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DevelopmentIndustrialTexas

Jackson-Shaw Breaks Ground on 917,374 SF Industrial Project in Benbrook, Texas

by Taylor Williams

BENBROOK, TEXAS — Locally based developer Jackson-Shaw has broken ground on Chisholm 20, a 917,374-square-foot industrial project in Benbrook, a southwestern suburb of Fort Worth. Chisholm 20’s four buildings will range in size from 80,773 to 377,844 square feet and will feature clear heights of 32 to 36 feet and ample trailer parking. Ridgemont Commercial Construction is the general contractor for the project, GSR Andrade is the architect and Kimley-Horn is the civil engineering firm. Veritex Community Bank and Comerica Bank provided construction financing. Jackson-Shaw has tapped CBRE to lease the development. Completion is slated for the third quarter of 2023.

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DevelopmentHealthcareMidwestMinnesota

Davis, Allina Health Open 40,000 SF Surgery Center in Suburban Minneapolis

by Kristin Harlow

BROOKLYN PARK, MINN. — Minneapolis-based developer Davis and Minnesota-based health system Allina Health have opened 610 Medical, a 40,000-square-foot ambulatory surgery center in the Minneapolis suburb of Brooklyn Park. The two-story property is located at 6001 96th Lane. Allina Health leases most of the second floor. Minneapolis-based Synergy Architecture Studio served as architect and Plymouth, Minn.-based Timco Construction Inc. was the general contractor.

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DevelopmentNew YorkNortheastOffice

Durst Organization to Undertake $150M Redevelopment of Manhattan Office Tower

by Taylor Williams

NEW YORK CITY — Locally based landlord The Durst Organization will undertake a $150 million redevelopment of 825 Third Avenue, a 40-story office tower in Manhattan that was originally constructed in 1969. The redevelopment will include upgrades of the 544,000-square-foot building’s elevators, windows, lobby and mechanical systems, as well as the addition of new amenities. Upon completion, tenants will have access to a 3,000-square-foot ground-floor lounge with coffee, wine and arcade games. The Durst Organization will also add 15,000 square feet of health and wellness amenities on the second floor and a new terrace on the 12th floor. JP Morgan Chase and Wells Fargo have provided $100 million in financing for the project.

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1-&-3-Saint-Marks-Place-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheast

Parkview Provides $70M Loan for Construction, Refinancing of Manhattan Office Building

by Taylor Williams

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $70 million loan for the construction and refinancing of a 61,513-square-foot office building in Manhattan’s Greenwich Village area. Approximately 8,000 square feet of that total will be reserved as ground-floor and below-grade retail space. The borrower, Real Estate Equities Corp., acquired the 99-year leasehold interest on the land in 2017 and demolished the existing structures on the site. However, construction delays required the project’s capital stack to be restructured and the original loans underlying the leasehold to be recapitalized. Parkview’s loan includes the refinancing of the existing land loan as well as construction financing. Development has now begun with project completion slated for June 2024.

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DevelopmentIndustrialTexas

Public-Private Partnership to Develop 1 MSF Spec Industrial Project in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — A public-private partnership between developer Alliance Industrial Co., Kyle Economic Development and the Greater San Marcos Partnership will build a 1 million-square-foot speculative industrial project in Kyle, a southern suburb of Austin. Branded Kyle/35 Logistics Park, the development will consist of five facilities ranging in size from approximately 140,000 to 475,000 square feet. Buildings will feature clear heights of 36 to 40 feet, a mix of single-load and cross-dock configurations and ample employee and trailer parking spaces. Completion is slated for the first quarter of 2023.

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DevelopmentIndustrialTexas

Cubework Opens Two Houston-Area Warehouses Totaling 302,000 SF

by Taylor Williams

HOUSTON AND SUGAR LAND, TEXAS — Cubework, an industrial and office operator specializing in flexible work solutions, has opened two warehouses totaling 302,000 square feet in Houston. The rail-served property at 3401 Navigation Blvd. is located near downtown and features 32-foot clear heights and 38 exterior dock doors. The second property, located in the southwestern Houston suburb of Sugar Land, spans 200,000 square feet and offers 32-foot clear heights and 3,030 square feet of office space. The owner(s) was not disclosed. Cubework also recently opened a 180,000-square-foot facility in San Antonio.

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DevelopmentMultifamilyNew YorkNortheast

Extell Development Enters into Ground Lease to Develop 363-Unit Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based firm Extell Development has entered into a ground lease with The Feil Organization to develop a multifamily project at 356 Fulton St. in downtown Brooklyn. The Feil Organization previously secured approvals for the development of a 43-story tower that will also house 100,000 square feet of commercial space. In addition, Feil completed the demolition of the three-story Capital One bank branch that was situated on the site. Bob Knakal, Stephen Palmese, Brendan Maddigan, Ethan Stanton, Jonathan Hageman, Michael Mazzara and Winfield Clifford of JLL arranged the ground lease on behalf of The Feil Organization.

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DevelopmentRetailSoutheastTennessee

Simon, AJ Capital Partners to Develop 300,000 SF Outlet Mall in Nashville

by John Nelson

NASHVILLE, TENN. — Indianapolis-based retail giant Simon is partnering with Nashville-based Adventurous Journeys Capital Partners (AJ Capital Partners) to develop a new 300,000-square-foot outlet mall in Nashville. The location and name weren’t disclosed, but the property will be situated on the south side of the city and will be branded under Simon’s Premium Outlet concept. Simon and AJ Capital plan to break ground on the project in 2023. In addition to the Nashville outlet mall, Simon also recently announced new outlet malls coming to Los Angeles, Tulsa and New York. The new development will complement Simon’s Nashville holdings The Mall at Green Hills and Opry Mills. AJ Capital’s local projects include hotels Thompson Nashville, Soho House Nashville and Graduate Nashville, as well as a 23-acre project that the developer is underway on in the city’s Wedgewood-Houston neighborhood. Simon and AJ Capital’s project isn’t the only outlet mall coming to Nashville. Tanger Factory Outlets Center recently broke ground on Tanger Outlets Nashville, a 290,000-square-foot mall that is slated to open in fall 2023.

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DevelopmentGeorgiaMultifamilySoutheast

Wood Partners, CP Capital Break Ground on 310-Unit Alta North Apartments in Cumming, Georgia

by John Nelson

CUMMING, GA. — A joint venture between Wood Partners and CP Capital US (formerly HQ Capital Real Estate) has broken ground on Alta North, a 310-unit apartment community in the Atlanta suburb of Cumming. The site will be located at the intersection of Ga. Highway 400 and Settingdown Circle, about 45 miles north of Atlanta. Alta North will feature one- and two-bedroom apartments with wood-style plank flooring, stainless steel appliances, microwave hoods, undermounted single bowl sinks, tile backsplashes, in-home washer and dryers and granite countertops in the kitchen and bathrooms. Community amenities will include a resort-style swimming pool with a tanning ledge, multiple grilling stations and fire pits, pet park and spa, 24/7 fitness center, social gathering areas and rentable coworking office spaces, as well as 15,000 square feet of commercial space.

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DevelopmentIllinoisIndustrialMidwest

Bridge Industrial to Build 660,280 SF Spec Development in Romeoville, Illinois

by Kristin Harlow

ROMEOVILLE, ILL. — Bridge Industrial has acquired a nearly 67-acre site in the Chicago suburb of Romeoville with plans to build a two-building speculative industrial development totaling 660,280 square feet. Dubbed Bridge Point Romeoville, the project is slated for completion in the third quarter of 2023. Building A will total 497,480 square feet and feature a clear height of 40 feet, 136 exterior docks, four drive-in doors, 314 car parking stalls, 87 trailer parking positions and a 130-foot truck court. Building B will span 162,800 square feet and feature a clear height of 36 feet, 47 exterior docks, two drive-in doors, 146 car parking stalls, 51 trailer parking positions and a 130-foot truck court. Both buildings will offer build-to-suit office opportunities.

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