RICHMOND, VA. — CoStar Group has broken ground on an expansion to its corporate campus in Richmond that will bring two new buildings totaling 750,000 square feet. CoStar plans to add 2,000 new jobs to staff the new buildings, specifically in research, technology, operations, software development, marketing and sales roles. Situated on the banks of the James River, the new 21-story tower and five-story multipurpose building, which will house employee and community amenities, will expand the campus to 1 million square feet. CoStar’s current tower is located on the site at 501 S. 5th St. Planned amenities for the campus hub include conference space, fitness and wellness capabilities, an auditorium, more than 2.6 acres of outdoor green space and retail and restaurant options. The new tower is designed to achieve LEED certification and will feature 50,000 square feet of elevated green terraces. Once the site is fully complete, CoStar Group is poised to become the largest tech company and one of the largest private employers in Richmond. The firm currently employs more than 5,300 people in 80 cities across 14 countries.
CHARLOTTE, N.C. — The Annex Group has plans to develop Union at Tryon, a 200-unit affordable housing community located at 614 Rocco Road in Charlotte. Situated on more than seven acres, the $44 million property will feature studio, one-, two- and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). Amenities will include a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Annex Group’s partners on the project include architect KTGY, civil engineer Tarr Group and LIHTC consultant Shelter Investments Development Corp. Financial partners include Merchants Capital, which directly provided a $31 million construction loan and a $20.8 million Freddie Mac loan; tax credit equity partner Aegon Asset Management, which provided $18 million in equity; and INLIVIAN (Charlotte’s housing authority) that issued $20.8 million in bonds. The Annex Group is providing property management services for Union at Tryon, which is expected to open in spring 2025.
ARLINGTON, TEXAS — Fort Worth-based investment firm Trademark Property Co. has acquired Lincoln Square, a 470,000-square-foot regional shopping center in Arlington, with plans to redevelop the 45-acre site into a mixed-use destination with office and multifamily components. To that end, Trademark has entered into a 30-year public-private partnership agreement with the City of Arlington to invest $150 million into the property over the next six years, with the city committing $14.2 million under the terms of the agreement. Current tenants at Lincoln Square include Studio Movie Grill, Ulta Beauty, Michaels and PetSmart. The seller and sales price were not disclosed. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Beth Lambert, also with Cushman & Wakefield, arranged acquisition financing on behalf of Trademark Property Co.
GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.
VanTrust Breaks Ground on Phase I of 4.5 MSF Vantage North Industrial Development in North Las Vegas
NORTH LAS VEGAS — VanTrust Real Estate has broken ground on the first two buildings at Vantage North, an industrial project offering upward of 4.5 million square feet of logistics and distribution facilities at full build out. Situated on 350 acres, the asset is in North Las Vegas offering visibility along Interstate 5. Infrastructure and site work commenced in January at Vantage North. VanTrust has already preleased one of the buildings to Saddle Creek Logistics, which will occupy 580,000 square feet in fourth-quarter 2023. The first two buildings will total more than 1 million square feet and are scheduled for completion in November 2023. Kevin Higgins and Jake Higgins of CBRE are marketing the development for lease.
PINAL COUNTY, ARIZ. — Scottsdale-based Empire Group has acquired a 27-acre land parcel in Pinal County from Galeb Cos. and Borgata Ventures for $13.8 million. The company plans to develop Village at Borgata, a build-to-rent community on the site, which is situated at the southwest corner of Hunt Highway and Thompson Road near the foothills of the San Tan mountains. The gated community will feature 287 one-, two- and three-bedroom homes for rent, ranging in size from 680 square feet to 1,300 square feet. The single-story homes will offer modern designs and finishes and include private landscaped backyards with doggie door access, smart technology packages and security. Community amenities will include a resort-style pool and hot tub, walking paths, a community clubhouse with kitchen, a fitness center, barbecue area and fire pits areas. Empire Group plans to break ground on the project in spring 2023, with leasing slated to start by fall 2024. Village at Bortaga is part of the larger master-planned Borgata at San Tan, a 100-acre development with mixed-use commercial space, apartments, condominiums and single-family residences. Brett Rinehart of Land Advisors Organization represented Empire Group in the land acquisition.
FORT WORTH, TEXAS — A partnership between two Dallas-area firms, Miyama USA Texas and Dodson Commercial Real Estate, has completed The Rosedale, a 59-unit student housing project that will serve students at Texas Wesleyan University in Fort Worth. The three-story building will house one- and two-bedroom units with a total 100 beds and amenities such as a lounge, fitness center, conference room, rooftop patio and a study lab.
PONTOON BEACH, ILL. — Contegra Construction Co. has completed its fourth distribution center at NorthPoint Development’s Gateway Tradeport in Pontoon Beach near St. Louis. Gateway Tradeport IV is a 1 million-square-foot speculative building with a clear height of 40 feet, 112 dock doors and parking for 264 trailers and 752 cars. Contegra also performed infrastructure improvements and will complete tenant finishes. Development at Gateway Tradeport began in 2019. The project now encompasses 2.7 million square feet of industrial space across 600 acres.
SIOUX CITY, IOWA — Omaha-based Oracle Aviation has broken ground on a new aviation center at the Sioux Gateway Airport in Sioux City. The 40,000-square-foot facility will include hangar space, training classrooms and office space. The project received a $1 million grant from the Economic Development Administration as well as additional funding from the City of Sioux City, The Siouxland Initiative, Morningside University and Western Iowa Tech. Both Morningside University and Western Iowa Tech will now offer degrees in aviation fields. A timeline for construction was not provided.
CHAMBERSBURG, PA. — Pennsylvania-based investment and development firm Endurance Real Estate Group has broken ground on Chambersburg Logistics Park, a 1 million-square-foot industrial project that will be located about 55 miles southwest of Harrisburg. The site spans 93 acres and is located immediately off Exit 10 of I-81. Building features will include a clear height of 40 feet, 166 overhead dock positions, four drive-in doors, 213 trailer stalls (expandable to 303), 375 car parking spaces (expandable to 561) and an ESFR sprinkler system. PNC Bank provided construction financing for the project, which is slated for a fourth-quarter 2023 completion. Endurance is developing Chambersburg Logistics Park in partnership with an affiliate of Guardian Life Insurance Co. and has tapped Cushman & Wakefield to lease the facility. Cushman & Wakefield also advised on Endurance’s capitalization of the project.