EL PASO, TEXAS — A partnership between two California-based firms, PCCP LLC and Panattoni Development, along with Hunt Cos., is underway on construction of a 939,612-square-foot speculative industrial project in El Paso. Project Grande, which represents the first phase of a larger, 1.8 million-square-foot development, will consist of two buildings on a 45-acre site at the southeast corner of Pellicano Drive and Aircoupe Way on the city’s east side. Features of the rear-load and cross-dock buildings will include 36- to 40-foot clear heights, ESFR sprinkler systems and ample trailer parking. Completion of Phase I, which is 50 percent preleased, is slated for the second half of the year.
DELRAY BEACH, FLA. — Pebb Capital has obtained a $173 million construction loan for Sundy Village, a mixed-use development underway at 22 W. Atlantic Ave. in Delray Beach, a city in South Florida’s Palm Beach County. Monroe Capital and J.P. Morgan provided the construction loan. Pebb Capital broke ground on the $240 million development in early 2023 with plans for a summer 2024 opening. Sundy Village will feature more than 28,000 square feet of experiential retail space and 180,000 square feet of Class A offices, of which Pebb Capital has preleased 141,400 square feet. The tenant roster includes restaurants Barcelona Wine Bar and Double Knot and office tenant Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee Sundy Village’s office leasing and Sara Wolfe of Vertical Real Estate handles retail leasing. The design-build team includes general contractor Bluewater Builders.
WALL TOWNSHIP, N.J. — California-based design-build firm Ware Malcomb has completed a 30,000-square-foot healthcare project in Wall Township, located in coastal New Jersey. The project is a build-to-suit for The Arc of Monmouth, a nonprofit organization that serves individuals with intellectual or developmental disabilities. The facility features several specialty rooms for learning opportunities, including sensory rooms, quiet rooms, computer rooms, as well as a gym and three fully equipped kitchens.
MONTVALE, N.J. — New Jersey-based developer Walters has delivered Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground.
FORT LAUDERDALE, FLA. — Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment, and art studios and galleries. FAT stands for Food Art Technology. FAT Village is located two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. The developers say that this four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district. Hines and local partner Urban Street Development are developing the 5.6-acre project. “At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale,” says Alan Kennedy, managing director at Hines. “We look forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city …
INDIANAPOLIS — StorageMart has opened a new self-storage facility on East Washington Street in Indianapolis. The property offers 785 units with 82,159 rentable square feet of climate-controlled space in assorted sizes. Security features include 24/7 video surveillance, PIN entry access and motion sensor lighting. Founded in 1999 in Missouri, StorageMart operates more than 250 locations across the United States, Canada and the United Kingdom.
SAN ANTONIO — Colliers Mortgage has provided $16.8 million in HUD-insured, construction-to-permanent financing for Culebra Road Apartments, a 199-unit affordable housing project in San Antonio. The property will offer one-, two- and three-bedroom units, all of which will be subject to income restrictions, and amenities such as a pool, fitness center, playground, business center, clubhouse, activities room and outdoor grilling and dining stations. Jeff Rogers of Colliers Mortgage originated the financing, which was structured with a 40-year term. The borrower was an entity doing business as Culebra Road Apartments LP.
IRVING, TEXAS — Orlando-based real estate investment and brokerage services firm Foundry Commercial has purchased a 287,000-square-foot office building located at 4000 Horizon Way in Irving with plans to convert the property into an industrial facility. Foundry Commercial plans to reposition the property, which was built on 24.2 acres in 1999, into a three-building complex that totals roughly 337,000 square feet. The industrial buildings will feature rear-load configurations and roughly 70 combined trailer parking spaces. Construction is set to begin in the first quarter. Holt Lunsford Commercial will market the property for lease.
ADDISON, TEXAS — A partnership between two developers, Houston-based Lovett Industrial and Dallas-based Rosewood Property Co., will develop Addison Innovation Center, a 242,062-square-foot industrial project that will be located on the northern outskirts of Dallas. The project will comprise two buildings on a 12.2-acre site. Building 1 will be a redevelopment of an existing, 140,698-square-foot flex office building, and Building 2 will be a newly constructed warehouse spanning 101,364 square feet. Colliers is the leasing agent for Addison Innovation Center. JLL arranged construction financing. LGE Design Group is designing the project.
GREENSBORO, N.C. — Topgolf has broken ground on a new, two-level venue in Greensboro. Situated along I-40 at Guilford College Road, the venue will comprise 72 outdoor climate-controlled hitting bays, with each bay featuring lounge furniture or high-top tables. Additionally, the new Topgolf will include a full-service restaurant, private event rooms and an outdoor area with yard games. The opening is scheduled for late 2024 and is expected to create 300 jobs. Dallas-based Topgolf operates more than 90 venues worldwide.