Development

PCCP Provides $83.9M Loan to WRS for Metro D.C. Mall Acquisition, Renovation

by Julia Sanders March 16, 2022

GAITHERSBURG, MD. — PCCP LLC has provided a $83.9 million senior loan to WRS Inc. for the acquisition and renovation of Lakeforest Mall, a 102-acre retail development in Gaithersburg. The loan terms were not disclosed. Lakeforest Mall features tenants including Aeropostale, Bath & Body Works, Macy’s, T-Mobile, The Jewel Box, Waldin Jewelers, The Bridal at Lakeforest and Unique Eyebrows. The site also offers about 5,700 parking spaces. Mount Pleasant, S.C.-based WRS originally acquired the mall’s inner core in 2019, and now will purchase the four big-box department anchors with the loan that PCCP provided. With a simultaneous closing of the four anchor properties, WRS now controls the entirety of the site. The developer plans to renovate the mall into a mixed-use concept featuring residential, commercial and green space. The construction timeline for the redevelopment project was not disclosed. Located at 701 Russell Ave., the property’s infill site is located within Montgomery County and is approximately 24 miles northwest of Washington, D.C.

March 16, 2022

Affordable Housing Development Maryland Multifamily Southeast

Amazon to Invest $81.7M for Two Transit-Oriented Affordable Housing Projects in Metro D.C.

by Julia Sanders March 16, 2022

SEATTLE — Amazon has committed to invest $81.7 million to build 742 new affordable homes near public transit sites in the metro Washington, D.C. region. The new housing commitments included in Amazon’s recent investment include The Margaux at the New Carrollton Metro Station and Atworth at the College Park Metro Station. Amazon will work in collaboration with the Washington Metropolitan Area Transit Authority (Metro) to complete the housing developments. The deals are related to Amazon’s $300 million transit commitment from 2021 to create 3,000 new affordable homes in collaboration with the transit agencies in Amazon’s hometown communities. In partnership with Metro and developer Urban Atlantic, Amazon is developing The Margaux at the New Carrollton Metro Station, a 291-unit property with one-, two- and three-bedroom floorplans. Amazon is providing $25.4 million to Urban Atlantic to begin construction on the project. Atworth at the College Park Metro Station will be a 451-unit apartment property close to the University of Maryland and the Discovery District, as well as the MARC Train, University of Maryland Shuttle Service and Metro’s under-construction Purple Line. Amazon is funding a $56.3 million loan to the Gilbane Development Co. to begin construction. Since launching the Amazon Housing Equity Fund …

March 16, 2022

Build-to-Rent Development Single-Family Rental Texas

Mill Creek Residential Underway on 271-Unit Build-to-Rent Community in Celina, Texas

by Taylor Williams March 16, 2022

CELINA, TEXAS — Mill Creek Residential is underway on construction of Amavi Celina, a 271-unit build-to-rent residential community that will be located about 35 miles north of Dallas. The unit mix will consist of 155 cottages, 94 townhomes and 22 single-family detached homes. Amavi Celina will span 45 acres and will feature a trail system, dog park, fitness center and resort-style pool. Keaton Merrell and Shannon Hersker of Walker & Dunlop originated a four-year, interest-only construction loan to Mill Creek Residential for the project, a completion date for which was not disclosed.

March 16, 2022

Development Industrial Northeast Pennsylvania

Aeroterm to Develop Cargo Facility at Pittsburgh International Airport

by Taylor Williams March 16, 2022

PITTSBURGH — Aeroterm, a division of global logistics operator Realterm, will enter into a 30-year ground lease with the Allegheny County Airport Authority to develop a cargo facility at Pittsburgh International Airport. The facility will be situated on an 8.8-acre site and will span between 140,000 and 170,000 square feet. Completion is slated for the second quarter of 2023. More than 250 million pounds of freight passed through the airport in 2021, a 30 percent increase in volume from 2020, according to Aeroterm executives.

March 16, 2022

Development Massachusetts Multifamily Northeast Seniors Housing

Benchmark Nears Completion of 97-Unit Seniors Housing Community in Hanover, Massachusetts

by Taylor Williams March 16, 2022

HANOVER, MASS. — Benchmark Senior Living is nearing completion of Benchmark at Hanover, a 97-unit assisted living and memory care community located about 25 miles southeast of Boston. Benchmark at Hanover totals 91,000 square feet. Udelsman Associates designed the community, which Callahan Construction is building. The community is scheduled to open this summer.

March 16, 2022

Development Industrial Midwest Wisconsin

Zilber Property Group to Build Two Spec Industrial Projects Totaling 500,000 SF in Wisconsin

by Kristin Harlow March 16, 2022

GERMANTOWN AND JANESVILLE, WIS. — Zilber Property Group has unveiled plans to build two speculative industrial projects totaling more than 500,000 square feet in Wisconsin. Plans call for a 230,000-square-foot building in Germantown to be named Zilber Industrial 5 at Germantown Gateway Corporate Park. Zilber Industrial 9 at Janesville will span roughly 300,000 square feet. Construction is expected to begin this spring once the developer receives the necessary municipal approvals. Completion is slated for this fall. Each building will feature a clear height of 32 feet and onsite trailer parking. The project team includes Pinnacle Engineering Group and Riley Construction. Stephen Perry Smith Architects is providing design services for the Germantown project, while Zimmerman Architectural Studios is designing the Janesville development. Michael Kleber of Zilber will oversee lease-up of both buildings.

March 16, 2022

Acquisitions Development Idaho Multifamily Western

Pacific Partners Residential Buys Former Transportation Terminal in Boise for Multifamily Redevelopment Project

by Amy Works March 16, 2022

BOISE, IDAHO — Pacific Partners Residential has acquired a 0.84-acre site in downtown Boise for an undisclosed price. The buyer plans to redevelop the property, which is located at 1212 W. Bannock St. and formerly used as a transportation terminal for the Greyhound Bus Co., into a residential community. Curtis Cluff of Cushman & Wakefield and Matt Haumann of CBRE co-represented the buyer, while Jay Story of Story Commercial Real Estate represented the seller in the deal.

March 16, 2022

Development Mixed-Use Texas

Tishman Speyer, Ryan Cos. Break Ground on 58-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams March 15, 2022

AUSTIN, TEXAS — A partnership between two developers, New York-based Tishman Speyer and Minneapolis-based Ryan Cos., has broken ground on 321 West, a 58-story mixed-use tower in downtown Austin. The site is bounded by Sixth and Guadalupe streets near the Republic Square transit center. The 569,000-square-foot building will house 1,000 square feet of ground-floor retail space, 140,000 square feet of office space, 369 apartments and 440 parking spaces. Handel Architects and Austin-based Page are designing the project, with INC Architecture & Design handling interior design. Completion is slated for late 2024. Ryan Cos. announced the project in late 2019.

March 15, 2022

Acquisitions Development Georgia Industrial Southeast

Seefried Buys 31.8-Acre Site in Cartersville, Georgia for Distribution Center Project

by Julia Sanders March 15, 2022

CARTERSVILLE, GA. — Atlanta-based Seefried Industrial Properties has bought a 31.8-acre site in Cartersville with plans to develop Cassville 75 Distribution Center, a new 273,576-square-foot, speculative industrial development. The seller and sales price for the land were not disclosed. Construction is expected to begin in May, with delivery scheduled for April 2023. Cassville 75 Distribution Center will be located at the intersection of Cassville White and Old Grassdale roads and will offer access to Interstate 75. Project features will include 36-foot minimum clear heights with 185-foot minimum truck court depths, ESFR sprinklers and 39 dock-high loading positions with a front-load configuration. The project will also include office space customized to suit, as well as auto and trailer parking on a secure fenced site.

March 15, 2022

Development Illinois Midwest Retail

IMPACT Strategies Begins Renovations at World Wide Technology Raceway Near St. Louis

by Kristin Harlow March 15, 2022

MADISON, ILL. — Design-build firm IMPACT Strategies has begun interior and exterior renovations of the Oval Tower Suites at World Wide Technology Raceway in Madison, about nine miles northeast of St. Louis. The project includes improvements to the private viewing area, including the rooftop space and 28 private suites. The motorsport racing facility is undergoing a multi-million-dollar renovation plan leading up to the 2022 NASCAR Cup Series on June 5.

March 15, 2022

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