Development

Walker & Dunlop Secures $153.7M Construction Financing for Rise Koreatown Multifamily Project in Los Angeles

by Amy Works November 6, 2018

LOS ANGELES — Walker & Dunlop has arranged $153.7 million in construction financing for Rise Koreatown, a seven-story multifamily property located off Wilshire Boulevard in Los Angeles’ Koreatown submarket. Boca Raton, Fla.-based Rescore Property Corp. is developing the property along with Los Angeles-based Cal-Coast. Rise Koreatown will feature 364 studio and one-bedroom apartments, averaging 649 square feet, catering to the young professional demographic. The property will also feature 52,000 square feet of ground-floor retail anchored by Zion Market, a Korean grocery chain. Kevin O’Grady and Eric McGlynn of Walker & Dunlop’s Capital Markets group structured both senior and mezzanine financing for the project.

November 6, 2018

Development Office Texas

Zydeco Breaks Ground on Phase II of 410,000 SF Office Campus in Austin

by Taylor Williams November 6, 2018

AUSTIN, TEXAS — Zydeco Development Corp. has broken ground on Phase II of MetCenter, an office project in central Austin that will feature 410,000 square feet of office space. The property offers proximity to both the downtown area and Austin-Bergstrom International Airport. Onsite amenities will include hiking and biking trails, as well as basketball and tennis courts. Completion of Phase II is slated for April 2019. JLL is leasing the project.

November 6, 2018

Development Retail Texas

CBL Properties Begins Work on 110,000 SF Retail Redevelopment of Beaumont Mall

by Taylor Williams November 6, 2018

BEAUMONT, TEXAS — CBL Properties (NYSE: CBL) has begun work on a 110,000-square-foot retail redevelopment project in Beaumont. The company will backfill a former Macy’s store located at Parkdale Mall with a Dick’s Sporting Goods, Five Below and a national home furnishing store. The openings are slated for spring 2019. Parkdale Mall’s tenant roster includes Dillard’s, JC Penney, Sears, H&M, 2nd & Charles and Tilt Studio.

November 6, 2018

Development Industrial Texas

Wholesale Grocer to Open 650,000 SF Distribution Center in Fort Worth

by Taylor Williams November 5, 2018

FORT WORTH, TEXAS — McLane Co. Inc., a supply chain firm owned by Berkshire Hathaway that specializes in groceries, will open a 650,000-square-foot distribution center within Carter Industrial Park in Fort Worth. According to The Fort Worth Star-Telegram, Associated Wholesale Grocers Inc. operated at the site until 2017, when it left the park and laid off more than 2,000 workers. McLane will invest at least $18 million in construction and upgrades to the existing site by January 1, 2020. Under the terms of an incentives package recently approved by the Fort Worth City Council, McLane will employ about 550 people at the facility, 30 percent of which must be Fort Worth residents.

November 5, 2018

Development Healthcare Texas

Caddis Breaks Ground on 34,650 SF Healthcare Facility in Frisco

by Taylor Williams November 5, 2018

FRISCO, TEXAS — Dallas-based Caddis has broken ground on Frisco Medical Pavilion, a 34,650-square-foot healthcare facility that will be located in the northeastern Dallas metro of Frisco. The Class A, single-story building is expected to be complete by summer 2019. Texas Health Physicians Group will be the anchor tenant. Two Dallas-area firms, Corgan and Novel Builders, are serving as architect and general contractor, respectively, for the project.

November 5, 2018

Springs-Juban-Crossing-Denham-Springs-LA

Development Louisiana Multifamily Southeast

Doster Construction Completes 272-Unit Multifamily Property Near Baton Rouge

by Amy Works November 5, 2018

DENHAM SPRINGS, LA. — Birmingham, Ala.-based Doster Construction Co. has completed the construction of Springs at Juban Crossings, a multifamily development located at 10077 Juban Crossing Blvd. in Denham Springs, about 17 miles east of Baton Rouge. Wisconsin-based Continental Properties is the developer. The townhome-style community features 272 units in a mix of studio, one-, two- and three-bedroom layouts with ground-level private entries. On-site amenities include a clubhouse, resort-style pool, 24-hour fitness center, business center, dog park and attached and detached garages.

November 5, 2018

Development Indiana Midwest Mixed-Use

JLL to Complete Lease-Up of $1B Mixed-Use Development in Indianapolis

by Kristin Harlow November 5, 2018

INDIANAPOLIS — JLL has been selected to complete the lease-up of Waterside, the redevelopment of the former GM Stamping Plant in Indianapolis. The project is expected to take 15 years and include more than $1 billion in development. Plans call for 2.8 million square feet of office space and 100,000 square feet of retail space, as well as 1,350 residential units, 620 hotel rooms and public green space. Ambrose Property Group, the developer, purchased the 103-acre site from RACER Trust in March. The site had been vacant since GM shuttered operations in 2011. The name Waterside is a nod to the company’s vision of making the river accessible to the public, according to the Indy Star.

November 5, 2018

Development Illinois Midwest Office

Franklin Partners Unveils Redevelopment Plans for Former OfficeMax Headquarters in Naperville, Illinois

by Kristin Harlow November 5, 2018

NAPERVILLE, ILL. — Franklin Partners has unveiled its redevelopment plans for the former OfficeMax headquarters in Naperville. Known as The Shuman, the five-story office building, located at 263 Shuman Blvd., will include a 30,000-square-foot amenity space. This includes a dining hall, in-house barista, game room, golf simulator and bike room. Franklin Partners acquired the 350,000-square-foot building in a joint venture with Bixby Bridge Capital in April. The building had been vacant since 2014 when OfficeMax, now a subsidiary of Office Depot, moved its headquarters to Boca Raton, Fla. Francis Prock and David Florent of Colliers International will market the renovated property for lease. Wright Heerema Architects is the project architect. Construction is underway, but a timeline for completion was not disclosed.

November 5, 2018

Development Industrial Midwest Wisconsin

Logistics Property Co. Breaks Ground on 1 MSF Industrial Project in Kenosha, Wisconsin

by Kristin Harlow November 5, 2018

KENOSHA, WIS. — Logistics Property Co. LLC (LPC) has broken ground on a 1 million-square-foot industrial development in Kenosha. The 67-acre site is situated just off I-94, less than 50 miles from Chicago. The speculative development, known as 94 Logistics Park, is slated for completion by the end of summer 2019. Building One will span 750,000 square feet for regional distribution use. Building Two will span 288,000 square feet and will be geared toward manufacturing and local distribution companies. Fred Regnery, Ned Frank and Steve Sewart of Colliers International will market the development for lease.

November 5, 2018

Alabama Development Hospitality Southeast

Hilton Reopens 350-Room Hotel in Gulf Shores, Alabama

by Amy Works November 5, 2018

GULF SHORES, ALA. — Hilton Hotels & Resorts has rebuilt and reopened The Lodge at Gulf State Park, A Hilton Hotel, located at 21196 E. Beach Blvd. in Gulf Shores, after the property was irreparably damaged by Hurricane Ivan. Originally established in 1974, the newly rebuilt hotel features 350 rooms with views of the Gulf of Mexico and Lake Shelby. Designed by LakeFlato and Rabun Architects, the new hotel features more than 40,000 square feet of flexible indoor and outdoor meeting space, including The Gulfview Ballroom that can accommodate indoor events up to 1,000 guests. On-site restaurant options include Foodcraft, Perch, Roasted Oak Coffee & Wine Bar and Dragon Pool Bar & Grill. Guests will also have direct access to more than 6,150 acres of trails and activities within Gulf State Park. Valor Hospitality Partners manages the property. Sasaki Associates provided native landscape design, while Dallas-based Looney & Associates served as interior designer for the redevelopment.

November 5, 2018

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