Development

Greywolf Partners Completes Development, Lease-up of 122,038 SF Industrial Building in Madison

by Kristin Harlow January 10, 2023

MADISON, WIS. — Greywolf Partners Inc. has completed the development and lease-up of a 122,038-square-foot industrial building in Madison. The tenant is Uniek Inc., a designer, manufacturer and supplier of home décor products. The property is located at 6305 Ronald Reagan Ave. within the Center for Industry and Commerce business park. The building features a clear height of 32 feet, 20 exterior loading docks, four drive-in doors and LED lighting. Corporate Contractors Inc. served as the general contractor for the building, which was built on a speculative basis. JSD Professional Services provided civil and landscaping engineering, while JAKnetter Architects provided architectural services. Steve Turner of Greywolf Brokerage, a division of Greywolf Partners, represented the landlord in the lease with Uniek.

January 10, 2023

Development Florida Loans Mixed-Use Multifamily Office Retail Southeast

Bank OZK Provides $252M Construction Loan for Mixed-Use Condominium Tower in St. Petersburg, Florida

by John Nelson January 10, 2023

ST. PETERSBURG, FLA. — Bank OZK has provided a $252 million construction loan for The Residences at 400 Central, a 46-story mixed-use residential tower underway in downtown St. Petersburg. New York-based Red Apple Real Estate is the developer behind the 1.3 million-square-foot project, which will feature 301 luxury condos, as well as shops, restaurants and 40,000 square feet of office space. The Residences at 400 Central will also feature 35,000 square feet of private indoor and outdoor amenities. The general contractor, Suffolk Construction Co. Inc., recently finished the project’s foundation and plans to start vertical construction in March. Michael Saunders & Co. and Red Apple established a sales gallery for the community nearby in October.

January 10, 2023

Affordable Housing Development Florida Mixed-Use Multifamily Southeast

Atlantic Pacific Cos. Breaks Ground on 616-Unit Mixed-Income Residential Development in Miami

by John Nelson January 10, 2023

MIAMI — Atlantic Pacific Cos. (A|P) has broken ground on Atlantic Station, a 616-unit mixed-income rental community located at 151 NW 7th St. in Miami. The Boca Raton, Fla.-based developer says the project is the largest, single-phase, transit-oriented mixed-income community in Miami-Dade County. Atlantic Station will comprise 256 market-rate apartments and 360 workforce housing units, as well as 25,000 square feet of shops and restaurants on the ground level. Amenities will include a sunset-view recreation deck with two pools, dog park, fitness center, outdoor kitchen, club lounge and a work-from-home center. A|P and Miami-Dade County held a groundbreaking ceremony for Atlantic Station on Monday, Jan. 9. The construction timeline was not disclosed.

January 10, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $42M Construction Financing for Affordable Housing Property in La Mesa, California

by Amy Works January 9, 2023

LA MESA, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.9 million construction loan and a $10.9 million bridge loan to USA Properties Fund for the construction of an affordable housing community in La Mesa. Jeremiah Drake and Keven Ruf of KeyBank structured the financing. The property, 8181 Allison Apartments, will feature 147 one- and two-bedroom residences that meet income restriction requirements of 30 percent, 50 percent and 70 percent or less of the area median income. Onsite amenities will include social services to assist in income, employment and stabilization. The property will also include a two-bedroom, non-revenue manager unit. Additional funding included a $25.3 million federal low-income housing tax credit provided by WNC and $7 million in subsidy financing and $20.7 million in permanent financing from the California Housing Financing Agency Mixed Income Program. The City of San Diego provided a cost-free lease of the land for 65 years, valued at $6.6 million.

January 9, 2023

Development Mixed-Use Office Retail South Carolina Southeast

Keith Corp. to Break Ground on 400,000 SF Adaptive Reuse Project in Rock Hill, South Carolina

by John Nelson January 9, 2023

ROCK HILL, S.C. — The Keith Corp., with partners Springsteen Properties and Capitol Broadcasting Co., will break ground Tuesday, Jan. 17 on The Thread, a 400,000-square-foot adaptive reuse project located in Rock Hill, roughly 30 miles southwest of Charlotte. Built in 1946, the property originally housed a textile mill and warehouse. Upon completion, the first phase of development will feature 170,000 square feet of office space and 30,000 square feet of ground-floor retail space. Delivery is scheduled for January 2024. Horizon Bank is providing construction financing. A second phase — construction of which will commence upon completion of the first — will include 200,000 square feet of residential and retail space, with apartments in one-, two- and three-bedroom layouts.

January 9, 2023

Acquisitions Development Life Sciences North Carolina Office Southeast

Cushman & Wakefield Brokers Sale of 438,144 SF Office Property in Charlotte, Buyer Plans Life Sciences Conversion

by John Nelson January 9, 2023

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of The Commons at the Park, an adaptive reuse campus located at 6800 Solectron Drive in Charlotte. The property comprises a 438,144-square-foot office building and two additional land parcels. The buyer, Albemarle U.S. Inc., a specialty chemicals company, will utilize the property as a lithium research and development center. Completion of the project, dubbed Albemarle Technology Park, is scheduled for late 2026. Keith Bell, Matt Treble, Dirk Riekse and Eric Sorenson of Cushman & Wakefield represented the buyer in the transaction. Jessica Brown, David Dorsch and Jordan Williams of Cushman & Wakefield represented the seller, a Shorenstein Properties entity doing business as 6800 Solectron Owner LP.

January 9, 2023

Acquisitions Development Multifamily New York Northeast

Stav Equities Negotiates $9M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams January 9, 2023

NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $9 million sale of a multifamily development site located at 28 Herbert St. in Brooklyn’s Williamsburg neighborhood. The site is approved for the development of a 15-unit apartment building with ground-floor retail space and nine below-grade parking spots. Jacob Stavsky of Stav Equities brokered the deal in conjunction with Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors. The buyer and seller were not disclosed.

January 9, 2023

Development Illinois Industrial Midwest

Phoenix Investors Completes 1 MSF Industrial Redevelopment Project in Normal, Illinois

by Kristin Harlow January 9, 2023

NORMAL, ILL. — An affiliate of Phoenix Investors has completed a two-phase redevelopment project totaling 1 million square feet in North Normal Industrial Park in Normal, about 38 miles southeast of Peoria. Phoenix acquired the 92-acre property in June 2020 from Wildwood Industries Inc. The original 500,000-square-foot industrial facility served as Phase I of the project and now features 84 exterior docks and cross-dock capabilities. Phase II included a 500,000-square-foot addition with 50 exterior docks and cross-dock capabilities. Rivian will occupy both facilities. PJ Hoerr served as general contractor.

January 9, 2023

Development Illinois Midwest Multifamily Top Stories

Pizzuti Cos. Breaks Ground on 19-Story Coppia Multifamily High-Rise in Chicago’s West Loop

by John Nelson January 9, 2023

CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago. The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024. The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of I-90. Future residents will be near Chicago’s Fulton Market District, the Greektown neighborhood and Illinois Medical District. The name Coppia is Italian for “couple,” which Pizzuti says was inspired by the project having both a transit-oriented setting and the design of the façade, which features geometric figures split by contrasting glass patterns. The design-build team includes architect Goettsch Partners, general contractor Power Construction and property management firm Village Green. The community will feature studio, one-, two- and three-bedroom units with floor-to-ceiling glass and high-end finishes. Coppia will also include penthouses on the top levels, as well as ground-level retail space and contemporary art installations. Coppia’s resort-style amenities will include a …

January 9, 2023

Development New York Northeast Office

Hudson Square Properties Nears Completion of 270,000 SF Spec Office Project in Manhattan

by Taylor Williams January 6, 2023

NEW YORK CITY — Hudson Square Properties, a joint venture between Trinity Church Wall Street, Norges Bank Investment Management and Hines, is nearing completion of 555 Greenwich, a 270,000-square-foot speculative office project in Manhattan’s Hudson Square neighborhood. Office suites are expected to be available for occupancy in the first quarter, with full completion scheduled for later in the year. COOKFOX Architects designed the 16-story building, and AECOM Tishman served as the general contractor. CBRE is the leasing agent. According to the development team, 555 Greenwich is the first speculative office building to be developed in New York City in the wake of the pandemic.

January 6, 2023

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