NORCO, CALIF. — CapRock Partners has broken ground on Phase I of Palomino Ranch, a master-planned industrial warehouse development located at 1811 Mountain Ave. in Norco. Spanning 112 acres, the project will total 2 million square feet across 24 buildings. The initial phase of the Class A project will include eight standalone industrial buildings, totaling approximately 700,000 square feet on 44 acres. Phase I buildings will range from approximately 55,000 square feet to 156,000 square feet with clear heights from 30 feet to 36 feet. Buildings larger than 20,000 square feet will offer up to 6,000 square feet of mezzanine office space. Other features will include secured and unsecured concrete truck courts, 125-foot truck court depth, ESFR sprinklers and up to 4,000 amps of power. At total project completion, Palomino Ranch will be the largest industrial real estate development in Norco’s history. The project will be LEED certified and feature design elements such as wrap-around wooden porches and lantern streetlighting that are reflective of the city’s equestrian background and nickname Horsetown U.S.A. Jeff Ruscigno, Brian Pharris, Paul Earnhart, Ryan Earnhart, Austin Hill and Jeff Smith of Lee & Associates have been retained to market the lease availabilities at the project. …
Development
NEW YORK CITY — Locally based investment firm Simone Development has acquired Triangle Plaza Hub, a 50,000-square-foot medical office and retail complex located in the Mott Haven neighborhood of The Bronx. The sales price was $32 million. Triangle Plaza Hub was built in 2015 and was 97 percent leased at the time of sale, with grocer Fine Fare and Sun River Health serving as the anchor tenants. Other tenants include DaVita, Dunkin’, Boston Market and VistaSite Eyecare. Steven Rutman, Rob Hinckley, Karl Brumback, Andrew Scandalios and Madison Warwick of JLL represented the seller, Triangle Equities, in the transaction.
DALLAS — National development and investment firm Granite Properties has received an undisclosed amount of construction financing for 23Springs, a 626,215-square-foot office project in Uptown Dallas. Arkansas-based Bank OZK provided the financing for the 26-story building and has also committed to leasing four floors totaling 110,029 square feet upon completion in early 2025. Construction is set to begin in June. GFF Architects is designing 23Springs, and DPR Construction is serving as the general contractor. Amenities will include an indoor lounge with a golf simulator, conference center, outdoor workspaces, two restaurants, coffee and wine bar and a half-acre park. Robert Blount of JLL represented Bank OZK in the lease negotiations. Jim Curtin of JLL arranged the loan on behalf of Granite Properties.
EDWARDSVILLE, ILL. — Contegra Construction Co. is underway on Gateway Commerce Center in Edwardsville near St. Louis. The 800,000-square-foot speculative distribution center is slated for completion this fall. EQT Exeter is the developer. Upon completion, the project will feature 146 dock doors, four drive-through doors, 3,000 square feet of office space, a specialized HVAC system and parking for 206 trucks and 538 cars.
SUN PRAIRIE, WIS. — Developer Roers Cos. has selected McShane Construction Co. to build The Wildwood at Main, a 172-unit affordable housing community in Sun Prairie, a northeast suburb of Madison. The two-building property will be constructed atop an underground parking garage. Amenities will include a clubroom, fitness room, playground and outdoor grill area. Korb + Associates is the architect. The project was designed to achieve Wisconsin Green Built Home certification. Completion is slated for August 2023. Income restrictions for units were not provided.
CHICAGO — Chicago-based McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The facility will also include a large commercial kitchen and multiple bars.
ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …
QUINCY, MASS. — Citizens Bank has provided a $128.7 million construction loan for Ashlar Park, a 465-unit multifamily project located on the southern outskirts of Boston in Quincy. Ashlar Park will feature an outdoor terrace overlooking a pool with cabanas and lounge areas; a 3,200-square-foot fitness center with outdoor yoga space; a multi-level club room/resident lounge; coworking space; a library; and a conference room. Construction of the four-building community, which is located at the site of the former Quincy Medical Center, will be carried out in phases. Initial occupancy is slated for April 2023, with full completion scheduled for April 2024. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the loan on behalf of the borrower, locally based developer FoxRock Properties.
GASTON, S.C. — Columbia, S.C.-based Red Rock Developments has broken ground on a 497,952 square-foot facility in Gaston. Construction is slated for completion by the second quarter of 2023. The cross-dock property will be the first spec facility within Sandy Run Industrial Park, a 761-acre park that will ultimately span 5.9 million square feet, according to Red Rock. The first building will feature 36-foot clear heights and will be expandable to 663,836 square feet. Chuck Salley, Dave Matthews, Thomas Beard and John Peebles of Colliers will oversee leasing at the property. Located along Interstate 26, Sandy Run Industrial Park is situated near the Port of Charleston, an Amazon distribution center and Columbia Metropolitan Airport.
LUNENBERG, MASS. — A joint venture between The Brennan Group, John M. Corcoran & Co. and Berkeley Partners has broken ground on Lunenberg Central, a 372,000-square-foot warehouse and distribution center in the northern central part of Massachusetts. The site offers proximity to Interstates 190 and 495. Building features will include a clear height of 36 feet, 71 dock doors, 402 car parking spots, 94 trailer parking stalls (expandable to 120) and build-to-suit office space. GMA Architects is designing the project, and ARCO National Construction is serving as the general contractor. Construction is slated to be complete in the first quarter of next year. CBRE arranged construction financing on behalf of the joint venture through Cambridge Savings Bank. Newmark will lease the facility.