Development

Colliers Arranges $7.5M Sale of Multifamily Development Site in Metro Miami

by John Nelson August 17, 2023

HIALEAH, FLA. — Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail Transfer Station. The project, dubbed Metro 1025, is zoned for up to 151 apartments across eight stories. The buyer received final site plan approval and a complete set of entitlements from the City of Hialeah to build the multifamily project. The construction timeline was not disclosed.

August 17, 2023

Development Industrial Midwest Ohio

DHL Breaks Ground on 755,000 SF Distribution Center Near Columbus, Ohio

by Kristin Harlow August 17, 2023

VIOLET TOWNSHIP, OHIO — DHL Supply Chain has broken ground on a new 755,000-square-foot distribution center in Violet Township, an eastern suburb of Columbus. The facility, which will be located near DHL Supply Chain’s U.S. headquarters in Westerville, is slated to open in the second quarter of 2024 and create approximately 200 jobs in the region. The project brings DHL’s total footprint to more than 15 million square feet in its home state and 161 million square feet in North America. The Violet Township facility will leverage the latest robotics technology and automation processes as well as sustainable building planning and construction. DHL Supply Chain’s expansion of its warehousing footprint is led by DHL Real Estate Solutions.

August 17, 2023

Alabama California Development Hospitality Southeast Top Stories Western

Hyatt Announces First Two Locations for Upper-Midscale Extended-Stay Brand

by Katie Sloan August 17, 2023

TILLMAN’S CORNER, ALA. AND MARYSVILLE, CALIF. — Hyatt Hotels Corp. (NYSE: H) has announced the first two locations for its upper-midscale extended-stay banner, Hyatt Studios. The company has letters of interest for over 100 Hyatt Studios developments across the U.S. Each Hyatt Studios location will be sized to fit approximately 122 rooms, and will offer grab-and-go breakfast and a 24-hour market with snacks and ready-made meals that can be prepared in each guest room’s kitchen. The Chicago-based company has entered into a franchise agreement with 3H Group Inc. to develop the first Hyatt Studios hotel in Tillman’s Corner, roughly 10 miles southeast of Mobile. The property is set to open in late 2024. Presidio Hotel Development has entered into a franchise agreement with Hyatt for the second location, a 113-room hotel in downtown Marysville, approximately 45 miles north of Sacramento. The property is expected to open in 2025 and will feature dedicated meeting spaces. Extended-stay hotels have grown in demand over the past several years, in part due to the asset’s popularity during the COVID-19 pandemic. Bask Development recently announced plans to develop eight Extended Stay America-branded hotels in Florida, and the development of 15 new hotels under the same …

August 17, 2023

Development Industrial Texas

Xebec to Develop 3,300-Acre Manufacturing, Logistics Campus in Rockdale, Texas

by Taylor Williams August 16, 2023

ROCKDALE, TEXAS — Dallas-based developer Xebec will build a 3,300-acre manufacturing and logistics campus in Rockdale, located about 60 miles northeast of Austin. The rail-served site is known locally as Sandow Lakes Ranch and was previously used for aluminum smelting, lignite coal mining and coal power generation. The campus, which will ultimately feature between 30 million and 50 million square feet of manufacturing and logistics space, represents the first phase of multi-stage development that will include workforce housing, solar farms, retail, commercial, industrial and hospitality uses, as well as recreational facilities. Xebec expects to the development to be ready for occupancy by mid-2025.

August 16, 2023

Development Multifamily Texas

Realty Capital Residential Begins Leasing 275-Unit Multifamily Project in Burleson, Texas

by Taylor Williams August 16, 2023

BURLESON, TEXAS — Locally based developer Realty Capital Residential has begun leasing Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the Old Town district. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Rents start at $1,365 per month for a one-bedroom apartment.

August 16, 2023

Development Leasing Activity New York Northeast Office

RXR Inks 700,000 SF Office Lease Expansion, Extension at 450 Lexington Avenue, Announces $300M Renovation

by Taylor Williams August 16, 2023

NEW YORK CITY — RXR has inked a 700,000-square-foot office lease extension and expansion with global law firm Davis Polk & Wardwell LLP at 450 Lexington Avenue in Midtown Manhattan. The tenant has re-committed to the 40-story building, which was originally constructed in 1991, for the next 25 years and is taking an additional 30,000 square feet of space. The firm’s footprint now spans 23 floors. In conjunction with the deal, the locally based landlord also announced a $300 million renovation. Designed by Gensler, the project will include the full modernization of lobbies and the addition of numerous amenities. Renovations will also upgrade other common areas and the anchor tenant spaces. Lewis Miller, Andrew Sussman and Munish Viralam of CBRE represented Davis Polk & Wardwell in the lease negotiations. William Elder and Andrew Ackerman represented RXR on an internal basis.

August 16, 2023

Development Industrial Loans Northeast Pennsylvania

JLL Arranges $114M Construction Loan for Spec Industrial Project in Metro Philadelphia

by Taylor Williams August 16, 2023

BUCKS COUNTY, PA. — JLL has arranged a $114 million construction loan for Lower Bucks Logistics Hub, an 814,567-square-foot speculative industrial project in Bucks County. The address of the site was not disclosed, but the development’s two buildings will be located at I-295, with one building on either side of Route 213 in Middletown Township, New Jersey. The buildings will have rear-load and cross-deck configurations, clear heights of 40 feet, six total drive-in doors and over 800 car and trailer parking spaces. Mike Pagniucci led the JLL team that originated the financing through Mesa West Capital on behalf of the borrower, Foxfield LLC. A construction timeline was not disclosed.

August 16, 2023

Development Florida Loans Multifamily Seniors Housing Southeast

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Residential Project in Port St. Lucie, Florida

by John Nelson August 16, 2023

PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.

August 16, 2023

Development Georgia Multifamily Southeast

Joint Venture to Develop 330-Unit Apartment Community in Acworth, Georgia

by John Nelson August 16, 2023

ACWORTH, GA. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings plans to develop a 330-unit apartment community in Acworth. The unnamed, 20-acre project will be located at 5950 Highway 92, about 29 miles northwest of Atlanta. In addition to traditional apartments, the community will feature 20 carriage homes with private garages. City National Bank is providing construction financing to the joint venture. The design-build team includes architect Dynamik Design and general contractor Stratus Construction. The developers expect first units to be delivered in October 2024.

August 16, 2023

Build-to-Rent Development Midwest Single-Family Rental Wisconsin

Heyday Opens 170-Unit Build-to-Rent Community in Sun Prairie, Wisconsin

by Kristin Harlow August 16, 2023

SUN PRAIRIE, WIS. — Heyday has opened the first phase of Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Homes feature attached garages with electric vehicle charging outlets, private patios, keyless entry and green spaces. Monthly rents range from $1,700 for one-bedroom homes to $2,800 for three-bedroom homes. New leases include a six-month membership to nearby Sun Prairie Athletic Club. Daniel Management Group is the property manager.

August 16, 2023

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