Development

CapRock Completes 1.1 MSF of Industrial Development in Norco, California

by Jeff Shaw June 6, 2023

NORCO, CALIF. — CapRock Partners has completed Palomino Ranch Business Park Phase I and Saddle Ranch South, two new LEED Silver-certified industrial complexes in Norco. Palomino Ranch Business Park Phase I is the first of a three-phase development. CapRock claims that, at total completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history, offering about 2 million square feet across 24 buildings on about 112 acres. Saddle Ranch South is located a prime infill development consisting of three industrial buildings ranging in size from 100,000 square feet to 155,000 square feet. It is designed for local and regional manufacturing and distribution companies. The site is located approximately two miles north of Palomino Ranch.

June 6, 2023

Development Hospitality Washington Western

Simon Breaks Ground on Residence Inn at Northgate Station in Seattle

by Jeff Shaw June 6, 2023

SEATTLE — Simon Property Group (NYSE: SPG) has broken ground on Residence Inn by Marriott at Northgate Station, a hotel in Seattle. This will be the first hotel at Northgate Station, a mixed-use, transit-oriented development. The hotel will join the newly upgraded Northgate Sound Transit light rail station and Kraken Community Iceplex, the official training facility for the Seattle Kraken NHL team and regional hub for ice sports in the Pacific Northwest. Further details were not disclosed. Simon Property Group is a REIT focused on retail and mixed-use properties.

June 6, 2023

Company News Development Idaho Office Western

Capstone Cos. Opens New Office in Boise

by Jeff Shaw June 6, 2023

BOISE, IDAHO — Capstone Cos. has expanded its brokerage firm with a new regional office in Boise. Colton Yasinski, who has transacted hundreds of units in the Idaho market, including affordable LIHTC product, value-add multifamily and Class A market rate assets, leads the new office. Expanding into Boise reinforces Capstone’s presence in the Western U.S. as the company seeks rapid growth and expansion in the multifamily sector. With the opening of this new office, Capstone continues its nationwide growth with a total of 21 offices and more than $12 billion in sales.

June 6, 2023

Development Illinois Industrial Midwest

Peak Construction Breaks Ground on 677,000 SF Industrial Build-to-Suit Project in Joliet, Illinois

by Kristin Harlow June 6, 2023

JOLIET, ILL. — Peak Construction Corp. has broken ground on a 677,000-square-foot industrial build-to-suit project within the Rock Run Crossings Business Park in Joliet. IDI Logistics is the developer and Ecolab is the tenant. Completion is slated for the second quarter of 2024. Ecolab is a sustainability company that offers water, hygiene and infection prevention solutions and services. The project team also includes architect Ware Malcomb and civil engineer Jacob & Hefner Associates Inc.

June 6, 2023

Development Industrial Texas

Hoar Construction Breaks Ground on 328,000 SF Parking Garage at Sam Houston State University in Metro Houston

by Taylor Williams June 6, 2023

CONROE, TEXAS — General contractor Hoar Construction has broken ground on a 328,000-square-foot parking garage on the Sam Houston State University campus in Conroe, about 40 miles north of Houston. The garage, which will feature 983 spaces, is being constructed to accommodate students and faculty at the new health professions building, construction of which will begin next year. Kirksey Architecture designed the parking garage, which is slated for a summer 2024 delivery.

June 6, 2023

Development Industrial New York Northeast

L&L Holding, Columbia Property Top Out 1.3 MSF Terminal Warehouse in Manhattan

by Taylor Williams June 6, 2023

NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust has topped out Terminal Warehouse, a 1.3 million-square-foot industrial redevelopment project in Manhattan’s West Chelsea neighborhood. Designed by COOKFOX Architects, the project centers on the conversion of a historic warehouse that was originally built in 1891 into a mixed-use destination with office and retail components. The development also includes 2.5 acres of open green space. Full completion is slated for 2024.

June 6, 2023

Development Loans Multifamily New York Northeast

Deutsche Bank, Naftali Provide Construction Financing for Manhattan Residential Project

by Taylor Williams June 6, 2023

NEW YORK CITY — Deutsche Bank and Naftali Credit Partners have provided an undisclosed amount of construction financing for a residential project in Manhattan’s Greenwich Village area. Designed by Kohn Pedersen Fox, the project will consist of 28 for-sale condos and ground-floor retail space. Deutsche Bank provided the senior loan, and Naftali issued mezzanine debt. The borrower was a joint venture between New York City-based Argo Real Estate and Indian developer B Safal. Project completion is slated for 2024.

June 6, 2023

Acquisitions Development Hospitality Maryland Multifamily Southeast

Byrnes & Associates to Lead $18.5M Hotel-to-Multifamily Conversion Project in Downtown Baltimore

by John Nelson June 5, 2023

BALTIMORE — A group led by Byrnes & Associates Inc. has purchased Hotel RL Baltimore Inner Harbor located at 207 E. Redwood St. in downtown Baltimore. The locally based investment firm will lead the $18.5 million redevelopment strategy that will convert the 10-story hotel into a 130-unit apartment building. The units will comprise studios, “junior one-bedroom” and one-bedroom apartments spanning 400 to 800 square feet with modern furnishings. Byrnes & Associates expects to redevelop the building, which was first developed as an office building, and lease the units in 18 months. The development team includes Brad Byrnes and Kemp Byrnes of Byrnes & Associates; investors Jay Litke and Moe Krohn of Kove Group LLC who will be the general contractors performing all construction activities; and investor/asset manager Brendan Ferrara of Carm Capital LLC. Byrnes & Associates previously purchased and redeveloped the adjacent 225 and 233 E. Redwood St. buildings, which comprise a total of 90,000 square feet of office and retail space, including the reopening and rebranding of the historic Werner’s Diner & Pub.

June 5, 2023

Development Industrial Texas

Ironwood Underway on 490,000 SF Industrial Project in Pflugerville, Texas

by Taylor Williams June 5, 2023

PFLUGERVILLE, TEXAS — Dallas-based developer Ironwood Realty Partners is underway on construction of a project in the northern Austin suburb of Pflugerville that will add 490,000 square feet of industrial space across three buildings to the local supply. The project represents the third and final phase of 130 Crossing, a development whose first two phases featured five buildings totaling 675,000 square feet. Alliance Architects is designing Phase III, and Catamount Constructors is serving as the general contractor. Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.

June 5, 2023

Development Multifamily Texas

Henry S. Miller to Develop 204-Unit Multifamily Project in Ferris, Texas

by Taylor Williams June 5, 2023

FERRIS, TEXAS — Dallas-based Henry S. Miller Cos. will develop Casitas Shaw Creek, a 204-unit multifamily project in Ferris, a southern suburb of Dallas. The project has a total price tag of $35 million. Casitas Shaw Creek will comprise six three-story residential buildings and a 5,000-square-foot retail building on an 11.4-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, resident clubhouse, dog park and outdoor grilling and dining areas. Construction is scheduled to begin next spring and to last about 24 months.

June 5, 2023

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