Development

Principle Construction Completes Expansion, Renovation of Warehouse for CV-Tek in South Elgin, Illinois

by Kristin Harlow October 10, 2022

SOUTH ELGIN, ILL. — Principle Construction has completed an expansion and renovation project totaling 78,000 square feet for food packaging manufacturer CV-Tek in South Elgin. Middleby Cos. owns the building, which now features 56,000 square feet of warehouse space and 22,000 square feet of office space. The project also included new electrical distribution system for computerized manufacturing equipment, enhanced lighting, new flooring and roof upgrades. Cornerstone Architects provided architectural services. Principle completed the project in 16 weeks.

October 10, 2022

Development Market Reports Northeast Northeast Market Reports Pennsylvania Retail

New 76ers Arena Has Game-Changing Potential

by Taylor Williams October 10, 2022

By Taylor Williams Though very much in its infancy, the Philadelphia 76ers’ recent decision to assemble a development team and file a formal proposal for a new arena at the current site of Fashion District Philadelphia has drawn the city’s retail market into speculation on how buildings, operators and streetscapes will be impacted. Known as 76 Place, the $1.3 billion venue would theoretically anchor the Market East corridor that connects Center City to Chinatown and Old City via its location atop the city’s largest public transit hub. The ability to centralize the arrival of fans, shoppers and diners from all cardinal directions, as well as multiple states, automatically sparks excitement for growth opportunities in the world of retail real estate. This project would immediately check that box. “The announcement of the new 76ers arena has generated a lot of discussion in the retail world,” says Steve Gartner, executive vice president at CBRE. “Bringing an arena to downtown Center City, especially one that’s adjacent to a convention center, will allow Philadelphia to hold more concerts and global events, like political conventions, that impact retailers and restaurants. These positive impacts will permeate the fabric of all of downtown.” “The retail community is …

October 10, 2022

Development Mixed-Use South Carolina Southeast

Lancaster County Council Approves Phase II of RedStone Mixed-Use Development in Metro Charlotte

by John Nelson October 7, 2022

INDIAN LAND, S.C. — The Lancaster County Council has approved developer MPV Properties’ plans for the second phase of RedStone, a mixed-use development in the Charlotte suburb of Indian Land. Phase II will comprise 350 apartments, 20 townhomes and 24,000 square feet of retail space. Located at the intersection of U.S. Highways 521 and 160, the second phase will be situated adjacent to Phase I, a shopping center that opened in 2016 and includes 80,000 square feet of existing retail and restaurant space, as well as the RedStone 14 Cinemas. Between the two phases will be an event lawn that MPV plans to activate with live music, farmers markets and other public events. The developer has begun leasing the retail space at Phase II, which will break ground in fall 2023. Michael Bilodeau and Steve Vermillion of MPV Properties, along with Jason McArthur of Mission Properties, are leading the development of RedStone Phase II. Robbie Adams and Joey Morganthall of MPV Properties are responsible for retail leasing.

October 7, 2022

Development Industrial Texas

Volkswagen to Open $114M Importation Facility in Freeport, Texas

by Taylor Williams October 7, 2022

FREEPORT, TEXAS — Volkswagen Group of America will open a $114 million importation facility in Freeport, located south of Houston on the Texas coastline. The site spans 120 acres and represents a consolidation of the German automaker’s port operations in Houston and Midlothian. Volkswagen has entered into a 20-year ground lease with a partnership between the two developers leading the project, Washington, D.C.-based PRP and Dallas-based KDC. Construction is scheduled to begin before the end of the year, and the facility is expected to be operational in early 2024. JLL represented Volkswagen in its site selection process. Volkswagen anticipates that at full capacity, the facility will be able to handle as many as 140,000 vehicle imports per year, primarily from its production hubs in Mexico and Europe.

October 7, 2022

First-Logistics-Center-@-283-Elizabethtown

Development Industrial Leasing Activity Northeast Pennsylvania

First Industrial Inks 1.1 MSF Lease in Elizabethtown, Pennsylvania, Breaks Ground on 700,000 SF Facility

by Taylor Williams October 7, 2022

ELIZABETHTOWN, PA. — Chicago-based First Industrial Realty Trust has inked a 1.1 million-square-foot lease with boohoo, an online fashion retailer based in the United Kingdom, at First Logistics Center @ 283 in Elizabethtown, a southeastern suburb of Harrisburg. Jeff Lockard, Paul Torosian, Ryan Barros and Kyle Lockard of JLL represented the landlord in the lease negotiations. First Industrial has also broken ground on a 700,000-square-foot building at the site that will feature a clear height of 40 feet, 143 loading doors, 194 trailer parking stalls and 318 car parking spaces. Completion of that building is scheduled for the second quarter of 2023.

October 7, 2022

Development Hospitality Northeast Pennsylvania

Keystone, Concord Complete 127-Room Hotel in Metro Philadelphia

by Taylor Williams October 7, 2022

CONSHOHOCKEN, PA. — A partnership between locally based firm Keystone Development + Investment and Concord Hospitality has completed Hotel West & Main, a 127-room project in Conshohocken, a northern suburb of Philadelphia. The hotel, which will be operated under the Tapestry Collection by Hilton brand, is located within the $340 million SORA West mixed-use development. The property houses two food and beverage options and is the first new hotel to open in Conshohocken in 22 years, according to the development team. SORA West is also home to AmerisourceBergen’s corporate headquarters campus.

October 7, 2022

Development Multifamily New Jersey Northeast

Park Stone, Fields Grade Begin Leasing 99-Unit Apartment Building in Jersey City

by Taylor Williams October 7, 2022

JERSEY CITY, N.J. — A partnership between two developers, Park Stone Management and Fields Grade, has begun leasing Le Léo, a 99-unit apartment building in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the property offers one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, coworking space and a rooftop terrace. Le Léo also houses ground-floor retail space. Rents start in the $2,500s for a one-bedroom apartment.

October 7, 2022

Development Industrial Leasing Activity Michigan Midwest

ONE to Invest $1.6B in Battery Cell Manufacturing Plant in Michigan

by Kristin Harlow October 7, 2022

VAN BUREN TOWNSHIP, MICH. — Our Next Energy (ONE), a Michigan-based energy storage technology company, has unveiled plans to invest $1.6 billion in a new battery cell manufacturing plant in Van Buren Township, about 28 miles southwest of Detroit. The recently constructed facility will be named ONE Circle and is expected to create 2,112 jobs when operating at full capacity by the end of 2027. The 659,589-square-foot facility will produce 200,000 electric vehicle battery packs annually. ONE will begin upgrades and equipment installation at the property in January 2023. Production at the plant is slated to begin in 2024. Ashley Capital owns the property, which is located at 42060 Ecorse Road within the Crossroads Distribution Center.

October 7, 2022

Affordable Housing Development Kansas Midwest Multifamily Seniors Housing

Rau Construction Completes Renovation of Affordable Seniors Housing Building in Kansas City

by Kristin Harlow October 7, 2022

KANSAS CITY, KAN. — Rau Construction has completed a significant renovation of Town House in downtown Kansas City. Formerly known as Cross Lines Tower, the property is now home to 130 units for seniors age 55 and older who earn between 30 and 60 percent of the area median income. The building originally opened in 1951 as a hotel and was converted into affordable housing in 1981. Amenities include a meeting room, tenant lounge, outdoor patio and garden area, community room and laundry facilities. UMB Bank provided $25.5 million in construction and equity bridge loans and, through Hunt Capital Partners, a $17.4 million low-income housing tax credit equity investment to fund and finance the $42 million project. KeyBank provided permanent financing. Additional financing partners included Commerce Bank, Kansas Housing Resource Corp., Kansas Development Finance Authority and the North East Economic Development Corp. The development team included Foutch Brothers as the architect, Hughes Development Co. and Tier 1 Development Group LLC as co-developers and Universal Management Inc. as property manager.

October 7, 2022

Development Industrial Texas

Bridge Logistics Properties Buys 203,430 SF Industrial Facility in Grand Prairie, Texas

by Taylor Williams October 6, 2022

GRAND PRAIRIE, TEXAS — Bridge Logistics Properties, an affiliate of Utah-based investment firm Bridge Investment Group Holdings (NYSE: BRDG), has purchased a 203,430-square-foot industrial facility in the central metroplex city of Grand Prairie. Situated on 12 acres, the property features 32-foot clear heights, 180-foot truck court depths, 42 dock-high doors and 49 trailer parking stalls. Kurt Griffin and Nathan Orbin of Cushman & Wakefield represented the undisclosed seller in the transaction.

October 6, 2022

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