Development

Bank OZK, ACORE Provide $80.5M Construction Financing for Industrial Project in Winchester, Virginia

by John Nelson December 13, 2022

WINCHESTER, VA. — Bank OZK and ACORE Capital have provided $80.5 million in construction financing for One Logistics Park’s building 2, a 1 million-square-foot warehouse in Winchester, about 75 miles west of Washington, D.C. Robert Carey and Drake Greer of JLL arranged the financing on behalf of the borrower, The Meridian Group. Located on 76.6 acres at 1486 Millwood Pike, building 2 will be the first asset delivered within One Logistics Park, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, the facility will offer 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50- by 56-foot column spacing with 65-foot speed bays, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.

December 13, 2022

Development Multifamily South Carolina Southeast

Monday Properties, Glenmont Capital Break Ground on 338-Unit Willow Apartments in North Charleston

by John Nelson December 13, 2022

NORTH CHARLESTON, S.C. — Monday Properties, a multifamily developer with offices in New York City and Arlington, Va., and partner Glenmont Capital Management have broken ground on The Willow, a 338-unit apartment community located at 7562 Plantation Road in North Charleston. Monday Properties purchased the site in November 2021 and secured $48 million in construction financing from Sandy Spring Bank. The Class A multifamily community is expected to deliver in late first-quarter 2024. Amenities will include a zero-entry, saltwater pool, grilling cabana, pickleball court, outdoor fitness area, courtyards, 24-hour fitness center and yoga studio, a lounge and game room and a covered patio overlooking the pool, as well as coworking and conference spaces and a community room. The pet-friendly community will also feature a half-acre dog park.

December 13, 2022

California Development Loans Multifamily Western

Gantry Secures $14.3M Construction Loan for Office-to-Multifamily Conversion in Monterey, California

by Amy Works December 13, 2022

MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.

December 13, 2022

1957-2021-E-Del-Amo-Blvd-Rancho-Dominquez-CA

Acquisitions California Development Industrial Western

DAUM Commercial Arranges Sale 60,104 SF Industrial Development Site in Rancho Dominguez, California

by Amy Works December 13, 2022

RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of a 60,104-square-foot, industrial-zoned land parcel at 1957-2021 E. Del Amo Blvd. in Rancho Dominguez. Private sellers sold the asset to Captiva Partners for an undisclosed price. The property features a freestanding, 9,484-square-foot office and industrial building. Anthony Bergeman, Krishna Shegran and Michael Chase of DAUM Commercial Real Estate Services represented one of the private sellers and the buyer in the deal.

December 13, 2022

Development Multifamily New Jersey Northeast

Tulfra Real Estate Breaks Ground on 160-Unit Multifamily Project in Rochelle Park, New Jersey

by Taylor Williams December 13, 2022

ROCHELLE PARK, N.J. — Locally based developer Tulfra Real Estate has broken ground on The Delford, a 160-unit multifamily project in the Northern New Jersey community of Rochelle Park. The six-story building will offer one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge, outdoor grilling stations, coworking space and a rooftop terrace. Michael Klein and Jon Mikula of JLL arranged $34.8 million in construction financing through Provident Bank on behalf of Tulfra Real Estate. Completion is slated for 2024.

December 13, 2022

Civic Development Industrial Louisiana Southeast Top Stories

Public-Private Partnership Plans New $1.8B Terminal at Port of New Orleans

by Jeff Shaw December 13, 2022

VIOLET, LA. — Louisiana Gov. John Bel Edwards has announced a public-private partnership between the State of Louisiana, the Port of New Orleans (Port NOLA) and two global maritime industry leaders to build a $1.8 billion container facility on the Lower Mississippi River. The new Louisiana International Terminal (LIT) will be located in Violet, a tiny municipality of fewer than 6,000 residents approximately 10 miles downriver from New Orleans proper. The new facility will be able to serve vessels of all sizes, dramatically increasing Louisiana’s import and export capacity and stimulating the creation of more than 17,000 new jobs statewide by 2050, Port NOLA estimates. New Jersey-based Ports America, one of North America’s largest marine terminal operators, and Switzerland-based Mediterranean Shipping Co., through its terminal development and investment arm Terminal Investment Limited (TiL), have committed $800 million toward the project. In addition to the partners’ investment, the construction of the terminal will be supported by a substantial commitment from Port NOLA, as well as state and federal funding sources. The joint venture will operate the terminal once construction is complete. “This public-private partnership with the Port of New Orleans, TiL and Ports America has the potential to become one of …

December 13, 2022

Bohler Content Partner Development Features Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Retail Development Program Lessons Apply Across Property Types

by Sarah Daniels December 13, 2022

Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …

December 13, 2022

Development Industrial Midwest Self-Storage Wisconsin

Inland Private Capital Completes Development of 765-Unit Self-Storage Property in Metro Milwaukee

by Jeff Shaw December 12, 2022

RACINE, WIS. — Inland Private Capital Corp. (IPC), with joint venture partner Devon Self Storage Holdings (US) LLC, has completed the development of a 765-unit self-storage property located in Racine, roughly 25 miles south of Milwaukee. The property is one of 10 self-storage projects being developed on behalf of the IPC-sponsored Self-Storage Qualified Opportunity Fund LLC. Comprising 80,655 square feet upon completion, the building previously housed a moving company and was acquired for redevelopment in November 2021. The redevelopment was completed in under 12 months.

December 12, 2022

Development Florida Leasing Activity Office Southeast

Tampa Electric, Peoples Gas Lease 298,000 SF at Midtown Tampa for New Headquarters

by John Nelson December 12, 2022

TAMPA, FLA. — Tampa Electric and Peoples Gas have signed a deal with Bromley Cos. to occupy the 298,000-square-foot anchor space at 1 Midtown Place in Tampa. Beginning in 2025, the companies will own 11 floors of the building, construction of which will start in early 2023. Bromley is developing the 17-story building, which will be situated within the 23-acre mixed-use Midtown Tampa development, with Highwood Properties. Tampa Electric and Peoples Gas currently occupy TECO Plaza at 702 N. Franklin St. in downtown Tampa, which has been home to the companies since 1981.

December 12, 2022

Development Georgia Leasing Activity Retail Southeast

Savi Provisions Opens New Grocery Store in Metro Atlanta

by John Nelson December 12, 2022

MILTON, GA. — Savi Provisions, an Atlanta-based boutique grocer, has opened a new location at Crapapple Market in Milton, roughly 30 miles north of Atlanta. Located at 12630 Crabapple Road, the store opened on Saturday, Dec. 10 and features the main grocery store (3,644 square feet) and a liquor market (983 square feet). Founded in 2009, Savi offers prepared foods such as sandwiches and salads in addition to organic groceries, wine, spirits and coffee.

December 12, 2022

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