Development

Titan Development Breaks Ground on 297,057 SF Industrial Project in Metro Austin

by Taylor Williams April 8, 2022

GEORGETOWN, TEXAS — Titan Development has broken ground on Building 5 at NorthPark 35 Industrial Park, a project that will add 297,057 square feet of industrial space to the local supply. The building will serve as the new headquarters for the Greater Austin Merchant’s Cooperative Association, a trade organization for convenience stores and gas stations. Completion is slated for the fourth quarter. NorthPark35 is funded by Titan’s Development Real Estate Fund II, which focuses on industrial and multifamily projects in Texas, New Mexico, Colorado and California.

April 8, 2022

Acquisitions Development Georgia Multifamily Southeast Student Housing

Aspen Square Purchases Student Housing Property in Carrollton, Georgia, Plans Multifamily Conversion

by Julia Sanders April 8, 2022

CARROLLTON, GA. — Aspen Square Management has purchased Timbercrest at Carrollton, a 240-unit, 792-bed student housing community in Carrollton. Sean Baird of Colliers arranged the transaction. DoubleLine Capital sold the property for an undisclosed price. The buyer plans to convert the student housing community into a multifamily property. Since 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The property was 87 percent occupied at the time of sale. Located at 316 Columbia Drive, the property is situated about one mile from the University of West Georgia and 46.2 miles from the Hartsfield-Jackson Atlanta International Airport.

April 8, 2022

Development Illinois Leasing Activity Midwest Retail

Allsteel to Open 24,000 SF Showroom in Chicago’s Fulton Market

by Kristin Harlow April 8, 2022

CHICAGO — Allsteel Inc., an Iowa-based furniture manufacturer, has unveiled plans to open a new 24,000-square-foot showroom in Chicago’s Fulton Market district. The company plans to relocate from its current space at Merchandise Mart to 345 N. Morgan St. in the first quarter of 2023. Owner and developer Sterling Bay recently topped out the office and retail building, which is slated for completion later this summer. Chicago-based Partners by Design is the architect for Allsteel’s space.

April 8, 2022

Development Multifamily New York Northeast

Ekstein Tolbert Underway on $76M Mixed-Income Housing Project in Brooklyn

by Taylor Williams April 8, 2022

NEW YORK CITY — Locally based firm Ekstein Tolbert Development is underway on construction of a $76 million multifamily project located at 1333 Broadway in Brooklyn’s Bushwick neighborhood. The 20-story, 107-unit building will ultimately house three levels of commercial space and a unit mix that comprises 30 percent affordable units and 70 percent market-rate apartments. Amenities will include a gym, package handling room and onsite laundry facilities. JLL arranged an undisclosed amount of construction financing through Santander Bank on behalf of Ekstein Tolbert. In addition, JLL negotiated the sale of a majority equity stake in the project to private equity firm Standard Real Estate Investments.

April 8, 2022

Acquisitions Arizona Development Multifamily Western

Stillwater Capital Acquires Land Parcel in Mesa for 373-Unit Apartment Development

by Amy Works April 8, 2022

MESA, ARIZ. — Dallas-based Stillwater Capital Investments has purchased a 16.6-acre multifamily development site in Mesa from Lamar Cos. and Utah-based GFI-Mesa Investments for $11.1 million. The company plans to develop a Class A apartment community on the site. Located at 1445 S. Power Road and 1455 S. Clearview Ave., the development will feature 373 apartments. The site currently houses vacant retail structures that will be demolished prior to construction of the new community. The project team includes Omniplan, Brennan Ray of Burch & Crach, Ali Fakih of SEG and Andy Baron of ABLA. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the buyer in the deal.

April 8, 2022

Development Georgia Retail Southeast

Eden Rock, Connolly Break Ground on $120M Mixed-Use Project in Metro Atlanta

by Julia Sanders April 7, 2022

MARIETTA, GA. — Atlanta-based partners Eden Rock Real Estate Partners and Connolly have broken ground on Kroger at MarketPlace Terrell Mill, a $120 million mixed-use project at the intersection of Terrell Mill and Powers Ferry roads in Marietta. Construction started last month, and the project is expected to open in April 2023. The developers are constructing a 90,000-square-foot building on a 10.8-acre parcel of land to house the Kroger at MarketPlace Terrell Mill. Planned features for the building will include a drive-thru pharmacy, dedicated area for online order pickups and an 18-pump Kroger Fuel Center. The new store will replace an existing Kroger, which is situated on Delk and Powers Ferry roads less than a half-mile from the center. That store was built in 1983 and is approximately half the size of the new store. Kroger will join a tenant lineup at MarketPlace Terrell Mill that includes Chick-fil-A, Panera Bread, Regions Bank and Wendy’s, all of which are open and operating. The site also houses a nearly 100,000-square-foot Extra Space Storage location and Marketplace Vista Apartments, which sold a year ago for $87 million. MarketPlace Terrell Mill is situated on nearly 24 acres and features eight land parcels. The mixed-use …

April 7, 2022

Development Illinois Industrial Midwest

Peak Construction to Build 477,115 SF Spec Warehouse in Elgin, Illinois

by Kristin Harlow April 7, 2022

ELGIN, ILL. — Developer Scannell Properties has selected Peak Construction Corp. to build a new 477,115-square-foot speculative warehouse in Elgin. Slated for completion in late December, the project will feature a clear height of 36 feet, 40 dock doors, four drive-in doors, trailer storage and parking for 372 cars. Harris Architects Inc. and Haeger Engineering make up the project team.

April 7, 2022

Development Multifamily Texas

SWBC to Develop 365-Unit Royalton at Westover Hills Apartments in San Antonio

by Taylor Williams April 7, 2022

SAN ANTONIO — Texas-based developer SWBC Real Estate has acquired 14.4 acres at the northeast quadrant of Highway 151 and Loop 1604 in San Antonio for the development of The Royalton at Westover Hills, a 365-unit apartment community. The site is adjacent to the new Methodist Healthcare campus that is currently under construction. Designed by Cross Architects, The Royalton at Westover Hills will feature one-, two- and three-bedroom units with an average size of 875 square feet. Residences will be furnished with stainless steel appliances, granite countertops and washer/dryer hook ups. Amenities will include outdoor grilling, dining and lounge areas, as well as a pool, fitness center and a dog park. Construction is slated to begin in the first quarter of 2023 and to last about 26 months.

April 7, 2022

Development Illinois Industrial Midwest

Krusinski Construction Completes 19,000 SF Auto Center in Joliet, Illinois

by Kristin Harlow April 7, 2022

JOLIET, ILL. — Krusinski Construction Co. has completed a new automotive center for Cassidy Best-One Tire & Service in Joliet’s Rock Creek Logistics Center. Ketone Partners, which served as developer for the 19,000-square-foot project, also owns the 263-acre Rock Creek Logistics Center. The auto center features 20 drive-in doors, 10 service bays, 1,000 square feet of office space, nine car parking stalls and seven trailer stalls. Cassidy Best-One will provide truck and automotive tire work as well as general maintenance for a variety of vehicles. The project team included Cornerstone Architects as architect and Jacob & Hefner Associates as civil engineer.

April 7, 2022

California Development Mixed-Use Multifamily Restaurant Retail Western

Sudberry Properties Opens 260-Unit Hub at Scripps Ranch Mixed-Use Project in San Diego

by Amy Works April 7, 2022

SAN DIEGO — Sudberry Properties has opened The Hub at Scripps Ranch, a mixed-use redevelopment project located at 9840 Carroll Canyon Road in the Scripps Ranch neighborhood of San Diego. Construction is nearing completion and apartment residents are moving in. Situated on 9.5 acres, The Hub at Scripps Ranch features 260 apartments and 10,700 square feet of retail and restaurant space. The property offers one-, two- and three-bedroom layouts, ranging from 614 square feet to 1,391 square feet, with rents starting at $2,600 per month. Interior amenities include private patios or balconies, nine-foot ceilings, hardwood-style flooring in main areas, carpeting in bedrooms, fully equipped kitchens with GE Energy Star stainless steel appliances, quartz countertops and full-size washers/dryers. The retail and restaurant space includes a 2,061-square-foot Starbucks Coffee, Pacific Dental Services and Big Cheech’s Chicken N’ Waffles and Sliders. The development team includes MVE Architecture, Reylenn Construction Co., Pasco Laret Suiter & Associates, GroundLevel Landscape Architecture and Design Tec. Matt Mosser of Retail Insite is responsible for retail leasing, and Sudberry Properties will provide property management for The Hub.

April 7, 2022

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