CHINO, CALIF. — Lewis Retail Centers has unveiled plans to build Town Center at The Preserve in Chino, a city in Southern California. The retail and office development, which will span 169,590 square feet, is slated to open in summer 2023. Town Center at The Preserve will be situated within a master-planned community named The Preserve at Chino and adjacent to multifamily units. The pedestrian-friendly development will feature Main Street-oriented retail space, as well as open spaces for gatherings and events. The office space will be positioned on the second level, above the street-level retail space. KTGY is the project architect. Stater Bros., a privately held supermarket chain based in San Bernardino, Calif., will serve as the grocery anchor tenant. The store will span 46,109 square feet and will feature full-service meat, seafood, deli and bakery departments. The store marks the third location for Stater Bros. in Chino. Additionally, Kenwood’s Kitchen and Tap, a family-owned and operated restaurant and bar serving American comfort food, will open at Town Center at The Preserve in fall 2023. The restaurant marks the second location for Kenwood’s. Other food-and-beverage tenants committed to the development include 7 Miles Tea Lab and Chipotle Mexican Grill. Ken …
Development
Joint Venture Breaks Ground on Clarendale West End Seniors Housing Project in Nashville
by John Nelson
NASHVILLE, TENN. — A joint venture between Ryan Cos. US Inc., LCS and Harrison Street Real Estate Capital has broken ground on Clarendale West End, a planned 261,000-square-foot, five-story seniors housing community in Nashville’s West End district. Situated near Vanderbilt University and downtown Nashville, the property will offer 172 independent living, assisted living and memory care units. Amenities and services will include restaurants, bistro and bar options; private dining for events; a movie theater; continuing education programs; fitness equipment and group fitness classes; salon and spa; arts programs; landscaped courtyard; transportation to local shopping, events and appointments; medical care; and garage parking. Ryan Cos. is the developer and builder for the project, Ryan A+E Inc. is the architect of record and Direct Supply Aptura is the development’s interior designer. Upon completion in the third quarter of 2024, LCS will lead day-to-day operations at Clarendale West End.
VanTrust Real Estate Breaks Ground on 181,000 SF Spec Industrial Project in Southwest Phoenix
by Amy Works
PHOENIX — VanTrust Real Estate has broken ground on VT 202, a speculative two-building industrial project in Phoenix. The infill development will offer 181,000 square feet of Class A industrial space on 12 acres along 59th Avenue. Totaling 104,687 square feet, Building A will feature 32-foot clear heights, 30 dock-high doors and two grade-level doors. The 76,319-square-foot Building B will have comparable amenities and features. Completion of VT 202 is slated for February 2023. The project team includes Butler Design Group and Wespac Construction. Colliers International Arizona is handling leasing for the development.
Cushman & Wakefield Arranges Equity, Construction Debt for $70M Seniors Housing Project in Folsom, California
by Amy Works
FOLSOM, CALIF. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom, a seniors housing property in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center featuring national retailers such as Nordstrom, Sephora, Barnes & Noble, movie theaters and a Whole Foods Market. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer represented the borrower in the transaction.
EL PASO, TEXAS — Dallas-based Provident Realty Advisors will develop a 308,270-square-foot speculative industrial project in El Paso. The facility will be situated on an 18.4-acre site near the intersection of Windermere Avenue and Loop 375 and will have both warehouse and distribution space. Building features will include 32-foot clear heights and 190-foot truck court depths. Construction is set to begin toward the end of the year. CBRE represented the seller of the land, River Oaks Properties, and will market the facility for lease upon completion.
NEW YORK CITY — Boston-based investment and development firm The Davis Cos. has begun the renovation of a 156,792-square-foot industrial facility known as at The Pearl Building that is located in the Maspeth area of Queens. Capital improvements will include new dock doors, levelers, seals/bumpers, paving/coatings and building protection systems. In addition, Davis will restore the façade, upgrade the elevator and lobby and add new restrooms and security features. Cushman & Wakefield will lease the building upon completion of the program, which is scheduled for the first quarter of 2023.
ROUND ROCK, TEXAS — Atlanta-based IDI Logistics will develop Sunrise Commerce Center, a 465,660-square-foot speculative industrial project that will be located on a 36-acre site in the northern Austin suburb of Round Rock. Phase I of the development will comprise three buildings totaling 310,693 square feet, while Phase II will encompass 154,967 square feet across two buildings. Adolfson & Peterson Construction is the general contractor for the project, which was designed by 5G Studio Collaborative. Pacheco Koch is the civil engineer, and Stream Realty Partners is the leasing agent. Construction will begin in September.
GREENVILLE, S.C. — New York City-based GTIS Partners and Charlotte-based Collett Industrial have formed a joint venture to develop two industrial projects in Greenville for a total investment value of $140 million. Situated within an opportunity zone on the eastern edge of the South Carolina Technology & Aviation Center, the two developments will be adjacent to one another and span 1.2 million square feet upon completion. The co-developers have executed leases or letters of intents with tenants totaling approximately 520,000 square feet for long-term occupancy at one of the projects, which is known as Willimon Business Park. The other property was not disclosed.
CHARLOTTE, N.C. — Alliance Residential Co. has closed on the land purchase of 18.3 acres at 9741 Mount Holly Road in northwest Charlotte for the development of Prose Rhyne, a new 330-unit apartment community. The garden-style property, which will comprise 11 residential buildings and a clubhouse with a fitness center and pool, will welcome its first residents in fall 2023. Designed by architect Cline Design Associates, Prose Rhyne’s one- and two-bedroom apartments will average 996 square feet in size and feature granite countertops, stainless steel appliances, wood-style flooring, walk-in closets and washers and dryers in every unit. The community is one of five active projects in the Charlotte area for Alliance Residential and the second Prose-branded property in the market.
PUNTA GORDA, FLA. — Equus Capital Partners Ltd. has broken ground on a 378,000 square-foot speculative warehouse logistics facility in Punta Gorda, a southwest Florida city situated along I-75 near Fort Myers. The project, named Florida Gulf Coast 75 Logistics Center, is being constructed within the Enterprise Charlotte Airport Park. The property will feature 32-foot clear heights, a single-side loading configuration, 54 loading docks and 73 trailer storage spaces opposite the loading docks, as well as LED lighting, 7-inch concrete floors and an ESFR sprinkler system. Equus has tapped Dan Miller of Colliers to lease the facility, which has an anticipated completion of second-quarter 2023. Equus Development LP, Equus’ development operating arm, will oversee development and construction of the Punta Gorda project.