PINEVILLE, N.C. — Bosch Rexroth, a manufacturer of automated machines and hydraulic equipment, has signed a 234,706-square-foot industrial lease at Carolina Logistics Park, a 308-acre industrial park in Pineville. Construction on the build-to-suit facility, which will be situated about 15 miles south of Charlotte at 12026 Carolina Logistics Drive, is scheduled to begin in February, with completion expected in December. Beacon Partners is the developer and landlord of Carolina Logistics Park. Other tenants at the property include W.W. Grainger Inc., Amazon, Carolina Foods and Empire Distributors, which occupy a total of more than 2.5 million square feet of manufacturing and logistics space. Kent Ilhardt, Ryan Harder, Matt Treble and Patrick McGrath of Cushman & Wakefield represented Bosch Rexroth in the lease negotiations. The project team includes general contractor The Conlan Co., Merriman Schmitt Architects and Orsborn Engineering Group.
AUSTIN, TEXAS — Brookfield Properties has broken ground on Park 290, a 792,139-square-foot industrial project that will be located off Decker Lane in East Austin. Park 290 will consist of four buildings that will range in size from 76,000 to 321,000 square feet. Building features will include 32- to 36-foot clear heights, ample car and trailer parking and LEED certifications. CBRE is the leasing agent for the project, which is expected to be complete before the end of the year.
FORT WORTH, TEXAS — LG Electronics, a division of South Korean conglomerate LG Corp., has opened a 100,000-square-foot manufacturing facility in Fort Worth for the assembly of electric vehicle (EV) charging stations. According to local broadcast news outlet WFAA, the facility is located at 2153 Eagle Parkway in the Alliance submarket on the city’s north side. The facility will have an annual production capacity of more than 10,000 units and has been designed with support for future expansion in mind.
HAMILTON, N.J. — Cushman & Wakefield has arranged the sale of a 48-acre industrial development site in the Central New Jersey community of Hamilton that is approved for the construction of up to 420,000 square feet of space. The site at 861 Sloan Ave. offers proximity to both interstates 95 and 295. Robert Rudin, Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, an entity doing business as Manchester 270 Development Inc., in the transaction. The team also procured the buyer, a partnership between Lincoln Equities Group and PGIM.
DENVER — Cogir Senior Living and Ryan Cos. have opened ACOYA Cherry Creek, a senior living community located at 301 S. Harrison St. in Denver. ACOYA Cherry Creek offers 137 independent and assisted living apartments. The community features full-size residential kitchens, multiple dining venues, an art room, a salon, club room, wellness area and an outdoor bar with a view of the Rocky Mountains.
GLENVIEW, ILL. — PREMIER Design + Build Group has begun work on a retail showroom renovation and expansion project for Abt Electronics in the Chicago suburb of Glenview. Abt is a retailer of electronics, appliances and home goods. The company’s showroom totals 114,000 square feet. PREMIER will expand the second floor of the showroom, adding 41,316 square feet with an elevator and restroom facilities. The property will remain open throughout construction. Cornerstone Architects Ltd. is the project architect. Completion is slated for the third quarter of this year.
OCONOMOWOC, WIS. — Wangard Partners and Kraus-Anderson have completed the Veterans Affairs (VA) healthcare clinic at Olympia Fields in Oconomowoc, about 34 miles west of Milwaukee. The 9,991-square-foot clinic will be leased by the Veterans Health Administration and operated by the Clement Z. Zablocki VA Health Care System. Designed by Plunkett Raysich Architects, the $5 million facility features reception and waiting areas, conference rooms, exam rooms, primary care, women’s health services, mental health services, consultation rooms, telehealth, a staff lounge and team workrooms. Construction began in May 2023 and was completed one month ahead of schedule. Wangard is the developer of Olympia Fields, a mixed-use project that includes The Locklyn apartment community and a Sendik’s Food Market. Plans also call for a hotel, medical offices, commercial outlets and a recreational bike trail.
SANTA ANA, CALIF. — Gantry Inc. has negotiated $128 million in construction-to-permanent financing from three separate lenders for the development of Legado at the Met in Santa Ana, less than 10 miles southeast of Anaheim. The borrower was Legado Cos. Legado at the Met will comprise 258 market-rate apartments. The Class A development will be situated at 200 E. First American Way, across from First American Title’s headquarters. While a construction timeline for the project was not officially disclosed, Apartments.com states that the property will open in 2025. According to the City of Santa Ana’s government website, the community will rise six stories. Units will come in studio, one-, two- and three-bedroom layouts ranging from 612 to 1,783 square feet in size. The property will also include a 617-space parking garage. George Mitsanas and Amit Tyagi of Gantry’s Los Angeles production office arranged the financing on behalf of the borrower. Gantry’s production team underwrote the complex financing in three tranches with three of the firm’s correspondent life company lenders. Gantry will service all three loans. — Channing Hamilton
By Charvi Gupta of Getzler Henrich & Associates LLC Vacancy rates in office buildings in major metropolitan areas like New York City have surged, driven by the widespread adoption of remote work policies as well as the relocation of major corporate headquarters. With housing shortages exacerbating the issue, there is a growing discourse surrounding the conversion of these vacant office spaces into residential units. According to The Wall Street Journal, 1 billion square feet of office space sits vacant across the United States. While the numbers cover only office mortgages packaged into commercial mortgage-backed securities (CMBS), they reflect a broader freeze in the lending market for office buildings. However, the journey from empty office buildings to habitable residences is far from a linear path and comes with considerable challenges. With numerous examples to examine, as well as insights from financial restructuring consultants to consider, it’s clear that office-to-residential conversions are complex to say the least. Conversion Challenges The conversion process is becoming increasingly difficult. Construction loans are far more expensive than they were 18 months ago, and banks continue to be cautious about development lending, with many conversion efforts on hold because of higher interest rates. Although more cities are …
MIAMI — Sterling Bay has joined Key International as a co-developer for 848 Brickell, a proposed 51-story mixed-use tower in downtown Miami’s Brickell district. Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space. The project is pursuant to zoning approval by Miami-Dade County. Skidmore, Owings & Merrill designed the tower, amenities of which would include tech-enabled conference facilities, a high-end fitness center, outdoor terrace, padel tennis courts and private open-air lounges.