Development

McHugh Construction Breaks Ground on FanDuel Sportsbook at Chicago’s United Center

by Kristin Harlow April 6, 2022

CHICAGO — Chicago-based McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The facility will also include a large commercial kitchen and multiple bars.

April 6, 2022

Development Georgia Hospitality Office Retail Southeast

Jamestown Begins Construction on Ponce City Market Expansion in Atlanta

by Julia Sanders April 6, 2022

ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …

April 6, 2022

Development Loans Massachusetts Multifamily Northeast

Citizens Bank Provides $128.7M Construction Loan for Multifamily Project in Quincy, Massachusetts

by Taylor Williams April 6, 2022

QUINCY, MASS. — Citizens Bank has provided a $128.7 million construction loan for Ashlar Park, a 465-unit multifamily project located on the southern outskirts of Boston in Quincy. Ashlar Park will feature an outdoor terrace overlooking a pool with cabanas and lounge areas; a 3,200-square-foot fitness center with outdoor yoga space; a multi-level club room/resident lounge; coworking space; a library; and a conference room. Construction of the four-building community, which is located at the site of the former Quincy Medical Center, will be carried out in phases. Initial occupancy is slated for April 2023, with full completion scheduled for April 2024. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the loan on behalf of the borrower, locally based developer FoxRock Properties.

April 6, 2022

Development Industrial South Carolina Southeast

Red Rock Breaks Ground on 497,952 SF Industrial Facility in Gaston, South Carolina

by Julia Sanders April 6, 2022

GASTON, S.C. — Columbia, S.C.-based Red Rock Developments has broken ground on a 497,952 square-foot facility in Gaston. Construction is slated for completion by the second quarter of 2023. The cross-dock property will be the first spec facility within Sandy Run Industrial Park, a 761-acre park that will ultimately span 5.9 million square feet, according to Red Rock. The first building will feature 36-foot clear heights and will be expandable to 663,836 square feet. Chuck Salley, Dave Matthews, Thomas Beard and John Peebles of Colliers will oversee leasing at the property. Located along Interstate 26, Sandy Run Industrial Park is situated near the Port of Charleston, an Amazon distribution center and Columbia Metropolitan Airport.

April 6, 2022

Development Industrial Massachusetts Northeast

Joint Venture Breaks Ground on 372,000 SF Industrial Facility in Lunenberg, Massachusetts

by Taylor Williams April 6, 2022

LUNENBERG, MASS. — A joint venture between The Brennan Group, John M. Corcoran & Co. and Berkeley Partners has broken ground on Lunenberg Central, a 372,000-square-foot warehouse and distribution center in the northern central part of Massachusetts. The site offers proximity to Interstates 190 and 495. Building features will include a clear height of 36 feet, 71 dock doors, 402 car parking spots, 94 trailer parking stalls (expandable to 120) and build-to-suit office space. GMA Architects is designing the project, and ARCO National Construction is serving as the general contractor. Construction is slated to be complete in the first quarter of next year. CBRE arranged construction financing on behalf of the joint venture through Cambridge Savings Bank. Newmark will lease the facility.

April 6, 2022

Development New Jersey Northeast Office

Kimmerle Group Completes 350,000 SF Office Renovation, Expansion in Paramus, New Jersey

by Taylor Williams April 6, 2022

PARAMUS, N.J. — Kimmerle Group, a New Jersey-based design-build firm, has completed the renovation and expansion of a 350,000-square-foot office building in the Northern New Jersey community of Paramus. The project included a reimagining of the lobby, the relandscaping of the outdoor amenity areas and the addition of a new café and recreation center with a putting green, pool table and arcade. The owner, Onyx Equities, acquired the asset from Mack-Cali Realty Corp. (NYSE: VRE) in 2019.

April 6, 2022

Arizona Company News Development Industrial Western

Creation RE, J.P. Morgan Form Joint Venture, Plan $1B Industrial Pipeline Across Four States

by Amy Works April 5, 2022

PHOENIX — Creation RE, a Phoenix-based real estate investment and development firm, and J.P. Morgan Global Alternatives have created a joint venture with plans to invest $1 billion in industrial, warehouse and logistics real estate projects across four states. The partners have released plans to capitalize and develop seven projects, three of which have already closed and four in the pipeline. The properties total approximately 5 million square feet in Newmark, N.J.; Melville and Islandia, N.Y.; Fort Worth, Texas; and Chandler, Gilbert and Phoenix, Ariz.

April 5, 2022

Affordable Housing Development Multifamily Seniors Housing Utah Western

Canterbury Partners Completes Affordable Seniors Housing Community in Ogden, Utah

by Amy Works April 5, 2022

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.

April 5, 2022

Development Loans New York Northeast Retail

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

by Taylor Williams April 5, 2022

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.

April 5, 2022

Acquisitions Development Industrial Lee & Associates Midwest Wisconsin

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

by Kristin Harlow April 5, 2022

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.

April 5, 2022

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