver a hub for transporting people and cargo in and out of space. Valued at $17.2 million, Phase I of the project will span 90 acres and deliver infrastructure, including streets, water, and electrical power facilities to the spaceport, which is being developed at Ellington Airport on the city’s southeastern side. Construction is expected to begin during the first quarter of 2019 and to be complete by early 2020.

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