Development

Lincoln Property Co. Breaks Ground on $515M Luke Field Industrial Park in Glendale, Arizona

by John Nelson October 19, 2023

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has broken ground on Luke Field, a $515 million industrial park in the Phoenix suburb of Glendale. The 140-acre property is bordered by namesake Luke Air Force Base, Litchfield Road, Northern Avenue and the newly built Northern Parkway. The 2.4 million-square-foot development will comprise Building A (695,750 square feet), Building B (454,761 square feet) and Building C (nearly 1.3 million square feet). The facilities will feature 40-foot clear heights, 25-foot glass entryways, automated dock doors, trailer and automobile parking and 5- by 10-foot windows on all levels. Outdoor amenities at Luke Field will include barbecue stations, shaded outdoor eating areas and employee collaboration stations. Additionally, the industrial facilities will be equipped with touchless technology throughout. Lincoln Property Co. serves as the leasing agent for Luke Field. The design-build team includes general contractor Layton Construction and architect Butler Design Group. LPC Desert West acquired the site in mid-2022 for $53 million. The developer expects to complete the project in a single phase by fourth-quarter 2024. Luke Field is near Loop 303 and I-10. Corporate neighbors include Walmart, Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, …

October 19, 2023

Development Georgia Industrial Southeast

Stonemont Financial, Davis Cos. Complete 2.7 MSF Industrial Campus in Metro Savannah

by John Nelson October 18, 2023

RINCON, GA. — Stonemont Financial Group and The Davis Cos. have completed two buildings within Georgia International Trade Center (GITC) in Rincon, a suburb of Savannah in Effingham County. The properties include the 1.2 million-square-foot Building 3A and the 1.5 million-square-foot Building 3B. An unnamed national home retailer is the sole occupant of both buildings and already occupies a 416,450-square-foot warehouse at GITC. Combined the two properties include 1,310 trailer spaces, 510 automobile spaces and 543 dock doors. Additionally, Britton Burdette, John Huguenard, Patrick Nally and Jim Freeman of JLL represented Stonemont Financial and Davis Cos. in the sale of Building 3A to an unnamed institutional real estate investment firm. The partnership’s final building within GITC is Building 4A, a 733,200-square-foot cross-dock warehouse that is set to open in early 2024. Gilbert & Ezelle Commercial Real Estate, a locally based Cushman & Wakefield alliance office, is handling leasing for the building. Stonemont Financial and Davis Cos. have developed 8 million square feet of industrial space at GITC in the past five years.

October 18, 2023

Development Loans Multifamily New York Northeast

SCALE Lending Provides $142M Construction Loan for Queens Multifamily Project

by Taylor Williams October 18, 2023

NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.

October 18, 2023

Development Life Sciences Massachusetts Northeast

Partnership Delivers 288,000 SF Life Sciences Project in Bedford, Massachusetts

by Taylor Williams October 18, 2023

BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.

October 18, 2023

Connecticut Development Industrial Northeast

Amazon Launches Two Delivery Centers Totaling 285,000 SF in Connecticut

by Taylor Williams October 18, 2023

GLASTONBURY AND SOUTH WINDSOR, CONN. — Amazon has launched two delivery centers totaling 285,000 square feet in Connecticut. The facilities in Glastonbury and South Windsor total 105,000 and 180,000 square feet, respectively, and will ultimately employ more than 250 people on full- and part-time bases over the next few months. Amazon delivery stations offer entrepreneurs opportunities to build their own businesses delivering packages and independent contractors the flexibility to create their own distribution schedules.

October 18, 2023

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $36.3M in Financing for Elevate at Aurora Affordable Multifamily Project in Colorado

by Amy Works October 18, 2023

AURORA, COLO. — KeyBank has provided a total of $36.3 million in financing for the construction of Elevate at Aurora, an affordable apartment community in Aurora. Columbia Ventures is the sponsor, with the Housing Authority of the City of Aurora serving as special limited partner. KeyBank Community Development Lending and Investment (CDLI) provided $30 million in Low Income Housing Tax Credit (LIHTC) equity, including $5.5 million of Colorado State tax credit equity and $292,744 of solar tax credit equity. KeyBank CDLI also provided a $6.3 million equity bridge loan. KeyBank Commercial Mortgage Group placed $31.2 million in private activity bonds through one of its capital markets investors, structured as a construction-to-permanent, tax-exempt loan. Elevate at Aurora will feature 137 apartments in a mix of one-, two- and three-bedroom units for households earning between 30 percent and 70 percent of area median income. The project will also include construction of a new community service facility that will primarily serve as the Aurora location for CrossPurpose, a nonprofit provider of workforce development services, and Living Hope Community Church, a bilingual church that provides before- and after-school programming. Kortney Brown and Sara Geis of KeyBank CDLI structured the balance sheet financing. Hector Zuniga of …

October 18, 2023

Colorado Development Multifamily Western

Crescent Communities Opens 202-Unit NOVEL White Fence Farm Apartment Community in Denver

by Amy Works October 18, 2023

DENVER — Crescent Communities has opened NOVEL White Fence Farm, a multifamily property located at 6273 W. Jewell Ave. in Denver’s Lakewood neighborhood. Situated on the site of the former White Fence Farm restaurant, the community features 202 apartments in a mix of studio, one- and two-bedroom layouts spread across three- and four-story elevator-served buildings. Community amenities include a restored barn clubhouse; fitness studio with an Echelon Reflect Mirror and Echelon Smart Bike; and a resort-style, four-season pool with adjacent open-air outdoor kitchen and prep area that includes grills, a pizza oven and smoker. The property also offers secure private garages, conditioned residential and bike storage, flexible work-from-home spaces, pet spa, dog park and a hospitality bar featuring Land of a Thousand Hills coffee. The project team includes KTGY, CID Design Group, LandDesign, Kimley-Horn and CSI Construction.

October 18, 2023

Affordable Housing California Development Multifamily Seniors Housing Western

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Amy Works October 18, 2023

SONOMA, CALIF. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

October 18, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building, Replace it with Affordable Housing

by Kristin Harlow October 18, 2023

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building at 3501 E. 44th St. The developers plan to build a 90-unit affordable housing building in its place. The project is still pending final approval from the Minneapolis City Council, but construction is expected to begin in spring 2024 if the remaining financing is secured. Named Snelling Yards, the community will feature three- and four-bedroom units. Of the total units, 26 will be reserved for residents who earn up to 30 percent of the area median income (AMI) and 39 will be reserved for those who earn up to 50 percent AMI. Additionally, 13 units will be designated for veterans experiencing homelessness. Snelling Yards is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe and Wall were granted development rights to the property in 2017. The project has received more than $2 million from the City of Minneapolis Affordable Housing Trust Fund and another $1.2 million from Hennepin County’s Affordable Housing Incentives Fund and Environmental Response Fund. The project is currently advancing through the Metropolitan Council’s Livable Communities Demonstration Account grant process.

October 18, 2023

Development Industrial Midwest Ohio

NorthPoint Development Underway on Two-Building Fairfield Trade Center in Suburban Cincinnati

by Kristin Harlow October 18, 2023

FAIRFIELD, OHIO — NorthPoint Development is underway on Fairfield Trade Center in Fairfield, about 25 miles north of Cincinnati. The project comprises two buildings totaling 304,364 square feet and 313,833 square feet, respectively. Completion is slated for the second quarter of 2024. Doug Whitten of CBRE is handling leasing of the development, which is situated in proximity to major transportation arteries.

October 18, 2023

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