Development

CapRock-Global-Logistics-Moreno-Valley-CA

JLL Arranges $17.5M Pre-Development Financing for Industrial Site in Moreno Valley, California

by Amy Works September 11, 2023

MORENO VALLEY, CALIF. — JLL Capital Markets has arranged $17.5 million in pre-development financing for a 22.1-acre parcel within the World Logistics Center master-planned community in the Inland Empire city of Moreno Valley. Greg Brown, Peter Thompson, Spencer Seibring and Kyle White of JLL Capital Markets’ debt advisory team secured the financing for the borrower, Newport Beach-based CapRock Partners. Upon entitlement, CapRock Partners will have the option to either commence development on an approximately 500,000-square-foot, LEED-certified industrial warehouse or exit via a land sale. The 22.1-acre industrial-zoned site will accommodate a wide range of uses, including e-commerce, manufacturing and distribution. At completion, the building would feature 36-foot clear heights, 65 dock-high doors and up to 10,000 square feet of two-story office space. Additionally, the property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard. CapRock Global Logistics is located south of the 60 freeway at the Theodore Street on/off ramp.

September 11, 2023

Development Florida Multifamily Southeast

LCOR to Develop 42-Story Apartment Tower in Miami’s Edgewater Neighborhood

by John Nelson September 8, 2023

MIAMI — LCOR has announced plans for a 544-unit apartment tower located at 1775 Biscayne Blvd. in the Edgewater neighborhood of Miami, pending approval from the Miami Urban Development Review Board (UDRB). Upon completion, the development will feature studio, one-, two- and three-bedroom residences across 42 stories, as well as 50,000 square feet of amenity space, 10,000 square feet of ground-floor retail space and a 628-space parking garage. ODP Architects is designing the project, with interiors designed by KAS. Amenities will include a rooftop pool, fitness center, tenant lounges and coworking spaces and a gaming area. Construction is expected to begin in the second quarter of 2024. The project marks the firm’s first ground-up development in the state of Florida.

September 8, 2023

Development Florida Multifamily Southeast

Greystar Opens Ltd. Champions Ridge Apartments in Metro Orlando

by John Nelson September 8, 2023

DAVENPORT, FLA. — Greystar Real Estate Partners has opened Ltd. Champions Ridge, an apartment community in Davenport, roughly 34 miles outside of Orlando. Marking the second Ltd.-branded property, the development features one-, two- and three-bedroom units ranging from 798 to 1,245 square feet. Amenities at the community include a swimming pool and gym. Rental rates will be lower than typical for Class A multifamily properties in the area, according to Greystar, with the company promising limited future rent increases.

September 8, 2023

Development Georgia Industrial Southeast

McShane Completes 181,477 SF Distribution Facility in Douglasville, Georgia for Home Chef

by John Nelson September 8, 2023

DOUGLASVILLE, GA. — McShane Construction Co. has completed the construction of a 181,477-square-foot distribution facility located in Douglasville. Built for Home Chef, the property features 19,722 square feet of freezer space, 18,520 square feet of cooler space, a 10,000-square-foot kitchen and 20 cold dock positions. The facility will be used to process, store and distribute Home Chef’s meal kits. JLL acted as representative for the owner, and Harris Architects served as the project architect.

September 8, 2023

Development North Carolina Self-Storage Southeast

Proffitt Dixon Delivers 93,000 SF Self-Storage Facility in Chapel Hill, North Carolina

by John Nelson September 8, 2023

CHAPEL HILL, N.C. — Charlotte-based Proffitt Dixon Partners has completed the development of Carraway Self Storage, a 93,000-square-foot, climate-controlled self-storage facility in Chapel Hill. Located at 500 Myrica St., the property comprises small, medium and large units across four stories. Features include LED sensor lighting, an advanced security system and boat and RV storage options. JLL Charlotte’s Project and Development Services (PDS) team managed the design and construction of the project. Public Storage will operate the property on behalf of Proffitt Dixon.

September 8, 2023

Development Multifamily Texas

Bridgeview Multifamily to Develop 360-Unit Project in Denton, Texas

by Taylor Williams September 8, 2023

DENTON, TEXAS — Dallas-based Bridgeview Multifamily will develop a 360-unit project in the North Texas city of Denton. The site at 3755 McKinney St. spans 22 acres and is adjacent to the 288-unit Denton Forest Crossing apartment community. The development will consist of 15 three-story buildings that will house one- and two-bedroom units with an average size of 875 square feet. Amenities will include a pool, clubhouse, dog park and outdoor grilling and dining stations. Construction on the unnamed project is expected to begin next summer.

September 8, 2023

Development Multifamily Texas

Triten Real Estate Tops Out 341-Unit Multifamily Project in Houston

by Taylor Williams September 8, 2023

HOUSTON — Locally based developer Triten Real Estate Partners has topped out Phase I of The Mill, a project in Houston’s East End district that will add 341 multifamily units to the local supply. The seven-story building, the site of which originally housed a lumber mill that was constructed in the 1890s, will include 6,000 square feet of retail space and a seven-story parking garage. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, clubroom and outdoor grilling and dining stations. Michael Hsu Office of Architecture designed the project, and Arch-Con Corp. is serving as the general contractor. Preleasing will begin in the first quarter of next year.

September 8, 2023

Public-Storage-Voorhees-Township-New-Jersey

Development Industrial New Jersey Northeast Self-Storage

Basis Industrial to Develop 855-Unit Self-Storage Facility in Voorhees Township, New Jersey

by Taylor Williams September 8, 2023

VOORHEES TOWNSHIP, N.J. — Basis Industrial, a Florida-based owner-operator, will develop an 855-unit self-storage facility in Voorhees Township, located just outside of Philadelphia in Southern New Jersey. The facility will span 113,000 gross square feet and feature climate-controlled space. Construction is scheduled to begin later this month and to be complete in fall 2024. WSFS Bank provided $12.1 million in construction financing for the project. Berkadia arranged the loan on behalf of Basis Industrial. Public Storage will operate the facility.

September 8, 2023

Development Industrial Washington Western

Panattoni Purchases 243,000 SF North Creek Commerce Center in Bothell, Washington

by Amy Works September 8, 2023

BOTHELL, WASH. — Panattoni Development, in partnership with PGIM Real Estate, has acquired North Creek Commerce Center at 18712 Bothell Everett Highway in Bothell. Development is currently underway on the 29-acre Class A flex/industrial park, which is slated for completion by July 2024. Zach Vall-Spinosa of Kidder Mathews, along with Ernie Velton and Reese Velton of JSH Properties, are the leasing agents for the project. The seller and price were not disclosed.

September 8, 2023

Arizona Development Industrial Western

Echo Real Estate Capital Buys Land for 182,610 SF Industrial Development in Surprise, Arizona

by Amy Works September 8, 2023

SURPRISE, ARIZ. — Echo Real Estate Capital has acquired an 11.6-acre land parcel at the northwest corner of Peoria and 132nd avenues in Surprise. The site is zoned and approved for four small-bay industrial buildings totaling 182,610 square feet. Slated for completion by the fourth quarter of 2024, Echo Park @ P132 will include four fully air conditioned buildings with 2,500 square feet of speculative office suites and secured concrete truck courts. Echo has partnered with Chicago-based Premier Design + Build to construct the project. This will be Echo’s second development in the submarket. Upon completion, Echo’s metro Phoenix portfolio will total nearly 850,000 square feet of Class A industrial space across six buildings. The company’s first development, two Class A warehouse/distribution facilities in Glendale, are on pace for completion later this year.

September 8, 2023

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