Development

Massage Studio, Brewery Sign Leases Totaling 5,000 SF at Oakhurst Commons in Charlotte

by John Nelson March 17, 2023

CHARLOTTE, N.C. — Two tenants have signed leases at Oakhurst Commons, a 135,000-square-foot adaptive reuse project currently underway in Charlotte. Massage studio Mood House will lease 3,000 square feet, marking the brand’s second Charlotte location. Additionally, Pop the Top Craft Beer will open a 2,000-square-foot brewery with outdoor patio space. A joint venture between MDH Partners and Parkside Partners acquired the property — located at 4000 Monroe Road and formerly home to a five-building office, warehouse and lab facility — in 2021. Upon completion, the development will include 120,000 square feet of office space and 15,000 square feet of retail space. Alex Mann of Thrift Commercial Real Estate Services handles leasing for the project.

March 17, 2023

Development Multifamily Texas

Pearlstone Partners Breaks Ground on 182-Unit Multifamily Project in South Austin

by Taylor Williams March 17, 2023

AUSTIN, TEXAS — Locally based developer Pearlstone Partners has broken ground on The Montage, a 182-unit multifamily project in South Austin. The condominium development will offer studio, one- and two-bedroom units that will range in size from 520 to 1,400 square feet, as well as 12,872 square feet of retail space. Amenities will include a pool, fitness center, coworking lounge, clubhouse and a rooftop terrace. STG Design is the project architect, and Summit Design Build is the general contractor. Knighthead Funding provided construction financing. Completion is scheduled for spring 2025.

March 17, 2023

Development Life Sciences Massachusetts Northeast

Leggat McCall, DLJ Properties Top Out 370,000 SF Life Sciences Project in Somerville, Massachusetts

by Taylor Williams March 17, 2023

SOMERVILLE, MASS. — A partnership between Leggat McCall Properties and DLJ Real Estate Capital Partners has topped out 808 Windsor, a 370,000-square-foot life sciences project located roughly four miles outside of Boston in Somerville. The site is situated adjacent to the newly developed Union Square MBTA Green Line Station within the 1.8 million-square-foot Boynton Yards mixed-use development. The 11-story facility will include 7,000 square feet of retail and 242 below-grade parking spaces. Shawmut Design & Construction is the general contractor for the project, which is slated for an early 2024 completion.

March 17, 2023

Affordable Housing Development Michigan Midwest Multifamily

Lincoln Avenue Capital to Build Two Affordable Housing Communities in Ypsilanti, Michigan

by Kristin Harlow March 17, 2023

YPSILANTI, MICH. — Lincoln Avenue Capital (LAC) is developing Huron Vista and Residences at Huron, two new affordable housing communities that will provide 156 units for families and individuals and 152 units of seniors housing in Ypsilanti. Financing came from tax-exempt bonds and 4 percent low-income housing tax credits from the Michigan State Housing Development Authority; a PILOT from the City of Ypsilanti; an equity investment from KeyBank Community Development Corp.; a construction loan from KeyBank; and a permanent loan from Freddie Mac, serviced by KeyBank. Construction is scheduled to begin this month, and completion is slated for fall 2024. Both properties will feature outdoor gathering spaces, a pool and fitness center.

March 17, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Tops Off Construction of Bellwood Senior Apartments in Suburban Chicago

by Kristin Harlow March 17, 2023

BELLWOOD, ILL. — Evergreen Real Estate Group has topped off construction of Bellwood Senior Apartments in Bellwood, a western suburb of Chicago. The 80-unit affordable seniors housing property is slated for completion in August. The $30 million project replaces a former Walgreens property. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will be reserved for residents age 62 or older with incomes at or below 60 percent of the area median income. General contractor F.H. Paschen has completed the concrete block masonry and precast plank structure. The construction crew is currently installing mechanical, electrical, plumbing and fire protection, which will be followed by drywall work, windows and façade finishes. Weese Langley Weese Architects Ltd. is the project architect. Amenities will include laundry rooms on each level, three community rooms, storage rooms and a fitness center. The Illinois Housing Development Authority served as the tax credit issuer and subordinate funds provider. The Village of Bellwood provided tax-increment financing incentives and a loan. Additionally, Bank of America is the investor and construction loan lender, Hudson Housing Capital syndicated the tax credits and Cook County provided HOME funds.

March 17, 2023

California Development Loans Multifamily Western

GPI Cos. Receives $84M Construction Financing for Overland and Ayres Apartment Community in West Los Angeles

by Jeff Shaw March 17, 2023

LOS ANGELES — GPI Cos. has received $84 million in financing for construction of Overland and Ayres, a 201-unit apartment community in West Los Angeles. Located 2455 Overland Ave., Overland and Ayres will be fully integrated with the newly constructed West End creative campus. It will feature 100 percent market-rate units, with amenities like a podium pool deck and outdoor fitness lawn. The community will also include about 6,200 square feet of commercial space. JLL secured the floating-rate construction loan through Citizens.

March 17, 2023

California Development Life Sciences Office Western

CBRE Negotiates $17.7M Sale of Thousand Oaks Office Property for Life Sciences Conversion

by Jeff Shaw March 17, 2023

THOUSAND OAKS, CALIF. — CBRE has arranged the sale of a 98,776-square-foot office building in Thousand Oaks for $17.7 million. The firm also arranged $42 million in financing for the acquisition and speculative conversion to a life sciences campus. Located at 120 Via Merida and built in 1998, the two-story office building sits on 6.7 acres and was previously the corporate headquarters for Wellpoint Health Networks. The property’s existing infrastructure is well suited to be redeveloped for life sciences use, according to CBRE. It features 50,000-square-foot floor plates, steel frame construction, outdoor balconies, grade-high dock door and ample power supply. Gray Matter, the life sciences initiative of Graymark Capital, has engaged architect BAM Creative to develop a phased conversion plan. Upon completion, the property will feature 60 percent lab-ready space with upgraded mechanical, electrical and plumbing, and 40 percent newly built creative office space to support the lab. The property will also undergo exterior and site improvements to the power system, loading area, indoor/outdoor amenity areas, cosmetics, roof and parking lot. CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller, a Los Angeles-based private equity firm, in the sale. CBRE’s Greg Grant arranged financing on behalf of the …

March 17, 2023

California Development Industrial Self-Storage Western

North Palisade Partners Opens Self-Storage Development in Huntington Park, California

by Jeff Shaw March 17, 2023

HUNTINGTON PARK, CALIF. — North Palisade Partners has opened its first self-storage facility, located at 2200 Nadeau St. in Huntington Park, just south of Los Angeles. The three-story, 133,000-square-foot facility sits on two acres and features more than 1,500 units. Extra Space Storage will operate the property, which is named Palisade Nadeau Storage.

March 17, 2023

California Development Mixed-Use Office Top Stories Western

Fox Corp. Plans $1.5B Expansion to Historic Fox Studio Lot in Los Angeles, Including New Office Towers

by John Nelson March 17, 2023

LOS ANGELES — Fox Corp. has submitted plans to the City of Los Angeles to expand the historic Fox Studio Lot as part of a project known as “The FOX FUTURE Studio Lot Project.” The plan is expected to cost approximately $1.5 billion and generate $9 million in annual tax revenues. The Fox Studio Lot currently comprises 1.8 million square feet across 96 buildings. The FOX FUTURE Studio Lot Project would add 1.6 million square feet of new development, including nine new soundstages, as well as production facilities and a 24-story media campus office building. The media campus office is intended to receive LEED Platinum certification and will feature shared and private offices designed for film and TV production. Fox is seeking a development partner to construct a 35-story building toward the northeast section of the Fox Studio lot that will directly connect to the studio lot and the Century City subway station, but will function as independent office space. This building will also be designed with LEED Platinum certification in mind. Plans also call for upgrades to existing facilities, a historic preservation plan for key buildings, seismic retrofits of older buildings and a renovation of Fox Sports Studio A. “The Fox …

March 17, 2023

Build-to-Rent Development Single-Family Rental Texas

TruLife, Advenir Oakley Break Ground on 200-Unit Build-to-Rent Project in Metro Fort Worth

by Taylor Williams March 16, 2023

WEATHERFORD, TEXAS — A joint venture between TruLife Communities and build-to-rent owner-operator Advenir Oakley has broken ground on LEO at Bethel Place, a 200-unit project in the southern Fort Worth suburb of Weatherford. Designed by Gaylen Howard Laing Architects, the property will offer a mix of one-, two- and three-bedroom homes that will average 781, 1,130 and 1,500 square feet, respectively. The amenity package will comprise courtyards with pavilions and grill stations, a central clubhouse with a pool and fitness center, dog park, pickleball court, putting green, walking trail system and a community garden. Full completion is slated for December 2024.

March 16, 2023

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