OAK BROOK, ILL. — Krusinski Construction has completed a renovation of Comcast’s office in the Chicago suburb of Oak Brook. The renovated space features new carpeting, quartz countertops, multiple offices, conference rooms and a wellness area. The office also features technology that reduces energy consumption, such as wireless lighting controls and occupancy sensors. Krusinski also implemented new security features.
AYDEN, N.C. — Frampton Construction Co. has broken ground on a build-to-suit industrial project for Pepsi-Cola franchiser Minges Bottling Group in Ayden. Upon completion, the facility will total 223,375 square feet and include warehouse space, a vending repair area, three-bay fleet maintenance shop and more than 20,000 square feet of office space. The rear-load building will feature 32-foot clear heights, 24 dock doors and 10 drive-in doors. Charlotte-based The Keith Corp. is developing the project, with Thomas & Hutton acting as the civil engineer and McMillan Pazdan Smith serving as architect. Completion of the facility is scheduled for January of next year.
NASHVILLE, TENN. — Tricera Capital and Merrimac Ventures have completed the renovation of L&C Tower, a 31-story office property located at 401 Church St. in downtown Nashville. Upgrades to the building, which was originally constructed in the 1950s and acquired by the partnership last year, included the creation of speculative suites and improvements to common areas. Tenants at the tower include Warby Parker, Drive Social Media, Motiv, Castlerock Asset Management, Deacons New South and Ophelia’s Lounge. Doug Ryan and Melanie Tigrett of Colliers handle leasing at the property.
BOERNE, TEXAS — Locally based developer Embrey will build a 214-unit build-to-rent residential community in Boerne, a northwestern suburb of San Antonio. The site spans 27.5 acres at 1670 State Highway 46. Homes will have an average size of 1,100 square feet, and amenities will include a pool, fitness center, clubhouse and outdoor grilling and dining areas, as well as multiple dog parks, sitting areas and walking trails. Russell Noll of Transwestern represented the undisclosed seller in the land deal. Construction is set to begin in June, and the first units are expected to be delivered in summer 2024.
NEW YORK CITY — New York City-based Douglaston Development is nearing completion of 3Eleven, a 938-unit multifamily project located at 311 Eleventh Ave. in Manhattan’s West Chelsea neighborhood. The 60-story building houses 703 market-rate apartments and 235 affordable housing units, as well as 60,000 square feet of indoor and outdoor amenity space and 15,000 square feet of retail space. Units come in studio, one- and two-bedroom formats and are furnished with stainless steel appliances and individual washers and dryers. Amenities include an outdoor pool, multiple roof decks, a fitness center, children’s play area, multiple resident lounges, music studios and indoor and outdoor dog runs. Rents start at roughly $4,200 per month for a studio apartment.
ROLLING MEADOWS, ILL. — Brennan Investment Group has acquired a 485,000-square-foot office building located at 3800 Golf Road in the Chicago suburb of Rolling Meadows. Brennan plans to demolish the building and construct a new Class A industrial park to be named Rolling Meadows Commerce Center, or RMC². The development will consist of 600,000 square feet of industrial space and landscaped grounds. Target users will include manufacturers, distributors and data centers. The project is still in the early stages with no specific construction timeline, but Brennan expects to complete the project in the next few years.
STRATFORD, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $7.2 million sale of two adjacent development sites at 1255 and 1297 West Broad Street in Stratford, located in southern Connecticut’s Fairfield County. The lots are part of a 14-acre assemblage that is zoned and approved for the construction of a 231,000-square-foot industrial facility that will feature clear heights of 36 to 39 feet, two drive-in doors and 232 parking spaces. Boston-based GFI Partners purchased the land and is developing the facility. Jon Angel of Angel Commercial brokered the land deal, the seller in which was not disclosed. Construction is slated for a second-quarter 2024 completion.
DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …
MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.
AURORA, COLO. — Bellwether Enterprise (BWE) has secured $43.1 million to fund the new construction of 15 Sable Apartments, an affordable housing community in Aurora. Developed by DBG Properties and Featherstone Development, the community will be a four-story apartment complex situated on a walkable, transit-oriented site. BWE provided tax-exempt and taxable loans through its BWE Private Placement platform. The loan features an 18-year term with 40-year amortization schedule, and interest-only payments for the first six years from closing. Anthea Martin in BWE’s Denver office originated the loan through a private placement on behalf of the borrowers. The project was made possible through the support of the City of Aurora; a property tax abatement partnership with Aurora Housing Authority; a private activity bond allocation from Colorado Housing and Finance Authority; a subordinate loan from Colorado Department of Local Affairs Division of Housing; a tax credit equity investment from Arizona-based Affordable Housing Partners; and a sale of property by the Regional Transportation District.
