Development

The-Cubes-at-Gilboa-Douglas-Massachusetts

CRG Breaks Ground on 1.1 MSF Industrial Project in Douglas, Massachusetts

by Taylor Williams October 6, 2022

DOUGLAS, MASS. — CRG, the development arm of Chicago-based construction engineering firm Clayco, has broken ground on The Cubes at Gilboa, a 1.1 million-square-foot industrial project in Douglas, about 20 miles south of Worcester. The facility will be situated on 85 acres and will feature a clear height of 40 feet, 171 dock doors, four drive-in doors, an ESFR sprinkler system and parking for 651 cars and 220 trailers. Lamar Johnson Collaborative is the project architect, and Clayco is the builder. Newmark is the leasing agent. Completion is slated for fall 2023.

October 6, 2022

798-N.-Bedford-St.-East-Bridgewater-Massachusetts

Development Industrial Massachusetts Northeast

Greystar Begins Work on 412,500 SF Warehouse, Distribution Center in East Bridgewater, Massachusetts

by Taylor Williams October 6, 2022

EAST BRIDGEWATER, MASS. — Greystar has begun construction on a 412,500-square-foot warehouse and distribution center at 798 N. Bedford St. in East Bridgewater, located south of Boston. The project, which is scheduled for a late 2023 delivery, will be the South Carolina-based developer’s first in the greater Boston area. Greystar has tapped JLL to lease the development.

October 6, 2022

Development Georgia Industrial Southeast

Seefried Properties to Develop 738,720 SF Industrial Facility in Calhoun, Georgia

by John Nelson October 6, 2022

CALHOUN, GA. — Seefried Properties has purchased a 56-acre site in Calhoun with plans to develop Grove 75 Logistics Center, a 738,720-square-foot industrial facility. The spec facility is expected to be completed in the third quarter of 2023. The Class A building will feature 40-foot clear heights, 167 dock-high cross-docking doors (including four drive-in doors), trailer and auto parking spaces, LED interior lighting, ESFR sprinklers and office space. Located on Union Grove Road, the site is located a half-mile from I-75 and near the newly developed Appalachian Regional Port. Project partners include general contractor The Conlan Co., civil engineer Southland Engineering and architectural firm Atlas Collaborative. Joseph Kriss, Tripp Ausband and Doug Smith of Seefried will handle the marketing and leasing for Grove 75 Logistics Center.

October 6, 2022

Development Loans Multifamily Oregon Western

PCCP Provides $67.5M Construction Loan for Sunshine Dairy Apartment Project in Portland

by Amy Works October 6, 2022

PORTLAND, ORE. — PCCP has provided a $67.5 million loan to finance the construction of Sunshine Dairy, a seven-story, podium-style multifamily property located at 801 NE 21st Ave. in Portland. NBP Capital plans to start construction of the 271-unit community in fourth-quarter 2022, with completion scheduled for fourth-quarter 2024. The development will feature one level of controlled-access subterranean parking. Unit interiors will include vinyl plank flooring, quartz countertops, two-tone modern cabinetry, kitchen peninsulas, pendant and recessed lighting, patios on ground-floor units and in-unit washers/dryers. The property will feature 6,000 square feet of community space and 400 square feet of ground-floor retail space. On-site amenities will include a courtyard garden plaza, fitness center, yoga studio, kitchen, fireside lounge, movie room and a work lounge with private working spaces and a coffee bar.

October 6, 2022

Palisade-Wild-Horse-Commerce-Center-McCarran-NV

Development Industrial Nevada Western

North Palisade Partners to Develop 141,882 SF Palisade Wild Horse Commerce Center Near Reno

by Amy Works October 6, 2022

MCCARRAN, NEV. — Los Angeles-based North Palisade Partners has purchased a 6.4-acre site in McCarran for the development of Palisade Wild Horse Commerce Center, a Class A industrial property. Located at 99 Wild Horse Canyon Drive within Tahoe Reno Industrial Center in McCarran, the 141,882-square-foot facility will feature 36-foot clear heights, more than 80 parking spaces, ESFR sprinklers, 18 dock-high loading positions, two grade-level doors, LED lighting and 2,000 amps of power with the ability to quickly expand power capabilities. The building will also be divisible to spaces of 90,000 square feet and 50,000 square feet. Completion is slated for mid-2024. Chris Fairchild of Colliers brokered the acquisition transaction.

October 6, 2022

Development Healthcare Hospitality Mixed-Use Nevada Office Retail Top Stories Western

Pacific Group Breaks Ground on 135-Acre Helios Medical Campus in North Las Vegas

by Katie Sloan October 6, 2022

NORTH LAS VEGAS, NEV. — Pacific Group has broken ground on Helios, a 135-acre medical campus located in North Las Vegas. Construction costs for the project are set to total between $4.5 billion and $5 billion. At full buildout, the project is set to include a 1.1 million-square-foot inpatient hospital offering 600 beds, which will be built in three phases costing $1.2 billion; 1.3 million square feet of medical office and medical technology space; 250,000 square feet of retail with an emphasis on health and wellness; 900,000 square feet of research-and-development space with incubator spaces; 290 hotel rooms across two buildings; and seven restaurants, four of which will be full-service. The hospital portion of the development will offer an emergency department, surgical services and critical care. Additional outpatient offerings will include occupational therapy; behavioral and mental health therapy; educational facilities; testing labs; a sports rehabilitation center; skin care treatment; speech therapy; trauma therapy; radiology; imaging; urology; gastrointestinal care; pre- and post-natal care; and dental services. The research and development portion of Helios will focus on healthcare, aerospace technologies and sustainability. Local food and beverage offerings, athletic facilities, a grocery store, financial institutions, daycare centers and shops will occupy the retail segment …

October 6, 2022

Acquisitions Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Small Balance Lending Presents New Financing Option for Turbulent Market

by Sarah Daniels October 6, 2022

Following a similar move in June and July, the Fed implemented its third consecutive interest rate hike of 75 basis points in mid-September. This is the biggest three-month interest rate swing since 1994. What does this all mean for investors in the small balance lending (SBL) segment of the multifamily sector? The combination of rising interest rates, inflation and market uncertainty tempts borrowers to sit on the sidelines until conditions improve. Turbulent markets also limit financing options, as many lenders and capital sources tend to become cautious and pull back. But the need for capital transcends market cycles and seasoned multifamily investors know that rate hikes are nothing new. We’ve been here before with interest rates of nearly 7 percent in the 2000s and a record high of nearly 20 percent in the 1980s. The business of real estate investing never stops. New acquisition opportunities arise as distressed owners are forced to sell, cap rates settle to more conservative levels and the market shifts in the buyer’s favor. All things considered, now is the time to seek new investment opportunities. In fact, Warren Buffett once offered the timeless advice that it is wise for investors to be “fearful when others …

October 6, 2022

California Development Hospitality Loans Multifamily Western

Sandstone Properties Receives $28M Loan for Multifamily/Hotel Project in Woodland Hills, California

by Amy Works October 5, 2022

WOODLAND HILLS, CALIF. — Los Angeles-based Sandstone Properties has received a $28 million loan to refinance an existing loan and to fund the pre-development of a 35-story multifamily property and four-story hotel conversion at 6400 Canoga Ave. in downtown Woodland Hills. Parkview Financial provided the loan. The 4.7-acre redevelopment site currently consists of a three-story, 128,586-square-foot, Class B, multi-tenant office building and 457 surface and structured parking spaces. Sandstone acquired the site in February 2018 and has since obtained entitlements to develop a 35-story, 650-unit apartment building on the location of the existing parking structure. Additionally, the entitlements allow for the 10,000-square-foot expansion of the existing office building and its conversion to a four-story, 240-key luxury hotel. The project team includes WATG as architect and EDG Design as interior designer. A general contractor has not yet been named.

October 5, 2022

Development Office Utah Western

St. John Properties Breaks Ground on 140,768 SF Office Building in Pleasant Grove, Utah

by Amy Works October 5, 2022

PLEASANT GROVE, UTAH — St. John Properties has broken ground for Valley Grove III, a five-story Class A office building in Pleasant Grove. Once complete, the facility will bring the company’s commercial real estate portfolio in Utah to more than 1 million square feet. The 140,768-square-foot property will be the 22nd building at St. John Properties’ Valley Grove, which includes office, flex/R&D, restaurant and retail space. St. John Properties first started development at Valley Grove in 2017.

October 5, 2022

Development Multifamily Texas

Novak Brothers Breaks Ground on 301-Unit Multifamily Project in Metro Austin

by Taylor Williams October 5, 2022

GEORGETOWN, TEXAS — Locally based firm Novak Brothers Development Group has broken ground on Rise510, a 301-unit multifamily project located in the northern Austin suburb of Georgetown. The community will be situated on a 12-acre parcel within the 164-acre Wolf Lakes Village master-planned development. Amenities will include a pool, fitness center, hiking trails and a one-acre community park. Completion is slated for summer 2024.

October 5, 2022

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