PRINCETON, N.J. — U-Haul will open a 750-unit self-storage facility at an 8.8-acre undeveloped site at the intersection of U.S. Highway 380 and Boorman Lane in Princeton. U-Haul acquired the site in July. The four-story facility, which is scheduled to come on line by July 2024, will feature climate-controlled indoor storage space, outdoor drive-up buildings and a separate warehouse for U-Box portable storage containers. U-Haul will also offer truck and trailer rental services at the property and sell moving and packaging supplies as part of a retail operation.
BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.
PISCATAWAY AND EWING, N.J. — Atlanta-based developer IDI Logistics has acquired sites totaling 32 acres in Central New Jersey for a pair of industrial redevelopment projects. Both the 14-acre site in Piscataway and the 18-acre property in Ewing currently house office buildings. IDI Logistics plans to demolish the existing structures and replace them with Class A warehouse and distribution facilities. Construction timelines for both projects are still being finalized.
CHARLOTTE, N.C. — JLL has arranged an undisclosed amount of construction financing for 600 South Tryon, a 24-story office tower development in Charlotte. The 415,000-square-foot building will be part of Legacy Union, a 10-acre mixed-use development that comprises the SIX50, Bank of America Tower and Honeywell’s global corporate headquarters. Campbell Roche, Travis Anderson, Taylor Allison, Kristi Leonard, Tom Stewart and Ryan Pride of JLL arranged the five-year, floating-rate loan through Square Mile Capital Management LLC on behalf of the borrower, a partnership between Lincoln Harris and the real estate business of Goldman Sachs Asset Management. 600 South Tryon, which is 25 percent preleased, will include outdoor terraces, 20,000 square feet of ground-floor retail space, upscale finishes and amenities. No construction timeline was disclosed.
ATLANTA — Toro Development, a newly created development firm headed by former North American Properties lead Mark Toro, has purchased a 1.6-acre site at 952 Memorial Drive SE in Atlanta’s Reynoldstown district for the development of The Reid. The 186-unit apartment community will be situated along the Atlanta BeltLine’s Eastside Trail and popular diner Home Grown. The land was formerly owned by the Reid family and served as the location of Reid’s Body Shop. Construction will begin in the first quarter of 2023, with first units delivering in third-quarter 2024. Toro Development plans to reserve 15 percent of the units for renters earning 80 percent or less of the area median income.
HIALEAH, FLA. — All Florida Paper, a Hispanic-owned paper and sanitation products wholesaler, has signed a full-building, 226,698-square-foot industrial lease at Building D in Beacon Logistics Park in the Miami suburb of Hialeah. Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord, Codina Partners, in the lease deal. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the tenant. Construction on Building D is scheduled to begin in the fourth quarter, and All Florida Paper is slated to occupy the space by mid-2023. Once completed, Beacon Logistics Park, located at NW 145th Place and NW 107th Ave., will span more than 1.3 million square feet of space.
ALEXANDRIA, VA. — Saltbox has opened a new 45,000-square-foot “co-warehousing” facility located at 4700 Eisenhower Drive in Alexandria, the company’s sixth location in the United States. Situated near Washington, D.C., the property features 85 flexible warehouse and office suites, as well as conference rooms, loading dock access and a photo studio for entrepreneurs. Atlanta-based Saltbox plans to double its footprint of co-warehousing assets by the end of the year with secondary assets coming to Los Angeles, Atlanta and Dallas. Last month, the company debuted its first fulfillment center in Columbus, Ohio. Saltbox houses 300 tenants across its six locations, 70 percent of which are e-commerce companies.
NEKOMA, N.D. — Bitzero Blockchain Inc. has agreed to acquire the Stanley R. Mickelsen Safeguard Complex (SRMSC) in Nekoma, a tiny city of fewer than 50 residents approximately 130 miles south of Winnipeg, Canada. The Cavalier County Job Development Authority (CCJDA) is selling the property to Bitzero, which plans to redevelop the asset into a highly secure data center. The project costs, including the acquisition, are estimated at $500 million. Commonly referred to as “The Pyramid,” the SRMSC is a Cold War-era military installation which was built in 1970 to protect the nearby Grand Forks Air Force Base from potential attack from Soviet missiles. The Pyramid became operational in 1975, featured two different kinds of radar systems and data processing equipment, and controlled 30 anti-ballistic missiles that could be launched in case of attack. The main building features three-foot-thick concrete walls. The missile site was abandoned after just eight months in operation, when Congress voted to deactivate it. The missiles and equipment were removed, but the concrete structures remain on the landscape. The CCJDA has owned the site’s tactical area since 2017, but voted unanimously to accept Bitzero’s bid proposal after a presentation from CEO Akbar Shamji. Bitzero’s bid proposal for the site included a …
FORT WORTH, TEXAS — Palladium USA Inc. has begun construction on Palladium East Berry Street, a $55.8 million mixed-income residential community in Fort Worth. The three-story development will comprise 240 one-, two- and three-bedroom units and include amenities such as a pool, fitness center, conference center, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. A portion of the units will be reserved for households earning 30 percent or less of the area median income. Cross Architects is designing the project, and Brownstone Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs issued $26.1 million in tax-exempt bonds for the development that were purchased by Cedar Rapids Bank & Trust. Kim Parker of Dynamic Commercial Real Estate represented Palladium in its purchase of the land. Preleasing will begin next summer, with the first units and clubhouse set to be delivered soon thereafter.
DALLAS — Mill Creek Residential has completed construction of Modera Katy Trail, a 216-unit multifamily project in Uptown Dallas. Designed by BKV Group, the property is located at the nexus of McKinney Avenue and its eponymous network of surrounding walking and biking paths. Units at Modera Katy Trail come in studio, one-, two- and three-bedroom formats and include a collection of penthouses on the 14th floor. Residences are furnished with quartz countertops and custom cabinetry, and select units have private patios or balconies. Amenities include a pool, fitness center, outdoor grilling and dining areas, an outdoor lounge with a wet bar, pet spa, rideshare lounge, coworking spaces and a conference center. Rents start at roughly $2,400 per month.