Development

74-76-Batterson-Park-Road-Farmington-Connecticut

CBRE Arranges $7.8M Sale of Multifamily Development Site in Farmington, Connecticut

by Taylor Williams March 7, 2023

FARMINGTON, CONN. — CBRE has arranged the $7.8 million sale of a development site in Farmington, a suburb of Hartford, that is approved for the construction of 204 multifamily units. The 10-acre site is adjacent to Pond View Corporate Center. Jeff Dunne, Simon Butler, Biria St. John, Eric Apfel, Stuart MacKenzie, John McLaughlin and Brian Bowler of CBRE represented the seller, New York-based Sovereign Partners, in the transaction. The buyer and developer was Connecticut-based Skala Partners. Information on floor plans and construction timelines was not disclosed, but the new community will feature amenities such as a pool, fitness center, business center, dog park, clubhouse and a package locker system.

March 7, 2023

Development Multifamily New Jersey Northeast

KRE Group, Russo Development Complete 78-Unit Multifamily Project in Northern New Jersey

by Taylor Williams March 7, 2023

ROCKAWAY TOWNSHIP, N.J. — A partnership between two locally based developers, KRE Group and Russo Development, has completed the latest phase of Rock Pointe, a multifamily project in the Northern New Jersey community of Rockaway. This phase adds 78 one- and two-bedroom units to the local supply, with rents starting at $2,250 per month. Rock Pointe now offers a total of 345 residences and amenities such as a pool, fitness center, children’s play area, outdoor grilling and dining stations, package lockers and a dog park.

March 7, 2023

Development Leasing Activity Multifamily New Jersey Northeast

Coldwell Banker Begins Leasing 63-Unit Apartment Complex in Passaic, New Jersey

by Taylor Williams March 7, 2023

PASSAIC, N.J. — Coldwell Banker has begun leasing South Street Lofts, a 63-unit apartment complex located in the Northern New Jersey community of Passaic. The building offers studio, one- and two-bedroom units ranging in size from 755 to 1,885 square feet,. Amenities include a fitness center, resident lounge, business center, rooftop deck, outdoor grilling stations and a dog park. Rents start at $2,500 per month, and the complex is now 40 percent preleased. The owner/developer was not disclosed.

March 7, 2023

California Development Life Sciences Loans Top Stories Western

JLL Arranges $310M Construction Loan for Avia Labs at Millbrae Station Life Sciences Campus in California

by Amy Works March 7, 2023

MILLBRAE, CALIF. — JLL Capital Markets has arranged a $310 million construction loan for the development of Avia Labs at Millbrae Station. Located in Millbrae, southwest of San Francisco International Airport, the life sciences development will total 315,000 square feet. Jordan Angel, Lillian Roos and Pat Aslanian of JLL Capital Markets’ debt advisory team secured the loan through Otera Capital for the borrower, Longfellow Real Estate Partners. Longfellow broke ground on Avia Labs on March 1. The six-story, Class A building is targeting LEED Gold and Fitwel certifications and emphasizes both energy efficiency and quality of life for tenants. Onsite amenities will include a fitness center, public café open to the community, large conference spaces, bike storage, two levels of underground parking and a large terrace with city and mountain views. According to the developer, this will be California’s first all-electric life sciences project. All-electric buildings often have reduced construction costs, are easier to maintain and offer a lower carbon footprint than developments that offer multiple energy sources, such as both electric and natural gas. The property is positioned on 2.1 acres at 210 Adrian Road in the North County submarket of the Mid-Peninsula of the San Francisco Bay Area. …

March 7, 2023

Development Office Southeast Virginia

Amazon Pauses Construction on HQ2 Corporate Campus in Arlington, Virginia

by John Nelson March 6, 2023

ARLINGTON, VA. — Amazon has paused construction on the second phase of its 5.4 million-square-foot HQ2 development in Arlington, reports Bloomberg. The developer, JBG Smith, previously announced that the first phase of the headquarters, which comprises 2.1 million square feet, is scheduled for delivery this summer. The delay will affect the second, 3.3 million-square-foot Pen Place phase, plans for which include three office buildings and a biophilic, double-helix amenity center dubbed The Helix. The pause coincides with recent layoffs, and John Schoettler, the real estate chief for the company, did not disclose a new start date for construction, though he says Amazon remains committed to the National Landing area.

March 6, 2023

Development Industrial Kentucky Loans Southeast

Northmarq Secures $25.3M Construction Financing for Bourbon Barrel Storage Facility in Shelbyville, Kentucky

by John Nelson March 6, 2023

SHELBYVILLE, KY. — Northmarq has secured $25.3 million in financing for the construction of the first two phases of a bourbon barrel storage facility in Shelbyville. Randall Waddell of Northmarq’s Louisville office arranged the fixed-rate loan through a Kentucky-based bank on behalf of the borrower, a joint venture between The Spirits Group and K-RAX. The loan carries a five-year term with three years of interest-only payments followed by a 25-year amortization schedule. Upon completion, the development, situated on 107 acres at 2517 Vigo Road will feature seven rickhouses — each of which will have capacity for 19,800 barrels — and one blending/bottling building.

March 6, 2023

Acquisitions Development Industrial Texas

MDH Partners Agrees to Acquire 554,960 SF Industrial Park in El Paso

by Taylor Williams March 6, 2023

EL PASO, TEXAS — Atlanta-based investment firm MDH Partners has entered into an agreement to acquire Loop 375 Industrial, a three-building, 554,960-square-foot development that is nearing completion in El Paso. The site spans 36.7 acres, and the development features 191 trailer parking spaces, 230 car parking spaces and clear heights of 32 to 36 feet. Bret Felberg and Jeff Morris of Colliers represented the seller and developer, Houston-based NIT Industrial, in the transaction. MDH Partners also provided NIT Industrial with mezzanine debt to complete construction. The financing is coterminous with the senior construction loan, which was provided by Veritex Community Bank. CBRE is leasing the development, which is scheduled to come on line this fall.

March 6, 2023

Development Multifamily Texas

Wood Partners Opens 248-Unit Apartment Community in Denton, Texas

by Taylor Williams March 6, 2023

DENTON, TEXAS — Atlanta-based multifamily developer Wood Partners has opened Alta Denton Station, a 248-unit apartment community in North Texas. Units come in one-, two- and three-bedroom formats and are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool, fitness center, coworking space, pet care facilities and outdoor grilling and dining areas. Rents start at $1,300 per month for a one-bedroom unit.

March 6, 2023

Development Retail Texas

SVN | J. Beard Real Estate Begins Leasing 9,615 SF Retail Project in Magnolia, Texas

by Taylor Williams March 6, 2023

MAGNOLIA, TEXAS — SVN | J. Beard Real Estate has begun leasing Country Forest Plaza, a 9,615-square-foot retail project located at 11828 FM 1488 in Magnolia, about 45 miles northwest of Houston. Retail spaces will range in size from 1,300 to 5,715 square feet. Kane Dunbar served as general contractor for the project, construction of which began in January and is expected to be complete during the summer.

March 6, 2023

Connecticut Development Multifamily Northeast

Continental Properties to Undertake 172-Unit Multifamily Redevelopment in West Hartford, Connecticut

by Taylor Williams March 6, 2023

WEST HARTFORD, CONN. — New York-based investment and development firm Continental Properties will undertake a 172-unit multifamily redevelopment project in West Hartford. The site at 950 Trout Brook Drive previously housed a children’s museum and preschool. John Cafasso and Ian Hunt of Colliers represented the seller, Kingswood Oxford School, in the disposition of the land. The new apartment community will offer one-, two- and three-bedroom units and amenities such as a pool, dog park, coworking space and a rooftop lounge. Continental Properties, which purchased the site for $10.5 million, has received approvals and is underway on preliminary sitework.

March 6, 2023

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