Development

Spieker Breaks Ground on 486-Unit Wisteria at Warner Center CCRC in Woodland Hills, California

by Jeff Shaw May 1, 2023

WOODLAND HILLS, CALIF. — Spieker Senior Development Partners has broken ground on Wisteria at Warner Center, a continuing care retirement community (CCRC) in Woodland Hills, approximately 25 miles northwest of Los Angeles. The senior living community will rise six stories on 17 acres and offer 486 units. Residential options range from one-bedroom options to penthouses of close to 3,000 square feet. Wisteria at Warner Center will offer a full continuum of care at the health center located adjacent to the community. Residents will have access to assisted living, memory care and long-term care in a skilled nursing center. KTGY architects designed the project, which W.E. O’Neil Construction is building. Completion is scheduled for 2025.

May 1, 2023

The-Residences-at-Main-Trumbull-Connecticut

Connecticut Development Multifamily Northeast

Garden Communities Begins Leasing 260-Unit Apartment Property in Trumbull, Connecticut

by Taylor Williams May 1, 2023

TRUMBULL, CONN. — New Jersey-based developer Garden Communities has begun leasing The Residences at Main, a 260-unit apartment community in Trumbull, located in Connecticut’s Fairfield County. The unit mix consists of 70 one-bedroom apartments and 190 two-bedroom residences that range in size from 730 to 1,230 square feet. Amenities include a pool, fitness center, coworking lounge, package locker system and a pet park. Rents start at $2,370 per month for a one-bedroom unit.

May 1, 2023

Acquisitions Development Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 151,756 SF Industrial Development Site in Somerset, New Jersey

by Taylor Williams May 1, 2023

SOMERSET, N.J. — Cushman & Wakefield has brokered the sale of a 151,756-square-foot industrial development site in the Northern New Jersey community of Somerset. The fully entitled site is located at 110 Belmont Drive and spans 7.8 acres. Gary Gabriel, Kyle Schmidt, Ryan Larkin, Mindy Lissner and David Gheriani of Cushman & Wakefield represented the seller, Braha Properties, in the transaction. Nevada-based Dermody Properties acquired the site with plans to construct a facility with a clear height of 40 feet, 30 loading positions and 93 car parking spaces.

May 1, 2023

Development Multifamily New Jersey Northeast

Inspired by Somerset Development Breaks Ground on 22-Unit Multifamily Project in Long Branch, New Jersey

by Taylor Williams May 1, 2023

LONG BRANCH, N.J. — Locally based firm Inspired by Somerset Development has broken ground on a 22-unit multifamily project at the site of the former Inkwell Coffee House in the coastal New Jersey community of Long Branch. The three-story building will house one- and two-bedroom units, 800 square feet of street-level retail space, an indoor parking garage and a private rooftop deck. Construction is slated for a summer 2024 completion.

May 1, 2023

Development Florida Loans Mixed-Use Southeast

Forman Capital Acquires $24.1M Loan Secured by Development Site in Miami

by John Nelson April 28, 2023

MIAMI — Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans for a mixed-use development. The property is zoned for up to 1,800 residential units. Hermitage Palmer Land LLC provided the acquisition loan.

April 28, 2023

Development Restaurant Retail Southeast Virginia

WEDG to Develop Retail Strip Center in Mechanicsville, Virginia

by John Nelson April 28, 2023

MECHANICSVILLE, VA. — WEDGE Acquisitions LLC has purchased a 1.7-acre parcel in Mechanicsville for $690,000 for the development of a retail strip center. Upon completion, the property, located at 8527 Meadowbridge Road, will comprise 6,500 square feet. Dunkin’ will anchor the center. Nathan Shor of S.L. Nusbaum represented WEDG in the transaction, and Douglas Tice III, also with S.L. Nusbaum, represented the seller, Lisa G. Waitman.

April 28, 2023

Development Office Texas

Creation, LGE Design Build Open $17M Joint Headquarters Office in Dallas

by Taylor Williams April 28, 2023

DALLAS — Two Arizona-based firms, developer Creation and LGE Design Build, have opened a $17 million joint headquarters office in Dallas. The companies collaborated on the acquisition, design and build-out of the 32,000-square-foot space, which is located at 1280 E. Levee St. in the Dallas Design District and will house about 40 employees. Amenities include a fully stocked breakroom, speakeasy, fitness center, interior library and multiple conference rooms. Creation and LGE, which plan to occupy about 20,000 square feet and lease the remaining 12,000 square feet, will retain their current spaces and operations in Arizona.

April 28, 2023

Constitution-Logistics-Center-Piscataway

Development Industrial New Jersey Northeast

Rockefeller Group Breaks Ground on 147,000 SF Industrial Project in Piscataway, New Jersey

by Taylor Williams April 28, 2023

PISCATAWAY, N.J. — New York City-based developer Rockefeller Group has broken ground on Constitution Logistics Center, a 147,000-square-foot industrial project in the Northern New Jersey community of Piscataway. The 18-acre site at 10 Constitution Ave. formerly housed a 100,000-square-foot office building that was owned and occupied by hearing aid manufacturer WS Audiology and that is now being demolished. Constitution Logistics Center will feature a clear height of 36 feet, 41 loading docks, 123 car parking spaces and 57 trailer stalls. Completion is slated for the second quarter of 2024. ARCO Construction is the general contractor for the project. Cushman & Wakefield and KBC Advisors have been appointed as the leasing agents.

April 28, 2023

California Development Mixed-Use Multifamily Retail Western

Watermarke Properties Buys City Centre Office-to-Apartment Conversion Project in Orange, California

by Jeff Shaw April 28, 2023

ORANGE, CALIF. — Watermarke Properties has acquired City Centre I, a 6.8-acre multifamily redevelopment project, for $22.5 million. The current property is a Class A, 150,161-square-foot office building suitable for multifamily or mixed-use conversion. Current zoning designations for the site allow for up to 60 units per acre. Primary use of the site’s ground floor is slated for retail. Newmark’s Kevin Shannon, Paul Jones, Ken White, Chris Benton, Anthony Muhlstein and Brandon White represented the undisclosed seller.

April 28, 2023

Development Industrial Nevada Western

Lincoln Property Co. Breaks Ground on 1.6 MSF Windsor Commerce Park in Las Vegas

by Jeff Shaw April 28, 2023

LAS VEGAS — Lincoln Property Co. has broken ground on Windsor Commerce Park, a nearly 1.6 million-square-foot industrial project in Las Vegas. The eight-building, 86-acre, Class A industrial park is LPC’s first ground-up industrial endeavor in Nevada. It is scheduled for completion during the third quarter of 2024. Kevin Higgins, Garrett Toft, Jake Higgins and Kelsey Higgins from CBRE are the project’s exclusive leasing brokers.

April 28, 2023

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