Development

Grogan's-Mill-Village-Center-The-Woodlands

Howard Hughes Holdings Begins Renovation of 90,000 SF Retail Property in Metro Houston

by Taylor Williams July 25, 2024

THE WOODLANDS, TEXAS — Howard Hughes Holdings (NYSE: HHH) has begun the renovation of Grogan’s Mill Village Center, a 90,000-square-foot retail property located north of Houston in The Woodlands that was originally built in 1974. The renovation will add a new public gathering hub with a library that will feature multimedia rooms and a theater-style classroom, as well as a community center and 32,000 square feet of modern retail space. Tenants that have either extended existing leases or committed to new spaces at Grogan’s Mill include Brother’s Pizza, Ome Calli Café, Safeway Driving, The UPS Store, Woodforest National Bank, The Woodlands Cleaners, Chef Chan’s, 4H Tailor and SN Liquor. Lastly, the project team will make upgrades to the property’s existing farmers market

July 25, 2024

Development Florida Loans Office Southeast

OKO Group, Cain International Obtain $565M Loan for 830 Brickell Office Tower in Miami

by John Nelson July 25, 2024

MIAMI — Co-developers OKO Group and Cain International have obtained $565 million in financing for 830 Brickell, a 57-story office tower underway in Miami’s Brickell district. TYKO Capital, a joint venture between Adi Chugh and a Florida-based hedge fund that was established last year, provided the loan that pays off an existing construction loan that MSD Partners provided in 2019. Beatriz Azcuy of Sidley Austin LLP assisted the developers in the loan arrangement. Set to open this fall, 830 Brickell is fully leased to several high-profile tenants, including Microsoft, Citadel, Kirkland & Ellis, Marsh Insurance, Sidley Austin, CI Financial (Corient), Thoma Bravo, Santander Bank and A-CAP. OKO Group and Cain International are receiving temporary certificates of occupancy (TCOs) in phases for tenants, many of which are already building out their interior spaces within 830 Brickell ahead of its completion. Designed by Adrian Smith + Gordon Gill with interiors by Iosa Ghini Associati, the office tower will feature a restaurant and bar/private club on the top floor, upscale health and wellness center, conference facilities, outdoor terrace, cafés and street-level retail space.

July 25, 2024

Development Georgia Retail Southeast

Sembler Delivers Publix-Anchored Shopping Center in Milledgeville, Georgia

by John Nelson July 25, 2024

MILLEDGEVILLE, GA. — The Sembler Co. has delivered Lakeside Commons, a Publix-anchored shopping center located at the southeast corner of US Highway 441 (Columbia Street) and Log Cabin Road in Milledgeville, a city in Central Georgia that is home to Georgia College & State University. Situated on 9 acres, the 60,500-square-foot shopping center houses a freestanding Publix store spanning 48,387 square feet, as well as 12,000 square feet of small shop space. Committed tenants include T-Mobile (2,400 square feet) and Sugar Polish Nail Spa (3,600 square feet). Lakeside Commons will also feature two outparcels that are available for sale, ground lease or build-to-suit opportunities. Sembler broke ground on Lakeside Commons in early 2023, and the Publix opened its doors in late June.

July 25, 2024

Development Office Texas

JT Magen Completes Renovation of 8,079 SF Office Space in Austin for Video Game Developer

by Taylor Williams July 25, 2024

AUSTIN, TEXAS — National general contractor JT Magen has completed the renovation of the 8,079-square-foot office space of video game developer Owlchemy Labs in Austin. Revel Architecture designed the project, which involved the creation of several areas for larger group gatherings, as well as smaller connection spaces and a space for recreational gaming. The project team also maintained private meeting rooms and added larger ground-floor windows to increase the flow of natural light.

July 25, 2024

Critical-Care-Tower-Westchester-Medical-Center-Valhalla-New-York

Development Healthcare New York Northeast

Westchester Medical Breaks Ground on $220M Healthcare Project in Valhalla, New York

by Taylor Williams July 25, 2024

VALHALLA, N.Y. — Westchester Medical Center Health Network has broken ground on The Critical Care Tower, a $220 million healthcare project that will be located on the provider’s campus in Valhalla, about 30 miles north of Manhattan. Dubbed the “Tower to Heal,” the five-story, 162,000-square-foot building will be situated adjacent to Westchester Medical Center’s main tower and will house 128 private patient rooms. The project is expected to create almost 800 construction jobs and about 125 permanent jobs. Completion is slated for 2026.

July 25, 2024

Development Industrial Loans Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Arranges $53.8M Construction Loan for Philadelphia Industrial Project

by Taylor Williams July 25, 2024

PHILADELPHIA — Walker & Dunlop (NYSE: WD) has arranged a $53.8 million construction loan for PhilaPort Logistics Center, a 282,250-square-foot industrial project in Philadelphia. The 15-acre site at 3060 S. 61st St. is located approximately three miles from Philadelphia International Airport and six miles from the Packer Avenue Marine Terminal. PhilaPort Logistics Center will feature a rear-load configuration, a clear height of 40 feet, 135-foot truck court depths, 50 exterior dock doors, two drive-in doors, 5,000 square feet of office space and parking for 187 cars and 72 trailers. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing through ACORE Capital. The borrower was New York City-based DH Property Holdings. Construction is slated for a third-quarter 2025 completion.

July 25, 2024

Acquisitions Development Illinois Industrial Midwest

Colliers Brokers Sale of 72-Acre Industrial Land Site in University Park, Illinois

by Kristin Harlow July 25, 2024

UNIVERSITY PARK, ILL. — Colliers has brokered the sale of a 72-acre industrial land site in the southern Chicago suburb of University Park. A private investor sold the land to Clarius Partners for an undisclosed price. The planned development will be primed for large logistics operations and include a 970,123-square-foot warehouse. The project will feature a 40-foot ceiling height, up to 475 trailer stalls, 162 docks and convenient access to I-57. Jim Estus and David Bercu of Colliers brokered the transaction. Colliers is marketing the project for lease.

July 25, 2024

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

MassDevelopment Provides $22.2M Bond Financing for Affordable Seniors Housing Project in Foxborough, Massachusetts

by Taylor Williams July 25, 2024

FOXBOROUGH, MASS. — MassDevelopment has provided $22.2 million in tax-exempt bond financing for an 80-unit affordable seniors housing project in the southern Boston suburb of Foxborough. These units represent the first part of a multi-phase project that will add 200 affordable seniors housing units to the local supply. All of the one-bedroom units will be rented to households earning up to 60 percent of the area median income (AMI), though 20 units will also be available for households earning up to 30 percent of AMI. The developer, an entity doing business as Walnut Street Phase One 4 LLC, is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. Citizens Bank purchased the bond.

July 25, 2024

Development Maine Multifamily Northeast

Jones Street Breaks Ground on 64-Unit Multifamily Project in Brunswick, Maine

by Taylor Williams July 25, 2024

BRUNSWICK, MAINE — Jones Street Investment Partners, a private equity real estate firm, has broken ground on a 64-unit multifamily project in Brunswick, a northern suburb of Portland. The project, which will be situated on a 3.5-acre site, represents the second phase of Atlantic Pointe, the first phase of which comprised 181 units. Phase II will feature four buildings that will house one- and two-bedroom residences. Amenities at Atlantic Pointe include a fitness center, business center, dog park and package lockers. Delivery of Phase II is scheduled for summer 2025.

July 25, 2024

Arizona Development Hospitality Mixed-Use Restaurant Retail Western

Okland Capital, San Tan Development Break Ground on $100M Northside at SanTan Village Mixed-Use Project in Gilbert, Arizona

by Amy Works July 25, 2024

GILBERT, ARIZ. — Okland Capital and San Tan Development Group have broken ground on Phase I of Northside at SanTan Village, a mixed-use development in the Phoenix suburb of Gilbert. The first phase will feature 37,245 square feet of retail and restaurant space spread across six buildings. Completion of phase one is slated for mid-2025, with a grand opening expected in fall 2025. The hotel component is scheduled to deliver shortly after and future uses are currently being designed. At full build-out, Northside at SanTan Village will span 20 acres and feature a 134-key hotel, retail, restaurants and community green space. Development costs were estimated at $100 million. The project team includes Okland Construction as general contractor and Aline Architecture Concepts as architect for the retail center. Bryan Babits and Alberto Caballero of Western Retail Advisors are handing leasing for the project’s retail and restaurant spaces.

July 25, 2024

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