Development

Cascade Civil Development Buys 150 Acres in Southern Washington for Industrial Development

by Amy Works September 29, 2023

LONGVIEW, WASH. — Oregon-based Cascade Civil Development has acquired a 150-acre industrial development site in Longview. The property is near the Port of Longview on the Interstate 5 corridor, approximately 55 miles north of Portland, Ore. Weyerhaeuser sold the site for an undisclosed price. Aaron Watt, Keegan Clay and Michael Flynn of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, the trio was retained to handle leasing and disposition services for the future development. While official plans for the site have not been announced, the buyer has all permits in place for mass grading to bring the site to shovel-ready condition. The property has the capability to accommodate nearly 2 million square feet of industrial product. Additionally, the site is rail served with high-capacity utility infrastructure.

September 29, 2023

Development New York Northeast Office

SL Green Completes Redevelopment of 1.4 MSF Office Building in Midtown Manhattan

by Taylor Williams September 29, 2023

NEW YORK CITY — A joint venture led by SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of One Madison Avenue, a 27-story, 1.4 million-square-foot office building in Midtown Manhattan. As part of the project, the development team demolished the existing office building down to the ninth floor and constructed 17 new floors above. One Madison Avenue now features oversized roof terraces with entertainment sky gardens and an 11,000-square-foot roof deck that connects to a 7,000-square-foot, tenant-only amenity space known as “The Commons.” The newly transformed office tower will also eventually house a steakhouse by Michelin-starred chef Daniel Boulud. Multiple tenants have already committed to the building, including Franklin Templeton (347,474 square feet), IBM (328,000 square feet) and Chelsea Piers Fitness (55,780 square feet).

September 29, 2023

Acquisitions Affordable Housing Development Maryland Multifamily Southeast

APAH Acquires 170-Unit Falkland Chase Apartment Community in Silver Spring, Maryland

by Hayden Spiess September 29, 2023

SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has acquired Falkland Chase, a 170-unit apartment community in Silver Spring, just north of Washington, D.C. JBG Smith sold the property for an undisclosed price. APAH plans to redevelop the property and create 1,250 new units in a mix of one-, two- and three-bedroom layouts. Most of the new apartments will be reserved for residents earning at or below 60 percent of the area median income (AMI). Partners on the project include The Housing Partnership Fund, Woodforest National Bank and the National Housing Trust Community Development fund.

September 29, 2023

Development Industrial Loans Northeast Pennsylvania

CIT Provides $44M Construction Loan for Northeast Philadelphia Industrial Project

by Taylor Williams September 29, 2023

PHILADELPHIA — CIT, a division of First Citizens Bank, has provided a $44 million construction loan for a 287,218-square-foot industrial project that will be located at 2121 Wheatsheaf Lane in northeast Philadelphia. The facility will feature a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. The borrower and developer, Greek Real Estate Partners, acquired the site in spring 2021 and subsequently demolished the existing structure. Delivery of the new facility is slated for the first quarter of 2025. JLL has been tapped as the leasing agent.

September 29, 2023

Development Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on Phase II of $67M Luxury Apartment Development in Mishawaka, Indiana

by Kristin Harlow September 29, 2023

MISHAWAKA, IND. — Flaherty & Collins Properties has broken ground on Phase II of the $67 million luxury apartment development named The Mill at Ironworks Plaza in Mishawaka, just east of South Bend. This phase totals nearly 409,000 square feet and includes 226 apartment units, 10,600 square feet of retail space and 422 parking spaces. Flaherty & Collins completed Phase I of the project in 2019. In July, Mishawaka officials approved a new 25-year tax-increment financing district and issued city bonds to support the project, which is situated in the waterfront district. This public-private partnership includes the donation of the land and an investment from the city. Phase II also received $6.3 million from the Regional Development Tax Credit through the Indiana Economic Development Corp. The average unit size is 833 square feet. Amenities include a fitness facility, meeting space, pool, lounge, bike storage and private balconies. Flaherty & Collins expects to welcome the first residential and commercial tenants for Phase II in spring 2025.

September 29, 2023

Acquisitions Development Healthcare Illinois Lee & Associates Midwest

Lee & Associates Negotiates $4.1M Sale of Development Site in Suburban Chicago for Future Advocate Health Outpatient Center

by Kristin Harlow September 29, 2023

HOFFMAN ESTATES, ILL. — Lee & Associates has negotiated the $4.1 million sale of a 6.5-acre development site located at the southwest corner of Route 59 and Hoffman Boulevard in the Chicago suburb of Hoffman Estates. Rick Scardino of Lee & Associates represented the seller, Prairie Pointe Commercial (c/o Conor Commercial). Jacob Dell and Gary Fazio of CBRE represented the buyer, Advocate Health and Hospitals Corp. According to Scardino, Advocate Health plans to build a 36,000-square-foot outpatient center at an estimated cost of $34 million, inclusive of land costs.

September 29, 2023

Development New Jersey Northeast Retail Top Stories

SJC Ventures Breaks Ground on 54-Acre Mixed-Use Development in Montgomery Township, New Jersey

by Jeff Shaw September 29, 2023

MONTGOMERY TOWNSHIP, N.J. — SJC Ventures, a privately held commercial real estate and retail development firm based out of Atlanta, has broken ground on Montgomery Promenade in the New York City suburb of Montgomery Township. Situated on a 54-acre site on Route 206, Montgomery Promenade will comprise 292,700 square feet and feature palisades for walking, green spaces, outdoor dining and restaurants. According to the Montgomery Township website, the project also includes 34 single-family detached homes that buffer the existing homes on Route 518 and the new shopping center. A Whole Foods Market grocery store will anchor the new development. Other confirmed tenants include an 11,000-square-foot Ulta, Panera Bread, Iron Whale, The Robinson Ale House, Dor L’ Dor NYC, Turning Point Restaurants, More Than Q, European Wax Center, Spavia and Norman’s Hallmark. According to the SJC Ventures, three new retail leases will be announced in the next 60 days, with five more before the end of the year. “We’re thrilled to have two great concepts from the McLoone’s Group with Iron Whale and Robinson Ale House that will take about 15,000 square feet,” says Justin Latone, senior vice president of leasing for SJC Ventures. “Both spaces will front a promenade and patio area immediately adjacent to the roundabout …

September 29, 2023

Development Multifamily Texas

Midway Begins Leasing 359-Unit Apartment Community at East River in Houston

by Taylor Williams September 28, 2023

HOUSTON — Midway has begun leasing The Laura, a 359-unit multifamily project that is part of the Houston-based developer’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura features studio, one- and two-bedroom apartments that range in size from 431 to 1,432 square feet. Amenities include a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners served as the general contractor for the project. The first move-ins will begin in December. Phase I of East River also includes 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. Rents start at $1,600 per month for a studio.

September 28, 2023

Arizona Development Industrial Loans Western

JLL Arranges $96.5M Construction Loan for The Base Logistics Development in Glendale, Arizona

by Amy Works September 28, 2023

GLENDALE, ARIZ. — JLL Capital Markets has arranged $96.5 million in construction financing for The Base Phase I, a seven-building logistics development totaling 1.2 million square feet in Glendale. Kevin MacKenzie, Jason Carlos and Jarrod Howard of JLL Capital Markets Debt Advisory team secured the financing through Bank OZK for the borrower, ViaWest Group. Situated on 82.5 acres, the property will feature buildings ranging from 80,000 square feet to 310,000 square feet with clear heights up to 36 feet. In total, the development will offer 105 trailer parking spaces, 1,325 auto parking spaces, 236 dock-high doors and 38 grade-level doors in rear-load and cross-load configurations. The buildings are designed to accommodate a wide range of divisibility between 20,000 square feet and full-building users up to 310,000 square feet. The Base Phase I, is slated for delivery in the fourth quarter of 2024.

September 28, 2023

CapRock-Highlander-Logistics-Center-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Partners Buys Site for 1.5 MSF Industrial Project in North Las Vegas

by Amy Works September 28, 2023

NORTH LAS VEGAS, NEV. — CapRock Partners has purchased 85 acres of unimproved land in North Las Vegas for the development of CapRock Highlander Logistics Center. The Class A complex will feature two freestanding warehouse buildings totaling approximately 1.5 million square feet. CapRock entitled the site during a prolonged escrow and then acquired the property off-market from a private seller. Terms of the deal were not released. Construction is scheduled to begin in 2024, with completion slated for 2025. Upon completion, CapRock Highlander Logistics Center will feature a 1 million-square-foot facility with 164 dock-high doors, four ground-level doors and speculative office space, and a 460,800-square-foot building with 82 dock-high doors, four ground-level doors and speculative office space. The buildings will offer 40-foot clear heights, excess land for an outsized number of trailer and parking stalls, drive-around capability and private concrete yards and truck courts. Donna Alderson, Greg Tassi and Nick Abraham of Cushman & Wakefield represented CapRock in the acquisition. Will Strong and Kirk Kuller of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented CapRock in the asset’s equity financing.

September 28, 2023

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