Development

Midway to Develop 128,000 SF Industrial Facility for Bluebonnet Nutrition in Sugar Land, Texas

by Taylor Williams February 3, 2022

SUGAR LAND, TEXAS — Houston-based Midway will develop a 128,000-square-foot build-to-suit industrial facility for Bluebonnet Nutrition Corp., a locally based provider of dietary supplements, in the southwestern Houston suburb of Sugar Land. Powers Brown Architecture is designing the project, and D.E. Harvey Builders is the general contractor. Completion is slated for the fourth quarter. Jarret Venghaus of JLL represented Midway in its acquisition of the 7.4-acre site from Houston-based energy firm Baker Hughes.

February 3, 2022

Gillette-Stadium-Foxborough-Massachusetts

Civic Development Massachusetts Northeast

Kraft Group Selects Suffolk as General Contractor for Redevelopment of Gillette Stadium

by Taylor Williams February 3, 2022

FOXBOROUGH, MASS. — The Kraft Group has selected Boston-based general contractor Suffolk as its construction partner for the redevelopment of Gillette Stadium, the home of the NFL’s New England Patriots and MLS’ New England Revolution. The stadium was built in 2002 and is located south of Boston in Foxborough, Mass. The redevelopment will feature a redesigned plaza leading into the stadium, including an enhanced lighthouse. In addition, the north end of the stadium will be renovated with 75,000 square feet of hospitality and event spaces that bridge the gap between the East and West Putnam Clubs, the Dell Technologies Suite Levels and the upper concourse. The development team expects to complete the project in advance of the 2023 NFL season.

February 3, 2022

Development Multifamily New York Northeast

Callahan Construction Managers Breaks Ground on 440-Unit Multifamily Project in Yonkers, New York

by Taylor Williams February 3, 2022

YONKERS, N.Y. — Callahan Construction Managers has broken ground on a 440-unit multifamily project at 57 Alexander St. in the northern New York City suburb of Yonkers. Designed by Perkins Eastman and developed by Rose Associates, the seven-story waterfront community will offer a mix of studio, one- and two-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining areas, golf simulator, coworking lounge and a game room. The development team expects to deliver the project in phases throughout 2023.

February 3, 2022

Acquisitions Development Industrial New Jersey Northeast

CBRE Negotiates $17.5M Sale of Industrial Development Site in Mahwah, New Jersey

by Taylor Williams February 3, 2022

MAHWAH, N.J. — CBRE has negotiated the $17.5 million sale of an industrial development site located at 1000 MacArthur Blvd. in the Northern New Jersey community of Mahwah. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Patrick Cavanagh of CBRE represented the seller, TD Bank, in the transaction. The team also procured the buyer, a partnership between Russo Development and PGIM. The new ownership has secured approvals to develop a 200,000-square-foot building. Demolition of the existing 60,000-square-foot structure on site is set to begin in the coming days.

February 3, 2022

Development Multifamily New Jersey Northeast

Landmark Receives Approval for 85-Unit Multifamily Project in Union, New Jersey

by Taylor Williams February 3, 2022

UNION, N.J. — New Jersey-based developer Landmark Cos. has received approval from The Union Township Planning Board to develop an 85-unit multifamily project in the Northern New Jersey community. The project, which includes a two-story parking garage with spaces designated for both public and resident use, represents Phase V of the company’s CENTURION Union Center development. Upon completion of this phase, the transit-oriented property will feature approximately 320 residential units and 27,000 square feet of retail space.

February 3, 2022

Development Florida Loans Multifamily Southeast

KeyBank Provides $69.8M Financing for Redevelopment of Tampa Bay Affordable Housing Community

by Julia Sanders February 2, 2022

ST. PETERSBURG, FLA. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. KeyBank provided a $42.7 million construction bond. KeyBank funded the financing via Fannie Mae’s unfunded forward commitment execution that allows KeyBank to issue a mortgage-backed security (MBS) upon completion of the construction that will convert to a permanent mortgage loan. This Fannie Mae execution is referred to as MBS as Collateral for Tax-Exempt Bonds (MTEB), which is available for 4 percent LIHTC transactions. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents will have first right to return as the redeveloped property begins to reopen. The first phase includes the new construction of a six-floor midrise building for seniors ages 62 and older, as well as the rehabilitation of 41 buildings containing 97 units of affordable housing for families. …

February 2, 2022

Development Illinois Industrial Leasing Activity Midwest

Eaton Preleases 370,973 SF Industrial Development in Woodridge, Illinois

by Kristin Harlow February 2, 2022

WOODRIDGE, ILL. — Eaton, a provider of power management technologies and services, has preleased a 370,973-square-foot industrial development in Woodridge, a southwest suburb of Chicago. The developer, Duke Realty Corp., began construction of the speculative project in August. Completion is slated for this July. The 21-acre site at 10000 Woodward Ave. was previously home to a vacant movie theater. The project will feature a clear height of 36 feet, 37 dock doors, four drive-in doors, 44 trailer spaces and 343 parking spaces. Jason Lev of CBRE represented Eaton, while Jason West and Sean Henrick of Cushman & Wakefield represented Duke.

February 2, 2022

Development Leasing Activity North Carolina Retail Southeast

BayHaven Restaurant Group to Open Four Restaurant Concepts at Charlotte’s Camp North End

by Julia Sanders February 2, 2022

CHARLOTTE, N.C. — BayHaven Restaurant Group, led by chefs Gregory Collier and Subrina Collier, plans to open four new food concepts at Camp North End in Charlotte. The four concepts — Passage Seafood, The Abyss, Bird Is The Word and B.A.D. (Beyond Amazing Donuts) — are expected to open this summer. Developed by ATCO Properties & Management, Camp North End is a mixed-use development located on 76 acres just north of Uptown Charlotte. The project currently has over 300,000 square feet of space already redeveloped for offices, artistic expression, dining and hospitality, entertainment, recreation and community building use, and another 1.5 million square feet is in the works. Construction on the office, retail and parking garage portions of Phase II are slated for completion by June, while the multifamily component is expected to begin construction this year and be complete in 2024. B.A.D. is a donut concept created by pastry chef Jasmine Macon. Bird is the Word is a chicken counter service concept. Passage Seafood will be a seafood restaurant. The Abyss is a modern speakeasy that will offer craft cocktails, food options from Passage Seafood and a late-night menu. Located at 201 Camp Road, the four concepts will line …

February 2, 2022

Development Multifamily Texas

Cold Creek Solutions Breaks Ground on 300,000 SF Cold Storage Facility in San Antonio

by Taylor Williams February 2, 2022

SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has broken ground on a roughly 300,000-square-foot facility located at the intersection of Interstate 10 and Loop 410 in San Antonio. The facility will feature convertible spaces with temperatures ranging from -20 to 55 degrees Fahrenheit to accommodate a range of food uses. Additional building features will include 48-foot clear heights, 45,000 pallet positions and 6,000 square feet of office space. ARCO National Construction is the general contractor for the project, and Stream Realty Partners is the leasing agent. Completion is slated for the fourth quarter.

February 2, 2022

Acquisitions Development Multifamily New York Northeast

JLL Negotiates $54M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams February 2, 2022

NEW YORK CITY — JLL has negotiated the $54 million sale of a multifamily development site located at 555 Broadway in the Williamsburg neighborhood of Brooklyn. Brendan Maddigan, Stephen Palmese, Ethan Stanton, Michael Mazzara and Winfield Clifford of JLL represented the seller, The Collective, a co-living operator based in the United Kingdom, in the transaction. The team also procured the buyer, a joint venture between The Loketch Group, The Joyland Group and Meral Property Group that plans to develop a 250,000-square-foot community with retail space. In addition, a portion of the units will be reserved as affordable housing. A construction timeline was not disclosed.

February 2, 2022

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