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Development

1501-W.-Edgar-Road-Linden-New-Jersey
DevelopmentIndustrialNew JerseyNortheast

CenterPoint Delivers 321,875 SF Industrial Project in Linden, New Jersey

by Taylor Williams

LINDEN, N.J. — Chicago-based investment and development firm CenterPoint Properties has delivered a 321,875-square-foot industrial project in the Northern New Jersey community of Linden. The site, which formerly housed a Walmart-anchored shopping center, is located within four miles of two I-95 interchanges. Building features include a clear height of 40 feet, 50 loading docks with room to expand and parking for up to 100 trailers and some 250 cars. CODA Logistics & Distribution preleased the entire facility last spring. Construction began in late 2022.

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375-W-El-Pintado-Danville-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL Capital Markets Arranges $51.1M in Construction Financing for Active Adult Project in Danville, California

by Amy Works

DANVILLE, CALIF. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace with bocce ball, firepits, barbecue and fitness center. Slated for delivery in 2025, the project is restricted to residents age 55 and older.

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DevelopmentIndustrialNew YorkNortheastOffice

BEB Capital Completes $4M Renovation of Industrial Flex Facility in Port Washington, New York

by Taylor Williams

PORT WASHINGTON, N.Y. — New York-based investment firm BEB Capital has completed the $4 million renovation of 26 Harbor Drive, a 71,164-square-foot industrial flex facility in Port Washington. TPG Architecture designed the project, which included an upgrade of infrastructural systems, a revamp of the office space, the addition of new amenities and the commissioning of a mural. BEB Capital first acquired the property, which also houses the company headquarters, in June 1994.

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DevelopmentIndustrialKansasMidwest

Honeywell to Invest $84M in Kansas Manufacturing Facility

by Kristin Harlow

OLATHE, KAN. — Honeywell has unveiled plans to invest $84 million to expand its aerospace manufacturing facility in Olathe, a southern suburb of Kansas City, according to Gov. Laura Kelly. The investment is expected to create 156 new jobs, generate nearly $47 million in total gross domestic product and contribute $18.3 million in state and local taxes in its first six years. The expansion will create one of Honeywell’s most technologically advanced aerospace manufacturing facilities. The 560,000-square-foot property currently manufactures components for Honeywell’s avionics, safety and flight control systems, complex radio frequency systems for traffic collision avoidance, radar altimeters and weather radar.

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Affordable HousingDevelopmentLoansMultifamilyTexas

KeyBank Provides $87.8M in Financing for Mixed-Income Project in Metro Austin

by Taylor Williams

MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which  consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.

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Lenox-Timbergrove-Houston
DevelopmentMultifamilyTexas

OHT Partners Breaks Ground on 293-Unit Multifamily Project in Houston

by Taylor Williams

HOUSTON — Austin-based developer OHT Partners has broken ground on a 293-unit multifamily project in Houston’s Lazybrook/Timbergrove area. Lenox Timbergrove will be a five-story building that will house studio, one- and two-bedroom units ranging in size from 500 to 1,500 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart-home technology. Amenities will include a pool, outdoor kitchen and dining areas, a coworking lounge, indoor pet spa and an artificial turf lawn for games. Completion is slated for late 2025.

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DevelopmentMultifamilyNortheastPennsylvaniaStudent Housing

Mediplex Property Group Opens 365-Bed Residence Hall Near Albright College in Reading, Pennsylvania

by Taylor Williams

READING, PA. — An affiliate of Pennsylvania-based developer Mediplex Property Group has opened a 365-bed residence hall that will serve students at Albright College in Reading, located about 65 miles northwest of Philadelphia. The five-story, 135,000-square-foot building sits on a four-acre site adjacent to campus and features suite-style residences consisting of single and double rooms, as well as lounge areas on every floor. Mediplex developed the property, which according to local news sources is known as Lion Hall, in partnership with Albright College.

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DevelopmentIndustrialNew YorkNortheast

Venture One, Affinius Deliver 121,270 SF Spec Industrial Project on Long Island

by Taylor Williams

ISLIP, N.Y. — A partnership between Chicago-based Venture One Real Estate and New York City-based Affinius Capital has delivered a 121,270 square-foot speculative industrial project in the Long Island community of Islip. The site at 2950 Veterans Memorial Highway spans 9.7 acres, and the building features a clear height of 36 feet, 130-foot truck court depths and parking for 122 cars and 119 trailers. Cushman & Wakefield is marketing the property for lease.

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DevelopmentIllinoisMidwestRetail

The Feil Organization Underway on $8M Renovation of North Riverside Park Mall in Suburban Chicago

by Kristin Harlow

RIVERSIDE, ILL. — The Feil Organization is underway on an $8 million renovation of North Riverside Park Mall, a 1.4 million-square-foot shopping center in the Chicago suburb of Riverside. The project team includes JP2 Architects and AECom Hunt Construction Group. Plans call for modernized flooring, updated ceilings and a revamped entrance. Completion is slated for October. Acquired by Feil in 2004, North Riverside Park Mall is home to 130 national and boutique stores, services and eateries. New tenant additions include Miniso, Pandora, Kids Empire, Kong Dog and Kids Foot Locker House of Play.  

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DevelopmentMultifamilyNew JerseyNortheast

Hampshire Cos. Completes 70-Unit Multifamily Project in Allendale, New Jersey

by Taylor Williams

ALLENDALE, N.J. — Locally based developer The Hampshire Cos. has completed The Vale, a 70-unit multifamily project in the Northern New Jersey community of Allendale. Designed by DMR Architects, the complex offers one- and two-bedroom units, with nine residences subject to income restrictions, including three units that have specifically been set aside for first responders. Amenities will include a clubroom, lounge and an outdoor courtyard. Rents start at roughly $2,800 per month for a one-bedroom apartment.

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