Development

Clayco to Relocate St. Louis-Area Offices to 230,000 SF Building in Berkeley, Missouri

by Kristin Harlow November 7, 2023

BERKELEY, MO. — Clayco, a full-service development, architecture, engineering and construction firm, is relocating its St. Louis offices and operations center to a redeveloped 230,000-square-foot building within NorthPark Development in Berkeley, a northwest suburb of St. Louis. Clayco currently maintains multiple offices in Overland and Clayton, Mo., and will relocate 580 St. Louis-based team members to the new facility, which is located at 8640 Evans Ave. The new office will be able to accommodate over 1,000 employees, as the company expects to expand in the coming years. While Clayco’s corporate headquarters will remain in Chicago, the Berkeley office will serve as the home of many of the company’s design-build functions, including operations, business unit leadership, architecture, process engineering, safety, IT, marketing, finance/accounting and talent management. Clayco subsidiaries, Concrete Strategies, Clayco Design & Engineering and Consolidated Distribution Co., will be headquartered in the new office. Clayco and its real estate development subsidiary, CRG, have partnered with Missouri’s Department of Economic Development and Missouri Development Finance Board as well as the City of Berkeley to facilitate the move. As part of an incentive proposal from the state, Clayco will retain its existing Missouri workforce and is committed to creating at least 400 …

November 7, 2023

Development Illinois Midwest Multifamily

Optima Completes 100-Unit Luxury Apartment Complex in Wilmette, Illinois

by Kristin Harlow November 7, 2023

WILMETTE, ILL. — Optima Inc. has completed Optima Verdana, a 100-unit luxury apartment complex in the Chicago suburb of Wilmette. The property is 72 percent leased. The property features one-, two- and three-bedroom layouts and penthouse configurations ranging from 660 to 2,790 square feet. Monthly rents range from approximately $3,000 to nearly $12,000. Designed by David Hovey Sr. and David Hovey Jr., the community features a seventh-floor sky deck. The rooftop common area features a sun deck, barbecues, herb gardens, a bocce court, fire pits, party room, game room, sauna and heated lap pool with retractable glass walls designed for year-round use. Indoor amenities can be found on the building’s first floor and include a pickleball/basketball court, fitness center, yoga studio, massage rooms, sports lounge, golf simulator, kids’ playroom, dog run, library lounge and work-from-home spaces. The community is slated to achieve Two Green Globes certification via the use of bird-friendly glass, eco-friendly induction cooktops and outdoor electric grills. Optima Verdana features the Chicago-area debut of Optima’s propriety exterior vertical landscaping system, which includes plants staying green year-round and promoting evaporative cooling, air purification, noise reduction and stormwater detention.

November 7, 2023

Development Midwest Missouri Multifamily

Brinkmann Constructors Tops Out 152-Unit Apartment Community in Kirkwood, Missouri

by Kristin Harlow November 7, 2023

KIRKWOOD, MO. — Brinkmann Constructors has topped out The James, a 152-unit apartment community in the western St. Louis suburb of Kirkwood. High Street Residential, the residential subsidiary of Trammell Crow Co., is the developer. The five-story project will feature 285 parking spaces and 7,000 square feet of retail space. Amenities will include a pool, courtyard, entertainment lounge, fitness center, pet spa, work-from-home spaces and coffee bar. The project team includes ESG Architecture and Design. Greystar is handling property management and leasing efforts, which are currently underway. Monthly rents start at $1,583, according to the property’s website. Completion is slated for January.

November 7, 2023

Arizona Development Multifamily Western

Thompson Thrift to Develop 224-Unit Refinery at Pointe17 Multifamily Community in Phoenix

by Amy Works November 7, 2023

PHOENIX — Thompson Thrift has released plans for Refinery at Pointe17, a Class A apartment property to be located near the $40 billion Taiwan Semiconductor Plant in northern Phoenix. Construction is set to begin this month, with completion slated for the latter half of 2025. Refinery at Pointe17 will feature 224 one-, two- and three-bedroom apartments that average 1,000 square feet. Apartments will feature nine-foot ceilings, stainless steel appliances, tile backsplashes, designer fixtures and finishes, hardwood-style flooring, walk-in closets, patio and balcony options and full-size washers/dryers, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped, 24-hour fitness center; yoga and spin studio; bike storage; resort-style swimming pool; fire pits with seating areas; community grilling areas; pickleball courts; 24-hour business center; private focus rooms and offices for rent; rooftop deck; event lounge; over 80 on-site electric vehicle charging stations; dog park and pet spa; billiards; and a shuffleboard court. Refinery is the multifamily component of Pointe17 mixed-use development. Retail tenants at Pointe17 include Oregano’s, Twisted Sugar, Over Easy, Foothills Grille, Heartland Dental, Yoga Six, BFT fitness studio, The Bar and a nail salon.

November 7, 2023

Development Multifamily New Jersey Northeast

Russo Development Begins Leasing 296-Unit Apartment Community in Downtown Newark

by Taylor Williams November 7, 2023

NEWARK, N.J. — Locally based firm Russo Development has begun leasing Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $1,900 per month for a studio apartment.

November 7, 2023

Development New Jersey Northeast Office

Onyx Equities Completes Renovation of Two Office Buildings Totaling 33,882 SF in Parsippany, New Jersey

by Taylor Williams November 7, 2023

PARSIPPANY, N.J. — Locally based investment and development firm Onyx Equities has completed renovations of 4 and 6 Campus Drive, two office buildings totaling 33,882 square feet in the Northern New Jersey community of Parsippany. Both buildings are part of Arbors at Parsippany, a 60-acre campus that offers amenities such as a conference center, café and outdoor walking trails. Renovations included upgrades of the lobbies and various common areas. Ware Malcomb handled design of the project.

November 7, 2023

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail

Lee & Associates: Slowing Absorption, Rent Growth Put Brakes on New Development for Most Real Estate Types, Though Retail Sector Shines

by Sarah Daniels November 7, 2023

Slower absorption and rent growth plagued industrial, office and multifamily asset classes across the United States in the third quarter, as outlined in Lee & Associates’ 2023 Q3 North America Market Report. Some regional exceptions were able to buck the overdevelopment trend, but retail was the only property type to avoid the quarter’s shift toward rising vacancy rates. High interest rates, slower rent growth and fear of overbuilding have contributed to lower construction starts in every sector. The full Lee & Associates report is available — including breakdowns of factors like detailed vacancy rates, inventory square footage, cap rates outlined city by city, market rents and more — here. The analysis below provides an overview of industrial, office, retail and multifamily real estate sectors alongside sector trends, economic background as well as geographic exceptions within each property type. Industrial Overview: Absorption Continues Slowing, Inventories to Spike Demand for industrial space remained positive in the United States in the third quarter, but growth this year has lost steam compared to strong net absorption totals of the last two years. U.S. net growth in the third quarter totaled 29.9 million square feet compared to 94 million square feet for the same period last year. …

November 7, 2023

Development Leasing Activity Mixed-Use Office Southeast Tennessee

CAA Signs 75,000 SF Office Lease at Nashville Yards

by John Nelson November 6, 2023

NASHVILLE, TENN. — Entertainment and sports agency Creative Artists Agency (CAA) has signed a 75,000-square-foot office lease at Nashville Yards, a 19-acre mixed-use project currently underway in downtown Nashville. Scheduled to begin in late 2025, CAA’s occupancy will span two floors. Designed by CannonDesign, the office will feature indoor-outdoor workspaces, game and listening lounges and private terraces on each floor. Amenities at the property, which is located at 955 Church St., will include plazas, courtyards, green spaces, meeting hubs, entertainment spaces, an outdoor deck, three levels of retail and dining space, parking and valet services. CAA will be relocating from its current Nashville office within the SunTrust building next to the Ryman Auditorium. Southwest Value Partners is the landlord and developer at Nashville Yards, which, upon completion, will feature a 591-room hotel and a 4,500-person concert venue in addition to retail, dining and office space.

November 6, 2023

Development Multifamily North Carolina Southeast

Camden Property Trust Opens 420-Unit Multifamily Community in Downtown Durham

by John Nelson November 6, 2023

DURHAM, N.C. — Camden Property Trust (CPT) has opened Camden Durham, a 420-unit multifamily community located at 441 Dillard St. in downtown Durham. The property features one-, two- and three-bedroom apartments, as well as 14 one- and two-bedroom townhomes. Amenities at the community include a 24-hour athletic club, resident lounge and community workspace, swimming pool, barbecue grills and a lawn for gatherings. Additionally, the property features 5,945 square feet of ground-floor retail space available for lease. Monthly rental rates begin at $1,529, according to the community website.

November 6, 2023

Development Loans Seniors Housing Southeast Virginia

Ziegler Arranges $52.5M Bond Financing for Seniors Housing Development in Winchester, Virginia

by John Nelson November 6, 2023

WINCHESTER, VA. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a senior housing development located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. Constructed in 1982, the 87-acre property features 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. Currently, an independent living villa apartment expansion project is underway at the development. Ziegler financed the first phase, which includes 48 new independent living villa apartments, in 2022. The second phase of the project is being financed with the new bonds and includes an additional 49 independent living villa apartments, for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners. The two tranches include a $27.5 million, 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period and a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.

November 6, 2023

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