Development

Konover South Breaks Ground on 23,000 SF Retail Center in Westlake, Florida

by John Nelson February 8, 2023

WESTLAKE, FLA. — Konover South has broken ground on Shoppes of Westlake Landings in Westlake. Upon completion, the 23,000-square-foot development will comprise two multi-tenant retail centers and a pod of quick-service restaurants. Konover South acquired the property from homebuilder Minto Communities in 2021. MEC Construction is serving as general contractor. Tenants that have signed leases at the center include Starbucks Coffee, KFC, Taco Bell, Habit Burger, 3Natives, Heartland Dental, Verizon Wireless, Go Green Cleaners and Orange Theater.

February 8, 2023

Development Office Texas

Stonelake Capital to Develop 180,000 SF Office Building in Uptown Dallas

by Taylor Williams February 8, 2023

DALLAS — Stonelake Capital Partners, a private equity firm with offices in Texas and Atlanta, will develop 2626 McKinney, a 180,000-square-foot office building in Uptown Dallas. The site is adjacent to a Whole Foods Market. The building will rise 17 stories and will offer amenities such as a lounge with a coffee and cocktail bar, communal kitchen, conference center, fitness center and a landscaped terrace. Cushman & Wakefield is marketing the development for lease. Completion is slated for summer 2025.

February 8, 2023

Civic Development Texas

Manor ISD Underway on 116,000 SF Elementary, Middle School Campus in Metro Austin

by Taylor Williams February 8, 2023

MANOR, TEXAS — The Manor Independent School District is underway on construction of a 116,000-square-foot elementary and middle school campus in the state capital’s northwestern suburb. The project is part of larger $174 million academic development initiative that also includes an 85,000-square-foot high school building. The campus, which will be able to support about 800 students in grades K through 8, will feature a media center, two art rooms, three maker spaces, performing arts classrooms and competition-level athletic fields. Birmingham-based HPM is providing project management, quality control and preconstruction services for the project.

February 8, 2023

Development Hospitality Loans Utah Western

Sonnenblick-Eichner Co. Arranges $50M Construction Loan for The Lionsback Resort in Moab, Utah

by Amy Works February 8, 2023

MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.

February 8, 2023

California Development Hospitality Western

Paladin Equity Capital Acquires Land Parcel in San Bernardino for Everhome Suites Hotel Development

by Amy Works February 8, 2023

SAN BERNARDINO, CALIF. — Paladin Equity Capital has purchased a 1.7-acre land site at 898 E. Harriman Place in San Bernardino from Los Angeles-based NHOS Enterprises. The buyer plans to develop an Everhome Suites extended-stay hotel on the site. Slated to break ground in summer 2023, the 60,000-square-foot hotel will feature 117 apartment-style guest rooms with fully equipped kitchens and customizable space, including workstations, full-size closets, additional storage and spa-like bathroom. Onsite amenities include public spaces, a fitness center and a 24/7 self-service marketplace with a variety of food and beverage options. Brad Umansky and Paul Galmarini of Progressive Real Estate Partners represented the seller, while Kevin Barry of Irish Commercial Brokerage represented the buyer in the transaction.

February 8, 2023

Data Centers Development Industrial Massachusetts Northeast

Nauset Construction Underway on Renovation of 90,000 SF Data Center in Cambridge, Massachusetts

by Taylor Williams February 8, 2023

CAMBRIDGE, MASS. — Locally based firm Nauset Construction is underway on the renovation of a 90,000-square-foot data center that is located across the Charles River from Boston in Cambridge. The project represents the third phase of capital improvements at the property at 300 Bent St. Upgrades will include the demolition and excavation of the existing lobby, the revamping of mechanical and utility systems and the addition of another 8,000 square feet of tenant space. Khalsa Design is the project architect. Construction is anticipated to be complete this fall. CEM Realty Trust owns the property.

February 8, 2023

California Development Industrial Western

Joint Venture Plans 1.8 MSF Otay Business Park Industrial Project in San Diego

by Amy Works February 7, 2023

SAN DIEGO — A joint venture between San Diego-based Elevation Land Co. and a real estate fund advised by Crow Holdings Capital has unveiled plans to develop Otay Business Park, a 1.8 million-square-foot industrial, distribution and warehouse property in the Otay Mesa submarket of San Diego. Current construction plans for Otay Business Park include the development of eight speculative or build-to-suit buildings that can accommodate users ranging from 45,000 square feet to 500,000 square feet. The buildings will feature 32-foot to 36-foot clear heights, 325 dock-high loading positions, 175 trailer stalls and 16 grade-level loading doors. Slated for completion in the second half of 2024, Phase I will consist of 1 million square feet of space spread across five buildings. Phase II will consist of 770,000 square feet across the buildings, with completion scheduled for 12 months after Phase I is delivered. All buildings are planned for speculative development but can be delivered on a build-to-suit basis for occupants. The developers acquired a total of 263 acres of land where the project is being developed during the second quarter of 2022 for $165 million. The land purchased included the 119 acres that Otay Business Park will occupy, along with several …

February 7, 2023

Development Industrial North Carolina Southeast

Trinity Capital, Barings to Develop 1.3 MSF Industrial Park in Metro Charlotte

by John Nelson February 7, 2023

KANNAPOLIS, N.C. — A joint venture between Trinity Capital Advisors and Barings has purchased 154 acres in the northern Charlotte suburb of Kannapolis. The companies plan to develop 85 Exchange, a Class A industrial park spanning 1.3 million square feet across seven buildings. The park will be situated within one mile of I-85 at Kannapolis Parkway and Davidson Highway. Phase I of 85 Exchange comprises two buildings totaling 314,000 square feet and will begin speculative development this March, delivering first-quarter 2024. The design-build team includes general contractor Choate Construction and architect Merriman Schmitt Architects. Cushman & Wakefield’s Matt Treble, Fermin Deoca, Drew Coholan and Frances Crisler are handling leasing duties.

February 7, 2023

Acquisitions Development Georgia Loans Multifamily Southeast

CBRE Arranges $62.4M Acquisition Loan for Blakely Apartments in Pendergrass, Georgia

by John Nelson February 7, 2023

PENDERGRASS, GA. — CBRE has arranged a $62.4 million acquisition loan for The Blakely, a 420-unit apartment community being built in phases in Pendergrass, about 57 miles northeast of Atlanta. ARC Multifamily Group is purchasing the partially developed community from developer Green River Builders for $88.4 million. The buyer is under contract to acquire each phase of The Blakely once it receives a certificate of occupancy. Charlie Clark and Blake Cohen of CBRE’s Debt & Structured Finance team arranged the bridge loan through an unnamed life insurance company on behalf of ARC Multifamily Group. Upon completion, The Blakely will include a mix of one-, two- and three-bedroom units ranging in size from 855 to 1,444 square feet. Community amenities will include multiple swimming pools, a theater room, package center, fitness center, game room, yoga pad, fire pit, playground and a beer garden featuring an outdoor kitchen with a bar top, outdoor TV and seating.

February 7, 2023

Development Illinois Midwest Multifamily

Skender Tops Out Construction of 21-Story Apartment Tower in Chicago’s River North

by Kristin Harlow February 7, 2023

CHICAGO — Skender has topped out construction of 741 N Wells, a 21-story apartment tower in Chicago’s River North neighborhood. Designed by Antunovich Associates and developed by VISTA Property, the project will include 168 units. Amenities will include a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. VISTA Property financed the project with a first mortgage loan from Huntington Bank. Luxury Living Chicago Realty is handling marketing and leasing. A timeline for completion was not provided.

February 7, 2023

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