Development

Remedy Medical Properties Begins Development of $25M Medical Office Building in Suburban Chicago

by Kristin Harlow January 6, 2023

ORLAND PARK, ILL. — Remedy Medical Properties has begun development of a $25 million medical office building in the Chicago suburb of Orland Park. The 42,000-square-foot project is a build-to-suit for Silver Cross Hospital and Premier Suburban Medical Group. Located at the northeast corner of LaGrange Road and 171st Street, the two-story building is slated for completion in early 2024. The property will house numerous primary and specialty care services, comprehensive imaging services, an 18-station infusion center, endoscopy suite and after-hours care. Perry Higa of NAI Hiffman represented Silver Cross Hospital and Premier Suburban Medical Group in purchasing two land sites totaling nearly 11 acres from SSM Health. Leopardo is the general contractor, Jensen & Halstead Ltd. is the architect and Kimley-Horn is the civil engineer.

January 6, 2023

Civic Development Midwest Minnesota

Kraus-Anderson Completes $21.4M Renovation, Expansion for Ely Public Schools in Minnesota

by Kristin Harlow January 6, 2023

ELY, MINN. — Kraus-Anderson has completed a $21.4 million renovation and expansion project for Ely Public Schools in Ely, a city in Northwest Minnesota. The district is comprised of Ely Memorial High School and Washington Elementary and serves approximately 550 students. Designed by Architectural Resources Inc., the project consisted of a renovation of the two existing schools. Kraus-Anderson added a 39,000-square-foot common area that connects both the schools. The addition houses new classrooms, a gymnasium, media center, music room, metals shop, wood shop and a cafeteria with commercial kitchen equipment. Both schools now feature upgraded HVAC systems. New locker rooms were added to the high school and an early family childhood education area was added to the elementary school.

January 6, 2023

California Development Industrial Leasing Activity Western

Sunrise Brands Leases 446,000 SF Distribution Facility at Tejon Ranch Commerce Center in California

by Amy Works January 6, 2023

TEJON RANCH, CALIF. — Sunrise Brands, a designer, producer, distributor and retailer of branded and private-label apparel, has signed a full-building pre-lease for an industrial distribution facility at Tejon Ranch Commerce Center in Tejon Ranch. A joint venture partnership between Tejon Ranch Co. and Majestic Realty Co. owns the asset. Construction of the 446,000-square-foot distribution center is slated to begin in first-quarter 2023. Completion is scheduled for first-quarter 2024. Until the new facility is ready, Sunrise Brands will temporarily occupy 240,000 square feet of space in another building owned by the Tejon-Majestic joint venture partnership. The new single-load industrial building will feature 36-foot clear heights, seven-inch floor slabs and an ESFR sprinkler system. Mike McCrary, Mac Hewett, Brent Weirick and Peter McWilliams of JLL represented the owners in the lease negotiations, while Mike Catalano and Joe Dimola of Savills represented Sunrise Brands.

January 6, 2023

Development Loans Multifamily New Jersey Northeast Top Stories

JLL Arranges Construction Financing for $135M Canterly Place Apartments in Livingston, New Jersey

by Jeff Shaw January 6, 2023

LIVINGSTON, N.J. — JLL has arranged $88.6 million in construction financing and a $38 million equity placement for Canterly Place, a 300-unit multifamily project in Livingston, approximately 20 miles west of Manhattan. The total project cost is estimated at $135 million. Canterly Place will feature 240 market-rate units and 60 affordable units in one-, two- and three-bedroom floor plans. Residences will be funished with hardwood-style flooring, oversized windows, walk-in closets and individual washers and dryers. Communal amenities will include a pool, clubroom, library lounge, private dining rooom, game room, fitness center, coworking lounge, golf simulator, basketball court and a pickleball court. The site of Canterly Place is located just off Route 10, less than one mile west of Eisenhower Parkway, providing easy access to nearby I-280, I-287 and Route 24. The property offers an easy commute to the region’s major employment hubs in the surrounding area including New York City. Jon Mikula, Jim Cadranell, Matthew Pizzolato and Michael Lachs led the JLL team that arranged the debt and equity on behalf of the borrower, Okner Developers LLX. Northwestern Mutual provided the loan, which was structured with a 10-year term and a fixed interest rare, as well as the joint venture equity. — …

January 6, 2023

Development Illinois Midwest Office

Skender Completes Renovation of 622,600 SF Office Building in Downers Grove, Illinois

by Kristin Harlow January 5, 2023

DOWNERS GROVE, ILL. — Skender has completed a comprehensive renovation of 3500 Lacey, a 622,600-square-foot office building in the Chicago suburb of Downers Grove. Built in 1992, the property formerly served as the headquarters of bread company Sara Lee. KORE Investments purchased the building in 2019. Skender worked with OKW Architects on the renovation project, which upgraded the building’s lower lobby, main lobby and fitness center. The property is also home to Esplanade Lakes Ballroom, a wedding venue operated by DoubleTree.

January 5, 2023

Connecticut Development Multifamily Northeast

Urby Nears Completion of 176-Unit Apartment Complex in Stamford, Connecticut

by Taylor Williams January 5, 2023

STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, is nearing completion of a 176-unit apartment complex in Stamford, located in the southern coastal part of Connecticut. Designed by Concrete Amsterdam, the project represents the latest phase of Stamford Urby, a development that will ultimately consist of 641 units across 11 buildings. Residences are available in studio, one- and two-bedroom formats, with rents starting at approximately $2,000 per month for a studio. Amenities include a pool, outdoor grilling and dining areas, a fitness center, dog park, central courtyard and a coworking lounge. The first move-ins will begin in February.

January 5, 2023

Development Multifamily South Carolina Southeast

Aventon Breaks Ground on 394-Unit Apartment Community in Charleston

by John Nelson January 5, 2023

CHARLESTON, S.C. — Aventon Cos. has broken ground on Aventon Bees Ferry, a 394-unit apartment community located on a 30-acre site in Charleston’s West Ashley submarket. The development is the first project in South Carolina for the Raleigh-based developer. Situated near the intersection of Bees Ferry Road and Savannah Highway, Aventon Bees Ferry will feature one-, two- and three-bedroom apartments, as well as a community clubhouse with a fitness center and coworking spaces and two courtyards that will feature a resort-style pool, gaming lawn, pet spa and a dog park. Aventon expects to open Aventon Bees Ferry in early 2024. Other members of the development team include Watts Leaf Architects, Studio 5 Interiors Inc. and Thomas & Hutton.

January 5, 2023

Development Georgia Industrial Southeast

Stonemont Financial to Develop 903,200 SF Industrial Park in Locust Grove, Georgia

by John Nelson January 5, 2023

LOCUST GROVE, GA. — Stonemont Financial Group has purchased an infill, 113-acre site in Locust Grove with plans to develop a 903,200-square-foot industrial park. The development will break ground in the first quarter, with an expected completion of first-quarter 2024. Called Stonemont Park 75 South, the development will include three rear-load speculative warehouses ranging in sizes from 124,800 square feet to 538,720 square feet. Clear heights will vary from 32 feet to 40 feet, and the property will also include 316 trailer parking stalls and 612 car parking stalls, as well as 2,000 linear feet of frontage along I-75. Stonemont Park 75 South will sit along Highway 42 within Atlanta’s I-75 South industrial submarket. The design-build team will include Ware Malcomb (architect), Eberly & Associates (civil engineer) and Alston Construction (general contractor). Wilson Hull & Neal will serve as the leasing agent for the park on behalf of Stonemont Financial.

January 5, 2023

California Development Office Western

Irvine Co. Completes Final Phase of 1.1 MSF Spectrum Terrace Office Campus in Irvine, California

by Amy Works January 5, 2023

IRVINE, CALIF. — Irvine Co. has completed the third and final phase of Spectrum Terrace, a 1.1 million-square-foot office campus at the intersection of Interstate 405 and Highway 133 in Irvine. The fully walkable campus features nine buildings with private patios, open-air resort-style amenities, including an Olympic-length pool, and outdoor collaboration spaces. The asset is located adjacent to Irvine Spectrum Center, a massive mixed-use development centered on dining and entertainment. The final phase features three four-story buildings, totaling more than 345,000 square feet, as well as the completion of Terrace Pool, which features gathering areas with meeting-ready cabanas and poolside refreshments. Spectrum Terrace customers have access to The Commons, an outdoor gathering area with shaded workspaces; Kinetic fitness center offering a resort-style approach to workplace wellness; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and events space with folding glass walls that open up the conference room to the outdoors and attached catering kitchen, coffee bar and grab-and-go counter. Spectrum Terrace is currently 80 percent leased to a variety to tenants, including Alteryx, Coca-Cola Co., CoStar Group, iHerb and RSM.

January 5, 2023

Affordable Housing Development Florida Multifamily Southeast

HTG, Housing for Homeless Begin Construction of $30M Affordable Housing Community on Florida’s Space Coast

by John Nelson January 5, 2023

COCOA, FLA. — Housing Trust Group (HTG) and local nonprofit Housing for Homeless Inc. have broken ground on Orchid Lake, a $30 million affordable housing community in Cocoa, a city on Florida’s Space Coast. Situated in Brevard County on the Atlantic Ocean side of the state, Orchid Lake will feature 90 units reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The floor plan mix includes one-, two- and three-bedroom units ranging in size from 802 to 1,137 square feet. The property is scheduled to deliver in early 2024. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor barbecue area and a media room for residents. Housing for Homeless will also offer services to residents including adult literacy training, an employment assistance program and a financial management program. Funding sources for Orchid Lake include $15.7 million in 9 percent Low Income Housing Tax Credit equity syndicated through Raymond James Bank, as well as a $9 million loan through the State Apartment Incentive Loan program (SAIL). Other capital sources include loans from Raymond James Bank, Florida …

January 5, 2023

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