Development

Paradigm, North Colony Underway on $5M Renovation of Metro Boston Office Building

by Taylor Williams February 15, 2023

FRAMINGHAM, MASS. — Paradigm Properties and North Colony Asset Management are underway on a $5 million renovation of an office building located at 111 Speen St. in the western Boston suburb of Framingham. According to LoopNet Inc., the property was built in 1985, rises five stories and totals 119,095 square feet. The project will upgrade the entryway and landscaping as well as further activate indoor and outdoor amenity spaces, which include a fitness center, patio and café/lounge. Completion is slated for the end of the year.

February 15, 2023

Development Multifamily Seniors Housing Washington Western

Merrill Gardens Opens 123-Unit Seniors Housing Community in Tacoma, Washington

by Amy Works February 15, 2023

TACOMA, WASH. — Merrill Gardens Senior Living has opened Merrill Gardens at Wright Park in the historic Stadium District in Tacoma. Merrill Gardens co-developed the property with Rush Development. The community features 115 independent living and assisted living apartments in studio, one- and two-bedroom layouts, as well as 18 memory care units. The main floor of the community features 2,600 square feet of retail space that includes an on-site urgent care clinic. Merrill Gardens will manage the senior living community and Rush will manage the retail space. The community mixes urban living and access to green space along with unobstructed views of Commencement Bay, Mt. Rainier, The Cascades and The Olympics.

February 15, 2023

Rinchem-Dysart-Rd-Summit-Pkwy-Surprise-AZ

Arizona Development Industrial Western

Graycor Starts Construction of 123,516 SF Rinchem Co. Industrial Build-to-Suit Project in Surprise, Arizona

by Amy Works February 15, 2023

SURPRISE, ARIZ. — Graycor Construction Co. has started construction of a flex industrial facility situated on 21 acres at the northwest corner of Dysart Road and Summit Parkway in Surprise. The 123,516-square-foot building is a build-to-suit project for Rinchem Co., a network of chemical and gas distribution centers. The new facility will be Rinchem’s third in metro Phoenix and part of a global Rinchem supply chain that safely handles more than 4 billion pounds of chemicals and gasses each year. The Class A facility will feature highly specialized warehouse space, administrative offices, shipping/receiving capabilities and an 11 truck loading docks. The main building will offer high bay and freezer bay chemical storage, as well as super flat concrete floors. Six individual pads will allow for maximum chemical containment, to include an outdoor bottled gas pad and detached ISO tank storage that maintain Rinchem’s commitment to proper segregation to hazard classes in multiple temperature zones. For the new facility, Graycor is serving as general contractor, providing both shell and interior build-out services. Phoenix-based Archicon Architecture + Interiors is serving as designer. Completion is slated for fourth-quarter 2023.

February 15, 2023

Development Industrial South Carolina Southeast

Glenstar Properties to Develop 290-Acre Industrial Park in Gaffney, South Carolina

by John Nelson February 15, 2023

GAFFNEY, S.C. — Glenstar Properties plans to develop Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, which is situated between the Greenville-Spartanburg market and Charlotte. Glenstar, along with capital partner Creek Lane Capital, will break ground this spring on the first building of the park, a 550,000-square-foot speculative warehouse that will be expandable to 1.3 million square feet. The cross-dock warehouse, dubbed Building 2, is expected to come on line in spring 2024 and feature 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. At full buildout, Cherokee Commerce Center 85 will span 3.6 million square feet across five buildings. The design-build team includes architect Ware Malcomb, general contractor The Conlan Co. and civil engineer SeamonWhiteside. Glenstar has tapped Colliers to lease the park.

February 15, 2023

Acquisitions Development Loans Multifamily Southeast Tennessee

JLL Secures $106M Sale of Abberly Riverwalk Apartments in Nashville

by John Nelson February 14, 2023

NASHVILLE, TENN. — JLL has secured the $106 million sale of Abberly Riverwalk, a 304-unit, three-story apartment community in Nashville that is nearing completion. Matthew Lawton, Brian Dawson and Nick Brown of JLL represented the buyer, HHHunt, in the transaction. Travis Anderson and Warren Johnson of JLL arranged a $62 million, floating-rate acquisition loan on behalf of the buyer. The seller was not disclosed, but Wood Partners previously announced its groundbreaking of the property under a different name, Alta Riverwalk. Set for a July completion, Abberly Riverwalk will feature studio, one- and two-bedroom offerings with an average size of 799 square feet. Community amenities will include a sundeck courtyard, outdoor firepit, coworking space, outdoor kitchen and grills, golf simulator, putting green, pet spa and a 24/7 fitness club. The community is situated off U.S. Highway 12 along the Cumberland River and features an entrance to The Greenway, a 200-mile interconnected trail throughout the metro Nashville area.

February 14, 2023

Development Florida Loans Southeast Student Housing

Charles Street, ACRES Receive $63M Construction Financing for Student Housing Project Near Florida State University

by John Nelson February 14, 2023

TALLAHASSEE, FLA. — A joint venture between Charles Street Development and ACRES Realty Funding has received $63 million in construction financing for Renegade Apartments, a 153-unit student housing development in Tallahassee. The community will be located blocks from Florida State University’s campus at 501 Chapel Drive. Bayview Asset Management originated the financing, funding the debt stack through its wholly owned subsidiaries Bayview PACE and Oceanview Life and Annuity Co. The project’s design-build team includes Humphreys & Partners, HPA Design Group and Ruscilli Construction Co. Renegade Apartments is scheduled for completion in 2024 and will be leased and managed by Asset Living.

February 14, 2023

Development Indiana Midwest Multifamily

Scannell Properties, Pittman Investors Begin Phase I of Pittman Farms Project in Zionsville, Indiana

by Kristin Harlow February 14, 2023

ZIONSVILLE, IND. — Scannell Properties and Pittman Investors are beginning Phase I development of a project situated on the Pittman Farms site in Zionsville, a northern suburb of Indianapolis. The project site’s red barn has long served as an unofficial entry into Zionsville at US-421 and Sycamore Street. The first phase of construction includes land preparation and infrastructure for the entire development, as well as a three-building, 400-unit apartment complex. Amenities will include a golf simulator, saltwater pool, fitness lab, work-from-home space, pet spa, dog park and an outdoor pavilion reminiscent of the Pittman Farms barn. Phase I is expected to open in the second quarter of 2025. The design team includes Indianapolis-based Delv architects, American Structurepoint, Lynch Harrison Brumleve, Circle Design Group, Context Design, Infinysis and BKV. Indianapolis-based Shiel Sexton Co. will serve as construction manager. Project lenders include Merchants Capital, through its parent company Merchants Bank of Indiana, as well as Lake City Bank and the National Bank of Indianapolis.

February 14, 2023

Civic Development Midwest Minnesota

Kraus-Anderson Completes Construction of $26M Middle School in Lakefield, Minnesota

by Kristin Harlow February 14, 2023

LAKEFIELD, MINN. — Kraus-Anderson (KA) has completed construction of Jackson County Central Middle School in Lakefield, a city in southern Minnesota. JLG Architects designed the $26 million, 84,000-square-foot project. The school features multiple classrooms, including career and tech education learning spaces, as well as a gymnasium, kitchen and band and choir areas. Voters passed a $35.4 million district bond referendum in late 2019. The referendum addressed the district’s needs for facility replacement and improvements. KA renovated the district’s Pleasantview Elementary School in April 2021.

February 14, 2023

Development Industrial Texas

Freehill Development Underway on 176,546 SF Industrial Project in Metro Austin

by Taylor Williams February 14, 2023

GEORGETOWN, TEXAS — Freehill Development Co. is underway on construction of 1300 Westinghouse, a 176,546-square-foot industrial project that will be located in the northern Austin suburb of Georgetown. The development will consist of four buildings that will range in size from 18,675 to 54,457 square feet and will feature 18- to 28-foot clear heights and 290 car parking spaces. Studio8 Architects designed the project, and Owrey Construction is serving as the general contractor. Completion is slated for July.

February 14, 2023

The-Enclave-at-Dewy-Meadows-Basking-Ridge

Development Multifamily New Jersey Northeast

Garden Communities Completes 198-Unit Multifamily Project in Basking Ridge, New Jersey

by Taylor Williams February 14, 2023

BASKING RIDGE, N.J. — New Jersey-based developer Garden Communities has completed the second phase of The Enclave at Dewy Meadows, a 198-unit multifamily project in the Northern New Jersey community of Basking Ridge. Phase I of the project comprised 90 units, and the latest phase added another 108 apartments. Residences come in one-, two- and three-bedroom floor plans and include individual washers and dryers, as well as private balconies/patios in select units. The amenity package comprises a pool, courtyards, fitness center, two lounges, business center, dog park, card room and a children’s play area. Rents start at $2,700 per month for a one-bedroom unit.

February 14, 2023

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