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4000-Horizon-Way-Irving
AcquisitionsDevelopmentIndustrialTexas

Foundry Commercial Acquires 287,000 SF Office Building in Irving, Plans Industrial Conversion

by Taylor Williams

IRVING, TEXAS — Orlando-based real estate investment and brokerage services firm Foundry Commercial has purchased a 287,000-square-foot office building located at 4000 Horizon Way in Irving with plans to convert the property into an industrial facility. Foundry Commercial plans to reposition the property, which was built on 24.2 acres in 1999, into a three-building complex that totals roughly 337,000 square feet. The industrial buildings will feature rear-load configurations and roughly 70 combined trailer parking spaces. Construction is set to begin in the first quarter. Holt Lunsford Commercial will market the property for lease.

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Addison-Innovation-Center
DevelopmentIndustrialTexas

Lovett Industrial, Rosewood to Develop 242,062 SF Industrial Project in Metro Dallas

by Taylor Williams

ADDISON, TEXAS — A partnership between two developers, Houston-based Lovett Industrial and Dallas-based Rosewood Property Co., will develop Addison Innovation Center, a 242,062-square-foot industrial project that will be located on the northern outskirts of Dallas. The project will comprise two buildings on a 12.2-acre site. Building 1 will be a redevelopment of an existing, 140,698-square-foot flex office building, and Building 2 will be a newly constructed warehouse spanning 101,364 square feet. Colliers is the leasing agent for Addison Innovation Center. JLL arranged construction financing. LGE Design Group is designing the project.

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DevelopmentNorth CarolinaRetailSoutheast

Topgolf Breaks Ground on Two-Level Venue in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — Topgolf has broken ground on a new, two-level venue in Greensboro. Situated along I-40 at Guilford College Road, the venue will comprise 72 outdoor climate-controlled hitting bays, with each bay featuring lounge furniture or high-top tables. Additionally, the new Topgolf will include a full-service restaurant, private event rooms and an outdoor area with yard games. The opening is scheduled for late 2024 and is expected to create 300 jobs. Dallas-based Topgolf operates more than 90 venues worldwide.

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DevelopmentMixed-UseNorth CarolinaSoutheast

Deep River Partners to Develop 27-Acre Mixed-Use Project in Mebane, North Carolina

by John Nelson

MEBANE, N.C. — Deep River Partners has acquired 27 acres off Mebane Oaks Road in Mebane, roughly 25 miles northwest of Durham, with plans to develop a mixed-use project. Deep River purchased the site from an undisclosed seller for $4.3 million. Upon completion, the site will feature five commercial outparcels and a 90-unit townhome comprising residences in three-bedroom layouts. Amenities at the townhome community will include picnic and playground areas, a dog park and an exercise area. Brian Craven and Matt King of CBRE|Triad represented Deep River in the land acquisition, and Ken Walker of RE/MAX Diamond Realty represented the seller.

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Bay-151-Bayonne-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

KRE Group Begins Leasing 212-Unit Multifamily Project in Bayonne, New Jersey

by Taylor Williams

BAYONNE, N.J. — Locally based developer KRE Group has begun leasing the third and final phase of Bay 151, a 212-unit multifamily project in the Northern New Jersey community of Bayonne. Designed by Minno & Wasko Architects & Planners, Bay 151 now consists of 625 units in studio, one-, two- and three-bedroom formats, as well as 10,000 square feet of retail space. Amenities include a pool, fitness center, dog park, bocce ball court, outdoor grilling and dining areas, business center, media room and a children’s play area. Rents start at $2,170 per month for a studio apartment. Construction of the 213-unit Phase II began in October 2020.

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Leon-Capital-Fort-Worth
DevelopmentIndustrialTexas

Leon Capital Group to Develop 261,000 SF Industrial Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based Leon Capital Group will develop a 261,000-square-foot industrial project in Fort Worth. The site consists of six parcels totaling 15 acres that are located on the north and south sides of Trinity Boulevard on the city’s northeast side. The development will comprise a 123,750-square-foot building and a 137,250-square-foot building, both of which will feature 32-foot clear heights, 135-foot truck court depths and ESFR sprinkler systems. Nancy Halliday and Don Plunk of Emory Associates represented Leon Capital and the four different sellers in the acquisition of the land. Construction is scheduled to begin in the second quarter of 2024.

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AcquisitionsAffordable HousingDevelopmentHospitalityMultifamilyNew YorkNortheast

Slate, RiseBoro Buy 350-Room Hotel Near JFK Airport, Plan Affordable Housing Conversion

by Taylor Williams

NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.

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DelawareDevelopmentNortheastRetail

Reybold Group Provides Updates on 17.2-Acre Retail Development in Newark, Delaware

by Taylor Williams

NEWARK, DEL. — Locally based developer Reybold Group has provided updates on Pencader Corporate Center, a 17.2-acre retail development in Newark. Wawa recently opened a 5,000-square-foot store at the property, and Great New Beginnings will open a 10,000-square-foot early learning center next fall. Pencader Corporate Center will also feature a 12,000-square-foot, multi-tenant retail building, construction of which is expected to begin in March.

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90-Ave.-E-Bayonne-New-Jersey
AcquisitionsDevelopmentMultifamilyNew JerseyNortheast

CBRE Brokers $6.1M Sale of Multifamily Project in Bayonne, New Jersey

by Taylor Williams

BAYONNE, N.J. — CBRE has brokered the $6.1 million sale of a multifamily project that is roughly midway through construction in the Northern New Jersey community of Bayonne. The site at 90 Ave. E will eventually house a 70-unit building. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented the seller and developer, Brooklyn-based EOM Realty Group, in the transaction. Hudson Realty represented the buyer, an undisclosed, locally based developer.

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DevelopmentLoansMassachusettsMixed-UseMultifamilyNortheastRestaurantRetailTop Stories

Madison Realty Capital Provides $177.5M Loan to Refinance SCAPE Boylston Apartments in Boston

by Jeff Shaw

BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …

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