Development

Summit Delivers 248,000 SF Industrial Facility in Wellford, South Carolina

by John Nelson May 24, 2023

WELLFORD, S.C. — Summit Real Estate Group has delivered Gateway 29, a 248,000-square-foot spec industrial building located at 370 Old Spartanburg Highway in Wellford. The Upstate South Carolina building is ready for occupancy and can accommodate users from 65,000 square feet up to the full 248,000 square feet. The property features 32-foot clear heights, 48 dock doors and two drive-ins, an ESFR sprinkler system 2,500 square feet of office space and 44 trailer and 145 vehicle parking spaces. Kacie Jackson, Brian Young and Elliott Fayssoux of Cushman & Wakefield are overseeing leasing at the facility, and Lori Suchanek, also with Cushman & Wakefield, is leading the property management assignment.

May 24, 2023

Acquisitions Development Florida Mixed-Use Retail Southeast

Codina Partners Acquires Former Sears Site at Westland Mall in Metro Miami

by John Nelson May 24, 2023

HIALEAH, FLA. — Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial acquired Westland Mall from Starwood Capital in 2021. The shopping center consists of more than 300,000 square feet of retail space that is anchored by Macy’s, JC Penney and the former Sears site. The construction timeline of the mixed-use redevelopment was not disclosed.

May 24, 2023

Development Industrial Maryland Southeast

TPC Racing Breaks Ground on 40,000 SF Industrial Headquarters in Jessup, Maryland

by John Nelson May 24, 2023

JESSUP, MD. — TPC Racing, a Porsche maintenance and service provider, has broken ground on its 40,000-square-foot industrial facility at 7869 Dorsey Run Road in Jessup. The Howard County facility will serve as the company’s corporate headquarters. Kate Jordan and Marley Welsh of Lee & Associates l Maryland brokered the purchase of the four-acre site and were also retained by TPC Racing to lease the available 27,000 square feet of industrial/warehouse space at the building. The $8 million, single-story project is expected to be delivered in the fourth quarter and comprise nine bays, each offering 3,000 square feet of space. Chesapeake Contracting Group is acting as general contractor for the project.

May 24, 2023

Build-to-Rent Development Single-Family Rental Texas

Clay Residential Breaks Ground on 368-Unit Single-Family Rental Project in Metro Houston

by Taylor Williams May 23, 2023

CYPRESS, TEXAS — Clay Residential, an affiliate of locally based firm Clay Development, has broken ground on Willow at Marvida, a 368-unit single-family rental project in the northwestern Houston suburb of Cypress. The site is located within Marvida, an 856-acre master-planned community by Land Tejas. The development will consist of 134 detached homes and 234 attached villas. Residences will feature three-, four- and five-bedroom floor plans, will range in size from 1,382 to 2,900 square feet and will have fenced-in backyards. Residents will have access to Marvida’s amenity center, which is under construction and will ultimately house a pool, clubhouse, fitness center, playground and a dog park. Full completion is slated for 2026.

May 23, 2023

Granite-Woods-Commerce-Center-Hooksett-New-Hampshire

Development Industrial New Hampshire Northeast

Port One Underway on 500,000 SF Spec Industrial Project in Hooksett, New Hampshire

by Taylor Williams May 23, 2023

HOOKSETT, N.H. — Boston-based developer Port One Cos. is underway on construction of Granite Woods Commerce Center, a 500,000-square-foot speculative industrial project located at 47 Hackett Hill Road in the southern New Hampshire city of Hooksett. The property will feature a clear height of 36 feet, 403 parking stalls, 86 trailer parking stalls, 67 loading docks with 53 future dock positions, two drive-in doors and build-to-suit office space. Completion is slated for early next year. Newmark has been retained to market the property for lease.

May 23, 2023

Development Multifamily New Jersey Northeast

Garden Communities Opens 377-Unit Jefferson Apartments in Hackensack, New Jersey

by Taylor Williams May 23, 2023

HACKENSACK, N.J. — Locally based developer Garden Communities has opened The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,490 per month for a one-bedroom apartment.

May 23, 2023

Development Illinois Midwest Mixed-Use

Knickpoint Ventures Tops Off Construction of $250M Film Studio Project in Chicago

by Kristin Harlow May 23, 2023

CHICAGO — Knickpoint Ventures has topped off construction of The Fields Studios, Chicago’s first purpose-built film studio. Project costs total $250 million, according to Crain’s Chicago Business. Completion is slated for the first quarter of 2024. Plans call for nine sound stages totaling 132,000 square feet and more than 350,000 square feet of creative and production offices. The project is part of the larger redevelopment of the 1.5 million-square-foot, former Marshall Fields warehouse on the city’s Northwest side. Gov. J.B. Pritzker introduced a development subsidy to spur the growth of additional sound stage infrastructure such as The Fields Studios. In March, he signed a 10-year extension of the state’s long-standing production tax credit for filmmakers. At capacity, The Fields Studios is expected to impact the local economy by driving nearly 12,000 production-related jobs with about $1.3 billion of economic impact in its first five years. The Marshall Fields warehouse was originally built in 1928. In addition to the film studio component, the redevelopment project also includes retail, residential and office space. Cermak Fresh Market is already operating onsite and 123 new apartment units have opened.

May 23, 2023

California Development Multifamily Western

Legacy Partners Acquires Del Amo Village Multifamily Development Site in Torrance, California

by Jeff Shaw May 23, 2023

TORRANCE, CALIF. — Legacy Partners has purchased Del Amo Village, a development site located in the Los Angeles suburb of Torrance, for $18.3 million. The site comprises 2.8 acres located within Los Angeles County’s South Bay submarket at 1844 Plaza del Amo. The development plan for the project includes entitlements for 200 market-rate apartment units. Kevin Shannon, Ken White, Chris Benton, Michael Moore and Anthony Muhlstein of Newmark represented the sellers, which were PCCP, LaCaze, Muller Co. and Bentall GreenOak.

May 23, 2023

Development Kentucky Mixed-Use Southeast

Lincoln Property Co., Webb to Build 18-Acre Mixed-Use Project in Downtown Lexington, Kentucky

by John Nelson May 23, 2023

LEXINGTON, KY. — Lincoln Property Co. (LPC) and The Webb Cos. plan to develop an 18-acre mixed-use development in downtown Lexington. The site is situated across from Rupp Arena, the home arena for the University of Kentucky Wildcats men’s and women’s basketball teams. LPC and Webb signed a long-term ground lease with the landowner, Lexington Center Corp., after a competitive request for proposal (RFP) process. The duo’s plan for the site includes apartments, stores, restaurants, a hotel and offices, among other uses. The project’s name and construction timeline were not revealed.

May 23, 2023

Development Florida Retail Southeast

Steinemann & Co. to Develop 100,000 SF Bass Pro Shops Outdoor World Store in St. Augustine, Florida

by John Nelson May 23, 2023

ST. AUGUSTINE, FLA. — Steinemann & Co. plans to develop a Bass Pro Shops Outdoor World store along World Commerce Parkway in St. Augustine, approximately 40 miles southeast of Jacksonville. Upon completion, the store will span 100,000 square feet and offer boating merchandise, in addition to hunting, fishing, camping, leisure and athletic gear and apparel. The store will also feature a large aquarium and water features stocked with native fish species, thousands of local antiques and artifacts, hundreds of trophy fish and wildlife mounts and murals depicting local scenes. The store will also offer fishing classes for kids. Set to open in 2024, the St. Augustine store will mark the 13th location for Bass Pro Shops in Florida and will employ about 115 associates.

May 23, 2023

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