Development

Standard Real Estate Investments to Develop $650M Mixed-Use Project in D.C.

by John Nelson October 18, 2022

WASHINGTON, D.C. — Standard Real Estate Investments LP, a minority-owned national real estate investment and development firm with offices in Washington, D.C., and Los Angeles, has purchased the Senator Square and East River Park shopping centers in northeast Washington D.C. The centers span 13 acres and are entitled and programmed for a $650 million mixed-use redevelopment that will bring 1,500 residential units, including approximately 300 affordable housing units, and 120,000 square feet of retail space to D.C.’s Northeast Heights district. National Housing Trust is developing 110 of the project’s 300 affordable housing units in a standalone building. The Black Economic Development Fund, which is managed by affiliates of the Local Initiatives Support Corp., and Forbright Bank provided construction financing for the development. The site is located within walking distance of the Minnesota Avenue Metro Station and near a build-to-suit office project that Trammell Crow Co. is developing for the District of Columbia’s Department of General Services. The construction timeline for the development was not disclosed.

October 18, 2022

Development Industrial Maryland Southeast

Joint Venture Breaks Ground on Two Spec Industrial Facilities in Hagerstown, Maryland Totaling 2 MSF

by John Nelson October 18, 2022

HAGERSTOWN, MD. — A joint venture led by an affiliate of Baltimore-based MCB Real Estate LLC has begun construction on Currwood Logistics Park, a 2 million-square-foot industrial park in Hagerstown. Set for delivery in late fall 2023, the 195-acre project will comprise two single-story buildings — one spanning nearly 1.7 million square feet and the other a 300,000-square-foot building that are being developed simultaneously on a speculative basis. Other members of the joint venture include Invesco Real Estate, Curated Development Group and Birchwood Capital Partners. The development is expected to generate nearly 1,500 new jobs for Washington County and the surrounding area. The development team is investing in the construction of a new signalized intersection at U.S. Route 40, as well as a new four-lane extension of Paul Smith Boulevard that extends to another new signalized intersection at Edgewood Drive that will serve as the project’s entrance. The concrete tilt-wall buildings will feature 36- to 40-foot clear ceiling heights, LED lighting, high-efficiency HVAC systems, 185-foot truck courts and segregated parking fields reserved for employee and visitor parking. The larger building will feature 196 dock doors and four drive-in doors, an alternate-energy-ready roof structure designed to accommodate a photovoltaic solar array …

October 18, 2022

Development Florida Mixed-Use Multifamily Southeast

Carter, Hunt Cos. to Build 22-Acre Mixed-Use Project in Lakeland, Florida

by John Nelson October 18, 2022

LAKELAND, FLA. — Atlanta-based Carter has partnered with El Paso, Texas-based Hunt Cos. Inc. to build a mixed-use development in Lakeland’s west downtown district. Carter recently closed on the purchase of the 22-acre site, which fronts Lake Wire and is proximate to the new 168-acre Bonnet Springs Park and RP Funding Center. Situated within an opportunity zone, the project will be built in two phases, the first phase of which will include 300 multifamily units and more than 15,000 square feet of street-level retail space. Patterson Real Estate Advisory Group assisted Carter in arranging the construction financing for the project through Citizens Bank. David Bunch and Lisa Parks Abberger of Hauger-Bunch Inc. represented the undisclosed seller in the land transaction.

October 18, 2022

Acquisitions Development Florida Industrial Southeast

Cushman & Wakefield Arranges $18M Land Sale in Daytona Beach, Buyer Plans 777,200 SF Industrial Project

by John Nelson October 18, 2022

DAYTONA BEACH, FLA. — Cushman & Wakefield has arranged the $18 million sale of a 67-acre industrial land site located at 1094 S. Williamson Blvd. in Daytona Beach. The buyer, Karis, expects to deliver three Class A buildings totaling 777,200 square feet on the site by late 2023. Jared Bonshire, David Perez, Taylor Zambito and Matthew Trone of Cushman & Wakefield represented the buyer in the transaction. The sellers, John Schnebly and Craig Wells, are successor co-trustees of the Berrien H Becks Sr Revocable Trust. Karis has retained the Cushman & Wakefield team to lease the development, which will be located at the intersection of I-4 and I-95. The buildings will feature cross-dock configurations, up to 100 dock doors, 40-foot clear heights, large truck courts and ample off-dock trailer parking.

October 18, 2022

Summit-Court-Union-New-JerseySummit-Court-Union-New-Jersey

Development Multifamily New Jersey Northeast

Diversified Properties, Fidelco Complete 396-Unit Multifamily Project in Union, New Jersey

by Taylor Williams October 18, 2022

UNION, N.J. — A partnership between two New Jersey-based firms, Diversified Properties and Fidelco Realty Group, has completed Summit Court, a 396-unit multifamily project located in the Northern New Jersey community of Union. The property features one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations, a fitness center, gaming lounge, pet play area and a catering kitchen. Rents start at $2,365 per month for a one-bedroom unit.

October 18, 2022

Development Northeast Retail Rhode Island

Topgolf to Open 68,000 SF Entertainment Venue in Cranston, Rhode Island

by Taylor Williams October 18, 2022

CRANSTON, R.I. — Topgolf will open a 68,000-square-foot venue at 100 Sockanosset Cross Road in Cranston. Locally based firm Carpionato Group owns the site and is leading the development of the multi-level facility, which will be the first in Rhode Island for the Dallas-based entertainment concept. Construction is underway and expected to be complete before the end of 2023. Carpionato is also working with Rhode Island Department of Transportation on infrastructural improvements associated with the project, such as the reconstruction of the eastern section of Route 37, which included a frontage road from Route 37 at Pontiac Avenue. Carpionato Group originally acquired the site in 1997.

October 18, 2022

Colorado Development Multifamily Western

Cypress Equity Completes 300-Unit Revel Apartment Property in Aurora, Colorado

by Amy Works October 18, 2022

AURORA, COLO. — Cypress Equity Investments (CEI) has completed construction of Revel, a transit-oriented multifamily community at 291 Dearborn Way in Aurora. Located off Interstate 225 and within walking distance of the Second Avenue and Abilene Station on Denver Regional Transportation District’s light rail line, the garden-style property offers access to Interstate 225, Denver International Airport and downtown Denver. KTGY designed the property, which features 300 units spread across five four-story residential buildings, which surround a two-story clubhouse, all on 8.1 acres with landscaping designed by Norris Design. The property’s grounds feature native plantings and outdoor amenity spaces for year-round indoor-outdoor living for residents and their pets. Units are available in a mix of studio, junior one-bedroom, one-bedroom, two-bedroom and three-bedroom layouts with floor-to-ceiling windows, a balcony or patio, in-unit washers/dryers, large bathtubs, stainless steel appliances, designer-inspired kitchen backsplashes, quartz countertops, USB combo outlets and wood-style flooring. Community amenities include work-from-home suites, a 24/7 fitness center, a fitness-on-demand room, club room with spacious events kitchen, resident lounge with conference space and co-working areas, and a pet spa and dog run. Additional outdoor amenities include an outdoor kitchen; resort-style pool with sun shelf, cabanas and hot tub; and a private park. …

October 18, 2022

Metro-East-Valley-Commerce-Center-Mesa-AZ

Arizona Development Industrial Western

Metro Commercial, Graycor Deliver Final Phases of 1.1 MSF Metro East Valley Commerce Center in Mesa, Arizona

by Amy Works October 18, 2022

MESA, ARIZ. — Metro Commercial Properties and Graycor Construction Co., as design-build contractor, have delivered the final buildings at Metro East Valley Commerce Center, an 11-building, 1.1-million-square-foot, Class A industrial park in Mesa. The newly completed Phases III and IV feature five buildings ranging from 58,399 square feet to 112,097 square feet with up to 32-foot clear heights, dock-high and grade-level loading and interior floor plans accommodating office, warehouse, manufacturing and light industrial uses. Graycor completed the first two phases in 2016 and 2017, respectively, with 712,049 square feet of space spread across six buildings. Phases III and IV were designed as speculative developments. However, approximately 80 percent of the leaseable space was preleased prior to shell construction completion. Chris McClurg and Ken McQueen of Lee & Associates serve as the project’s leasing brokers.

October 18, 2022

Development Industrial Utah Western

ViaWest Breaks Ground on 172,845 SF Spec Warehouse in Salt Lake City

by Amy Works October 18, 2022

SALT LAKE CITY — ViaWest Group has broken ground on 5 South Commerce Center, a Class A speculative warehouse facility located at 3175 W. 500 South in Salt Lake City. Slated for completion in second-quarter 2023, 5 South Commerce Center will offer 172,845 square feet of space divisible to 57,615 square feet. The building will feature a 2,500-square-foot office suite, additional office space to-suit, 32-foot clear heights, 56-foot by 54-foot column spacing, 35 dock-high doors, four grade-level doors, ESFR sprinkler system, 146 car parking stalls, ample power, clerestory windows and a paved and fenced outdoor storage yard. Phillip Eilers, Jon Schreck and Rick Newton of Cushman & Wakefield are handling project leasing efforts.

October 18, 2022

Civic Development Midwest Minnesota

Kraus-Anderson Completes $16M Police Department Facility for City of Crystal in Minnesota

by Kristin Harlow October 18, 2022

CRYSTAL, MINN. — Kraus-Anderson has completed construction of a $16 million police department facility located on the Crystal City Hall campus at 4141 Douglas Drive North. Crystal is located about five miles north of Minneapolis. Designed by Wold Architects & Engineers, the 53,300-square-foot facility features workspaces, a secure evidence storage area, indoor fleet storage and a dedicated space for K9 officers. The building also includes a detention space, garage, locker rooms and offices.

October 18, 2022

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