Development

Greystar, White Point Break Ground on 24-Story Apartment Building in Charlotte

by Julia Sanders March 7, 2022

CHARLOTTE, N.C. — Charleston-based Greystar, in partnership with Charlotte-based White Point (WP), have broken ground on Ascent South End, a 24-story multifamily building in Charlotte. The project will have 324 apartments and approximately 15,000 square feet of ground-floor retail space. Ascent South End is slated to open in early 2024. The property will offer floor plans ranging from micro units/studios to three-bedrooms. Unit features will include custom closets, appliance and fixture packages and modern kitchens. The building will also feature more than 20,000 square feet of amenity space. Additionally, the development will focus on minimizing onsite waste and maximizing indoor environmental quality using smart thermostats, lighting control strategies and safer materials. The property will also include EV charging stations. The building will be next door to WP’s planned office tower and adjacent to Dilworth Artisan Station, a three-story adaptive reuse property owned by WP.

March 7, 2022

Development Industrial Midwest Ohio

Kroger, Ocado to Open 270,000 SF Customer Fulfillment Center in Cleveland Area

by Kristin Harlow March 7, 2022

CLEVELAND — The Kroger Co. (NYSE: KR) has unveiled plans to open a new customer fulfillment center in the Cleveland area for grocery delivery services. Technology company Ocado Group will operate the facility, which will span 270,000 square feet. The facility will utilize robotics for automated production, but it also expected to create up to 400 new jobs in the area. Completion of the project is slated for 24 months after construction begins. The warehouse, which will service Northeast Ohio and Pennsylvania, marks the second customer fulfillment center in the state of Ohio for Kroger and Ocado. A specific location for the project was not released.

March 7, 2022

Development Indiana Leasing Activity Midwest Restaurant Retail

Caliber Collision, Starbucks to Open at Southtown Centre in Fort Wayne, Indiana

by Kristin Harlow March 7, 2022

FORT WAYNE, IND. — Caliber Collision and Starbucks have signed leases to open at Southtown Centre in Fort Wayne. Caliber Collision will open a store at 7851 Southtown Crossing, marking its second location in Fort Wayne. Starbucks will lease a 2,225-square-foot building set to be constructed later this year at 7800 S. Anthony Blvd. Barry Sturges, Neal Bowman and Phil Hagee of Sturges Property Group represented Caliber Collision. Sturges worked with the Fort Wayne Redevelopment Commission and the developer, The Elia Group, on the Starbucks deal.

March 7, 2022

Development Multifamily Nevada Seniors Housing Western

SR Construction Completes Silverado Red Rock Memory Care Community in Las Vegas

by Amy Works March 7, 2022

LAS VEGAS — SR Construction has completed work on Silverado Red Rock, a memory care community in Las Vegas. This single-story, 36,381-square-foot property features 60 resident rooms and 72 resident beds. The community will welcome its first residents on March 14. This is the second community that SR has built for Silverado.

March 7, 2022

Acquisitions California Development Michigan Multifamily Ohio Seniors Housing Tennessee Top Stories

Welltower Acquires 33-Property Seniors Housing Portfolio for $548M, Plans Two Developments in Silicon Valley

by Jeff Shaw March 7, 2022

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator StoryPoint to manage the communities under a RIDEA agreement. The acquisition is expected to be funded through the issuance of partnership units, assumed debt and cash on-hand. Simultaneously with the acquisition announcement, Welltower unveiled a development partnership with a joint venture between Related Cos. and Atria Senior Living to develop two seniors housing communities in Silicon Valley. One will be located in Santa Clara and the other in Cupertino. Welltower suggests these developments are just the first projects of many for the partnership. The Santa Clara development will consist of 191 units next to a fully entitled, 9.2 million-square-foot urban development that Related began building in 2015. The larger project, …

March 7, 2022

Development Loans Mixed-Use New York Top Stories

Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan

by Julia Sanders March 4, 2022

NEW YORK CITY — Rabina has received $540 million in construction financing for 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development in Manhattan. With site work already underway, the 450,000-square-foot mixed-use tower will be the second tallest building on Fifth Avenue after the Empire State Building. The construction timeline was not disclosed. The project will include residential components, boutique commercial office space, recreational facilities and ground-floor retail. The first three levels will consist of restaurants and then floors four through 28 will be office space. Floors 31 through 68 will feature residential units, according to New York Yimby. The news outlet also said the residential amenities will include a pool, spa, fitness center and sports court. Located on Fifth Avenue and 43rd Street in Manhattan’s Midtown neighborhood, the property is situated near notable buildings including the New York Public Library, Grand Central Station, Rockefeller Center and the Chrysler Building. Christopher Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick of JLL Capital Markets represented Rabina in arranging the financing. Bank OZK will provide a $410 million senior mortgage loan while Carlyle’s global credit business will provide $130 million in mezzanine financing. The loan terms were not disclosed. …

March 4, 2022

Development Office South Carolina Southeast

CrossRidge Development Completes 120,000 SF Office Building in Metro Charlotte

by Julia Sanders March 4, 2022

INDIAN LAND, S.C. — CrossRidge Development has completed CrossRidge One, a 120,000-square-foot, Class A office building in Indian Land. CrossRidge One is located within CrossRidge Center, a 190-acre, mixed-use development situated about 23 miles south of Charlotte. Charley Leavitt of JLL is leading office leasing, while Margot Bizon and Lindsay Stafford of JLL are marketing the retail component. Architectural firm Perkins Eastman designed CrossRidge One, and Edifice Inc. served as the general contractor. The next phase of development for CrossRidge Center, which includes 55,000 square feet of retail space, is slated to begin construction in the fourth quarter. Phase I of CrossRidge Center’s retail expansion will deliver in the summer of 2023. The center encompasses six retail parcels available for ground lease, build-to-suit and multi-tenant buildings. CrossRidge Center’s first phase also includes a 120-room hotel. Phase II will deliver an additional 150,000 square feet of space over the course of three years.

March 4, 2022

Affordable Housing Development Illinois Midwest Multifamily

McShane to Build 24-Unit Affordable Housing Community for Residents with Disabilities in Waukegan, Illinois

by Kristin Harlow March 4, 2022

WAUKEGAN, ILL. — Nonprofit developer Over the Rainbow (OTR) has selected McShane Construction Co. to build Kirwan Apartments, a 24-unit affordable housing community in Waukegan. The project is designed to enable adults with physical disabilities to live independently. The development is named for Leo Kirwan, an OTR board member and advocate for accessible housing. The three-story building will feature one-bedroom residences, and amenities will include a community room, laundry facilities and 20 parking spaces. Completion is slated for January 2023. Weese Langley Weese Architects is providing architectural services. OTR apartments are specifically designed for low-income individuals with physical disabilities and come with rental subsidies.

March 4, 2022

Development Industrial Texas

McCormack Commercial Breaks Ground on 1.3 MSF Industrial Project in Fort Worth

by Taylor Williams March 4, 2022

FORT WORTH, TEXAS — Houston-based developer McCormack Commercial has broken ground on Meacham Commerce Center, a 1.3 million-square-foot industrial project in Fort Worth. Meacham Commerce Center will consist of four buildings with cross-dock and rear-load configurations that will be situated on an 80-acre site on the city’s north side. The first building will span 334,750 square feet and will feature 36-foot clear heights and parking for 240 cars and 103 trailers. Completion of that building is slated for the third quarter. Holt Lunsford has been tapped as the leasing agent.

March 4, 2022

Development Industrial New Jersey Northeast

Lincoln Equities to Develop 332,640 SF Spec Industrial Project in Bayonne, New Jersey

by Taylor Williams March 4, 2022

BAYONNE, N.J. — Locally based developer Lincoln Equities Group will soon break ground on Lincoln Logistics Bayonne, a 332,640-square-foot speculative industrial project in Northern New Jersey. The facility will be situated on a 24-acre tract within a 153-acre waterfront site at which an 886,256-square-foot UPS shipping hub is currently under construction. Lincoln Logistics Bayonne will feature five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Cushman & Wakefield is marketing the project for lease. Construction is expected to be complete by the end of the year.

March 4, 2022

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