CALIFORNIA AND WASHINGTON — CA Industrial, the dedicated industrial and logistics arm of CA Ventures, has unveiled plans for five new developments totaling $272 million in project costs for properties across the West Coast. The company plans to develop more than 670,000 square feet of industrial space across the markets, marking its entrance into California and Washington. CA Industrial will finance these development costs in part with capital from Centris Industrial, the external REIT for CA Industrial. The five California and Washington developments include: The repositioning and stabilization of a 58,991-square-foot building situated on nine acres at 1551 Atlantic St. in Union City, Calif. The project is in partnership with DWS. A partnership between CA Industrial, Four Stones Real Estate and American Realty Advisors will develop a 175,500-square-foot speculative facility in Watsonville, Calif. CA Industrial has partnered with a global asset manager to develop a 202,400-square-foot speculative facility in Richmond, Calif. Realterm and CA Industrial will develop a 132,300-square-foot Class A warehouse in La Puente, Calif. In partnership with Transwestern, the company will develop a 97,000-square-foot Class A warehouse on 20 acres in Covington, Wash.
ROUND ROCK, TEXAS — Seattle-based developer and operator Sabey Data Centers will develop a facility in the northern Austin suburb of Round Rock that will have the capacity to produce up to 72 megawatts of power. The two-building development will be situated on a 40-acre site and will be primarily marketed to hyperscale cloud users. Preliminary sitework is underway, and Sabey plans to break ground in June and to deliver the facility in the first quarter of 2023.
SAN CARLOS, CALIF. — Square Mile Capital Management has originated a $118 million loan to finance the development of 777 Industrial Road, a planned R&D and life sciences lab building in the Bay Area city of San Carlos. The borrower is a partnership managed by Presidio Bay Ventures, which purchased the former car dealership site in 2020. The project team plans to develop a four-story, 150,000-square-foot, Class A building on top of an existing parking podium at the site. The property will feature lab buildouts, a fitness center with full locker rooms, a 4,000-square-foot rooftop deck and ample outdoor seating. Jeff Wilcox of Gantry arranged the financing.
JACKSONVILLE, FLA. — Kansas City-based VanTrust Real Estate LLC has broken ground on three industrial buildings at its Imeson Park South property in Jacksonville totaling approximately 1.7 million square feet. The three projects currently underway include a 200,000-square-foot build-to-suit building, one 547,200-square-foot speculative building on approximately 33 acres and a 1 million-square-foot building on about 63 acres. Building amenities at both speculative buildings include ample automobile, dock and trailer parking. Construction on all three buildings is expected to be complete by the second quarter of 2023. Located at 1511 Zoo Parkway, the property is situated 10.5 miles from Jacksonville International Airport and 3.1 miles from the Jacksonville Zoo. VanTrust purchased the 196-acre Imeson Park South property in October 2021.
SHORELINE, WASH. — CBRE has secured an $85.5 million construction loan for the development of Ion, a 252-unit apartment community in Shoreline. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Capital Markets Debt & Structured Finance team arranged the loan for AAA Management, the developer. Located at 345 NE 149th St., Ion will feature seven stories of residential space above three levels of subterranean parking with 241 parking spaces. Tenant amenities will include a fitness facility, rooftop deck and bike storage. Completion is slated for April 2024, with an opening scheduled for July 15, 2024.
NEW YORK CITY — New York City-based developer HAP Investments is nearing completion of a 112-unit multifamily project located at 225 W. 28th St. in Manhattan’s Chelsea neighborhood. The 20-story building’s one- and two-bedroom units and three penthouses feature custom white oak cabinetry and marble countertops, and amenities include a pool, fitness center with a sauna and steam room, children’s play area and a rooftop deck with grilling areas. HAP Investments has received a temporary certificate of occupancy (TCO), allowing the first move-ins to commence, and expects to receive a permanent certificate this fall. More than 60 percent of the units were preleased at the time of the TCO issuance.
FENTON, MO. — U.S. Capital Development has selected IMPACT Strategies to build two new speculative industrial buildings at Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. Building 6A will span 125,000 square feet, while Building 6B will total 160,000 square feet. Completion of both buildings is slated for the fourth quarter of this year. IMPACT is also handling site development for earthwork, utilities, parking lots and landscaping. Fenton Logistics Park is the redevelopment of a former Chrysler plant that will span more than 2.5 million square feet upon full buildout.
SEVILLE, OHIO — Sheetz Inc., a gasoline station, convenience store and coffee shop chain owned by the Sheetz family, has purchased a vacant lot at 350 Center St. in Seville, about 40 miles south of Cleveland. The nearly 12-acre site sold for $1.2 million and will be custom-built for Sheetz. Jerry Fiume and Aaron Davis of SVN Summit Commercial Real Estate Advisors brokered the sale. The seller was undisclosed.
COLUMBUS, IND. — Flaherty & Collins Properties is scheduled to break ground this Thursday on The Taylor, a $41 million luxury apartment project in Columbus, about 45 miles south of Indianapolis. The Taylor will include 200 apartment units, space for a 10,000-square-foot grocery store and 400 parking spaces. Amenities will include a community lounge, tech lounge, fitness center, bike station, dog spa, bark park, pool and pickleball court. Flaherty & Collins Construction will serve as general contractor and American Structurepoint will serve as the architect and civil engineer. Lynch, Harrison & Brumleve is the structural engineer. Busey Bank is providing project financing. The first residents are slated to take occupancy in summer 2023, with full completion estimated for fall 2023.
BRISTOL, WIS. — Peak Construction Corp. is underway on a 1 million-square-foot speculative industrial building at Bristol Business Park in Bristol, about 40 miles south of Milwaukee. NorthPoint Development is the developer. Completion is slated for this November. The building will feature a clear height of 40 feet, 105 dock doors and four drive-in doors. The project team includes studioNorth Architecture and Manhard Consulting Ltd.