Development

PEORIA, ARIZ. — Greystar has broken ground on Peoria Place, a $500 million, mixed-use, master-planned project in Peoria.  The first phase is a three-building, Class A industrial park that will be known as Caliber by Greystar. At build-out, Caliber will total 411,918 square feet of Class A product broken down as a 114,446-square-foot Building A, 122,863-square-foot Building B and 174,609-square-foot Building C. Buildings A and B will offer divisibility to serve a diversity of uses and tenant sizes.  Peoria Place will eventually include luxury apartments, build-to-rent single-family homes, residential over retail, 20 acres of open space and the Caliber light industrial park, which is slated for completion in the second quarter of 2024.  JLL serves as the project’s exclusive leasing broker. 

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HILLSBORO, ORE. — Evergreen Hospitality Development and Fine Hotel Group have received $11.5 million in construction financing for the 115-key Cambria Hotel Hillsboro. The hotel will be located at 5523 NE Huffman Street in Hillsboro.  The fixed-rate loan carries a term of 24 months. The 22,000-square-foot upscale hotel will be constructed on land that is owned by Majestic Realty Co.  A joint venture between Palladius Capital Management and Marquee Funding Group originated the loan.

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GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

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MADISON, ALA. — 3650 REIT has provided a $49.5 million loan for the construction of The Gabriel, a multifamily community in Madison. Marc Tropp of Eastern Union Funding arranged the financing on behalf of the borrower, Hillcrest Acquisitions LLC. Located at 1542 Balch Road, The Gabriel will feature 288 units across 10 three-story buildings. Amenities at the community will include a swimming pool, cabanas, grilling/picnic areas, fitness center, playground, dog park, pet spa, car care center and electric vehicle charging stations. Construction, which broke ground in the third quarter of 2022, is scheduled for completion in July 2024.

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Adelton-Bastrop

BASTROP, TEXAS — West Bastrop Village Ltd., an entity backed by Austin-based developer Benchmark Land Development Inc., has unveiled plans for Adelton, a 348-unit master-planned community in Bastrop, about 30 miles east of Austin. Adelton will be constructed in phases and will ultimately feature 1,200 residential units, 125,000 square feet of commercial space, four miles of trails and 50 acres of parks, greenbelts and other communal outdoor spaces. Amenities will include a pool, beer garden-style outdoor pavilion, playground and a sports court. Single-family homebuilders David Weekley Homes and Empire Communities are underway on the residential component of the project and building two-, three- and four-bedroom homes that range in size from 1,400 to 2,800 square feet. The first move-ins will begin this summer.

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LAKE WORTH BEACH, FLA. — Office America Group and Avanti Way Group have received $31.5 million in construction financing for the development of Deco Green, a mixed-use project located at 1715 N. Dixie Highway in Lake Worth Beach. Designed by Martin Architectural Group, the development in Palm Beach County will span 125,000 square feet and comprise 125 residential units, 8,000 square feet of office and retail space and roughly 20,000 square feet of green space. Construction is scheduled to begin in late 2024.

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2300-Market-St.-Philadelphia

PHILADELPHIA — Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, has received a $130 million construction loan for a life sciences project in Philadelphia. The site at 2300 Market St. in the Center City District is adjacent to both the University of Pennsylvania and Drexel University and will house an eight-story, 223,000-square-foot building. Amenities will include a café and lounge, fitness center and elevated terraces. D2 Capital Advisors arranged the loan through Corebridge Financial on behalf of Breakthrough Properties. Construction of the building shell is expected to be complete by next summer, at which point tenant build-outs will commence.

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3-24-27th-Ave.-Queens

NEW YORK CITY — The Durst Organization has completed a 163-unit affordable housing project at 3-24 27th Ave. in the Astoria neighborhood of Queens. Designed by Dattner Architects, the building rises 14 stories and offers a fitness center, tenant lounge and onsite laundry facilities. Rents start at $665 per month for a one-bedroom unit. According to 6sqft.com, that figure reflects an income restriction level of 40 and 60 percent of the area median income.

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204-Fourth-Ave.-Brooklyn

NEW YORK CITY — Affinius Capital, which is a partnership between USAA Real Estate and Square Mile Capital Management, has provided a $110 million construction loan for a 193-unit multifamily project in Brooklyn. The transit-served site spans a full city block along Fourth Avenue between Union and Sackett streets where the borough’s Park Slope and Gowanus neighborhoods converge. The borrower and developer, a partnership between New York City-based firms Gindi Capital and Avery Hall Investments, acquired the site in 2019. The building will rise 13 stories and house 14,000 square feet of retail and restaurant space. An undisclosed number of units will be reserved as affordable housing. Information on floor plans was also not disclosed. Amenities will include a rooftop lounge and pool, coworking space, children’s playroom, fitness center, pet washing station, tenant storage and a bike room. Christopher Peck and Peter Rotchford of JLL arranged the financing. Specific loan terms were not disclosed. Sitework on the project began in 2022, and full completion is scheduled for some time in 2024. “By creating high-quality housing at a range of income levels with a full suite of amenities in one of the most exciting parts of Brooklyn, our project will transform …

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LEBANON, TENN. — Texas-based Griffin Partners is underway on the development of a 2 million-square-foot industrial project in Lebanon, roughly 30 miles east of Nashville. Dubbed Earhart Industrial Park, the property will comprise two large speculative warehouses. The first warehouse will total 863,573 square feet and feature 367 car parking spaces and 196 trailer parking spaces. Totaling nearly 1.2 million square feet, the second building will include 448 car parking spaces and 284 trailer spaces. Both warehouses will have depths of 640 feet and clear heights of 40 feet. Melissa Alexander, W.B. Scoggin, Casey Flannery and Warren Snowdon of Foundry Commercial’s Industrial Services team will handle leasing at the development, which is scheduled for delivery in the third quarter of 2024.

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