Development

VanTrust Real Estate Completes 246,400 SF Industrial Building at Tropical Distribution Center in North Las Vegas

by Amy Works September 1, 2022

NORTH LAS VEGAS, NEV. — VanTrust Real Estate has completed construction of a fourth building at the 120-acre, 1.6 million-square-foot Tropical Distribution Center in North Las Vegas. Designed by HPA Architecture, Tropical IV totals 246,400 square feet of Class A industrial space with convenient access to interstates 15 and 215 via Tropical Parkway. The building features 36-foot clear heights with 43 dock-high doors and two grade-level doors, as well as a large truck court, 51 trailer parking spaces and 203 automobile parking spaces. Martin-Harris Construction served as general contractor for the project.

September 1, 2022

Development Industrial Loans Washington Western

Gantry Arranges $18M Construction Loan for Spec Industrial Development in Pacific, Washington

by Amy Works September 1, 2022

PACIFIC, WASH. — Gantry has secured a $18 million construction-to-permanent loan for the speculative development of an industrial property in Pacific. Situated on 12 acres, the property will feature 160,000 square feet of industrial space. Construction began in second-quarter 2022 and completion is slated for early 2023. Mike Wood and Alex Saunders of Gantry arranged the financing for the borrower, Davis Property Investment. A regional bank provided the seven-year loan with a fixed, sub-4.4 percent interest rate. The financing features an initial two-year interest-only payment period before moving to a 30-year amortization for the remaining term. The initial funding is for $15 million to complete construction, with an additional $3 million earn-out upon lease up and stabilization of the project.

September 1, 2022

Development Features Multifamily Western Feature Archive

Want to Appeal to Multifamily Tenants? Go Green

by Jeff Shaw September 1, 2022

By Barry Manuel, CIO, MEB Management Services Did you know that 39 percent of energy-related carbon dioxide emissions are generated through manufactured buildings? We spend the majority of our lives using indoor spaces to gather, work, socialize and live, which means multifamily developers and managers need to consider environmentally friendly options that don’t contribute to the global climate crisis. It’s the right thing to do, and we’re not the only ones who know that. Residents are getting wise to the impact their buildings play in the climate crisis. Creating A Solution With this in mind, we recently created the MEB Sustainability Committee to address environmental issues and adapt sustainability practices for our multifamily properties throughout Arizona and New Mexico. Our goal is to have at least 75 percent of all MEB properties engaged in energy-saving initiatives. MEB is taking a two-pronged approach. We’re using ESG ratings to measure long-term environmental, social and governance risks while educating and sharing sustainable practices with our residents and management teams. Through a collaborative effort, we’re reducing emissions by making changes to both new and existing apartment buildings. Part of our strategy and collaboration involves partnering with one of the most sustainably conscious builders in Arizona …

September 1, 2022

Development Industrial Texas

Molto Properties Breaks Ground on 604,064 SF Industrial Project in Metro Austin

by Taylor Williams August 31, 2022

GEORGETOWN, TEXAS — Chicago-based developer Molto Properties has broken ground on Blue Springs Business Park, a 604,064-square-foot industrial project in the northern Austin suburb of Georgetown. Blue Springs Business Park will consist of three cross-dock and rear-load buildings ranging in size from 124,914 to 310,366 square feet. The structures will be situated on a 43-acre site less than half a mile from I-35. Building features will include 32- to 36-foot clear heights, 180- to 210-foot truck court depths, ESFR sprinkler systems and combined parking for 580 cars and 90 trailers. Burton Construction is the general contractor for the project, which is slated for a second-quarter 2023 completion. Transwestern has been tapped to lease the development, which is Molto Properties’ first in Central Texas.

August 31, 2022

Development Industrial North Carolina Southeast

Toyota Announces $2.5B Expansion, 350 New Jobs at North Carolina Battery Manufacturing Plant

by John Nelson August 31, 2022

LIBERTY, N.C. — Automotive giant Toyota Motor Corp. has announced an additional investment of $2.5 billion in its newest North American facility, Toyota Battery Manufacturing North Carolina (TBMNC) in Liberty. This investment adds capacity to support battery electric vehicle (BEV) battery production and will add 350 jobs, bringing the total employment at the campus to approximately 2,100 and the total investment to $3.8 billion. Scheduled to begin production in 2025, the new facility will produce batteries for hybrid electric vehicles (HEV) and BEVs.

August 31, 2022

Development Florida Loans Multifamily Southeast

Berkadia Arranges $57.5M Construction Loan for Multifamily Project in Miami’s Allapattah Neighborhood

by John Nelson August 31, 2022

MIAMI — Berkadia has arranged a $57.5 million construction loan for Fourteen Residences Allapattah, a 237-unit apartment community located within an opportunity zone at 1470 N.W. 36th St. in downtown Miami’s Allapattah neighborhood. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s Miami office secured the financing on behalf of the borrower, Neology Life Development Group, a residential and commercial real estate firm led by Lissette Calderon. Jeff Rosenfeld and Sean Robertson originated the 24-month loan, which features two extension options, internally for the lender, Churchill Real Estate. Upon completion in early 2024, Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments. The property will be situated within walking distance from the Allapattah Miami Metrorail Station, Rubell Museum and SuperBlue, an immersive art museum. The community will offer studio, one- and two-bedroom units ranging from 450 to 900 square feet. Amenities will include original artwork, a multipurpose lobby, media lounges and living rooms, rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, dog park with dog wash area, bike storage, virtual concierge …

August 31, 2022

Civic Development Texas

Harmony Public Schools to Open 160,000 SF Campus at CityPlace in Houston

by Taylor Williams August 31, 2022

HOUSTON — Harmony Public Schools, a charter program focused on the science, technology, engineering and math (STEM) disciplines, will open an 160,000-square-foot Houston campus for students in grades pre-K through 12. The campus will be located within CityPlace, a mixed-use development that is led by New York-based Coventry Development Corp. The 60,000-squuare-foot campus for pre-K and elementary students is scheduled to open in advance of the 2024-2025 academic year, and the 100,000-square-foot middle and high school campus should come on line in time for the 2026-2027 school year.

August 31, 2022

Development Industrial Northeast Pennsylvania

Trammell Crow Breaks Ground on 588,000 SF Industrial Project in Lehigh Valley

by Taylor Williams August 31, 2022

BETHLEHEM, PA. — Dallas-based Trammell Crow Co. has broken ground on Lehigh Valley Trade Center III, a 588,000-square-foot industrial project in the Eastern Pennsylvania city of Bethlehem. The project comprises two single-story buildings that are expected to be complete in late 2023. Trammell Crow Co. is also nearing completion of Lehigh Valley Trade Center II, a 527,000-square-foot, cross-dock facility that features a clear height of 40 feet, 119 dock doors, 250 car parking spaces and 154 trailer parking spaces. Trammell Crow is developing both properties in partnership with New York-based Clarion Partners. Peak Construction is serving as the general contractor for the project, and KSS Architects is designing the facility.

August 31, 2022

Acquisitions Development Life Sciences Massachusetts Northeast Office

Jumbo Capital, Apollo Global Buy Metro Boston Office Building for $21M, Plan Life Sciences Conversion

by Taylor Williams August 31, 2022

CANTON, MASS. — A joint venture between Jumbo Capital and Apollo Global Management has purchased a 79,000-square-foot office building in the southern Boston suburb of Canton for $21 million with plans to convert the property into a life sciences facility. The development team plans to redevelop the existing building and add a 46,460-square-foot manufacturing space. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged $57.7 million in acquisition and construction financing through Cambridge Savings Bank on behalf of the joint venture. Frank Petz, Matt Sherry, Brooke Howard and Rob Schlesinger, also with Colliers, brokered the sale of the property.

August 31, 2022

California Development Multifamily Student Housing Western

Core Spaces Plans 1,047-Bed Student Housing Development in Fullerton, California

by Amy Works August 31, 2022

FULLERTON, CALIF. — Core Spaces has announced plans for Hub Fullerton, a 1,047-bed student housing development in Fullerton. Groundbreaking is scheduled for later this year. DLR Group designed the project, which will serve students attending California State University-Fullerton, Hope International University and Pacific Christian College. The six-story building will offer shared amenities including a rooftop deck, swimming pool, hot tub, workspaces, a yoga and fitness center, spa and resident lounge space. The development will also feature a ground floor coffee shop and a landscaped public park space with seating. The community is scheduled for delivery in 2025 and will offer units in townhome and apartment configurations.

August 31, 2022

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