Development

5245-Pacific-Concourse-Dr-Los-Angeles-CA

Gantry Arranges $28.5M Loan for Office Redevelopment in Los Angeles

by Amy Works January 17, 2024

LOS ANGELES — Gantry has arranged a $28.5 million construction-to-permanent loan for the redevelopment of an existing office building located at 5245 Pacific Concourse Drive in Los Angeles. The 66,000-square-foot property is 100 percent pre-leased to the U.S. General Services Administration as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s Los Angeles office represented the borrower, a private real estate company. One of Gantry’s correspondent life company lenders provided the multi-decade loan, which features a long-term fixed interest rate.

January 17, 2024

Alabama Development Hospitality Multifamily Southeast

WaterWalk Opens 126-Room Extended Stay Hotel-Apartment Property in Huntsville, Alabama

by John Nelson January 16, 2024

HUNTSVILLE, ALA. — WaterWalk has opened a 126-room extended stay hotel and apartment living property at 1550 Perimeter Parkway in Huntsville, the first Alabama property for the lodging brand and its 12th total. WaterWalk Huntsville comprises 76 fully furnished hotel rooms and 50 apartments that range in size from studios to two-bedroom units. All units feature kitchens with full-size appliances, a pantry and a kitchen island. Additionally, each unit features full-size washers and dryers, as well as bathrooms that include vanities with storage space and walk-in showers. Amenities include a lobby lounge, fitness center, outdoor pool and a patio with a fire pit, lawn games and grilling areas.

January 16, 2024

Development Georgia Retail Southeast

Buc-ee’s to Develop 74,000 SF Travel Center in Brunswick, Georgia

by John Nelson January 16, 2024

BRUNSWICK, GA. — Buc-ee’s will develop a 74,000-square-foot travel center in Brunswick, a coastal Georgia city midway between Savannah and Jacksonville along I-95. Construction is scheduled to begin Jan. 29. Upon completion, the property will feature 120 fueling stations, as well as a store offering snack, meal and drink options. Buc-ee’s currently operates 47 stores throughout its home state of Texas, as well as Alabama, Florida, Georgia, Kentucky, South Carolina, Missouri and Tennessee. The company is also underway on two travel centers in Virginia — one near Richmond along I-64 and another near Harrisonburg along I-81.

January 16, 2024

Development Kentucky Leasing Activity Mixed-Use Restaurant Retail Southeast

RD1 Spirts to Open 10,215 SF Distillery at The Commons in Lexington, Kentucky

by John Nelson January 16, 2024

LEXINGTON, KY. — RD1 Spirts has signed on to join as an anchor tenant at The Commons, a 40-acre mixed-use development in downtown Lexington. The locally based bourbon brand plans to invest $4.8 million to develop the two-story distillery at 113 Turner Commons Way, which will span 10,215 square feet and include an entrance off Main Street. The venue will include outdoor seating on both levels, four private tasting rooms, a glass-enclosed research-and-development space for wood finishing for RD1’s bourbon barrels, VIP speakeasy tasting room, craft cocktail bar and a gift shop. The venue will also include an 800-gallon pot, 175-gallon pot still, 750-gallon fermenter and a 1,000-gallon mash cooker that will cumulatively produce a barrel of bourbon per week. RD1 plans to open the distillery in August and support 11 full-time employees. The project team features law firm McBrayer and engineering firm VITOK, both out of Louisville, as well as architectural and design firm Lord Aeck Sargent. Ron Hardwick, a Louisville bourbon expert and shareholder of RD1, plans to lead the distillery design at the new venue. RD1 received approval for $521,000 in incentives from the Kentucky Tourism Development Finance Authority to help finance the project. In addition to …

January 16, 2024

Acquisitions Development Florida Loans Multifamily Southeast

Kennedy Funding Provides $7.5M Acquisition Loan for Townhome Development Site in Santa Rosa Beach, Florida

by John Nelson January 16, 2024

SANTA ROSA BEACH, FLA. — Kennedy Funding has provided a $7.5 million acquisition loan for a land site in Santa Rosa Beach, a city in Florida’s Panhandle. The parcel currently houses a nine-bedroom home that fronts the Gulf of Mexico. The borrower, an entity doing business as 4228 Dana Beach LLC, plans to develop a luxury townhome development on the site. The construction timeline was not disclosed. Based in Englewood, N.J., Kennedy Funding is a direct lender that provides short-term bridge loans ranging from $1 million to $50 million for land purchases, working capital and developments.

January 16, 2024

Development Industrial Loans Northeast Pennsylvania

JLL Secures Construction Debt, Equity for 320,250 SF Industrial Project Near Philadelphia

by Taylor Williams January 16, 2024

FEASTERVILLE-TREVOSE, PA. — JLL has secured construction debt and joint venture equity for a 320,250-square-foot industrial project in Feasterville-Trevose, about 20 miles northeast of Philadelphia. The sponsor is regional developer J.G. Petrucci Co. The building will be situated on a 19.5-acre site at 4626 Somerton Road and will feature a clear height of 36 feet, 55 tailgate doors, two drive-in doors and parking for 56 trailers and 195 cars. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL arranged the construction loan through Principal Asset Management and structured the joint venture with Boston-based Cabot Properties.

January 16, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Co., American Hospitality Break Ground on Roseville Junction Mixed-Use Development in Roseville, California

by Amy Works January 16, 2024

ROSEVILLE, CALIF. — LRE & Co. and American Hospitality Services have broken ground on Roseville Junction, a mixed-use development at 290 Conference Center Drive in Roseville, a suburb northeast of Sacramento. Functioning as a sports and entertainment complex in Placer County, Roseville Junction will include two select-service hotels, three restaurants, an outdoor gathering place and The Electric Pickle, which will offer a bocce ball court, 10 pickleball courts and dining venues. Caption by Hyatt Roseville will feature 112 rooms and suites, a fitness center, meeting facilities and a reimagined hotel lobby with an on-site restaurant and beverage venue, an all-day café, market and bar with a lounge and social space. Hyatt House Roseville will offer 126 rooms, including studios and one-bedroom suites, public spaces, workout spaces and a rooftop bar.

January 16, 2024

Development Industrial Texas

Constellation Real Estate to Develop 537,375 SF Industrial Project in Northwest Houston

by Taylor Williams January 16, 2024

HOUSTON — Constellation Real Estate Partners has acquired 25.8 acres at 6401 N. Eldridge Parkway in northwest Houston for the development of a 537,375-square-foot industrial project. Designed by Seeberger Architecture, Constellation Eldridge will feature 40-foot clear heights, 127 trailer parking spaces and an ESFR sprinkler system. The developer has tapped CBRE as the leasing agent. Construction will begin in the first quarter with the demolition of an existing administrative building on the site, and delivery is slated for the fourth quarter.

January 16, 2024

California Development Multifamily Western

Liberty National Acquires Development Site in San Diego for Apartment Tower Project

by Amy Works January 16, 2024

SAN DIEGO — Liberty National Corp. has purchased a land site at 1520 and 1532 3rd Ave. in downtown San Diego for the development of a residential property. Terms of the transaction were not released. Liberty acquired the 22,484-square-foot site in December 2023 and plans to build a high-rise multifamily community on the site. The property will also offer a selection of affordable housing options.

January 16, 2024

Development Multifamily Texas

Developer Underway on 260-Unit Multifamily Project in West Houston

by Taylor Williams January 15, 2024

HOUSTON — Developer Henry Richardson, founder and CEO of wellness concept Define Living, is underway on construction of a 260-unit multifamily project in West Houston. The site at 1888 Brittmoore Road spans six acres, and the four-story complex will house one- and two-bedroom units. Amenities will include a fitness center, business center, clubhouse and a bark park. Ted Trout Architect & Associates is designing the project, and Blazer Building is the general contractor. Preleasing is underway, and full completion is slated for the summer.

January 15, 2024

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