Development

Trammell Crow, CBRE Plan 116,000 SF Vista Sorrento Labs Spec Life Sciences Building in San Diego

by Kristin Harlow May 11, 2022

SAN DIEGO — Trammell Crow Co. (TCC), in partnership with CBRE Investment Management on behalf of a separate account client, has unveiled plans to build Vista Sorrento Labs, a 116,000-square-foot speculative life sciences development in the Sorrento Mesa submarket of San Diego. The purpose-built life sciences building marks the first ground-up life sciences project in San Diego for both firms. The partnership plans to begin demolition of an existing building on the site and break ground on the new facility in the fourth quarter of this year. Completion is slated for early 2024. The four-story building will feature floor plates spanning 32,000 square feet. The project will feature Class A lab, clean room and office space as well as onsite chemical storage. Ware Malcomb designed the building, which will include amenities such as electric vehicle charging stations, locker rooms, indoor and outdoor conference rooms, bike storage, surface and structured parking, a fitness center and lounge. “This fall’s scheduled groundbreaking will mark the first of multiple planned ground-up life sciences developments in Sorrento Mesa, which will add approximately 700,000 square feet of much-needed life sciences space to the submarket,” says Chris Tipre of TCC Newport Beach. “Vista Sorrento Labs is located …

May 11, 2022

Development Office Texas

AQUILA Commercial, J.P. Morgan Underway on 110,000 SF Alto Office Project in East Austin

by Taylor Williams May 10, 2022

AUSTIN, TEXAS — A partnership between locally based development and brokerage firm AQUILA Commercial and institutional funds backed by J.P. Morgan Asset Management is underway on construction of Alto, a 110,000-square-foot office project at 924 E. Seventh St. in East Austin. Construction began earlier this year and is slated for delivery in the fourth quarter of 2023. The five-story building will include four levels of underground parking and an onsite restaurant. The Beck Group is the architect and general contractor for the project. AQUILA will also handle leasing of Alto.

May 10, 2022

Affordable Housing Development Loans Multifamily New York Northeast Seniors Housing

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

by Taylor Williams May 10, 2022

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall 2024. The $100 million construction loan was procured through a combination of both taxable and tax-exempt bonds issued by the New York State Housing Finance Agency, with credit enhancement in an equal amount provided by Goldman Sachs. Goldman Sachs is also providing tax credit equity for the development.

May 10, 2022

Development New York Northeast Office

Northwood Investors Completes Renovation of 398,937 SF Office Building in Manhattan

by Taylor Williams May 10, 2022

NEW YORK CITY — Northwood Investors has completed the renovation of 1180 Avenue of the Americas, a 398,937-square-foot office building in Midtown Manhattan. The project involved renovating the building’s main entrance, lobby and façade and revamping the amenity center, which now houses a 3,500-square-foot terrace and two conference rooms and lounges. Northwood also upgraded the elevator and mechanical systems and added speculative office suites. Gensler designed the capital improvement program. Cushman & Wakefield leases the building.

May 10, 2022

Development Florida Multifamily Southeast

CP Capital, Crescent Communities to Develop 277-Unit Apartment Project in Tampa

by John Nelson May 10, 2022

TAMPA, FLA. — CP Capital US has formed a joint venture with Crescent Communities to develop Novel Independence Park, a 277-unit, Class A multifamily project in Tampa. The community will be part of Independence Park, a 44-acre, mixed-use development that was recently rezoned to accommodate the project, as well as future phases that include office, retail and townhomes. Charlotte-based Crescent Communities purchased the site from Independence Park master developer Highwoods Properties Inc. Situated in Tampa’s Westshore district, the developers plan to break ground this month and deliver the first units in the third quarter of 2023, with construction expected to be completed in early 2024. Truist provided construction financing for the project. Design partners include architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction will serve as the general contractor.

May 10, 2022

Development Mixed-Use Multifamily North Carolina Southeast

Summit Design + Build Breaks Ground on New Multifamily Project Near Charlotte

by John Nelson May 10, 2022

KANNAPOLIS, N.C. – Chicago-based general contractor Summit Design + Build has kicked off construction on Stadium Lofts South, a 69,000-square-foot multifamily project in the Charlotte suburb of Kannapolis. Once complete, the project will overlook the baseball stadium of the Kannapolis Cannon Ballers, a Minor League Baseball team and Class A affiliate of the Chicago White Sox. The seven-story building will have two floors of retail/office space and five floors of apartments totaling 43 units. The building will feature a lobby, fitness center, club room, balconies and a parking garage. The project is expected to wrap up in spring 2023. The project team includes developer Lansing Melbourne Group and architect Built Form. Stadium Lofts South marks the first construction project for Summit Design + Build in North Carolina.

May 10, 2022

Development Multifamily New Jersey Northeast

BNE Real Estate Begins Leasing 99-Unit Apartment Complex in Fairfield, New Jersey

by Taylor Williams May 10, 2022

FAIRFIELD, N.J. — BNE Real Estate has begun leasing The Kingsley, a 99-unit apartment complex in the Northern New Jersey community of Fairfield. Designed by Minno & Wasko Architects & Planners, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Private balconies and patios are available in select residences. Amenities include a pool, game room and a card room, as well as indoor and outdoor lounges, Amazon package lockers and a fitness center. Rents start at roughly $2,300 per month for a one-bedroom unit.

May 10, 2022

Development Industrial Midwest Ohio

SEMCORP to Invest $916M for Manufacturing Facility in Sidney, Ohio

by Kristin Harlow May 10, 2022

SIDNEY, OHIO — SEMCORP Advanced Materials Group has unveiled plans to invest $916 million for a new manufacturing facility in Sidney, about 35 miles north of Dayton. The facility, which is expected to create nearly 1,200 jobs, will be utilized to make separator film, a key component in batteries for electric vehicles. SEMCORP’s products will be used by electric vehicle battery makers across North America. The Sidney project will be located at Sidney Ohio Industrial Park and will span 850,000 square feet. A timeline for completion was not released. The City of Sidney provided incentives for the project, but specific details were not provided. According to a news release, China-based SEMCORP is currently the largest lithium-ion battery separator film producer in the world with six manufacturing facilities.

May 10, 2022

California Development Industrial Life Sciences Loans Western

JLL Arranges $27.4M in Financing to Convert Industrial Building to Life Sciences Space in Vista, California

by Amy Works May 10, 2022

VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.

May 10, 2022

Development Hospitality Loans Multifamily New York Northeast Top Stories

Parkview Financial Provides $207M Loan for Acquisition, Redevelopment of Former Hudson Hotel in New York City

by Katie Sloan May 10, 2022

NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …

May 10, 2022

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