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Development

Build-to-RentDevelopmentLoansMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Cushman & Wakefield Arranges $62M Construction Financing for Multifamily Development in Leland, North Carolina

by John Nelson

LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.

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Morris-Marketplace
DevelopmentNew JerseyNortheastRetail

Accurate, DeVimy Equities Complete 140,000 SF Retail Redevelopment Project in Northern New Jersey

by Taylor Williams

MORRIS TOWNSHIP, N.J. — A partnership between two New Jersey-based developers, Accurate and DeVimy Equities, has completed Morris Marketplace, a retail redevelopment project in Northern New Jersey. The project brings 140,000 square feet of shopping, dining and entertainment space to the former corporate campus of Palmolive-Colgate in Morris Township. Morris Marketplace also features pocket parks, splash pads, public seating areas and al fresco dining spaces. Approximately 30 tenants have committed to the project, with more than half now open and operating.

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DevelopmentFloridaIndustrialSoutheast

Seagis Property Group Nears Completion of 118,000 SF Industrial Facility Near Miami International Airport

by John Nelson

DORAL, FLA. — Pennsylvania-based Seagis Property Group is nearing completion of a 118,000-square-foot warehouse project near the cargo entrance of Miami International Airport. The speculative facility, which is estimated as being 75 percent complete, is located at 8315 N.W. 27th St. in Doral. Situated within Transal Park, the rear-load warehouse will feature 32-foot clear heights, 32 dock doors and 110 automobile parking spaces. Sebastian Juncadella and Jose Juncadella of Fairchild Partners are marketing the project for lease on behalf of Seagis, which expects to deliver the property by the end of the year.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Breaks Ground on 63-Unit Affordable Housing Complex in Chatham, New Jersey

by Taylor Williams

CHATHAM, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. The 3.2-acre site formerly housed a restaurant that is now defunct. Units will come in one-, two- and three-bedroom formats and range in size from 807 to 1,343 square feet. Residences will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center, community room and outdoor grilling and dining stations. Walters is developing the project in partnership with Chatham Township. Completion is slated for late 2024.

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DevelopmentFloridaRestaurantRetailSoutheast

Barron Colliers Breaks Ground on 21,000 SF Retail Strip Center in Southwest Florida

by John Nelson

AVE MARIA, FLA. — Barron Collier Cos. has broken ground on a new 21,000-square-foot retail strip center in Ave Maria, a master-planned community in Southwest Florida. Located at the corner of Ave Maria Boulevard and Anthem Parkway, the property will house NCH Immediate Care Center, Ace Hardware, Dunkin’, Ledo Pizza and Cold Stone Creamery. Barron Colliers plans to open the retail center in summer 2024. According to the Naples, Fla.-based developer, about 430 homes have been sold in the Ave Maria community so far this year.

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DevelopmentIllinoisLeasing ActivityMidwestMultifamily

Luxury Living Begins Leasing Efforts for The Medallion Apartment Building in Chicago

by Kristin Harlow

CHICAGO — Luxury Living has begun leasing efforts for The Medallion, a newly redeveloped boutique apartment building in Chicago’s Lakeview neighborhood. JSM Venture owns the property, which is located at 3121 N. Broadway St. JSM Venture implemented a two-story addition and rooftop deck on top of a five-story parking garage. The building now features 72 apartment units. The property is also home to Intelligentsia Coffee. Monthly rents start at $1,875 for studios and $2,195 for one-bedroom floor plans. Select units are available in accordance with the City of Chicago’s Affordable Requirements Ordinance.

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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Breaks Ground on $11.4M Environmental Facility in Forest Lake, Minnesota

by Kristin Harlow

FOREST LAKE, MINN. — Kraus-Anderson has broken ground on the Northern Environmental Center, an $11.4 million environmental and yard waste center in Forest Lake, about 27 miles northeast of St. Paul. Designed by HCM Architects, the 30,000-square-foot county facility will serve northern Washington County. The project will include loading docks and covered drop-off areas, as well as an adjacent yard waste drop-off and pickup areas. Completion is slated for May 2025.

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DevelopmentGeorgiaMultifamilySoutheastTop Stories

CA Ventures Opens 33-Story 903 Peachtree Apartment Tower in Midtown Atlanta

by John Nelson

ATLANTA — CA Ventures, a Chicago-based real estate investment and development firm, has opened 903 Peachtree, a 33-story apartment tower in Midtown Atlanta. The high-rise comprises 427 luxury apartments, high-end amenities and 9,000 square feet of retail space. “We are thrilled to celebrate the grand opening of 903 Peachtree, a landmark achievement for CA Ventures as our first residential building in Georgia,” says Jack Duncan, executive vice president of operations for CA Ventures. “This luxury building embodies our commitment to delivering exceptional living spaces and amenities that enhance the lives of our residents. We are excited to introduce this remarkable community to the vibrant neighborhood of Midtown Atlanta.” The development team includes Diamond Realty Investments Inc., a capital investor with offices in metro Dallas and Los Angeles, and Cartel Properties, an Atlanta-based urban development firm. Cartel is both a development partner and is leading the retail leasing assignment on behalf of the ownership group. Lincoln Property Co. is the property manager. 903 Peachtree features studios, one-, two- and three-bedroom apartments. According to the property website, units range in size from 300 to 1,884 square feet and monthly rental rates range from $1,410 to $8,192. The website also says renters can …

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Affordable HousingDevelopmentFloridaSoutheast

HTG Delivers $21.9M Affordable Housing Community in Metro Jacksonville

by John Nelson

MIDDLEBURG, FLA. — Housing Trust Group (HTG) has completed the development of the Apartments at Bryce Landing, a $21.9 million affordable housing project in Middleburg, roughly 30 miles outside of Jacksonville. Located at 1914 Bryce Landing Way, the community features one-, two- and three-bedroom apartments across four buildings. Apartments range from 717 to 1,191 square feet, and amenities include a fitness center, media center, swimming pool, playground, picnic pavilion and a 15,000-square-foot park. Units will be reserved for residents earning at or below 30 and 60 percent of the area median income (AMI), and residents will have access to literacy training, financial assistance and employment assistance services. JPMorgan Chase provided a $16.5 million construction loan and a $6.3 million permanent loan for the project. Funding also included $1.7 million in annual low-income housing tax credits (LIHTC) provided by Florida Housing Finance Corp. through Raymond James Tax Credit Funds. Kellogg & Kimsey was the general contractor for the development, and Fugleberg Koch was the architect. Landscape architect Wood and Partners and engineering firm CHW Consultants were also part of the project team.

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Oak-Creek-Distribution-Center-Fort-Worth
DevelopmentIndustrialTexas

Newmark Arranges Joint Venture Equity for 238,289 SF Industrial Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Newmark has arranged joint venture equity for Oak Creek Distribution Center, a 238,289-square-foot industrial facility in Fort Worth. Oak Creek Distribution Center will be situated on a 17.8-acre site and feature a rear-load configuration, 32-foot clear heights, 130-foot truck court depths, two ramps and 63 dock-high doors. Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of Newmark worked on behalf of the sponsor, Dallas-based Falcon Commercial Development, to secure the equity placement from Diamond Realty Investments. Construction is scheduled to begin later this month and to be complete by spring 2024.

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