RICHARDSON, TEXAS — Transwestern Development Co. (TDC) will build a 300,000-square-foot office building at CityLine, a mixed-use development in the northeastern Dallas suburb of Richardson. The company is developing the six-story project, which will be branded The Exchange at CityLine in partnership with BC Station Partners, with Dallas-based BOKA Powell leading the design. Completion is slated for some time in 2022.
WASHINGTON, D.C. — A joint venture between Cedar Realty Trust (NYSE: CDR), Asland Capital Partners and the Goldman Sachs Urban Investment Group has broken ground on the first phase of Northeast Heights. The $600 million mixed-use office and retail development is located in the Minnesota and Benning submarket of Washington, D.C.’s Ward 7 neighborhood. The property is located at 3924 Minnesota Ave. Construction has a completion date of late 2022 or early 2023. The first phase of Northeast Heights includes the construction of a 258,500-square-foot office building, as well as 18,000 square feet of street-level retail space. The office space is 100 percent leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. Northeast Heights is a multi-phase, mixed-use redevelopment of two existing retail shopping centers at the intersection of Minnesota Avenue and Benning Road. Cedar Realty Trust will lead future phases of the development, which will include the development of multifamily residential with designated affordable apartments, additional office space, community gathering areas and retail space including a new grocery store. The retail for the DGS building will be made up primarily of full-service and/or fast-casual restaurants, as well as service establishments for the 400 to 500 …
CAMAS, WASH. — Parkview Financial has provided a $42 million construction loan to Kirkland Development for the construction of The Ledges at Columbia Palisades, a multifamily community located at 19801 E. Ascension Loop in Camas. Slated for completion in 2022, the project is entitled for 90 apartments and 51 condominiums. Situated on 1.3 acres, the 192,701-square-foot, two-building development will consist of five stories and two partially subterranean parking levels with 231 parking spaces. The apartment component will offer 18 studio, 51 one-bedroom and 21 two-bedroom units with an average size of 715 square feet. The condominium portion will consist of 42 two-bedroom units averaging 1,226 square feet and nine three-bedroom units averaging 2,102 square feet. Community amenities will include a lobby, lounge, mail room, bike room, fitness center, two pools, a roof deck, dog washing station and car washing station.
SAN DIEGO — Diversified Healthcare Trust (NASDAQ: DHC) and The RMR Group (NASDAQ: RMR) have completed Muse at Torrey Pines, a life sciences property located at 3030, 3040 and 3050 Science Park Road in the Torrey Pines submarket of San Diego. Totaling 186,000 square feet, the three-building campus was 85 percent pre-leased at completion. Surgalign Spine Technologies will occupy the 94,500-square-foot building at 3030 Science Park; Organogenesis signed a 23,000-square-foot lease at 3040 Science Park; and Aegis Life inked a lease for 9,600 square feet at 3040 Science Park. A local farm-fresh eatery concept inspired by Urban Kitchen Group will occupy the property’s restaurant space and offer seasonal food pairings for tenants and the general public. The Muse also features exterior gathering areas, outdoor games, electric vehicle charging stations and four art installation with sculptures and murals by three California artists. DHC owns the property, which RMR manages. Grant Schoneman and Chad Urie of JLL are handling leasing efforts for the property. Surgaline Spine Technologies was represented by Michael Labelle and Bridget Garwitz of Savills. Glenn Friedrich of Cresa represented Organogenesis and Shane Poppen of Hughes Marino represented Aegis Life in the respective leases.
FAIR LAWN, N.J. — Quinlan Development Group LLC has broken ground on a 1,084-unit self-storage facility in Fair Lawn, located across the Hudson River from The Bronx. Upon completion, which is slated for summer 2022, the $17 million facility will have a gross square footage of approximately 123,000 square feet. Bank OZK provided construction financing for the project, which is the fourth self-storage facility that Quinlan has developed from the ground up since 2018.
INDIANA — Greystone Affordable Development is spearheading the $45.6 million redevelopment of 336 affordable housing units in Indiana as part of the state’s Moving Forward Rural Development program. Partnering with property owner and operator Justus Property Management Inc., Greystone is guiding a recapitalization and renovation process that will bring energy efficiencies and renewed housing for residents of 14 properties in 10 counties. The combination of funding sources includes $14.7 million in loans from Greystone; $12.4 million in capital contributions stemming from the purchase and syndication of both 4 percent and 9 percent housing credits by Boston Financial Investment Management; $10.6 million in multifamily private activity tax-exempt bonds from the Indiana Housing and Community Development Authority (IHCDA); $6.6 million of assumed and subordinated USDA Section 515 long-term debt; $1 million in funding from IHCDA via the Rural Revolving Loan Fund; and other miscellaneous sources totaling $236,000. Greystone anticipates a 19-month construction period for the portfolio. Renovation costs will average more than $44,000 per unit. Greystone Affordable Development is an affiliate of commercial real estate finance firm Greystone.
MELROSE PARK, ILL. — Krusinski Construction Co. has completed Chariot Logistics Center in Melrose Park, a western suburb of Chicago. The developer was Ridgeline Property Group. The three-building, 623,000-square-foot project is situated on the site of the former Maywood Park Racetrack, a horse racing venue that closed in 2015. All three buildings were leased to an e-commerce tenant prior to completion. Building 1 totals 236,000 square feet, Building 2 spans 252,000 square feet and Building 3 totals 135,000 square feet. Each building has a clear height of 32 feet. Demolition and site work took approximately six months. Krusinski also built new infrastructure elements, including roads, detention ponds, water mains, stormwater systems and utility lines. The project team included Harris Architects, Progressive AE and Kimley Horn.
HIGHLAND CITY, UTAH — Midtown National Group (MNG) has purchased Highland Marketplace shopping center and 9.2 acres of development land in Highland City. Located at 5300 W. 11000 North, the shopping center offers 40,000 square feet of existing retail space with storefronts ranging from 1,010 square feet to 5,641 square feet. A 65,000-square-foot athletic facility is slated to be built on the development land, which is on the north boundary of the shopping center. Lance Pendleton of Mountain West Commercial Real Estate handled the transaction and will manage the retail and office leasing opportunities for the property.
HEBER, CALIF. — Shasta Management has signed a long-term lease for 100 acres of mixed-use space at the northeast corner of State Route 111 and East Heber Road in Imperial County’s Heber. The company plans to open a cannabis campus on the site with retail and manufacturing space. The first phase of the complex is scheduled to open in mid-June with a 9,000-square-foor retail center, including two 2,000-square-foot retail dispensaries along with a 5,000-square-foot consumption lounge and restaurant. The adult-only consumption lounge will feature a high-end glass shop, lounge areas, 85-inch TVs, gaming stations and vibe centers. Cannabis concierges will assist guests with purchases and products, as well as offer tasting flights and product education. Upon completion, the campus will be a fully integrated cannabis space with two indoor cultivation centers, totaling 37,000 square feet, and six greenhouse cultivation centers, totaling 60,000 square feet. The second phase, slated to open this fall, will include a 3,300-square-foot distribution center, 3,000 square feet of manufacturing space and several 25,000-square-foot greenhouses. Additionally, an adjacent building will house a quick-service restaurant, liquor lounge and a full-service restaurant. The campus’s name and branding, along with additional tenants, will be announced at a later date.
HUNTSVILLE, ALA. — Daniel Corp. has broken ground on a new $60 million luxury apartment development in east Huntsville known as Village at Hays Preserve. The project team includes Birmingham-based general contractor Doster Construction Co. and architectural firm Nelson Architects. The 336-unit Village at Hays Preserve will be a seven-building complex located on 22 acres along U.S. Highway 431. Community amenities will include a clubhouse, saltwater pool and an onsite nature trail within Hays Nature Preserve. Construction is expected to complete in early 2023 with first units becoming available in 2022. Doster Construction is also working on another development in downtown Huntsville known as Constellation, a mixed-use property. The company is working with developer Heartland Real Estate Partners LLC on that project.
