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DevelopmentIndustrialNorth CarolinaSoutheastTop Stories

Ozempic Manufacturer Novo Nordisk Breaks Ground on $4.1B Production Facility Near Raleigh

by John Nelson

CLAYTON, N.C. — Novo Nordisk, a Danish pharmaceutical giant, has broken ground on a 1.4 million-square-foot manufacturing facility in the Raleigh suburb of Clayton. The drugmaker plans to invest $4.1 billion in the development in order to boost the production of diabetes treatment Ozempic, weight loss drug Wegovy and other injectable therapies. Operations at the 56-acre site will include filling and packaging syringes and injection pens. According to CNBC, the demand for Wegovy and Ozempic has outstripped supply in the United States over the past year. The disparity has led to “intermittent shortages,” reports the national news outlet. In 2024 alone, Novo Nordisk is investing $6.8 billion into pharmaceutical production, up from approximately $4 billion last year. “It took us a century to reach 40 million patients, but through this expansion and continued investment in our global production, we’re building Novo Nordisk’s ability to serve millions more people living with serious chronic diseases in the future,” says Lars Fruergaard Jørgensen, president and CEO of Novo Nordisk. “This is yet another real signal of our efforts to scale up our production to meet the growing global need for our life-changing medicines and the patients of tomorrow.” The expansion project will double …

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DevelopmentMultifamilyTexas

Wood Partners, ParkProperty Capital Open 261-Unit Albright Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between Atlanta-based developer Wood Partners and ParkProperty Capital has opened The Albright, a 261-unit apartment complex in Austin’s Burnet neighborhood. The Albright offers studio, one-, two- and three-bedroom units with smart technology features, stainless steel appliances, granite countertops, walk-in closets and full-size washers and dryers. Amenities include a pool, fitness center, coworking lounge, clubroom, gaming area, pet park and a rooftop lounge. Rents start at $1,475 per month for a studio apartment, according to the property website.

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Affordable HousingCivicDevelopmentGeorgiaMultifamilySoutheast

Atlanta BeltLine, Invest Atlanta Approve $172M Budget for Affordable Housing and Trail Construction

by John Nelson

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. Totaling $172 million and marking a 12 percent increase over the 2024 budget, the funding will be directed toward the goal set in 2005 of developing 5,600 units of affordable housing by 2030, as well as acquiring land for the completion of trail construction on the planned 22-mile corridor by the end of 2030. Funding sources for the budget include $69 million from the tax-allocation district (TAD); $49 million from donations; $32 million from the BeltLine special service district (SSD); and $20 million from federal grants. “This is a historic and exciting time for Atlanta BeltLine as we get closer to completing the trail while meeting important goals,” says Clyde Higgs, president and CEO of Atlanta BeltLine Inc. “Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all.” The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

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CivicDevelopmentSoutheastVirginia

Hoar Construction Breaks Ground on 25,000 SF Recreation Center at George Mason University in Northern Virginia

by John Nelson

FAIRFAX, VA. — Hoar Construction has broken ground on a new, 25,000-square-foot recreation center at George Mason University in Fairfax, roughly 20 miles outside Washington, D.C. Dubbed the Activities Community Wellness Building, the facility will serve as the home of the school’s pep band, as well as host student programming and events. Completion is scheduled for spring 2025. The building will feature a full-size NCAA basketball court, additional courts for basketball and volleyball games, yoga and exercise class space, conference rooms, storage and office suites. Powers Brown Architecture is the project architect, and IMEG Corp. is serving as the civil engineer.

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100-Business-Park-Drive-Armonk-New-York
DevelopmentLoansMixed-UseNew YorkNortheast

Basis Industrial Receives $39.6M in Financing for Mixed-Use Property in Armonk, New York

by Taylor Williams

ARMONK, N.Y. — Basis Industrial has received $39.6 million in financing for 100 Business Park Drive, a mixed-use property in Armonk, located north of New York City in Westchester County. Proceeds will be used to refinance existing debt on a 60,000-square-foot warehouse building on the site and to fund construction of a 117,000-square-foot mixed-use building. The new building will house an 82,400-square-foot Extra Space Storage facility, a 26,550-square-foot Sportime pickleball complex and an additional 8,000 square foot of industrial space for Jan-Tile, the primary tenant at the existing warehouse. Basis originally purchased the site in spring 2023. Construction of the new building is slated to begin in July and to be complete in the third quarter of 2025. Ackman-Ziff Real Estate Group arranged the debt through Beach Point Capital Management.

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DevelopmentLoansMixed-UseNew YorkNortheast

S3 Capital Partners Provides $32M Construction Loan for Brooklyn Mixed-Use Project

by Taylor Williams

NEW YORK CITY — S3 Capital Partners, a locally based private lender, has provided a $32 million construction loan for the ground-up development of a mixed-use project that will be located in Brooklyn’s Flatbush neighborhood. The project at 2700 Church Ave. will consist of 69 residential rental units, 9,796 square feet of retail space and 13,446 square feet of community facility space. Pinchas Vogel and Leah Paskus of Landstone Capital Group arranged the debt through S3 Capital Partners on behalf of the sponsor, Triple C Builders.

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DevelopmentHealthcareLeasing ActivityNortheastPennsylvania

MCB Real Estate Breaks Ground on 60,000 SF Medical Office Building in Metro Philadelphia

by Taylor Williams

DREXEL HILL, PA. — MCB Real Estate, a Baltimore-based development and investment firm, has broken ground on a 60,000-square-foot medical office building in Drexel Hill, a western suburb of Philadelphia. The three-story structure will be known as Drexeline Medical Office Building and is fully preleased to Delaware County Human Services (45,000 square feet) and Children’s Hospital of Philadelphia (15,000 square feet). Delivery is slated for the second quarter of 2025. Scott Williams of JLL represented MCB in both deals.

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3400-Walnut-St-Denver-CO
ColoradoDevelopmentOfficeWestern

Jordon Perlmutter & Co., Rockefeller Group Open 200,000 SF Paradigm River North Office Building in Denver

by Amy Works

DENVER — Jordon Perlmutter & Co. and Rockefeller Group have opened Paradigm River North, a Class AA office building at 3400 Walnut St. in Denver’s River North Art District. Paradigm River North is the first joint venture between Perlmutter and Rockefeller. Designed by Denver-based Tryba Architects, Paradigm River North offers 188,000 square feet of office space across eight stories and 12,000 square feet of ground-floor retail space. The property features smart-phone access, valet-run parking that offers ease of use for tenants, a high-end bike room for multimodal transit and spacious outdoor terraces on every floor. Law firm Davis Graham & Stubbs LLP has pre-leased 80,000 square feet on the top three floors of Paradigm River North. Jamie Gard and Jeff Castleton of Newmark are handling leasing for the property.

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Super-Radiator-Coils-Mesa-AZ
ArizonaDevelopmentIndustrialWestern

Brinkmann Constructors, Scannell Properties Plan 150,000 SF Manufacturing Facility in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Brinkmann Constructors, in partnership with Scannell Properties, is developing an industrial facility in Mesa for Super Radiator Coils, a company specializing in heat exchanger manufacturing. Constructed of concrete tilt-up panels, the 150,000-square-foot building will include more than 45,000 square feet of Class A office space, 130,000 square feet of fully conditioned manufacturing floor space, gantry crane systems and clean room areas that support advanced manufacturing. The state-of-the-art facility will operate as a western U.S. production hub for Chaska, Minn.-based Super Radiator Coils. The new location will consolidate and expand the company’s manufacturing capabilities to support the growth of the company’s operations in the Western region. Ware Malcomb is serving as architect for the project, which is slated for completion in fall 2024.

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DevelopmentHealthcareHospitalityLoansMidwestOhio

PACE Loan Group Provides $17.7M C-PACE Loan for Hyatt House Hotel Project in West Chester, Ohio

by Kristin Harlow

WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …

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