BEDFORD, PA. — Organic Snack Co., the maker of Kate’s Real Food, has purchased 82 acres in Bedford, located in the southern-central part of the state, with plans to open a new warehouse and distribution center. At full build-out, the facility will span about 750,000 square feet. The investment represents a total capital commitment of $75 million and is expected to add about 500 jobs to the local economy. Dollar Bank provided predevelopment and acquisition financing for the land.
LINDEN, N.J. — Accurate Builders & Developers has begun leasing Citizen Linden, a 234-unit apartment complex in Northern New Jersey. Designed by Thomas J. Brennan Architects, the transit-served property includes 4,500 square feet of retail space and a 292-space parking garage. Units are available in studio, one- and two-bedroom formats, with rents starting at roughly $1,800 per month. The amenity package consists of a lobby lounge, demonstration kitchen, fitness center, multiple coworking spaces and conference rooms, landscaped courtyards with picnic areas, a dog park and an outdoor bar and TV area.
TAMPA, FLA. — JLL Capital Markets has secured a $72.5 million construction loan for the development of Altura Bayshore, a 73-unit high-rise condominium project in Tampa. Steve Klein, Brian Gaswirth, Reid Carleton and Drew Jennewein of JLL worked on behalf of the developer and borrower, Naples, Fla.-based The Ronto Group, to secure the loan from MSD Partners LP. Slated to be complete by 2024, Altura Bayshore will stand 22 stories high. Community amenities will include a sky deck and pool, fitness center, club and entertainment room, guest suites, multiple sports courts, a synthetic turf putting green, dog park and barbecue grills. Unit features will include private elevator foyers, designer-selected finishes throughout, open terraces and energy-efficient sliding glass windows and doors. Located at 2910 W. Barcelona St. directly off Bayshore Boulevard, the property is situated near SOHO District, Hyde Park Village and the Downtown Tampa Arts District. The property is also located 8.2 miles from the Tampa International Airport.
CONYERS, GA. — Chicago-based Dayton Street Partners has broken ground on a 212,232-square-foot speculative distribution center in Conyers. Construction is slated for completion by July. The distribution center will feature 32-foot clear heights, 41 trailer and 203 auto stalls with separate access for cars and trucks and a 185-foot truck court. Located at 2020 East Park Road, the property is situated 28.6 miles east of downtown Atlanta and 31.3 miles from Hartsfield-Jackson Atlanta International airport. Dayton Street most recently completed the development of DSP Rock Hill, a 188,000-square-foot distribution center near Atlanta’s airport. Brookfield acquired the asset in December 2021.
SUGAR LAND, TEXAS — Houston-based Midway will develop a 128,000-square-foot build-to-suit industrial facility for Bluebonnet Nutrition Corp., a locally based provider of dietary supplements, in the southwestern Houston suburb of Sugar Land. Powers Brown Architecture is designing the project, and D.E. Harvey Builders is the general contractor. Completion is slated for the fourth quarter. Jarret Venghaus of JLL represented Midway in its acquisition of the 7.4-acre site from Houston-based energy firm Baker Hughes.
FOXBOROUGH, MASS. — The Kraft Group has selected Boston-based general contractor Suffolk as its construction partner for the redevelopment of Gillette Stadium, the home of the NFL’s New England Patriots and MLS’ New England Revolution. The stadium was built in 2002 and is located south of Boston in Foxborough, Mass. The redevelopment will feature a redesigned plaza leading into the stadium, including an enhanced lighthouse. In addition, the north end of the stadium will be renovated with 75,000 square feet of hospitality and event spaces that bridge the gap between the East and West Putnam Clubs, the Dell Technologies Suite Levels and the upper concourse. The development team expects to complete the project in advance of the 2023 NFL season.
YONKERS, N.Y. — Callahan Construction Managers has broken ground on a 440-unit multifamily project at 57 Alexander St. in the northern New York City suburb of Yonkers. Designed by Perkins Eastman and developed by Rose Associates, the seven-story waterfront community will offer a mix of studio, one- and two-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining areas, golf simulator, coworking lounge and a game room. The development team expects to deliver the project in phases throughout 2023.
MAHWAH, N.J. — CBRE has negotiated the $17.5 million sale of an industrial development site located at 1000 MacArthur Blvd. in the Northern New Jersey community of Mahwah. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Patrick Cavanagh of CBRE represented the seller, TD Bank, in the transaction. The team also procured the buyer, a partnership between Russo Development and PGIM. The new ownership has secured approvals to develop a 200,000-square-foot building. Demolition of the existing 60,000-square-foot structure on site is set to begin in the coming days.
UNION, N.J. — New Jersey-based developer Landmark Cos. has received approval from The Union Township Planning Board to develop an 85-unit multifamily project in the Northern New Jersey community. The project, which includes a two-story parking garage with spaces designated for both public and resident use, represents Phase V of the company’s CENTURION Union Center development. Upon completion of this phase, the transit-oriented property will feature approximately 320 residential units and 27,000 square feet of retail space.
ST. PETERSBURG, FLA. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. KeyBank provided a $42.7 million construction bond. KeyBank funded the financing via Fannie Mae’s unfunded forward commitment execution that allows KeyBank to issue a mortgage-backed security (MBS) upon completion of the construction that will convert to a permanent mortgage loan. This Fannie Mae execution is referred to as MBS as Collateral for Tax-Exempt Bonds (MTEB), which is available for 4 percent LIHTC transactions. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents will have first right to return as the redeveloped property begins to reopen. The first phase includes the new construction of a six-floor midrise building for seniors ages 62 and older, as well as the rehabilitation of 41 buildings containing 97 units of affordable housing for families. …