Development

Contegra Completes Construction of 1 MSF Spec Distribution Center in Pontoon Beach, Illinois

by Kristin Harlow November 3, 2022

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.

November 3, 2022

Development Industrial Iowa Midwest Office

Oracle Aviation Breaks Ground on New Aviation Center at Sioux Gateway Airport in Iowa

by Kristin Harlow November 3, 2022

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.

November 3, 2022

Development Industrial Northeast Pennsylvania

Endurance Real Estate Breaks Ground on 1 MSF Industrial Project in Chambersburg, Pennsylvania

by Taylor Williams November 3, 2022

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.

November 3, 2022

Development Industrial New York Northeast Top Stories

Edwards Vacuum to Build $319M Manufacturing Facility in Western New York

by John Nelson November 3, 2022

ALABAMA, N.Y. — Edwards Vacuum, a British-based manufacturer of vacuum and abatement equipment and part of the Atlas Copco Group, plans to develop a new $319 million manufacturing facility in Western New York. The 240,000-square-foot project will be situated within Western New York Science & Technology Advanced Manufacturing Park (STAMP), a 1,250-acre industrial park located in the Genesee County town of Alabama. The facility will house manufacturing, storage and administration for the production of dry pump equipment for the U.S. semiconductor industry. Edwards Vacuum will create 600 jobs for the larger Buffalo-Rochester Tech Corridor. The announcement builds on Micron’s recent $100 billion investment in Central New York, as well as the as New York’s recently signed Green CHIPS legislation and the federal CHIPS and Science Act, to make New York a central figure in the global semiconductor industry. “We are now seeing energy flow into Upstate’s manufacturing sector like never before, and this investment will further cement that the future of microchips will be built with American made products, crafted by New York workers,” says Senate Majority Leader Charles Schumer. As part of the agreement with Edwards Vacuum, New York’s chief economic development agency, Empire State Development, has offered up …

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Development Office Texas

Hoar Construction Breaks Ground on 167,141 SF Office Project in West Houston

by Taylor Williams November 2, 2022

HOUSTON — Hoar Construction, a general contractor with nine offices across the country, has broken ground on Town Centre II, a 167,141-square-foot office project in West Houston. Designed by Kirksey Architecture and developed by Moody Rambin, the eight-story building will be located within the Town Centre complex and will house a 220-seat conference room. Construction of the project, which also includes a 1,390-space parking garage, is slated for a September 2023 completion.

November 2, 2022

Affordable Housing Development Multifamily Seniors Housing Texas

Palladium Completes 122-Unit Affordable Seniors Housing Project in Garland, Texas

by Taylor Williams November 2, 2022

GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.

November 2, 2022

Development Life Sciences Massachusetts Northeast

BioMed Realty Breaks Ground on 600,000 SF Life Sciences Facility for Takeda in Cambridge

by Taylor Williams November 2, 2022

CAMBRIDGE, MASS. — San Diego-based REIT BioMed Realty has broken ground on 585 Kendall, a 600,000-square-foot life sciences facility in the Kendall Square area of Cambridge that will be a build-to-suit for Japanese pharmaceutical giant Takeda. CBT Architects designed the facility, which will include a 30,000-square-foot performing arts center with a 400-seat theater that will be open to the public. Completion of the project is slated for 2026.

November 2, 2022

Development Georgia Multifamily Southeast

McShane Completes Construction of Enzo at Ariston Apartments in Buford, Georgia

by John Nelson November 2, 2022

BUFORD, GA. — McShane Construction has completed Enzo at Ariston, a 265-unit apartment community that TPA Residential is developing in Buford, a northeast suburb of Atlanta. The property is one of the multifamily components within Ariston, a mixed-use development taking shape near the Mall of Georgia. Situated on eight acres, Enzo at Ariston features two four- and five-story wood-frame apartment buildings with a brick façade, as well as a precast concrete parking garage. Amenities include a heated saltwater swimming pool, outdoor grilling area and lounge, 24-hour fitness studio and power gym, enclosed dog park and a community lounge with a demonstration kitchen. Niles Bolton Associates designed Enzo at Ariston, which features one-, two- and three-bedroom floor plans with rental rates ranging from $1,593 to $3,313 per unit, according to the property website.

November 2, 2022

Development Healthcare Midwest Ohio

Monument Healthcare Development Breaks Ground on University Hospitals Health Campus in Amherst, Ohio

by Kristin Harlow November 2, 2022

AMHERST, OHIO — Kansas City-based healthcare real estate group Monument Healthcare Development, in partnership with University Hospitals (UH), has broken ground on a new health campus in Amherst, about 28 miles west of Cleveland. The project will include two buildings, including an ambulatory surgery center (ASC) that will house five operating rooms and one procedure room. There will also be six recovery-focused Stay Suites in the same building as the ASC, which will focus on orthopedic surgical procedures. The Stay Suites are part of the Muve program, a value-based surgical care program offered by ValueHealth. The facility will also provide general orthopedic, spine, ear, nose and throat and pain management services. In addition to the ASC, there will be a medical office building to house physicians and other providers across a variety of medical and surgical specialties. Completion is slated for the fourth quarter of 2023. The project team includes CTL Engineering, architect ESa and J.E. Dunn Construction Co. In 2020, UH unveiled that it had formed a joint venture to expand its ambulatory surgical network.

November 2, 2022

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