BERLIN, VT. — Heidenberg Properties has completed the redevelopment of Berlin Mall, located just south of the Vermont state capital, into a mixed-use development and signed two new tenants to leases totaling roughly 60,000 square feet. The redevelopment began last year with the opening of Chestnut Place, a 98-unit seniors housing complex. Five Below opened a store at the property in February, and Hobby Lobby backfilled the former J.C. Penney anchor space in April. Heidenberg has also obtained approval for the addition of 30 residential units as well as a standalone, drive-thru Starbucks, and rebranded the property as Central Vermont Marketplace.
SAN ANTONIO — Locally based developer Koontz Corp. will build Frontera Logistics Supersite, a 188-acre industrial project that will be located on the south side of San Antonio. Plans currently call for up to 2.8 million square feet of manufacturing and warehouse space across eight buildings with parking for 3,350 cars and 812 trailers. Carl Olson of Olson Properties represented the undisclosed sellers in the disposition of the land, which is an assemblage of 11 parcels. Koontz Corp. was self-represented in that transaction. Beaty Palmer Architects is designing the project, and Partners Real Estate has been appointed as the marketing and leasing agent. A construction timeline has not yet been finalized.
MONTVALE, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground. Full completion is slated for August.
GARNER, N.C. — Beacon Partners has broken ground on 2000 Citation Drive, a 115,831-square-foot, Class A industrial building in the Raleigh suburb of Garner. Ann-Stewart Patterson and Austin Nagy of CBRE | Raleigh are handling leasing for Beacon. The project team also includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Atlantic Union Bank is providing an undisclosed amount of construction financing. Situated near the intersection of I-40 and Jones Sausage Road and two miles south of I-440, 2000 Citation Drive will feature 30-foot clear heights, full concrete truck courts and 180-foot building depths. The site is directly across I-40 from Beacon Commerce Park, a 48-acre, master-planned industrial park under development by Beacon Partners and HM Partners that features 631,000 square feet of distribution space.
CHARLOTTE, N.C. — The Milestone Group has delivered the second phase of Courtney Ridge Apartments, a garden-style multifamily community located in Charlotte’s LoSo (Lower South End) neighborhood. Phase II is a 13-acre expansion that comprises 180 units across seven new buildings. The project team includes Atlanta-based general contractor TuckerCraft, architect SGA|NW and engineer Design Resource Group. PNC Bank provided construction financing for Phase II, which features a mix of one-, two- and three-bedroom floor plans. Phase II also features a new clubhouse equipped with individual workstation consoles, a main conference room, 24/7 package delivery center, coffee bar, kitchen area and patio overlooking a pond. Milestone purchased the existing, 280-unit Courtney Ridge Apartments in 2018.
SAN MARCOS, CALIF. — Affirmed Housing has started construction of Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will feature 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The community will offer shared laundry facilities; complimentary on-site services such as computer training and resume building resources; a kitchenette; computer room; barbecue area; electric vehicle charging stations; and bicycle parking. Four playgrounds and a recreation area for teenagers will also be on the property.
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Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling
High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …
PEACHTREE CORNERS, GA. — Spalding Site Partners LLC has acquired a 2.2-acre land parcel in Peachtree Corners with plans to develop a mixed-use property. Upon completion, the development will include 170 residential units, ground-floor retail space, a fitness center and an extension of the Peachtree Corners public trail system. Redline Property Partners, which has a 98,040-square-foot office building at the site, sold the land for an undisclosed price.
PRINCETON, TEXAS — Core Spaces, a developer with offices in Chicago and Austin, is underway on construction of Oxenfree at Princeton, a 408-unit build-to-rent residential community located on the northeastern outskirts of Dallas. The site spans 50 acres, and the development will feature a mix of single-family and townhome-style residences with three distinct architectural styles. Oxenfree at Princeton will also offer a central amenity center with a coworking space, health club, market, lounge, pool and a children’s play area. Completion is scheduled for April 2024.
Trident Capital Group, O’Connor Group Complete Phase I of Rickenbacker Industrial Center in Columbus
COLUMBUS, OHIO — Trident Capital Group and The O’Connor Group have completed development of the first phase of Rickenbacker Industrial Center in Columbus. The first phase includes a 1 million-square-foot speculative building on 60 acres. The property features a clear height of 40 feet, 104 docks, four drive-in doors, 347 parking spaces and 9,827 square feet of office space. The project offers convenient access to Rickenbacker International Airport and Norfolk Southern Intermodal Yard. Upon full build-out, Rickenbacker Industrial Center will consist of 3.7 million square feet across 230 acres. Jeff Lyons and Michael Mullady of CBRE are the leasing agents.