Development

Rock Creek Delivers Two Life Sciences Facilities in Germantown, Maryland

by John Nelson January 30, 2024

GERMANTOWN, MD. — Bethesda, Md.-based Rock Creek Property Group has delivered two life science facilities at 20430 and 20440 Century Blvd. in Germantown, a suburb of Washington, D.C. Situated off I-270 in Rock Creek’s Precision Labs campus, the former office buildings span 32,000 and 52,000 square feet, respectively. Architectural firm Ware Malcomb designed the office-to-life sciences conversion project, which involved upgrading the buildings’ electrical, mechanical and wastewater infrastructure. The single-story facility at 20430 Century Blvd. features move-in ready space suitable for a single headquarters and includes offices and flexible space for laboratory, research-and-development and cGMP (current Good Manufacturing Practice) manufacturing. The two-story facility at 20440 Century Blvd. features six wet laboratory suites.

January 30, 2024

Development Industrial Maryland Office Southeast

St. John, Greenebaum to Develop 70,000 SF Industrial Project in Fulton, Maryland

by John Nelson January 30, 2024

FULTON, MD. — A joint venture between St. John Properties Inc. and Greenebaum Enterprises has purchased a 12.5-acre site within Montpelier Research Park, a business park in the Baltimore-Washington submarket of Howard County. The duo plan to develop two single-story, flex industrial facilities on the site spanning 70,000 square feet combined. Located adjacent to Maple Lawn and the Johns Hopkins University Applied Physics Laboratory in Fulton, the acquired site currently features a 32,488-square-foot office building that the new ownership is marketing for lease. Abby Glassberg and Don Schline of KLNB represented the seller in the land transaction. St. John and Greenebaum estimate they’ll deliver the two industrial facilities in 2026.

January 30, 2024

Development Industrial Texas

CapStar Real Estate to Develop 765,668 SF Industrial Project in Mesquite, Texas

by Taylor Williams January 30, 2024

MESQUITE, TEXAS — Dallas-based CapStar Real Estate Advisors will develop a 765,668-square-foot industrial project on a 40.4-acre site at 2800 Skyline Drive in the eastern Dallas suburb of Mesquite. The facility is already fully preleased to Canadian Solar, which will use the facility for distribution support for its manufacturing operation next door at 3000 Skyline Drive. Building features will include 40-foot clear heights, 190 dock-high doors and parking for 351 cars and 134 trailers. Jody Thornton, Trent Agnew, Tom Weber and Greer Shetler of JLL arranged joint venture equity for the project with an undisclosed partner on behalf of CapStar. Construction is scheduled to begin in the first quarter and to last about 12 months.

January 30, 2024

California Development Multifamily Seniors Housing Western

California Commercial Investment Group Plans 300-Unit Seniors Housing Community in Woodland Hills, California

by Amy Works January 30, 2024

WOODLAND HILLS, CALIF. — California Commercial Investment Group has acquired a 19-acre site adjacent to the iconic Motion Picture & Television Fund campus in Woodland Hills for $30 million. The buyer plans to develop a luxury senior living community encompassing approximately 300 units on the site. Construction is scheduled to begin in 2026 with completion planned for 2028. The property is located in the Santa Monica Foothills approximately 30 miles west of Los Angeles. It is just steps from the Calabasas farmers’ market adjacent to the Motion Picture & Television Fund campus. JLL’s Bryan Lewitt represented the seller, Motion Picture & Television Fund. Michael Slater of CBRE represented the buyer.

January 30, 2024

Development Office Oklahoma Texas

BancFirst Completes Renovation of 507,038 SF Office Building in Oklahoma City

by Taylor Williams January 30, 2024

OKLAHOMA CITY — BancFirst has completed the renovation of its namesake tower in downtown Oklahoma City. Located at 1000 N. Broadway, BancFirst Tower is a 36-story, 507,038-square-foot building that was originally constructed in 1971. Renovations included modernizing the exterior public plaza and amenity spaces, including the lobby and underground concourse. Bockus Payne served as the architect of the project, which began in 2020. Other project partners included Wallace Engineering, Alvine Engineering and Smith Roberts Baldischwiler.

January 30, 2024

Development Industrial Midwest Minnesota

CRG Completes 1 MSF Spec Industrial Development in Dayton, Minnesota

by Kristin Harlow January 30, 2024

DAYTON, MINN. — CRG has completed The Cubes at French Lake, a 1 million-square-foot speculative industrial development in Dayton, a northwest suburb of Minneapolis. The project marks the largest speculative industrial project to date in Minnesota, according to CBRE. Dan Swartz, James DePietro and Austin Lovin of CBRE are marketing the property for lease. The facility features a clear height of 40 feet, 652 parking spaces, 231 trailer parking spaces, 100 dock doors, four drive-in doors, 60-foot speed bays and a 185-foot-depth concrete truck court. The 65-acre project is located approximately 35 miles from the Minneapolis-Saint Paul International Airport and offers convenient access to I-94 via the Dayton Parkway exchange. CRG’s integrated partner Lamar Johnson Collaborative served as the architect and its parent company, Clayco, was the design-builder. Construction began in 2022.

January 30, 2024

Affordable Housing Development Illinois Midwest Multifamily

Related Midwest Underway on $44.8M Affordable Housing Renovation Project in Springfield, Illinois

by Kristin Harlow January 30, 2024

SPRINGFIELD, ILL. — Related Midwest is underway on the renovation of Poplar Place, a 100-unit affordable housing community in Springfield. The waitlist is now open for the community, and the first rental homes are available for lease. Working with the City of Springfield and the Springfield Housing Authority, Related Midwest and general contractor LR Contracting Co. is in the process of transforming Poplar Place, which was constructed in 1950, into a modern community comprising 100 units with single-family and duplex floor plans. The $44.8 million redevelopment includes de-densifying the existing property and fully rehabbing a total of 75 buildings. Plans also call for a 2.5-acre great lawn, a new community center, playground, management office and walking paths. The affordable residences range from two to four bedrooms, with monthly rents between $800 and $925. The units are income-restricted, with qualified incomes ranging between $41,760 and $78,660 based on household size. Evan Lloyd Architects served as architect for the redevelopment.

January 30, 2024

Development Multifamily New York Northeast

Moinian Group Begins Vertical Construction of 35-Story Apartment Tower in Manhattan’s Financial District

by Taylor Williams January 30, 2024

NEW YORK CITY — Locally based developer The Moinian Group has begun vertical construction of 7 Platt Street, a 35-story apartment tower in Manhattan’s Financial District. The 170,000-square-foot building will house 250 units in studio, one- and two-bedroom configurations, as well as some penthouses. Amenities will include a fitness center, library, coworking pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area and a communal entertainment kitchen. The design team includes Rockwell Group and Hill West Architects. Completion is scheduled for late 2025.

January 30, 2024

Development Industrial Texas Top Stories

Jackson-Shaw to Develop 1.8 MSF Industrial Park in Metro Dallas

by John Nelson January 30, 2024

ROWLETT, TEXAS — Jackson-Shaw, a national real estate development firm based in North Texas, plans to develop Lakeview Business District, an industrial park in the Dallas-Fort Worth metroplex city of Rowlett. The development will feature seven buildings spanning more than 1.8 million square feet at full build-out. Jackson-Shaw plans to develop Lakeview Business District in two phases. Situated near I-30 in Rowlett’s North Shore area, the park will span 165 acres along President George Bush Turnpike, with one phase situated at the Merritt Road intersection and the other at Liberty Grove Road. “Lakeview is a prime location in the middle of the nation’s fastest-growing counties and adjacent to the Garland labor pool,” says Miles Terry, vice president of development at Jackson-Shaw. “Combined with strong market fundamentals and a need for product in this area, Lakeview is poised to become a major economic hub.” Phase I will consist of five buildings totaling more than 1 million square feet of Class A industrial space, with a mix of front- and rear-load facilities, as well as cross-docks. The facilities will feature oversized glass entries and ample car and truck parking. Building sizes will range from 88,000 to 417,000 square feet, and construction is set …

January 30, 2024

Acquisitions Content Partner Development Features Industrial Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

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