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One-Beverly
CaliforniaDevelopmentHospitalityMixed-UseRetailTop StoriesWestern

VICI Properties Provides $300M Financing for $5B One Beverly Hills Project in Metro Los Angeles

by Katie Sloan

BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills.  Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space.  One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces.  The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …

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AcquisitionsDevelopmentOfficeSelf-StorageSoutheastVirginia

Cresa Secures Sale of 30,000 SF Vacant Office Building in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — Cresa has secured the sale of the Portsmouth Building, a vacant 30,000-square-foot office building located at 3138 10th St. N in Arlington. BRB Development Group paid approximately $200 per square foot for the property, with plans to demolish the building to make way for a new self-storage development. Gene Sachs, Jonathan Harms and Natalie Gosnell of Cresa represented the seller, America’s Credit Unions (ACU), in the transaction. ACU is a merger of the Credit Union National Association (CUNA) with National Association of Federally-Insured Credit Unions (NAFCU). ACU consolidated the two companies into new office space at 99 M St. SE in the metro’s Navy Yard submarket.

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DevelopmentIndustrialTexas

Axis, Menlo Equities Break Ground on 213,781 SF Industrial Project in Laredo, Texas

by Taylor Williams

LAREDO, TEXAS — A partnership between industrial investment firm Axis and Silicon Valley-based Menlo Equities has broken ground on a 213,781-square-foot project in the Rio Grande Valley city of Laredo. The building will feature 32-foot clear heights, 87 dock-high doors, two drive-in ramps, 130-foot truck court depths and 354 truck trailer stalls. The site also houses 12 acres of undeveloped land for additional trailer parking or outdoor storage. Lee & Associates is leasing the project, which is slated for a third-quarter completion.

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DevelopmentHealthcareNew JerseyNortheast

Cooper University Health Care Breaks Ground on 335,000 SF Facility in Camden, New Jersey

by Taylor Williams

CAMDEN, N.J. — Cooper University Health Care has broken ground on a 335,000-square-foot facility in Camden, located outside of Philadelphia in Southern New Jersey. The 10-story patient tower will feature 125 private rooms, additional operating rooms and research/education areas. In addition, the building will connect to several of the healthcare provider’s existing facilities, including the MD Anderson Cancer Center, via a new pedestrian bridge. HKS Architects and Array Architects designed the facility, and the engineering team includes O’Donnell & Naccarato, Langan, BR+A Consulting Engineers and Highland Associates. Completion of the project, which is part of a larger $3 billion expansion to the provider’s Camden footprint, is slated for 2028.

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Terracina-at-Whitney-Ranch-Rocklin-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

USA Properties Fund Completes $104M Affordable Housing Community in Rocklin, California

by Amy Works

ROCKLIN, CALIF. — USA Properties Fund has completed Terracina at Whitney Ranch, an affordable housing property in Rocklin. USA Properties Fund developed the $104 million apartment community without local or state subsides, relying only on tax credits. Bank of America is the construction and tax credit lender on the project, while Citi Community Capital is the permanent lender. Located at 801 University Ave., Terracina at Whitney Ranch offers 288 one-, two- and three-bedroom apartments with energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Rents for one-bedroom units range from approximately $592 to $1,374 per month, based on household income, while three-bedroom apartments range from $781 to $2,007 per month. Apartments are reserved for residents who earn 30 percent to 70 percent of the median income for Placer County, Calif. Onsite amenities include a 4,000-square-foot clubhouse with a community room, fitness room, swimming pool, courtyard with seating, tot-lot play area, a dog park and EV charging stations, as well as laundry facilities. Additionally, the community includes an outdoor fitness area with workout equipment.

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Affordable HousingDevelopmentMidwestMissouriMultifamily

LEDG Capital Begins $5.5M Modernization of Ridge Crest Apartments in St. Louis

by Kristin Harlow

ST. LOUIS — LEDG Capital has begun a $5.5 million renovation of Ridge Crest Apartments, an 84-unit affordable housing community in the Marine Villa neighborhood of St. Louis. The project will preserve the apartments as affordable housing for the next 30 years. The 12-month renovation effort will update all units at the 60-year-old community, address the capital needs of its three buildings, improve amenities and strengthen security at the property. The project will also continue to support an ongoing program of supportive services, after-school enrichment and community events. The Industrial Development Authority of the City of St. Louis provided private activity bonds to support the renovation effort, while the Missouri Housing Development Commission approved Low-Income Housing Tax Credits and the U.S. Department of Housing & Urban Development approved a new project-based Section 8 contract. Citibank NA served as the primary lender, and Walker & Dunlop Inc. was the equity partner. Interior scope upgrades will include new cabinets and countertops, vinyl plank flooring, kitchen and bathroom fixtures, appliances, interior paint, new HVAC and water heating systems, new LED lighting fixtures and mobility upgrades to five units. The exterior scope of work will include reroofing all buildings, replacing gutters and downspouts, repairing …

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DevelopmentIllinoisMidwest

Principle Construction Completes Renovation of Heartland Animal Shelter in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Principle Construction has completed the renovation of the Heartland Animal Shelter, which was damaged by a water main break in June 2024. The 8,205-square-foot facility is located at 586 Palwaukee Drive in the Chicago suburb of Wheeling. The shelter provides a temporary home for over 100 animals as they await adoption or fostering. The renovation project included a 601-square-foot office, 850-square-foot surgery room, 66 square-foot donation room and parking for 23 vehicles. During the flood, the shelter’s animals were cared for in foster homes. Heartland Animal Shelter is a no-kill shelter with a 96 percent adoption rate. Designhaus was the project architect.

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CaliforniaDevelopmentLeasing ActivityLife SciencesMixed-UseOfficeTop StoriesWestern

Chan Zuckerberg Initiative Signs 225,000 SF Lease to Anchor Elco Yards Development in Silicon Valley

by John Nelson

REDWOOD CITY, CALIF. — The Chan Zuckerberg Initiative (CZI), one of the largest philanthropies supporting biomedical research and AI-driven science, has signed a 225,000-square-foot life sciences lease in Silicon Valley. The company will fully occupy one of four buildings at IQHQ Inc.’s Elco Yards mixed-use development underway in Redwood City, roughly 25 miles south of San Francisco. Situated along the Caltrain corridor on the San Francisco Peninsula, Elco Yards is a 670,000-square-foot mixed-use development that comprises four buildings offering lab, office and retail space. The project, which began construction in 2021, will deliver additional phases between mid-2025 and 2026. CZI is expected to officially occupy its newly leased space in 2027. The deal brings Elco Yards to 30 percent preleased, according to IQHQ. Founded by Dr. Priscilla Chan and Facebook founder Mark Zuckerberg in 2015, CZI’s purpose is to eradicate disease, improve education and address the needs of local communities, while building a more “inclusive, just and healthy future for everyone,” according to the company’s mission statement. “We are excited to continue to grow our roots in Redwood City with this new space for our biomedical research efforts,” says Marc Malandro, chief operating officer of CZI and the CZ Biohub …

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Affordable HousingDevelopmentIllinoisLeasing ActivityMidwestMultifamily

Habitat Completes Lease-Up of OC Living Phase I Mixed-Income Development in Chicago

by Kristin Harlow

CHICAGO — Habitat has completed the lease-up of OC Living Phase I, the first residential building within the $200 million Ogden Commons community in Chicago’s North Lawndale neighborhood. Located at 1325 S. Washtenaw Ave., the building features 92 units, 90 percent of which are affordable, including 37 Chicago Housing Authority (CHA) units. Simultaneously, Habitat has closed financing and finalized a 75-year ground lease for OC Living Phase II at nearby 1312 S. Talman Ave. The $38 million building is scheduled to open in the second quarter of 2026, delivering an additional 75 units with 76 percent of them reserved as affordable housing, including 30 CHA-designated residences. Site preparation is underway. Amenities will include a children’s tot lot, bike racks, walking path, package room, resident lounge, fitness center and bike room. A planned third phase of OC Living is expected to feature townhome and multi-flat units, which will feature larger units designed for families. Habitat intends to break ground on Phase III in the second half of 2026 or early 2027. Once completed, Ogden Commons will feature 120,000 square feet of commercial and retail space with more than 350 mixed-income housing units. Designed by Habitat, along with Sinai Chicago and the …

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DevelopmentFloridaRetailSoutheast

Whole Foods Opens 35,000 SF Grocery Store in Boca Raton, Florida

by John Nelson

BOCA RATON, FLA. — Whole Foods Market has opened a new 35,000-square-foot grocery store at 9560 Glades Road in Boca Raton. The new store, which carries more than 700 items sourced from Florida, is one of the several anchors at the Uptown Boca development on the city’s west side. Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital broke ground on the $200 million mixed-use development in 2018. Other elements at Uptown Boca include REI, Sephora, Life Time Fitness and 456 apartments, among other components.

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