PERRIS, CALIF. — Westport Properties has released plans for a Class A industrial building at the corner of Ramona Expressway and Brennan Avenue in Perris. The company acquired the land in September 2022. Construction for the single-tenant, 99,910-square-foot facility is slated to begin in third-quarter 2023. The building will feature 36-foot clear heights, secured truck court, ESFR sprinklers, 11 dock doors and 6,000 square feet of office space. Completion is scheduled for third-quarter 2024. Alex Smith and Herrick Johnson of Lee & Associates are handling leasing for the property.
GARNER, N.C. — Gantry has arranged $180 million in construction financing for the development of a 250,000-square-foot medical office facility in Garner, a suburb just south of Raleigh. The U.S. Department of Veterans Affairs (VA) has fully pre-leased the property as a community-based outpatient clinic (CBOC) in a long-term agreement. Construction at the 17-acre site is scheduled to begin early next year. Gantry’s George Mitsanas, Peter Hillakas and Austin Ridge secured the construction-to-permanent loan on behalf of a private real estate investment company. One of Gantry’s correspondent life company lenders provided the 22-year loan, which features a fixed rate for the entirety of the loan. The rate was locked earlier this year at time of application. Gantry will act as the loan servicer throughout the loan term. The loan is the fifth in a series of financings this year that Gantry secured on behalf of a sponsor specializing in the construction of VA medical centers, with new loans totaling nearly $500 million in 2022. During the past three years, Gantry has completed over $1.1 billion of project financings for VA medical facilities with various borrowers. “The VA facilities program is part of a strategic effort to expand access to and …
AUSTIN, TEXAS — A joint venture between Houston-based Hines and New York-based investment firm Galesi Group will develop a 1.7 million-square-foot industrial park in northeast Austin. The site at the corner of Harris Branch Parkway and Parmer Lane spans 150 acres. Powers Brown Architecture is designing the project, the first phase of which will consist of three buildings totaling 315,000 square feet. A construction timeline was not disclosed.
EDGEWATER, FLA. — Tampa-based Onicx Group has acquired 83 acres of industrial land in Edgewater in a joint venture with Aries Capital. The companies, which acquired the site for $4.2 million, will develop a 1 million-square-foot industrial park called Space Coast Industrial Park at Parktowne. Groundbreaking for the development is expected in January 2023. Phase I will include the construction of two buildings comprising 133,500 and 176,000 square feet, for a total 309,500 square feet. Completion of the first phase is anticipated for the first quarter of 2025. Orlando-based C4 Architecture will serve as the project’s architect. Scott Claiborne of Onicx led the site identification and development approval process, with Neil Freeman, Matt Carney and Brandon Perdeck of Aries overseeing the land acquisition and transaction structure and financing.
STONE MOUNTAIN, GA. — A joint venture between Kaplan Residential and Dune Real Estate Partners has broken ground on Avondale East, a multifamily development that will comprise 239 townhomes in Stone Mountain, roughly 10 miles east of Atlanta. Situated on 20 acres at 3940 Redan Road, the community will feature townhomes with one-, two- and three-bedroom floorplans. Amenities will include an 8,000-square-foot clubhouse, a fitness center, coworking space, lounge, pool, walking trails, pocket parks and fire pits. Locally based Brock Built Homes is the general contractor for the project, with Niles Bolton Associates serving as the architect. Focus Design Interiors and J Lancaster Associates Inc. are providing interior design and civil engineering, respectively. Kaplan acquired the land from The Paideia School in 2021 for $6.5 million.
SAVANNAH, GA. — Vista Residential Partners and Batson-Cook Development Co. (BCDC) have broken ground on Riverchase Vista, a 300-unit apartment development located on 15 acres in Savannah. The community, which marks the third joint development project between the two companies, will feature homes in one-, two- and three-bedroom layouts, with an average size of almost 1,000 square feet. Amenities will include a clubhouse, pool, fitness center, pet park and 24/7 package concierge services. First tenants are expected to move in by early 2023, according to the developers.
SAN ANTONIO — Locally based developer Koontz Corp. has broken ground on The Savoy Apartments, a 300-unit multifamily project located at the 10.4-acre site of the former Royal Fiesta movie theater in San Antonio. Savoy will offer one- and two-bedroom apartments, as well as two pools, landscaped courtyards and a dog park. Garcia + Associates is the project architect, and Pape-Dawson is the civil engineer. Koontz Corp. is also serving as the general contractor. Construction is expected to be complete before the end of 2024.
NEW YORK CITY — Bank OZK and Barings have provided $385 million in construction financing for 470 Kent Avenue, a multifamily project in Brooklyn’s Williamsburg neighborhood that will add 463 rental units and 90 condos to the local supply. The 22-story building will also include 19,000 square feet of commercial space. Bank OZK supplied a $310 million senior loan, and Barings provided $75 million in mezzanine financing. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between Naftali Group and Access Industries. Construction is underway and expected to be complete in 2025.
PORTLAND, ORE. — Greystar has unveiled plans to develop a two-building apartment property in Portland’s Slabtown neighborhood. Spanning two blocks between Northwest 19th and 20th avenues, the 364-unit project is slated to break ground later this month with completion scheduled for 2024. SERA Architects designed the development, which will include a five-story, 151-unit building and a seven-story, 213-unit building, both featuring brick exteriors. The project team of Greystar, SERA and Lango Hensen worked with neighboring St. Patrick’s Catholic Church officials to ensure the new project would not overshadow the 130-year-old historic landmark. ING Capital provided an undisclosed amount of construction financing for the project.
NORTH BETHESDA, MD. — Federal Realty Investment Trust (NYSE: FRT), a real estate investment trust based in Rockville, has topped out 915 Meeting Street, an office tower underway within the company’s Pike & Rose mixed-use development in North Bethesda. The building rises 16 stories and will comprise 250,000 square feet of office space upon completion, as well as 545 parking spaces and 6,000 square feet of ground-floor retail space. Choice Hotels International Inc. signed a lease last year to occupy nearly half of the office tower for its new corporate headquarters. Sodexo, a food services and facilities management company based in Paris, is another notable tenant that has preleased office space at 915 Meeting Street. General contractor Clark Construction Group and architectural firm Gensler lead the development team, which is targeting LEED Gold certification for the tower. “915 Meeting Street is our newest trophy building offering to the market,” says Jay Brinson, vice president of development at Federal Realty. “This collaborative effort with our partners at Clark and Gensler has resulted in a building that is 60 percent [preleased].” Clark Construction broke ground last December on 915 Meeting Street. With vertical construction complete, the firm is focused on building out …