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Development

Senior-Living-on-Washington-Ogden-UT
Affordable HousingDevelopmentMultifamilySeniors HousingUtahWestern

Canterbury Partners Completes Affordable Seniors Housing Community in Ogden, Utah

by Amy Works

OGDEN, UTAH —Canterbury Partners LLC has completed work on Senior Living on Washington, an affordable seniors housing community in Ogden, approximately 35 miles north of Salt Lake City. Partners on the project include R & O Construction, Think Architecture, The Richman Group Affordable Housing Corp., JP Morgan Chase Community Development Bank, Rocky Mountain Community Reinvestment Corp. and the Olene Walker Housing Loan Fund. Senior Living on Washington is a 100 percent affordable housing project for seniors over age 62. EMG Management will be the operator. The number of units was not disclosed.

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Lionsgate-Studios-Yonkers
DevelopmentLoansNew YorkNortheastRetail

JLL Arranges $230M Loan for Refinancing of Lionsgate Studios Yonkers

by Taylor Williams

YONKERS, N.Y. — JLL has arranged a $230 million loan for the refinancing of Lionsgate Studios Yonkers, a 500,000-square-foot film production studio located on the northern outskirts of New York City. Proceeds will retire construction debt that financed Phase I of the studio’s development, which was completed in January. The borrower, a partnership between Connecticut-based National Resources and Great Point Capital Management, a media investment fund based in the United Kingdom, is also planning a $500 million expansion. When complete, the studio will house 11 soundstages — eight 20,000-square-foot stages, two 10,000-square-foot stages and a 30,000 square-foot stage — and will be the largest modern-built film and television production campus in the Northeast. The property will also include parking for more than 750 cars and 100 trucks. Michael Zaremski, Michael Shmuely, John Flynn and Jimmy Cochran of JLL arranged the five-year loan.

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AcquisitionsDevelopmentIndustrialLee & AssociatesMidwestWisconsin

Lee & Associates Negotiates 132-Acre Land Sale for Planned Spec Industrial Development in Wisconsin

by Kristin Harlow

SOMERS, WIS. — Lee & Associates has negotiated the sale of 132 acres of land located at 1735 120th Ave. in Somers, about 30 miles south of Milwaukee. The sales price was undisclosed. The buyer, Becknell Industrial, plans to build Somers Logistics Center. The development will consist of a 795,471-square-foot speculative industrial building with a clear height of 40 feet, 148 loading docks and 184 trailer parking spaces. Completion is slated for the fourth quarter. Tom Boyle of Lee & Associates represented Becknell in its purchase from a private owner. Lee & Associates will also market the project for lease.

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DevelopmentIndustrialTexas

Scannell Properties Breaks Ground on 335,000 SF Industrial Project Near Fort Worth

by Taylor Williams

HALTOM CITY, TEXAS — Indianapolis-based developer Scannell Properties has broken ground on 820 Crossing, a 335,000-square-foot industrial project in Haltom City, a northern suburb of Fort Worth. The rear-load building will feature 36-foot clear heights, 62 dock doors, 185-foot truck court depths, 201 car parking spaces and 95 trailer stalls with the capacity to add 40 more. Stream Realty Partners has been tapped to lease the development. Completion is slated for the first quarter of 2023.

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DevelopmentIndustrialNorth CarolinaSoutheast

Electric Automotive Manufacturer VinFast Plans $4B North American Assembly Plant Near Raleigh

by Julia Sanders

RALEIGH, N.C. ― VinFast, a Vietnamese-based electric vehicle and battery company, has plans to open its first North American automotive assembly and battery manufacturing plant in metro Raleigh. The company plans to invest $4 billion and create 7,500 jobs in Chatham County. VinFast is the automotive branch of Vingroup, a company founded in Ukraine that covers trade and services, technology and industry and social enterprise. VinFast announced plans for its California headquarters earlier this year. The company plans to start producing vehicles in the United States in 2024. VinFast evaluated over 50 megasites in 10 states for its facility, before choosing Chatham County site. The Economic Development Partnership of North Carolina and its business recruitment managers helped the company connect with state entities, like the North Carolina Department of Commerce, and local entities to secure the necessary information and details.

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Macy's
DevelopmentIndustrialNorth CarolinaSoutheast

Macy’s to Invest $584M for New Fulfillment Center in China Grove, North Carolina

by Julia Sanders

CHINA GROVE, N.C. — Macy’s Inc. has plans to open a 1.4 million-square-foot fulfillment center in China Grove. The New York City-based retail giant plans to invest approximately $584 million in the facility, which is expected to open in 2024. The fulfillment center will offer automated direct-to-consumer fulfillment capacity. When fully operational, the property will account for nearly 30 percent of Macy’s digital supply chain capacity and serve customers nationwide. The facility will be equipped with new automation technology, including an advanced goods-to-person and pocket sorter system that will help to distribute merchandise efficiently. The property will employ nearly 2,800 workers when fully operational.

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DevelopmentMidwestMinnesotaMultifamily

CEDARst Repurposes Minneapolis Warehouses into More Than 500 Apartment Units

by Kristin Harlow

MINNEAPOLIS — CEDARst Cos. is completing the adaptive reuse of five historic warehouses in the North Loop neighborhood of Minneapolis into two apartment developments. The first project, named The Duffey, is slated to open in April. The $71.1 million project features 188 units along with 24,000 square feet of retail space. Amenities include a fitness center, resident coworking space and rooftop deck. The second project, which is yet to be named, is set to begin construction in the coming months. Development costs are estimated at $160 million for the 358-unit project, which will feature 38,500 square feet of retail space. Amenities will include a rooftop lounge, coworking suite, 8,000-square-foot fitness center, game room with bowling lanes and 293 parking spaces. Construction is scheduled to last 18 months.

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DevelopmentIndustrialMidwestOhio

Duke Realty to Build 574,670 SF Medical Distribution Center for Cardinal Health in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Duke Realty will build a 574,670-square-foot medical distribution center for Cardinal Health in Columbus. The new building will replace Cardinal Health’s current 235,000-square-foot facility in nearby Obetz. Duke is building the project with joint venture partners Columbus Regional Airport Authority and Capitol Square. Completion is slated for late 2022 or early 2023. Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. The organization has a multi-year strategy to increase U.S. warehouse space capacity, according to James Sembrot, senior vice president of Cardinal Health’s U.S. supply chain.

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4135-Park-Blvd-San-Diego-CA
CaliforniaDevelopmentMultifamilyWestern

CEDARst Plans $74.4M Multifamily Project in San Diego

by Amy Works

SAN DIEGO — CEDARst Cos. has announced plans to develop 4135 Park Blvd., a 205,000-square-foot, $74.4 million, ground-up residential development in San Diego’s North Park and Hillcrest neighborhoods. The seven-story building will feature 190 apartments, a café, fitness center, spacious lounge, game room and an exterior deck with a pool, hot tub, cabanas and communal kitchen. Completion is slated for 24 months after construction begins. 4135 Park Blvd. is in a Qualified Opportunity Zone and is one of several CEDARst properties under contract in the San Diego area. Bridge Investment Group is an equity partner and BMO Harris Bank is the project leader. Suffolk Construction is serving as general contractor and Studio E is serving as architect.

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Office Tower
DevelopmentOfficeTexasTop Stories

Carr Properties Breaks Ground on 43-Story Office Tower in Downtown Austin

by Julia Sanders

AUSTIN, TEXAS — Carr Properties has broken ground on Block 16, a 43-story office tower in Austin. Carr Properties has chosen Austin-based Manifold Development as its local partner for the project. Block 16 will offer over 738,000 square feet of space. Building amenities will include a fitness facility, multiple meeting areas and food and beverage offerings. The development cost was not disclosed. Designed by Gensler, each floor will offer 10-foot, floor-to-ceiling windows and a virtually column-free workplace. Additionally, Carr Properties is planning to implement improved indoor air quality measures in order to maximize the health and wellness of the customers in the building. “I think we have a real opportunity to deliver a project of world-class design with incredible amenities that best meets the needs of today’s ever-changing work environment,” says Tyler Grooms, the president of Manifold. Located in downtown Austin, Block 16 is situated at the intersection of San Jacinto Boulevard, Trinity and Second streets. The project will offer easy access to the Central Business District, the Rainey Entertainment District and Lady Bird Lake Hike & Bike Trail. Block 16 is also close to the Austin Convention Center and the city’s future rail station. The project is currently available …

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