Development

Trez Capital Provides $42.2M Construction Loan for Ritz-Carlton Residences in Orlando

by Julia Sanders March 22, 2022

ORLANDO, FLA. — Trez Capital has provided a $42.2 million construction loan for The Ritz-Carlton Residences, Orlando, Grande Lakes project. Ben Jacobson of Trez Capital originated the loan on behalf of the borrower and project developer, Unicorp National Developments Inc. The Ritz-Carlton Residences will offer 37 three- and four-bedroom residences with pools in a gated community. Community amenities will include a private, owners-only clubhouse; full-service spa; 18-hole golf course; 11 restaurants and bars; water sports and hiking and nature trails. Located at 4012 Central Florida Parkway, the project is situated 20.2 miles from downtown Orlando and 9.3 miles from Orlando International Airport. The project is part of the Grande Lakes master-planned community, which includes the Ritz-Carlton Orlando Grande Lakes resort.

March 22, 2022

Acquisitions Arizona Development Industrial Western

Greystar Buys 154-Acre Industrial Development Site Near Phoenix Mesa Gateway Airport for $43.7M

by Amy Works March 22, 2022

MESA, ARIZ. — Greystar has acquired a 154-acre industrial development near Phoenix Mesa Gateway Airport from Phoenix-based Unbound Development. The acreage sold for $43.7 million. Located in Phoenix, the asset consists of six different parcels and provides Greystar with a Class A industrial development opportunity. Unbound spent the last year and a half acquiring the 154 acres located near the northeast corner of Pecos and Sossaman roads and obtaining approval from Mesa’s planning and zoning board for a development named Unbound Gateway. Unbound purchased 18 acres in September 2021 and remaining 136 acres in January 2022 for a combined total of $27.1 million. Greystar will utilize the development team that Unbound had assembled, with Derek Builders as general contractor, Deutsch Architecture Group as designer and Hunter Engineering as civil engineer. The development will feature approximately 2.2 million square feet in three buildings, including a 1.2 million-square-foot building, a 517,029-square-foot building and a 476,229-square-foot building.

March 22, 2022

Development Loans Montana Multifamily Western

BlackRidge Cos. Receives $50.9M in Construction Financing for Multifamily Property in Bozeman, Montana

by Amy Works March 21, 2022

BOZEMAN, MONT. — Montana-based BlackRidge Cos. has obtained $50.9 million in construction financing for the development of 2131 Graf, a garden-style apartment community in Bozeman. Located at the intersection of Graf Street and South 19th Avenue, 2131 Graf will include 195 residential units, including 72 one-bedroom units, 97 two-bedroom units and 26 three-bedroom units. Community amenities will include a clubhouse with a community room, fitness center, spa, barbecue grilling stations, a firepit, lawn games and an onsite management office. Completion is slated for September 2023. Jennifer Quigley of Berkadia Denver secured the permanent construction financing on behalf of the borrower. The 221(d)(4) construction loan, financed through HUD’s green building program, features a 40-year term and 3.03 percent interest rate.

March 21, 2022

Acquisitions California Development Industrial Western

Kubato Tractor Acquires Land Parcel in Elk Grove, California for 632,000 SF Distribution Center

by Amy Works March 21, 2022

ELK GROVE, CALIF. — Kubato Tractor Corp. has closed escrow on a 43.7-acre land parcel located at 10251 E. Grant Line Road in Elk Grove. Terms of the transaction were not released. Kubato plans to develop a 632,000-square-foot Western Regional Distribution Center at the site, which has an additional 12-plus acres of expansion land for future needs. The company will relocate from its 180,000-square-foot facility in Lodi, where it has operated its Western distribution center since 2005. Tim Pryor of Mid Cal Industrial Properties and Ken Noack of Newmark Knight Frank handled the transaction.

March 21, 2022

Development Industrial Texas

Creation Equity Breaks Ground on 555,790 SF Industrial Project in Mesquite, Texas

by Taylor Williams March 21, 2022

MESQUITE, TEXAS — Phoenix-based developer Creation Equity has broken ground on Mesquite 635, an industrial project that will be located on the eastern outskirts of Dallas and will total roughly 556,000 square feet. Creation Equity is developing the property, which will comprise two rear-load buildings and one front-load building, in partnership with Crow Holdings Capital. Building A will span 159,728 square feet and feature 32-foot clear heights and 37 trailer parking spots. Building B will comprise 156,144 square feet and offer 32-foot clear heights and 27 trailer stalls. Building C will total 239,918 square feet and feature 36-foot clear heights and 46 trailer parks. LGE Design Group is the project architect and general contractor. Completion is slated for the second quarter of 2023.

March 21, 2022

Development Florida Multifamily Southeast

BLD Group, JSB Capital Break Ground on 336-Unit Apartment Project in Central Florida

by Julia Sanders March 21, 2022

WILDWOOD, FLA. — Fort Lauderdale, Fla.-based BLD Group and JSB Capital Group have broken ground on Wildwood Apartments, a 336-unit garden-style apartment community in Wildwood, about 51.3 miles from Orlando. Construction is slated for completion by fall 2023. Wildwood Apartments will include one-, two- and three-bedroom units with stainless steel appliances, granite countertops, wood vinyl flooring throughout living areas, tile backsplashes, full-size washers and dryers, walk-in closets, tile shower surrounds and linen closets. Community amenities will include a resort-inspired swimming pool, clubhouse, barbecue area, game room, dog park and private work booths. The community will also have a club-quality fitness studio with a yoga and Pilates studio. The community is immediately adjacent to The Villages, the 55-plus community with a population of over 130,000 residents. The apartment project is also close to a variety of commercial offerings, including Publix, Winn-Dixie and Lowe’s Home Improvement.

March 21, 2022

Development Life Sciences Northeast Pennsylvania

Partnership Tops Out 250,000 SF Life Sciences Building in Philadelphia

by Taylor Williams March 21, 2022

PHILADELPHIA — A partnership between developer Silverstein Properties, New York City-based investment firm Cantor Fitzgerald and University Place Associates has topped out 3.0 University Place, a 250,000-square-foot life sciences building in Philadelphia’s University City neighborhood. Construction of the eight-story lab and office building began in May 2021. The Sheward Partnership designed the project. Ben Franklin Technology Partners has already signed a lease to open an incubation lab and coworking facility at 3.0 University Place. The opening is scheduled for the fourth quarter.

March 21, 2022

Development Life Sciences Northeast Pennsylvania

Joint Venture Breaks Ground on 137,000 SF Life Sciences Project at Philadelphia Navy Yard

by Taylor Williams March 21, 2022

PHILADELPHIA — A joint venture between Ensemble Real Estate Investments, Mosaic Development Partners and Oxford Properties Group has broken ground on a 137,000-square-foot life sciences project at the Philadelphia Navy Yard. The project is being developed on a speculative basis for cell and gene therapy users and will be able to support tenants with space requirements ranging in size from 5,000 to 35,000 square feet. CRB is designing the project. A completion date was not disclosed.

March 21, 2022

Development Georgia Office Southeast

PCCP, Portman Holdings to Develop 143,500 SF Office Property in Atlanta’s Old Fourth Ward

by Julia Sanders March 18, 2022

ATLANTA — PCCP LLC and Portman Holdings have formed a joint venture with plans to develop O4W Office, a 143,500-square-foot boutique office building in Atlanta’s Old Fourth Ward district along the Atlanta BeltLine’s Eastside Trail. Construction is slated to be complete by the summer of 2023. O4W Office will include three stories of offices, 6,900 square feet ground-floor retail space and two levels of parking. Building amenities will feature a coffee bar, bicycle and scooter storage, restrooms with showers, outdoor terraces and 11,000 square feet of outdoor space. Located at 667 Auburn Ave., the office development is situated three miles south of Midtown and two miles east of downtown Atlanta. Nearby retail to the project includes Krog Street Market and Ponce City Market, which both are walkable along the BeltLine and include food halls and shops.

March 18, 2022

Development Industrial Texas

Constellation, Crow Holdings to Develop 426,200 SF Industrial Complex in Houston

by Taylor Williams March 18, 2022

HOUSTON — Texas-based developer Constellation Real Estate Partners and a fund advised by Crow Holdings Capital will develop Constellation Post Oak, a 426,200-square-foot industrial complex that will be located in Houston. The property will comprise a 304,400-square-foot, cross-dock building with 36-foot clear heights and a 121,800-square-foot front-load building with 32-foot clear heights. Powers Brown Architecture is designing the project with Langan Engineering. Zack Taylor of Colliers represented Constellation in its acquisition of the 33-acre site on which the property will be developed. Colliers has also been retained to lease the development. Construction is set to begin in June 2022 with completion scheduled in the second quarter of 2023.

March 18, 2022

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