BEDFORD, TEXAS — Locally based developer Committed Industrial has acquired land in Bedford, a northeastern suburb of Fort Worth, for the development of a 181,250-square-foot distribution center. Bill Bledsoe of Henry S. Miller Brokerage arranged the sale of the 15.4-acre site. Bledsoe represented the undisclosed sellers of the two separate parcels that comprise the assemblage. Construction is slated to begin in the second quarter.
COLORADO SPRINGS, COLO. — Parkview Financial has provided a $42.5 million loan to Austin, Texas-based Shir Capital for the purchase, redevelopment and repositioning of Hotel Elegante, a hotel at 2886 S. Circle Drive in Colorado Springs. Built in 1974 on 17 acres, Hotel Elegante features 496 guest rooms, a conference center, restaurant, pool and lounge. With the sale complete, Shir Capital has a planned phased renovation for the common areas, as well as the conversion of the rooms to studio apartments over the next 24 months. Working within the current room layouts, Shir Capital will add kitchenettes and closets, and perform upgrades to modernize the rooms. The units are approximately 350 square feet and all utilities will be included in the rent. Additionally, the 29,600-square-foot conference center will be converted into self-storage, which a third-party operator will manage. Malcomb Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners arranged the financing on behalf of the borrower.
SKOKIE, ILL. — Murphy Development Group has opened Highpoint at 8000 North, a 153-unit luxury apartment community in Skokie. Luxury Living Chicago Realty is the marketing and leasing provider, while Lincoln Property Co. is the property manager. Located at 8000 Lincoln Ave., the 12-story property features amenities such as a rooftop deck, fitness center, dog run, pet wash and lounges. First move-ins are underway. Monthly rents start at $1,750 for studios. Lucien Lagrange served as architect.
MINNEAPOLIS — Colliers Mortgage has provided a $25 million HUD 221(d)(4) loan for the construction of Satori Boutique Apartments in Minneapolis. The apartment complex will consist of 112 units within a six-story building. There will be one level of underground parking and first-floor commercial space. Of the 112 units, 23 will be restricted for residents earning 50 percent or less of the area median income. The project is situated within an opportunity zone and received tax-increment financing from the City of Minneapolis. The loan is fully amortized over 40 years. Satori Apartments I LLC was the borrower.
HOUSTON — High Street Residential has topped out Parkside Residences at Discovery Green, a 43-story apartment tower located at 808 Crawford St. in downtown Houston. The location puts the 309-unit building adjacent to the 12-acre Discovery Park. Units will come in studio, one-, two- and three-bedroom floor plans and will be furnished with quartz countertops and custom cabinetry. Amenities will include a rooftop pool and lounge, fitness center, coworking spaces, a catering kitchen and two guest suites. Ziegler Cooper designed the project, and Andres Construction is serving as the general contractor. Construction began in summer 2020. Preleasing will begin this spring, and the first move-ins are scheduled to start over the summer.
MELISSA, TEXAS — Construction services firm Harrison, Walker & Harper LLC (HWH) and architecture and engineering firm Parkhill have completed a 134,200-square-foot athletic facility for the Melissa Independent School in Collin County. The center houses an indoor practice facility that can accommodate multiple practices simultaneously. Other features include locker rooms, a weight room, treatment area, training rooms, theater classrooms for lectures and film review, an indoor turf field and an eight-lane competition track and football/soccer field. The project carried a price tag of $21.3 million.
LYMAN, S.C. — Hunt Midwest has broken ground on Fort Prince Logistics Center, a 476,280-square-foot distribution building in Lyman, about 11.3 miles west of Spartanburg. The project, which will be situated within the master planned Fort Prince Industrial Park, is slated for completion in the fourth quarter. Fort Prince Logistics Center will include 189 surface parking stalls expandable to 385, up to 125 tractor trailer parking stalls, a 135-foot-deep truck court, 48 dock positions, 36-foot clear heights, mechanical dock equipment, 7-inch concrete slab flooring, an ESFR sprinkler system and motion-sensor LED lighting. The project team includes civil engineer Seamon Whiteside, architect LS3P and general contractor Evans General Contractors. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are leading leasing on the project. Located on 47 acres at 1090 Fort Prince Blvd., Fort Prince Logistics Center has close access to Interstate 85, Inland Port Greer, GSP International Airport and BMW’s mega plant. Adjacent to the development is Walmart’s $450 million distribution facility that is anticipated to complete in 2024.
SAGINAW, TEXAS — A partnership between Journey Capital and SilverPoint Senior Living has completed Phase I of Edition of Saginaw, a 6.2-acre senior living campus in Saginaw, a northern suburb of Fort Worth. Phase I comprised 22 one- and two-bedroom independent living cottages. The development team has also broken ground on Phase II of the project, which will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated for a fall-2023 completion.
ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Vineyards, a multifamily community located the corner of Holly Avenue NE and Ventura Street NE in Albuquerque. The 123,000-square-foot development will take approximately 14 months to complete. The project team includes Dekker/Perich/Sabatini as architect and HB Construction as general contractor. Greystar will serve as operator. Situated in the Northeast Heights neighborhood, Allaso Vineyards will feature 111 apartments in a mix of studio, one- and two-bedroom layouts with quartz countertops, 42-inch cabinets and stainless steel appliances. Community amenities will include a resort-style pool and spa, rooftop decks, elevators, game lawns, fire pits, professional-style grills, a fountain, ramadas and an indoor/outdoor fitness area. To honor New Mexico’s historic past as the oldest wine region in America, dating back to 1629 when monks planted the first wine grapes for use in religious ceremonies, the property will feature themed amenities such as grapevines onsite and a winery-inspired lounge that residents can reserve for wine tastings and other private events. The wine lounge will include private wine lockers that can be rented for personal storage, plus each resident will be given a private-label bottle of wine upon move-in. Allaso Vineyards was funded by Titan Development …
GOODYEAR, ARIZ. — Sigma Contracting is scheduled to break ground in March on a $14 million, 100,000-square-foot warehouse, manufacturing and retail space in Goodyear for Potato Barn, a family-owned furniture store. Situated on eight acres at the southwest corner of West McDowell Road and Pebble Creek Parkway, the ground-up building will feature eight loading docks, 25,000 square feet of warehouse space, 20,000 square feet of manufacturing space and more than 54,000 square feet of retail/showroom space with administrative offices in the mezzanine area. Completion is slated for late fourth-quarter 2022. The project team includes R&M Concrete, State Electric and Alstate Steel.