Development

JLL Arranges $215.1M Financing for Canal Station Office Redevelopment in Chicago’s West Loop

by Jeff Shaw August 19, 2022

CHICAGO — JLL has arranged $215.1 million in financing for the redevelopment of 801 S. Canal St., a 684,000-square-foot office building in Chicago’s West Loop neighborhood. The borrower is New York City-based 601W Cos. Once completed, the creative office space will be rebranded as Canal Station. The redeveloped property will feature open floorplates and continuous glass windows on its exterior. Amenities will include a fitness center, tenant lounge, conference center, outdoor terraces and lobby. The building will offer 376 parking spaces. JLL represented the borrower in securing the senior loan through Bank OZK and a mezzanine loan and preferred equity through Lionheart Strategic Management LLC on behalf of Milestone Asset Management. 601W Companies’ development portfolio in Chicago consists of The Old Post Office, Prudential Plaza and Aon Center. Keith Largay, Lucas Borges and Ryan Sullivan led the JLL Capital Markets team representing the borrower. Other office tenants in Chicago’s West Loop neighborhood include Uber, Walgreens and Home Chef. The property is further benefited by Chicago’s vast transportation network with access to interstates 90, 94, 290 and 55 and four L Train lines. The redevelopment of Canal Station will continue the transformation of the West Loop and will be a sister property …

August 19, 2022

Acquisitions Development Industrial South Carolina Southeast

PRP Purchases 1.9 MSF Distribution Center Underway in Upstate South Carolina

by John Nelson August 18, 2022

MOORE, S.C. — PRP has purchased a new distribution center under construction in Moore totaling nearly 1.9 million square feet. Situated in South Carolina’s Upstate region, the modern distribution center will be fully leased to Hart Consumer Products, a subsidiary of Techtronic Industries Co. Ltd. that produces power tools and lawn and garden equipment. PRP will finish developing the build-to-suit project with joint venture partner Flint Development. The total capitalization of the development is $185 million and will be fully completed by the fourth quarter of 2023, according to PRP. The property will feature a cross-dock loading configuration, 40-foot clear heights, 338 dock doors, a 185-foot truck court and 835 spaces of excess trailer parking on 178 acres.

August 18, 2022

Development Hospitality Loans Southeast Tennessee

Mag Mile Capital Arranges $43.1M Construction Loan for New Hotel in Nashville’s West End

by John Nelson August 18, 2022

NASHVILLE, TENN. — Mag Mile Capital has arranged a $43.1 million construction loan for the development of a four-story hotel located at 2221 Elliston Place in Nashville. Situated near Vanderbilt University in the city’s West End submarket, the 184-room hotel will feature a 70-space parking garage and nearly 30,000 square feet of commercial space. Francisco Nacorda of Mag Mile originated the three-year loan through an undisclosed lender on behalf of the borrower, an entity doing business as Elliston Hospitality LLC. The loan features interest-only payments, two one-year extension options, a loan-to-cost (LTC) ratio of 82.5 percent and a 10.35 percent interest rate. The borrower plans to receive the certificate of occupancy for the hotel next summer and reach full stabilization by spring 2024.

August 18, 2022

Development Industrial Texas

Stream Completes 2.3 MSF Phase II of Empire West Business Park in Metro Houston

by Taylor Williams August 18, 2022

BROOKSHIRE, TEXAS — Stream Realty Partners has completed Phase II of Empire West Business Park, a project in the western Houston suburb of Brookshire that added roughly 2.3 million square feet of Class A industrial space to the local supply. Stream broke ground on the second phase, which comprised six buildings that can support users with footprints from 50,000 to 1 million square feet, in November 2021. Phase I of Empire West Business Park consisted of three buildings totaling roughly 1 million square feet that were delivered in April 2021. Stream, which acquired the 300-acre site in late 2019, is also marketing the development for lease.

August 18, 2022

Development Indiana Industrial Midwest

Lauth, Covington to Build 2 MSF Industrial Park at Former Ford Site in Indianapolis

by Kristin Harlow August 18, 2022

INDIANAPOLIS — Lauth Group Inc. and Covington Group Inc. have formed a joint venture to acquire and redevelop the former Ford Visteon site at 6900 English Ave. in Indianapolis. The 150-acre industrial park will be named Thunderbird Commerce Center. Plans call for up to 2 million square feet of build-to-suit and speculative space with rail access along the western side of the property. Mark Writt and Nikki Leahy of CBRE are marketing the project for lease.

August 18, 2022

Development Midwest Missouri Multifamily

Draper and Kramer Opens Moda at The Hill Apartment Community in St. Louis

by Kristin Harlow August 18, 2022

ST. LOUIS — Draper and Kramer Inc. has opened Moda at The Hill, a 225-unit apartment community in The Hill neighborhood of St. Louis. The four-story building offers a mix of one- and two-bedroom units ranging from 600 to 1,200 square feet. Monthly rents start at $1,373. Amenities include lounge areas, a fitness center, game room, coworking spaces, pet care facilities, a dog park, courtyard, pool, grilling stations, fire pits and garage parking. Moda at The Hill is part of a larger 11-acre master plan led by Draper and Kramer that also includes single-family homes by McBride Homes and a community park space.

August 18, 2022

Development Illinois Midwest Multifamily

Ryan Breaks Ground on 200-Unit Luxury Apartment Complex in Suburban Chicago

by Kristin Harlow August 18, 2022

ELMHURST, ILL. — Ryan Cos. US Inc. has broken ground on Vyne on Haven, a 200-unit luxury apartment complex in Elmhurst. The transit-oriented development is located at 102 Haven Road. Units will range from 600 to 1,500 square feet. Amenities will include a 13,000-square-foot outdoor deck with a pool, cabanas, grilling stations and outdoor heaters, a sixth-floor sky lounge, fitness center, clubroom, coworking space, dog spa and dog run. Ryan A+E Inc. designed the six-story, 320,000-square-foot building. Ryan is the developer and general contractor for the project and will manage the property upon completion, which is slated for 2024.

August 18, 2022

Development Multifamily New Jersey Northeast

Larken Associates Receives Approval for 120-Unit Multifamily Project in Pohatcong, New Jersey

by Taylor Williams August 18, 2022

POHATCONG, N.J. — Locally based developer Larken Associates has received approval from the Pohatcong Township Land Use Board for Monte View at Pohatcong, a 120-unit multifamily project. The site is located near the Pennsylvania-New Jersey border near Easton. The garden-style property will consist of three multi-story buildings and one four-story building with a ground-floor clubhouse. Other amenities will include a pool, fitness center and a dog run. Construction is expected to begin in mid-2023 and to be complete in early 2025.

August 18, 2022

Development Office Texas Top Stories

Generational Commercial, Fairway Real Estate Receive $124M Construction Financing for Office Project in Austin’s Central Business District

by Katie Sloan August 18, 2022

AUSTIN, TEXAS — A joint venture between Generational Commercial Properties and Fairway Real Estate has received $124 million in construction financing for Zilker Point, a 207,000-square-foot office development in Austin. The project, which is located at 218 South Lamar Blvd. in the city’s Central Business District South, will offer 192,000 square feet of office space across the building’s top six floors upon completion. The development will also feature 15,000 square feet of ground-floor retail and amenity space and 635 parking spaces. Building amenities are set to include a 3,600-square-foot rooftop deck with views of the downtown Austin skyline; a 1,240-square-foot fitness center with men’s and women’s showers and lockers; an art gallery with exhibitions by local artists; bike storage; and a courtyard with shaded seating, an outdoor bar and a live music stage. Zilker Point is located across from Lady Bird Lake and adjacent to hiking and biking trails including the Barton Springs Road Bike Trail, Barton Creek Greenbelt Trail and West Bouldin Creek Preserve Trail. The development was designed to meet the WELL Building Standard and will include open floor plans with expansive window walls, an advanced hybrid HVAC system, a clean air system with hospital-grade filtration and touch-less technology. …

August 18, 2022

Development Illinois Industrial Midwest

Bridge Industrial Acquires Land for 186,880 SF Project in Melrose Park, Illinois

by Kristin Harlow August 17, 2022

MELROSE PARK, ILL. — Bridge Industrial has acquired 12 acres in Melrose Park with plans to build Bridge Point Melrose Park II, a 186,880-square-foot development. Bridge acquired the site, formerly a truck parking lot, from a joint venture between Missner Group and Timber Hill. Completion is slated for the third quarter of 2023. The project will feature a clear height of 36 feet, 30 exterior docks, two drive-in doors, 221 car parking spaces, 30 trailer parking spaces, a 129-foot truck court and office space. Matthew Stauber, Thomas Rodeno and Patrick Turner of Colliers represented the seller. Bridge’s neighboring project, Bridge Point Melrose Park, is a 1.6 million-square-foot facility currently under development that is 86 percent pre-leased to CEVA Logistics and Expeditors International.

August 17, 2022

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