Development

In-N-Out Burger to Expand to Tennessee, Plans to Open First Restaurant by 2026

by John Nelson January 11, 2023

FRANKLIN, TENN. — In-N-Out Burger, a popular fast-food chain based in California, has announced plans to expand to Tennessee, beginning with a regional office in the Nashville suburb of Franklin. The company plans to open its first Tennessee restaurant in the Nashville area by 2026, which represents the furthest east location for In-N-Out. “We are very excited to provide Tennesseans with our quality burgers, fries and shakes,” says Lynsi Snyder, In-N-Out owner and president. “This expansion is significant for our company. For many years, we’ve heard requests from our customers in Tennessee to consider opening locations near them, further east than we’ve ever been. We very much look forward to serving them in years to come and becoming part of the wonderful communities in The Volunteer State.” In-N-Out was founded in 1948 by Harry and Esther Snyder as a small hamburger stand in Baldwin Park, Calif. The building is considered California’s first drive-thru hamburger stand. Today, In-N-Out operates 385 locations in Arizona, California, Colorado, Nevada, Oregon, Texas and Utah. The company, which has headquarters in Baldwin Park and Irvine, Calif., employs about 35,000 associates and does not franchise any of its locations.

January 11, 2023

The-Shops-at-Rockvale-Lancaster-Pennsylvania

Acquisitions Development Multifamily Northeast Pennsylvania Retail

Fernmoor Homes Buys 581,462 SF Power Center in Lancaster, Pennsylvania, Plans Multifamily Redevelopment

by Taylor Williams January 11, 2023

LANCASTER, PA. — Fernmoor Homes has purchased The Shops @ Rockvale, a 581,462-square-foot retail power center located about 80 miles west of Philadelphia in Lancaster, with plans to undertake a multifamily redevelopment. The New Jersey-based multifamily developer intends to demolish 265,198 square feet of commercial space and construct a 13-building, 416-unit apartment community at the 63-acre site. Brad Nathanson, David Crotts and Dean Zang of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New Jersey-based Wharton Realty Group, in the transaction. The trio also procured Fernmoor Homes, which purchased the property for $30.5 million, as the buyer. At the time of sale, The Shops @ Rockvale was home to 40 retailers and restaurants, including Carter’s, Crate & Barrel Outlet, Olive Garden and Cracker Barrel. The redevelopment is valued at approximately $100 million and could take up to five years to complete.

January 11, 2023

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassDevelopment Provides $19.6M Tax-Exempt Bond for Mixed-Income Housing Project in Worcester

by Taylor Williams January 11, 2023

WORCESTER, MASS. — MassDevelopment has provided a $19.6 million tax-exempt bond for the construction of a mixed-income housing project in the central Massachusetts city of Worcester. The site at 120 Washington St. formerly housed the headquarters of Table Talk Pies, and the project is part of a larger redevelopment that will ultimately feature 400 residential units and 20,000 square feet of commercial space. Units will come in studio, one-, two- and three-bedroom formats. The borrower and developer, an affiliate of Boston Capital Development, will use the bond proceeds to construct 59 apartments, while the other 24 residences will be financed with Low-Income Housing Tax Credits and other subsidies. Eastern Bank and Rockland Trust purchased the bond. Construction is slated for a February 2024 completion.

January 11, 2023

Development Industrial Texas Top Stories

Tesla Files Plans For $775M Expansion of Austin Electric Vehicle Factory

by Jeff Shaw January 11, 2023

AUSTIN, TEXAS — Tesla has filed plans with the Texas Department of Licensing and Registration (TDLR) to spend more than $775 million to expand Giga Texas, an automotive production plant in Austin. The filings indicate plans to construct cathode and drive unit manufacturing centers, a battery cell test lab and manufacturing center and a die shop. The expansion of Giga Texas is the company’s largest construction plan since the $5.5 billion for development of Giga Berlin in Germany last year, according to Reuters. Construction began on Giga Texas in July 2020, with initial deliveries of vehicles taking place at a “Cyber Rodeo” event on April 7, 2022. Tesla relocated its headquarters from Palo Alto, California to Austin in 2021. Tesla’s official Giga Texas website states that the plant currently features over 10 million square feet of factory floor on a 2,500-acre site along the Texas Colorado River. The production plant currently serves as the U.S. manufacturing hub for the Tesla Model Y and is planned as the future hub for production of the Tesla Cybertruck. A timeline for the expansion has yet to be announced. However, according to a recent report from Reuters, Tesla is expected to host its investor …

January 11, 2023

Optima-McDowell-Mountain-Village-Scottsdale-AZ

Arizona Development Multifamily Western

Optima Acquires 22-Acre Development Site in Scottsdale for $1B Residential Project

by Amy Works January 10, 2023

SCOTTSDALE, ARIZ. — Chicago-based Optima has purchased a 22-acre development site on the southeast corner of Scottsdale Road and Loop 101 Freeway in Scottsdale for the development of Optima McDowell Mountain Village, a $1 billion residential project that recently received city approval. John Lund sold the land parcel for $44.7 million. The community will consist of six eight-story buildings totaling 1,330 residential units, as well as 36,000 square feet of commercial space. Four of the buildings will be rental apartments and two buildings will offer for-sale condominiums. The unit mix will include studios, one-, two- and three-bedroom layouts ranging from 775 square feet to 2,025 square feet. Each of the six buildings will offer a rooftop deck with a 50-meter, Olympic-length swimming pool, sauna, spa, cold plunge, running track, outdoor fireplaces, lounge seating, and outdoor kitchens with barbecues and dining spaces. Additionally, each building will feature lobbies, a fitness center, yoga studio, sauna, steam room, residents’ club with game room and theater, an indoor basketball and pickleball court, an outdoor pickleball arena, a golf simulator, an outdoor putting/chipping area, indoor and outdoor kids’ play spaces, a massage room, a dog park and pet spa, business center, and conference room. Parking …

January 10, 2023

El-Dorado-Valley-Logistics-Center-Henderson-NV

Acquisitions Development Industrial Nevada Western

DIV Industrial Buys 94 Acres Near Las Vegas for 1.7 MSF Logistics Center Development

by Amy Works January 10, 2023

HENDERSON, NEV. — DIV Industrial, a newly formed institutional investor and developer of industrial real estate, has acquired 94 acres of land in Henderson’s El Dorado Valley submarket for the development of El Dorado Valley Logistics Center. Terms of the acquisition were not released. Construction is scheduled to begin this summer. The 1.7 million-square-foot El Dorado Valley Logistics Center will feature two buildings, ranging in size from 600,000 square feet to 1 million square feet, with 42-foot clear heights, flat floors and an ESFR sprinkler system. The development site is located at the intersection of Highway 95 and Roger Ray Road, providing access to the entire Las Vegas Valley. The City of Henderson recently annexed the site. DIV’s development partners include HPA Architecture and Kimley-Horn. Cushman & Wakefield’s Alderson Tassi team, led by Donna Alderson and Greg Tassi, represented DIV, while Amy Ogden SIOR of LOGIC Commercial Real Estate represented the seller, IndiCap, in the sale and assignment of the complex land transaction. DIV acquired the land in an unimproved condition with entitlements in process. El Dorado Valley Logistics Center is the first significant development project for DIV Industrial, which was established in late summer 2022 by real estate veterans …

January 10, 2023

Arizona Development Hospitality Western

Nationwide Realty Investors Opens 237-Room Hilton at Cavasson Hotel in Scottsdale, Arizona

by Amy Works January 10, 2023

SCOTTSDALE, ARIZ. — Nationwide Realty Investors has opened Hilton at Cavasson, a hotel and event center in the master-planned Cavasson development in Scottsdale. Nationwide Realty Investors owns the hotel, which Columbus Hospitality Management operates. The six-story hotel features 237 guest rooms, resort-style amenities and a 15,000-square-foot event space. The full-service property also offers a top-floor event space and terrace, a coffee shop, fitness center, swimming pool and Desert Pony Tavern, a bar and restaurant.

January 10, 2023

Development Multifamily Texas

KWA Construction Completes 217-Unit Multifamily Project in Burleson, Texas

by Taylor Williams January 10, 2023

BURLESON, TEXAS — Locally based general contractor KWA Construction has completed Atlantica at Burleson, a 217-unit multifamily project located on the southern outskirts of Fort Worth. Designed by Womack + Hampton Architects and developed by Sovereign Properties, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, dog park, resident clubhouse and outdoor grilling and dining areas. Rents start at $1,300 per month for a one-bedroom apartment. Jacobson Equities purchased the property in August 2022.

January 10, 2023

Development Multifamily New York Northeast Seniors Housing

FilBen Group, RSF Partners Break Ground on $54M Assisted Living Facility in Montebello, New York

by Taylor Williams January 10, 2023

MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, a completion date for which was not disclosed.

January 10, 2023

Development Massachusetts Multifamily Northeast

Procopio Cos. Completes 49-Unit Multifamily Project in Wilmington, Massachusetts

by Taylor Williams January 10, 2023

WILMINGTON, MASS. — Locally based developer The Procopio Cos. has completed Lume, a 49-unit multifamily project in Wilmington, a northern suburb of Boston. The 74,000-square-foot, transit-served development consists of 39 garden-style apartments and 10 townhomes. Amenities include a fitness center, clubroom and a pet spa. DMS Design served as the project architect, with interiors by Conant Design Group. Rents start at $3,000 per month for a two-bedroom unit.

January 10, 2023

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