DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.
DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.
GASTONIA, N.C. — Poettker Construction has broken ground on the second phase of Gateway 85, an industrial park located 22 miles west of Charlotte in Gastonia. NorthPoint Development is the project developer for both tilt-wall facilities. Phase II comprises Building 4, a 241,114-square-foot warehouse located on 15 acres at 3145 Aberdeen Blvd., and Building 7, a 705,234-square-foot warehouse located on 40 acres at 3301 Lineberger Road. Preparation of the 55-acre development will entail the relocation of an existing road that goes through the site and reworking the intersection, as well as site clearing and hauling away excess dirt. No construction timeline was disclosed. Poettker Construction is nearing completion on a similar project for NorthPoint in Salisbury, N.C.
MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
FOXBOROUGH, MASS. — Kraft Group is nearing completion of a 120,000-square-foot office building that will be located about 30 miles south of Boston on the Gillette Stadium campus in Foxborough, the home of the NFL’s New England Patriots and MLS’ New England Revolution. SGA designed the four-story project, construction of which began in February and is expected to be complete in October. The facility represents the first phase of a new multi-purpose project that will house the operations of Kraft Group and its subsidiary, International Forest Products, as well as those of the football team.
FOXBOROUGH, MASS. — Kraft Group is nearing completion of a 120,000-square-foot office building that will be located about 30 miles south of Boston on the Gillette Stadium campus in Foxborough, the home of the NFL’s New England Patriots and MLS’ New England Revolution. SGA designed the four-story project, construction of which began in February and is expected to be complete in October. The facility represents the first phase of a new multi-purpose project that will house the operations of Kraft Group and its subsidiary, International Forest Products, as well as those of the football team.
CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has started construction of One Canal by Breakthrough, a life sciences development in Cambridge, roughly two miles from downtown Boston. The property, situated along the city’s First Street corridor facing Canal Park and the Charles River in the East Cambridge neighborhood, is located adjacent to CambridgeSide — an enclosed regional mall that is being redeveloped to include 650,000 square feet of office, life sciences and residential space — and the 4.5 million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year, and is updating it to feature 105,000 square feet of high-quality research and development space. The property will feature a ground-floor lounge, private outdoor gathering spaces, concierge, fitness center, on-site retail and adjacent parking. A timeline for the redevelopment — which is targeting Fitwel, WELL and LEED Gold certifications — was not announced. A flurry of life sciences development is underway in the Boston metropolitan area. Recently announced projects include Phase I of Assembly Innovation Park, a life sciences tower spanning 485,000 square feet in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of …
CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has begun construction of One Canal by Breakthrough, a life sciences development project in Cambridge, about two miles from downtown Boston. The property is located on the city’s First Street Corridor overlooking Canal Park and the Charles River in the East Cambridge neighborhood and is adjacent to CambridgeSide – a gated regional mall that is being redeveloped and includes 650,000 square feet of office, life sciences and residential space — and the 4.5-million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year and is modernizing it to provide 105,000 square feet of high-quality research and development space. The property will feature a ground floor lounge, private outdoor meeting spaces, concierge, fitness center, on-site shops and adjacent parking. A timeline for the redevelopment — which aims for Fitwel, WELL and LEED Gold certifications — has not been announced. A flurry of life sciences developments are underway in the Boston metro area. Recently announced projects include Phase I of Assembly Innovation Park, a 485,000-square-foot life sciences tower in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail, and multi-family development in Boston’s …
WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have received an $87 million construction loan from ACORE Capital for the development of Banyan & Olive, two Class A office buildings in downtown West Palm Beach. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan, terms of which were not provided. The financing provides funding for the gut renovation of 111 Olive, which includes 27,000 rentable square feet of office space and 11,000 rentable square feet of retail space to be delivered by year-end. The financing also provides funding for the vertical construction of 300 Banyan, a 12-story tower with 115,000 rentable square feet of office space, 6,000 rentable square feet of food and beverage space and roughly 300 parking spaces. Completion of 300 Banyan is slated for early 2024. Banyan & Olive will feature amenities such as 15,000 square feet of private office terraces, a golf simulator lounge and a seventh-floor amenity area with a fitness center and open-air lounge. Set in the heart of the Clematis Waterfront District, the buildings are situated near a variety of restaurants, bars, shops, Flagler Park and the boardwalk. — Kristin Hiller