PRINCETON, N.J. — A joint venture between Mountain Development Corp. and Gottesman Real Estate Partners will develop a 38,000-square-foot life sciences project within the Roszel Square campus in Princeton. Building features will include lab-level HVAC systems, a 16-foot clear height, freight elevator, loading dock and a backup generator. The joint venture will market the two-story facility as a build-to-suit. Princeton Property Partners has been appointed as leasing agent.
AUGUSTA, GA. — Wellstar Health System and Augusta University Health System (AUHS) have reached an agreement where AUHS facilities will come into Wellstar’s network of hospitals and clinics. The most notable affected facility is Augusta University Medical Center (AUMC), a more than 600-bed safety net and teaching hospital. Wellstar will also have a broader affiliation with the university’s Medical College of Georgia, the only public medical college in the state. Marietta, Ga.-based Wellstar has also pledged to invest $800 million over 10 years for AUHS facilities and infrastructure, including more than $200 million allocated to AUMC. Additionally, capital for a new hospital, medical office building and ambulatory surgery center in Columbia County and the costs associated with implementing a new state-funded electronic medical records system throughout AUHS will be funded. AUHS will operate under a new name, Wellstar MCG Health, once the deal is finalized later this year. The boards of Wellstar and AUHS and the Board of Regents of the University System of Georgia have approved the agreement.
CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on The Exchange Apartments, a 252-unit multifamily development in southwest Charlotte. The community will be situated within the Exchange Business Park off I-77 and Tyvola Road, about a half-mile from the Woodlawn stop on the Blue Line Light Rail. Units will feature oversized windows, sliding glass doors, Nest thermostats and smart locks. Community amenities will include a resort-style pool and sundeck, coffee bar, fitness center with a yoga and spin room and a game room. United Bank and Dogwood State Bank are providing an undisclosed amount of construction financing for the development. The design-build team includes architectural firm Rule Joy Trammell & Rubio, civil engineer LandDesign and general contractor Harkins. Katherine Southard of CBRE assisted in the land sale between Dominion Realty and the seller, Dilweg. Dominion Realty expects to deliver the first units in first-quarter 2025. The Exchange represents the developer’s fifth project in the metro Charlotte area.
HOUSTON — Locally based developer NewQuest Properties is underway on the redevelopment of Pavilion Square, a 90,000-square-foot retail center in Houston. NewQuest is rebranding Pavilion Center as West on West. Asian grocer 99 Ranch Market will anchor the center. Other tenants will include Gen Korean BBQ House and Teso Life, which will occupy 6,212 square feet and 13,340 square feet, respectively. Exterior renovations are scheduled for completion this month.
SAN DIEGO — Kearny Real Estate Co. has started site work for the 26-acre final phase of the 311-acre Otay Crossings Commerce Park in the San Diego submarket of Otay Mesa. Plans for the final phase call for four industrial buildings ranging in size from 45,000 square feet to 205,500 square feet. The development site is located at the southernmost point of the industrial park at the intersection of Siempre Viva and Paseo Del La Fuente Roads, immediately adjacent to the future U.S.-Mexico Point of Entry. The buildings will provide divisible suites down to 25,000 square feet. They will feature dock-high and grade-level doors, 32- to 36-foot minimum clear heights and truck courts with depths up to 180 feet. The $90 million final phase will also include a 3.6-acre trailer lot with 47 stalls serving as an amenity feature for users seeking additional area for storge of materials and/or trailers. Delivery of the first building, totaling 45,100 square feet, is scheduled the fourth quarter of this year, with the remaining buildings to be delivered early 2024.
PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust is nearing completion of Avira, a 326-unit multifamily project in Philadelphia. Residences will be constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units will come in studio, one- and two-bedroom floor plans and will be housed within the top 18 floors of the building. The property already includes 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. The first residences are expected to be available for occupancy this summer.
PHOENIX — Harkins Theatres has announced plans for Harkins BackLot, a 32,000-square-foot entertainment center at The Shops at Norterra in Phoenix. The new concept is inspired by movie studio backlots and will feature a full-service restaurant and bar; sports viewing arena; arcade; bowling with digitally animated and enhanced lanes; outdoor patio with yard games; and a private event space with party and corporate event rooms. The opening is scheduled for 2024, with more locations to follow. Eric Termansen of Western Retail Advisors represented Harkins in the leasing negotiations.
QUEEN CREEK, ARIZ. — Cypress West Partners has started construction of a 22,000-square-foot, Class A medical office development near Chandler. The single-story building will be located at the intersection of Signal Butte and Ocottillo roads in Queen Creek. Construction is scheduled for completion by third-quarter 2023. The property is the only off-campus medical office building for lease in Queen Creek, according to the developer. Cypress West acquired the 2.5-acre parcel at the end of 2022. The new building, named Ocotillo Medical Collaborative, was 87 percent leased to a mix of service-oriented medical tenants prior to construction starting. Negotiations are underway for the remaining space within the building.
CHICAGO — Luxury Living has begun pre-leasing efforts for Cadence Apartments in Chicago’s Illinois Medical District. The 11-story apartment complex is located at 2050 W. Ogden St. and features 161 units. Amenities include an outdoor terrace, fitness center, coworking lounge, business center, outdoor rooftop, pool, indoor lounge and bike storage. The property is now more than 25 percent leased and expected to be fully leased by the end of the summer. Monthly rents start at $1,650 for studios. Pierkarz Associates was the architect and Brianne Bishop Design was the interior designer.
CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on a $6 million flex industrial building within Spirit Valley Business Park in Chesterfield, a western suburb of St. Louis. The 40,000-square-foot building can accommodate one to four tenants and a range of uses such as warehouse, office, manufacturing and showroom space. Located at 675 Spirit Valley West Drive, the project will feature four separate entrances, a ramped drive-in, overhead dock doors, a 142-foot truck court and floor-to-ceiling heights ranging from 24 to 27 feet. Completion is slated for June. Spirit Valley Business Park is situated next to the Spirit of St. Louis Airport. Keystone built the infrastructure for the park in 2008 and has since constructed 10 buildings.