Development

NewMark Merrill Cos. Breaks Ground on 96,011 SF Rialto Village Shopping Center in California

by Amy Works August 26, 2022

RIALTO, CALIF. — NewMark Merrill Cos. has broken ground on Rialto Village, a 96,000-square-foot shopping center in Rialto. Brian McDonald, Walter Pagel and Hannah Curran of CBRE, along with Greg Giacopuzzi of NewMark Merrill, are marketing the center for lease. Currently, 18 tenants are slated to join the project, which is located at the southwest corner of San Bernardino and Riverside avenues. Signed tenants include Sprouts Farmers Market, Burlington, Ulta, Five Below, Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental, along with multiple local tenants. NewMark Merrill Cos. closed escrow on the 10.9-acre site in early August with lease commitments representing 97 percent of the total shopping center square footage. One 2,700-square-foot retail suite remains available for lease.

August 26, 2022

California Development Multifamily Student Housing Western

JLL Arranges $12.7M Sale of Student Housing Development Site Near San Diego State University

by Amy Works August 26, 2022

SAN DIEGO — JLL Capital Markets has arranged the $12.7 million sale of a 0.35-acre development site located adjacent to the San Diego State University campus in California. Situated at 5505 Lindo Paseo, the site is currently home to a fraternity house and is suitable for a dense, vertical development, according to JLL. Stewart Hayes, Scott Clifton, Teddy Leatherman, Kevin Kazlow and Jack Goldberger of JLL represented the sellers, Amplify Development Co. and Blue Vista Capital Management, in the disposition. An affiliate of Champion Real Estate Company acquired the property.

August 26, 2022

Acquisitions Development Mixed-Use Texas

Walton Global Sells 681-Acre Development Site in San Marcos, Texas

by Taylor Williams August 25, 2022

SAN MARCOS, TEXAS — International investment firm Walton Global has sold a 681-acre development site located along State Highway 142 in the Central Texas city of San Marcos. The buyer, SafeHand Holdings LLC, plans to develop both residential and commercial space at the site, which is known as Turner Crest but did not disclose specific components or construction timelines. Richard Harmon of TRE Commercial represented the buyer in the land deal.

August 25, 2022

Development Industrial Texas

East Penn Manufacturing Opens 393,000 SF Industrial Facility in Temple, Texas

by Taylor Williams August 25, 2022

TEMPLE, TEXAS — Battery supplier East Penn Manufacturing has opened a new production and distribution facility in the Central Texas city of Temple that spans 393,000 square feet, according to The Center Square, a state and local government and economic news agency. The project, which represents a total capital investment of $106 million, will ultimately add more than 260 jobs to the local economy.

August 25, 2022

Development Office Texas

Adolfson & Peterson Completes 106,622 SF PGA of America Headquarters in Frisco

by Taylor Williams August 25, 2022

FRISCO, TEXAS — General contractor Adolfson & Peterson Construction has completed the 106,622-square-foot headquarters facility for the PGA of America in Frisco. The facility features enclosed offices, an executive boardroom, outdoor terraces, seminar rooms, indoor training facilities, a driving range simulator and a professional development center. Page designed the facility, with Cushman & Wakefield serving as the construction manager.

August 25, 2022

Company News Development Georgia Southeast Student Housing

Landmark Properties Announces $2B Partnership with ADIA to Target Student Housing Development

by John Nelson August 25, 2022

ATHENS, GA. AND ABU DHABI, UNITED ARAB EMIRATES — Landmark Properties has announced a $2 billion joint venture with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The partnership will be focused on developing and operating student housing properties in targeted markets throughout the United States. The new build-to-core joint venture follows the $1 billion value-add student housing platform formed by Landmark and ADIA announced in March 2022. “We remain disciplined in our strategy of growing the highest quality student housing portfolio in the country,” says Wes Rogers, president and CEO of Athens, Ga.-based Landmark. “Student housing continues to demonstrate, in all market cycles, a resilient asset class with strong fundamentals, and we continue to see compelling opportunities for development throughout the U.S.,” adds Rogers. “This latest joint venture offers the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.”

August 25, 2022

Development Life Sciences Loans Northeast Pennsylvania

TIAA Provides $265.2M Loan for Philadelphia Life Sciences Expansion, Conversion Project

by Taylor Williams August 25, 2022

PHILADELPHIA — An affiliate of the Teachers Insurance & Annuity Association (TIAA) has provided a $265.2 million loan for a life sciences expansion project in Philadelphia. The Curtis is a 12-story, 912,245-square-foot building in the Center City District that originally housed a publishing operation and now features lab, office and research and development space. The borrower, Keystone Development + Investment, purchased the historic building in 2014 and has subsequently converted portions of the leasable space to support life sciences usage. Proceeds from this loan will enable Keystone to continue that initiative with the conversion of 200,000 square feet of additional space within The Curtis. A portion of the proceeds will also be used to fund infrastructure upgrades and leasing costs. Current tenants at The Curtis include BioLabs, IMVAXM Vivodyne and Aro Biotherapeutics.

August 25, 2022

Affordable Housing Development Florida Mixed-Use Multifamily Office Retail Southeast

Coral Rock to Develop Mixed-Use Affordable Housing Project in North Miami

by John Nelson August 25, 2022

NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.

August 25, 2022

Development Multifamily Northeast Pennsylvania

High Street, MetLife Complete 280-Unit Multifamily Project in Metro Philadelphia

by Taylor Williams August 25, 2022

WEST CONSHOHOCKEN, PA. — High Street Residential and MetLife Investment Management have completed a 280-unit multifamily project located on the northern outskirts of Philadelphia. Matson Mill is a transit-served property located along the banks of the Schuylkill River in West Conshohocken that offers one-, two and three-bedroom units. Amenities include a pool, outdoor kitchen with seating areas, fitness center, package handling room, game room and a dog wash station. Hord, Coplan & Macht Inc. designed the project, and IMC Construction served as the general contractor. Rents start at approximately $2,000 per month for a one-bedroom unit.

August 25, 2022

California Development Multifamily Western

Sudberry Properties Starts Construction of 268-Unit Luma at El Corazon Apartments in Oceanside, California

by Amy Works August 25, 2022

OCEANSIDE, CALIF. — Sudberry Properties has started construction of Luma at El Corazon, a mixed-use apartment community in Oceanside. Located at 3546 Village Commercial Drive, Luma is situated within El Corazon, a 465-acre multi-phase development on a former crystal silica mine. Luma at El Corazon will feature 23 three-story residential buildings with a mix of 113 one-bedroom, 120 two-bedroom and 35 three-bedroom apartments. Ranging in size from 691 square feet to 1,440 square feet, the units come in 11 floor plan configurations, all featuring an outdoor deck, balcony or patio, stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. Community amenities will include a furnished club room with demonstration kitchen and covered patio; conference room; indoor/outdoor fitness center; and a pool and spa area with lounges and barbecue facilities. Luma will also feature two 2,350-square-foot retail suites on either side of the main entrance. The community will be built in phases, with the leasing center and first apartments slated to open in fall 2023. The development team includes Bassenian Lagonia, architect; Hunsaker & Associates, civil engineer; Wermers Construction, general contractor; Schmidt Design Group, landscape architect; and Design Tec, interior design.

August 25, 2022

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