SHAWNEE, KAN. — Block & Co. Inc. Realtors has sold the Merriam Grand Station redevelopment site in Shawnee for an undisclosed price. The buyer, Drake Development, plans to redevelop the former Kmart and Pegah’s sites into two apartment buildings with retail and restaurant space. Drake will keep the Merriam Grand Station name. Completion is slated for 2025. Block & Co. will retain the management and leasing of the front lots on both sides of the development, including the Freddy’s Frozen Custard and the Krispy Kreme as well as the Shell gas station and the Chipotle that is under construction. David Block, Max Kosoglad and Alex Block of Block & Co. and Matt Pennington of Drake represented the respective parties in the sale.
ROMULUS, MICH. — Peak Construction Corp. is underway on construction of Building C at Romulus Corporate Park in Michigan. Scannell Properties is the developer. The speculative building will span 243,770 square feet with a clear height of 32 feet, 30 dock doors, two drive-in doors, 40 trailer parking spaces and 156 car parking spaces. The project team includes architect Ware Malcomb and civil engineer PEA Group. Completion is slated for April 2023.
VERNON, CALIF. — North Palisade Partners has broken ground on Palisade Santa Fe Center, a Class A industrial property at 5655 Santa Fe Ave. in Vernon. The 58,999-square-foot facility will feature 32-foot clear heights, a 150-foot secured truck court, 9,500 square feet of two-story office and mezzanine space, more than 55 parking spaces, ESFR sprinklers, six dock-high loading positions, three trailer parking stalls and 1,200 amps of power. The project team includes Herdman Architects and Premier Design + Build Group. Completion is slated for summer 2023. Jack Mergenthaler, Jeff Stephens and Evan Crawford of CREB will handle leasing of the project.
ATLANTA — PMG and Canadian private equity firm Greybrook have obtained a $182 million construction loan for Society Atlanta, a 31-story mixed-use tower underway at 811 Peachtree St. in Midtown Atlanta. JLL arranged the financing through a major U.S. life insurance company and Related Fund Management. Designed by architecture firm Cooper Carry, Society Atlanta will feature 460 apartments, 82,000 square feet of Class A office space and 15,500 square feet of ground-floor retail space. Planned amenities include a pool deck with grilling and lounge areas, a large coworking lab with private conference rooms and a gym with a fitness studio. Cushman & Wakefield is leasing the office space, and Bridger Properties is leasing the retail space. Juneau Construction Co. is the general contractor for Society Atlanta, which broke ground in May 2022 and is slated for completion in late 2024. PMG has over 8,500 units planned for its Society Living brand in markets such as Miami, Fort Lauderdale, Orlando, Nashville, Denver and Brooklyn, with more to be announced soon.
PLANO, TEXAS — Granite Properties, in partnership with publicly traded REIT Highwoods Properties (NYSE: HIW), has topped out a 422,109-square-foot office building located within the 90-acre Granite Park development in Plano. Designed by BOKA Powell with interiors by HKS Architects, Granite Park Six will rise 19 stories and is scheduled for a third-quarter 2023 completion. Amenities will include a fitness center, tenant lounge, golf simulator, café and a lecture hall. The building will also offer an array of health and wellness features such as dispatch elevators, touchless entry points and restroom fixtures and advanced HVAC systems that promote clean air technology. Austin Commercial is the general contractor for the project, construction of which began in December 2021.
GREENVILLE, S.C. — Aspens Senior Living has completed construction of The Aspens Verdae, a 159-unit active adult community in Greenville. The property totals 196,000 square feet and offers one-and two-bedroom options ranging from 607 square feet to 1,243 square feet. Aspens broke ground on the project in December 2020. It is the company’s second community in the Carolinas. The site is close to Legacy Park, The Preserve at Verdae Golf Club and the Prisma Health Swamp Rabbit Trail, a 22-mile walking and biking greenway that connects Greenville to Travelers Rest, S.C. Shiel Sexton served as general contractor for The Aspens Verdae, with Arrive Architecture Group as designer for the project.
CYPRESS, TEXAS — Los Angeles-based PCCP LLC will develop Meadows at Telge, a 195-unit build-to-rent residential community that will be located on the northwestern outskirts of Houston in Cypress. The 44-acre site will house three- and four-bedroom homes that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Communal amenities will include a pool, leasing office, dog park, grilling and dining stations and a playground. PCCP has partnered with homebuilder ICB on the project, construction of which is expected to last two to three years.
BRANCHBURG, N.J. — Progress Capital has arranged a $23 million construction loan for a 1,000-unit self-storage project in Branchburg, about 50 miles west of New York City. The site, which is also zoned to support the future development of 160 multifamily units, will house three two-story buildings with units of varying sizes. Kathy Anderson and Caillin Boles of Progress Capital arranged the three-year, interest-only loan, which also featured an option to convert to permanent financing, through Valley Bank. The borrower was Cyzner Properties. Construction is expected to last 18 to 24 months.
WOODBRIDGE, N.J. — Woodmont Industrial Partners has broken ground on a 54,113-square-foot project at 51 New Brunswick Ave. in the Northern New Jersey community of Woodbridge. The facility will feature a clear height of 32 feet, seven dock doors, build-to-suit office space and ample car and trailer parking. Completion is slated for the second quarter of 2023.
GENEVA, ILL. — Hillwood has broken ground on Fox Valley Commerce Center, a four-building industrial development totaling nearly 1.1 million square feet in Geneva, a western suburb of Chicago. The project will be built in phases. Phase I will include two speculative buildings spanning 266,760 square feet and 272,160 square feet. Phase II plans call for a build-to-suit of up to 500,000 square feet. Completion of Phase I is slated for late 2023. Harris Architects Inc. is the project architect and FCL Builders is the general contractor. Nick Eboli, Jeff Janda and Andrew Block of Lee & Associates will market the project for lease.