SOUTH AMBOY, N.J. — A partnership between Woodmont Industrial Partners and Joseph Jingoli & Son Inc. has broken ground on a 152,100-square-foot warehouse in South Amboy, located in the eastern part of the Garden State. The site spans 22 acres. Building features will include a clear height of 36 feet, 22 dock doors, ample trailer and car parking and the capacity to add 22 knock-out doors if desired by a tenant. Completion is slated for summer 2023.
NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $21.5 million loan for the acquisition and conversion of a 13-story vacant hotel located at 810 Broad St. in Newark. The borrower, a subsidiary of Winchester Equities LLC, plans to transform the property, which was originally constructed in 1912 as the headquarters of First National State Bank, into a multifamily complex. Upon completion, which is slated for late 2022, the property will house 106 apartments in studio and one-bedroom formats and a 7,500-square-foot restaurant.
INVER GROVE HEIGHTS, MINN. — A joint venture between PCCP and United Properties has broken ground on InverPoint 2, a 96,000-square-foot speculative industrial building in the Twin Cities suburb of Inver Grove Heights. The property will be situated at 8450 Courthouse Blvd. within the InverPoint Business Park. Completion is slated for late 2022. InverPoint 2 will feature a clear height of 28 feet, 12 dock doors, four drive-in doors, 108 surface parking stalls and five entrances. The facility will be able to accommodate tenants ranging in size from 16,000 to 96,000 square feet. InverPoint Business Park will include five buildings spanning 475,000 square feet upon full buildout.
HOUSTON — North Texas-based Jackson-Shaw will develop Post Oak Logistics Park, a 536,992-square-foot industrial project that will be located in southwest Houston. Post Oak Logistics Park will comprise a 168,893-square-foot front-load building and a 368,099-square-foot cross-dock building. The typical bay is 56 feet by 50 feet, with 130- to 185-foot truck courts and ample trailer storage. An affiliate of Greystar is Jackson-Shaw’s equity partner on the project. Rosenberger Construction is the general contractor, with Powers Brown serving as the architect and WGA as the civil engineering firm. BancFirst provided construction financing. Cushman & Wakefield is the leasing agent. Completion is slated for the second quarter of 2023.
CAMBRIDGE, MASS. — A partnership between Boston-based developer Anchor Line Partners and international asset management firm Northwood Investors has topped out 60 First Street, a 215,000-square-foot life sciences project located across the Charles River from Boston in Cambridge. The five-story property, which is a redevelopment of the former Sears building, includes ground-floor retail space and has been fully preleased. Biotech startup Prime Medicine has committed to 148,000 square feet across three floors, and RNA editing company Korro Bio has leased 50,000 square feet across two floors. Full completion of the project is slated for early 2023.
BURLINGTON, MASS. — Developer Nordblom Co., in partnership with Life Time Living, has broken ground on a 167-unit multifamily project in Burlington, a northern suburb of Boston. Residents will have access to memberships at the adjacent athletic resort, concierge services and work-from home amenities. The property is situated within the 150-acre Northwest Park mixed-use development and will include an affordable housing component. Completion is slated for summer 2023.
GARDENA, CALIF. — Cityview has broken ground on South Bay X, a multifamily project in Gardena that will feature 265 workforce housing units. Residences will be available in a mix of studio, one- and two-bedroom floor plans ranging in size from 510 to 1,197 square feet. Located at 12850 Crenshaw Blvd., the transit-oriented property offers access to Interstate 105, the LA Metro Green Line and Los Angeles International Airport. South Bay X is slated for completion in early 2025. The project is expected to create upwards of 1,000 jobs during its development.
FORT LAUDERDALE, FLA. — Prospect Real Estate Development Group and Midtown Capital have begun construction on a new 252-unit apartment building in Fort Lauderdale. The property, Advantis Station Flagler Village, will include a seventh-floor amenity deck with a pool and unique features such as a large mural, art columns and sections framed by synthetic wood. Advantis Station at Flagler Village is one of several ventures between Prospect and Midtown Capital. The partnership also broke ground on Advantis Lake Worth in November 2021. Advantis Station at Flagler Village is expected to be complete in fall 2024. BCC Construction is serving as general contractor on the project.
ATLANTA — Clarion Partners and Westbridge have broken ground on 926 Brady, an adaptive reuse project in Atlanta’s West Midtown district. The project will repurpose a 1930s-era warehouse into 36,000 square feet of creative office space, including a second-floor addition that gives the property a rooftop terrace. Architectural firm ai3 is the design lead for 926 Brady, and Gay Construction Co. is serving as the general contractor. The Transwestern team of Zach Wooten and Stephen Clifton is managing leasing. Construction is currently underway, with an estimated delivery in the second quarter of 2023. 926 Brady sits at the corner of 10th Street and Brady Avenue within Stockyards Atlanta, an adaptive reuse of the former stockyard and meatpacking plant called Miller Union Stockyards. Westbridge redeveloped the campus in 2017 and brought in a diverse tenant base, including Red Bull, Fitzco, Mannington Commercial, Painted Duck, Baffi Atlanta and Nick’s Westside.
CHATTANOOGA, TENN. — Los Angeles-based Haven Realty Capital, in a joint venture with funds managed by New York City-based Yieldstreet, has closed on the first phase of a $28.6 million acquisition of Hartman Hill, a 71-home build-to-rent (BTR) residential community in Chattanooga. The Haven-led joint venture will close on the remaining homes in phases over the next seven months. Hartman Hill is being developed on a 26-acre site at 5005 Dayton Blvd. in the Red Bank neighborhood, approximately eight miles north of downtown Chattanooga. At full buildout, the property will offer three- and four-bedroom homes ranging in size from 1,538 to 2,515 square feet. Each of the two-story homes will offer custom cabinetry with soft-close drawers, quartz countertops, tile backsplashes, stainless steel appliances, private backyards and direct access garages. Common area amenities will include a sports court, bark park and a pet washing station. The new ownership will maintain the landscaping for all homes and common areas.
