DENVER — PMG and Greybrook Partners have purchased a 2.3-acre development site at 123 Speer Blvd. in Denver. Scripps Media sold the land for $35 million. The joint venture plans to develop Society Denver, a mixed-use project at the site. The 12-story Society Denver will be the first Society Living multifamily property in Colorado. Society Denver will feature 600 apartments developed in two phases, amenities and 14,000 square feet of commercial space. Society Living developments offer traditional units with efficient layouts, rent-by-bedroom/co-living options and oversized amenities, including co-working spaces; modern gyms and fitness studios; communal kitchens; craft food and beverage operations; smart package lockers; app-based keys; and integrated retail space. PMG is also working with the Capitol Hill United Neighborhoods to ensure Society Denver suits the surrounding neighborhood and community needs. Jamie Roupp of Jones Lang LaSalle represented the seller in the land transaction.
RENO, NEV. — A joint venture between Canyon Partners Real Estate, GMH Communities and CRG has broken ground on Academy at Reno, a 755-bed student housing development located within a Qualified Opportunity Zone near the University of Nevada, Reno campus. The property will be the first high-rise student housing development in the Reno area, according to the joint venture. The partnership has secured a $75.2 million senior construction loan from Citizens and Nevada State Bank, and Canyon plans to contribute $36.2 million in equity for the development. The community will be located at the intersection of North Virginia Street and 15th Street, directly across from the university’s main entrance, and will offer one- to five-bedroom units. The project’s design-build team includes Humphreys & Partners Architects and general contractor Clayco. The 12-story development is targeting LEED Silver certification and is set for delivery prior to the start of the 2023-2024 academic year. The community will offer expansive views of campus, downtown Reno, the Truckee Meadows valley and nearby mountain ranges. Founded in 1991, Canyon Partners Real Estate is an investment arm of Canyon Partners, a global alternative asset manager with over $27 billion in assets under management. Academy at Reno …
FAYETTEVILLE, GA. — Roam, a coworking operator, will open a new location in September inside the Two-Ten office building within Town at Trillith in Fayetteville. The mixed-use project is located adjacent to Trilith Studios, a 1,000-acre movie studio formerly known as Pinewood Atlanta Studios that has produced movies such as Avengers: Endgame and Ant-Man. The Town at Trilith space will be Roam’s seventh and newest location, and it will include offices and desks for rent, as well as meeting spaces designed to accommodate varying group sizes. The space will also include a boardroom with seating for up to 16 individuals, four large training rooms that can accommodate groups of up to 60, a screening room and a podcast room. Roam offers a variety of membership options, including two and three-month terms, flexible month-to-month agreements and daily passes. Tenants at Town at Trillith that have already opened include Amici Italian Café, The Piedmont Wellness Center, Honeysuckle Gelato, Green p.s., Amici Café, Barleygarden Kitchen and Craft Bar and Hop City. Trilith has announced other retailers including Leyland Blue, Trilith Food Hall, Native Collective, The Skin Society, Sugarcoat, Premiere Hair Studio, Woodstone Bakery & Café, Braise, Archer Paper Goods, The Funky Shack and …
CHINA GROVE, N.C. — The Silverman Group has purchased approximately 198 acres located in China Grove for a speculative industrial park known as 85 North Logistics Center. The land seller was not disclosed, but the sales price was approximately $10.4 million. The project is slated for delivery in the third quarter of 2022. The project has the potential for upwards of 1.8 million square feet of Class A industrial space across two buildings. Silverman Group could potentially deliver one building spanning 1.5 million square feet as well as a second 414,000-square-foot building. The project could include trailer and auto parking, as well as ceiling heights of 40 feet and greater should it be desired by a prospective tenant. The Silverman Group is a privately owned and operated private equity and real estate development firm based in Basking Ridge, N. J. Avison Young has been chosen to lease the property.
FOREST PARK, GA. — Robinson Weeks Partners has broken ground on Gillem 1100 and Gillem 1200, a pair of Class A speculative distribution centers in metro Atlanta totaling nearly 1.3 million square feet. The facilities sit within Gillem Logistics Center in Forest Park. Construction on Gillem 1100 is scheduled to finish in the beginning of 2022, while Gillem 1200 is slated for completion in the second quarter of 2022. The 909,509-square-foot Gillem 1100 will be a cross-dock facility featuring 40-foot clear heights, 300 auto parking spaces, 171 dock high doors and 318 trailer storage spaces. The 377,520-square-foot Gillem 1200 will feature 32-foot clear heights, 267 auto parking spaces, 70 dock high doors and 86 trailer storage spaces. Formerly the Fort Gillem Army Base, Gillem Logistics Center is a 1,168-acre master-planned industrial development featuring more than 8 million square feet of industrial space and 500,000 square feet of mixed-use facilities. The logistics center is approximately 11 miles from Hartsfield-Jackson Atlanta International Airport and houses tenants including Kroger, Cummins, HD Supply, XPO, Kuehne + Nagel and Kalera. Robinson Weeks Partners is an Atlanta-based development and acquisitions firm. The firm was selected to be the master developer for the project in 2007 and …
MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …
HUTTO, TEXAS — Titan Development has launched Phase II of Titan Innovation Business Park, located in the northern Austin suburb of Hutto, with the acquisition of 100 acres that will ultimately be developed into six buildings. Titan has negotiated a 52,500-square-foot build-to-suit lease with Kval Inc., a manufacturer of door machinery, as the inaugural tenant of Phase II. Construction of Kval’s facility, which is expected to bring about 80 new jobs to the area, is scheduled to begin in August and to last about a year. This is the fifth project funded by Titan Development’s Real Estate Fund II, which focuses on investments in the industrial and multifamily spaces.
WESTFIELD, IND. — TWG has unveiled plans to develop a $41 million apartment community within the Chatham Hills master development in Westfield, about 25 miles north of Indianapolis. The project will consist of 250 total units spread across two buildings. Units will vary in size from 750 to 1,400 square feet, and monthly rents will range from $1,100 to $1,750. Amenities will include a pool, grilling area, dog park, lounge area, yoga studio, business center and fitness center. First Financial Bank is providing project financing. Construction is expected to begin this month, and the first units are scheduled to open in summer 2023.
TEMPE, ARIZ. — High Street Residential has broken ground on Smith & Rio, an apartment property located at 1979 E. Rio Salado Parkway in Tempe. Situated on 3.4 acres, the five-story development will feature 310 apartments in a mix of studio, one- and two-bedroom floor plans, including a selection of one-bedroom options with additional den/home office space. Residents will have access to amenities including a fifth-floor sky lounge; two outdoor courtyards; a dog park and pet lounge; a large work-from-home area with individual workspaces; pool; spa; fitness center; and water features throughout the outdoor spaces. Construction is slated for completion in 2023.
JLL Arranges $23M Loan for Crossroads Plaza Shopping Center Redevelopment in Pico Rivera, California
PICO RIVERA, CALIF. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. Located at 9050-9200 Whittier Blvd., the center sits on a 10.4-acre site that is positioned 13 miles southeast of downtown Los Angeles. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Originally built in 1988, Crossroads Shopping Center is undergoing redevelopment to replace a 100,000-square-foot Home Depot that terminated its lease in 2019 after 30 years. The building has been leased to three unnamed national soft goods retailers. The center is shadow anchored by Superior Grocery, an independent grocery store chain based in Southern California.