Development

LM Construction Breaks Ground on $40M Nancy J Industrial Park in Henderson, Nevada

by Amy Works January 13, 2023

HENDERSON, NEV. — LM Construction Co. (LMCC) has broken ground on Nancy J Industrial Park, an eight-building industrial project in Henderson. Each of the eight 40,998-square-foot buildings will offer four nine-foot by 10-foot dock loading doors, two 12-foot by 14-foot grade level doors, 24-foot clear heights and rear loading access. Additionally, each building is divisible to two occupants. Las Vegas-based LMCC is the design-build general contractor for the project. The first two buildings are slated for completion in January 2024. Larry Monkarsh, owner of LMCC and partner in Brass Cap Development, is also acting as the owner/developer of the project, developing as Red Label LV LLC. Chris Lexis and Joe Leavitt of Avison Young | Las Vegas are marketing the project for lease or sale.

January 13, 2023

Arizona Development Industrial Top Stories Western

Lincoln, Harvard Break Ground on $360M First Phase of 7 MSF Goodyear AirPark in Metro Phoenix

by Jeff Shaw January 13, 2023

GOODYEAR, ARIZ. — Phoenix-based LPC Desert West and Scottsdale-based Harvard Investments have broken ground on Phase I of Goodyear AirPark, located on 565 acres adjacent to the Phoenix-Goodyear Airport in Goodyear, approximately 20 miles west of Phoenix. Phase I of the project comprises 1.6 million square feet and six buildings ranging from 81,000 to 775,000 square feet. At build-out, Goodyear AirPark is expected to total 7 million square feet and up to 20 buildings. The buildings will offer up to 40-foot clear heights and multiple points of ingress and egress for aircraft, as well as truck courts and vehicle parking. Situated approximately three miles south of Interstate 10, the site is generally bounded by Estrella Parkway, Bullard Avenue and State Route MC 85. The property is also approximately 10 minutes from the Goodyear Ballpark, where the Cincinnati Reds and Cleveland Guardians train during spring. Additionally, the AirPark is located adjacent to a dark fiber line, offering extremely strong internet access for communication and data center development. Global neighbors to the site include Microsoft, Amazon, UPS, Walmart, Boeing, SubZero, Daimler-Benz, XPO Logistics, Red Bull and Aldi. Cerberus Capital Management is the equity partner for LPC and Harvard on the project. Butler Design …

January 13, 2023

Development Healthcare Illinois Midwest

Remedy Medical, Silver Cross Hospital, PSMG Underway on Construction of 42,000 SF Medical Building in Chicago Suburb

by Jeff Shaw January 12, 2023

ORLAND PARK, ILL. — A joint venture between Remedy Medical Properties, Silver Cross Hospital and Premier Suburban Medical Group (PSMG) is underway on the construction of Orland Park Medical Building in the southwest Chicago suburb of Orland Park. Comprising two stories and 42,000 square feet, the facility is scheduled for completion in early 2024. Locally based Jensen & Halstead is serving as architect. Leopardo Cos., also based in Chicago, is the general contractor for the project. The building, located on the northeast corner of 171st Street and LaGrange Road, will house 12 primary care physician offices in addition to specialty care practices including gastroenterologists, general surgeons, OBGYNs, a cardiologist, endocrinologist, hematologist/oncologist and orthopedic surgeon. The facility will also feature outpatient imaging services, a 21-station infusion center, an endoscopy suite with two procedure rooms and after-hours care.

January 12, 2023

Development Hospitality Retail Texas

Universal Parks & Resorts Plans 97-Acre Theme Park, Hotel in Frisco

by Taylor Williams January 12, 2023

FRISCO, TEXAS — Universal Parks & Resorts has announced plans to open a new theme park on a 97-acre site in the northern Dallas suburb of Frisco. Universal, a division of Comcast Corp., also plans to develop a hotel at the site, which is located east of the Dallas North Tollway and north of Panther Creek Parkway. The proposed park will be smaller than the entertainment giant’s other resort destinations. In addition, the new venue will be designed to be more engaging for younger audiences and will offer interactive and playful shows, character meet and greets and unique merchandise. A construction timeline was not disclosed. In announcing the new park, Universal executives cited the region’s burgeoning population and strong track record of attracting new businesses as key reasons behind the move.

January 12, 2023

Acquisitions Development Industrial Texas

Dayton Street Partners Buys 65-Acre Industrial Campus in Metro Dallas, Plans Expansion

by Taylor Williams January 12, 2023

RICHARDSON, TEXAS — Chicago-based developer Dayton Street Partners has acquired a 65-acre manufacturing and distribution campus in the northeastern Dallas suburb of Richardson with plans to expand the site. The undisclosed seller has agreed to lease back 10 percent of the space at the 845,000-square-foot campus, and electronics manufacturer Celestica has leased 672,588 square feet. The seller also vacated the remaining 90,000-square-foot building, at which Dayton Street has launched a capital improvement program. The expansion will feature a 240,000-square-foot facility on a nine-acre parcel that is expected to be complete in early 2024. Larry Serota, Mike Hardage and Nora Hogan of Transwestern represented the seller in the transaction.

January 12, 2023

Affordable Housing Development Loans Multifamily Southeast Tennessee

Amazon Housing Equity Fund Provides $18.8M Loan for Affordable Housing Project in Nashville

by John Nelson January 12, 2023

NASHVILLE, TENN. — The Amazon Housing Equity Fund has provided an $18.8 million construction loan for Harpeth Valley Apartments, a 251-unit, garden-style affordable housing development located at 8101 McCrory Lane in Nashville. The fund is Amazon’s more than $2 billion commitment to create and preserve affordable housing in the markets where it has corporate campuses: Seattle, Northern Virginia and Nashville. C.W. Early of JLL arranged the long-term, fixed-rate loan on behalf of the borrower, Elmington Capital. Set for completion in late 2024, Harpeth Valley will feature units that are affordable to households earning 60 percent of the area median income (AMI) through 2072. The property will consist of one-, two- and three-bedroom apartments, as well as a clubhouse, exercise room, pool, onsite management, bike storage and common area Wi-Fi.

January 12, 2023

Development Loans Multifamily Northeast Pennsylvania Walker & Dunlop

Walker & Dunlop Arranges $134.6M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams January 12, 2023

PHILADELPHIA — Walker & Dunlop has arranged a $134.6 million construction loan for Northern Liberties, 360-unit multifamily project that will be located at 200 Spring Garden St. in Philadelphia. The transit-served building will offer a pool, fitness center, coworking lounge, conference center and a party room, as well as 23,070 square feet of retail space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler of Walker & Dunlop arranged the loan through insurance company Ullico on behalf of the borrower and developer, a partnership between Kushner Real Estate Group and National Real Estate Advisors.

January 12, 2023

Development Florida Industrial Leasing Activity Southeast

Lumber Supplier Signs 75,000 SF Industrial Lease in Punta Gorda, Florida

by John Nelson January 12, 2023

PUNTA GORDA, FLA. — Dakota Premium Hardwoods, a hardwood lumber and cabinet product supplier based in Waco, Texas, has signed a 75,000-square-foot industrial lease at 9450 Piper Road in Punta Gorda. The tenant will occupy space within Florida Gulf Coast Logistics Center, a 378,000-square-foot speculative facility being developed within Enterprise Charlotte Airport Park. Dan Miller of Colliers represented the landlord, Equus Capital Partners Ltd., in the lease transaction. Rian Smith of CBRE represented the tenant. Dakota Premium Hardwoods expects to move into its new warehouse and distribution space in September, according to Colliers.

January 12, 2023

Arizona Development Multifamily Western

Thompson Thrift to Develop 252-Unit Maddox Apartment Community in Buckeye, Arizona

by Amy Works January 12, 2023

BUCKEYE, ARIZ. — Thompson Thrift has released plans for The Maddox, a multifamily property located in the Phoenix suburb of Buckeye. Construction started this month with completion slated for late 2024. Located at the intersection of West Yuma Road and South Waterson Road, The Maddox will consist of seven three-story buildings with 80 detached garages. The community will feature 252 apartments in one-, two- and three-bedroom layouts with quartz countertops, tile backsplashes, stainless steel appliances, designer fixtures and finishes, an Alexa-compatible smart hub to integrate all smart devices, smart thermostats, smart door locks, walk-in closets and full-size washers/dryers. Units are available with patio, balcony and private yard options. Onsite amenities will include a clubhouse, heated swimming pool, 24-hour fitness center, Amazon Package Hub, courtyards, grilling stations, outdoor game area, firepits with seating areas, dog park, pet spa with grooming station, and a pickleball court. The community is situated on 10.6 acres within walking distance of Buckeye’s core retail corridor, including Fry’s Signature grocery store, Walmart, Lowe’s Home Improvement Warehouse and multiple dining options.

January 12, 2023

Colorado Development Loans Multifamily Western

Trailbreak Partners Receives $24.3M Construction Loan for Multifamily Project in Denver

by Amy Works January 12, 2023

DENVER — Trailbreak Partners has received $24.3 million in construction financing for the development of 32nd and Eliot Apartments, a Class A multifamily community in Denver’s Highlands neighborhood. Located at 3245 N. Eliot St., the three-story 32nd and Eliot will feature 124 apartments in a mix of studio, one- and two-bedroom units averaging 647 square feet. Twelve of the units will be designated as affordable, reserved for residents earning up to 80 percent of area median income. Units will offer in-unit washers/dryers, balconies, large windows, stainless steel appliances, custom cabinetry, luxury vinyl plank flooring and walk-in closets. Community amenities will include a clubhouse, resort-style plunge pool, hot tub, courtyard, roof deck, remote working spaces, a fitness center and sub-grade parking garage. Rob Bova led the JLL Capital Markets team that secured the senior construction loan through FirstBank.

January 12, 2023

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