Development

13th Floor Investments Acquires 168 Acres in Greenville, Plans for Mixed-Use Development

by Julia Sanders March 18, 2022

GREENVILLE, S.C. — Miami-based 13th Floor Investments has acquired 168 acres in Greenville with plans to build the first phase of On The Trail, a mixed-use project. The sales price for the land was not disclosed. In partnership with Miami-based developers Dean Warhaft and Warren Zinn, the team plans to redevelop the abandoned 250 acres surrounding Greenville’s historic Union Bleachery mill, which fronts the Swamp Rabbit Trail, a 22-mile, multi-use recreational greenway. Originally built in the 1990s, The Union Bleachery mill formerly was used as a commerce center but has sat vacant since a fire shut down its operations in 2003. 13th Floor Investments, which now owns a majority ownership stake in the development project, will take over the management, construction and implementation of Warhaft and Zinn’s strategic vision for the site. Warhaft is a licensed professional land surveyor with experience as a real estate development lawyer and manager of all aspects of construction projects. Zinn is an attorney with experience acquiring, developing and managing commercial properties. On The Trail will be built in multiple phases, featuring a variety of residential, commercial, office, retail and hospitality uses. Construction of the project’s first phase is slated to begin later this year …

March 18, 2022

Acquisitions Development Office Texas

Kilroy Realty Acquires Office Development Site in North Austin for $40M

by Taylor Williams March 17, 2022

AUSTIN, TEXAS — Los Angeles-based REIT Kilroy Realty Corp. (NYSE: KRC) has acquired a 2.9-acre site near The Domain in North Austin that is zoned for the development of a 493,000-square-foot office building. The sales price was $40 million. The seller was not disclosed. Entitlements have been fully secured, and construction could commence as soon as this summer, with delivery occurring in 2024.

March 17, 2022

Development Healthcare Texas

Caddis to Develop 60,000 SF Medical Office Building in Frisco

by Taylor Williams March 17, 2022

FRISCO, TEXAS — Locally based firm Caddis Healthcare Real Estate will develop Frisco Medical Pavilion II, a 60,000-square-foot medical office building that will be located on the northern outskirts of Dallas. The site is located just north of Texas Health Frisco Hospital. Construction is expected to begin in mid-2022, with an estimated completion date of summer 2023. Transwestern has been tapped to lease the property. Caddis broke ground on the Frisco Medical Pavilion I in 2018, and the building is now fully leased.

March 17, 2022

Acquisitions Development Industrial North Carolina Southeast

Merritt Properties Buys 142 Acres Near Raleigh, Plans to Build Industrial Park

by Julia Sanders March 17, 2022

CARY, N.C. — Merritt Properties has bought 142 acres in Cary for $9 million with plans to build Merritt RDU Business Park, a 738,750-square-foot industrial park. The transaction includes three parcels. Construction is expected to begin early 2023. The seller of the land was not disclosed. Merritt RDU Business Park will span up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The industrial park will offer clear heights from 18 to 32 feet, leasable bays starting at 1,500 square feet, traditional rear-loaded docks and drive-in capabilities and free surface parking. The first phase of the project will include three buildings on the western side of the site, near the corner of Nelson and Pleasant Grove Church roads. The park will be located three miles from RDU International Airport, and will be close to Interstates 540 and 40, as well as US Highway 70. The project will be Merritt’s’ sixth speculative industrial project in the state, as well as the company’s largest North Carolina project since 2020. Merritt has nearly 2 million square feet of leasable space that is developed, proposed or under construction across five other projects in the Triangle area.

March 17, 2022

Development Midwest Missouri Office

Franklin Partners Unveils Renovation Plans for The Plaza Office Building in Clayton, Missouri

by Kristin Harlow March 17, 2022

CLAYTON, MO. — Franklin Partners has unveiled plans to renovate The Plaza in Clayton, a western suburb of St. Louis. The firm acquired the 340,529-square-foot office building in October 2017. The property was completed in 2001. Franklin Partners expects to bring approximately 160,000 square feet of renovated space to market in April 2023. There will also be a new amenity space named The Plaza Six. Offerings will include flexible spaces, private meeting rooms, two lounges, a game room, golf simulator, fitness center, rooftop deck and a tenant experience app. Mark Palmer and Artie Kerckhoff of CBRE are the leasing agents for the property. Wright Heerema Architects is the project architect.

March 17, 2022

Development Loans Maryland Mixed-Use Retail Southeast

PCCP Provides $83.9M Loan to WRS for Metro D.C. Mall Acquisition, Renovation

by Julia Sanders March 16, 2022

GAITHERSBURG, MD. — PCCP LLC has provided a $83.9 million senior loan to WRS Inc. for the acquisition and renovation of Lakeforest Mall, a 102-acre retail development in Gaithersburg. The loan terms were not disclosed. Lakeforest Mall features tenants including Aeropostale, Bath & Body Works, Macy’s, T-Mobile, The Jewel Box, Waldin Jewelers, The Bridal at Lakeforest and Unique Eyebrows. The site also offers about 5,700 parking spaces. Mount Pleasant, S.C.-based WRS originally acquired the mall’s inner core in 2019, and now will purchase the four big-box department anchors with the loan that PCCP provided. With a simultaneous closing of the four anchor properties, WRS now controls the entirety of the site. The developer plans to renovate the mall into a mixed-use concept featuring residential, commercial and green space. The construction timeline for the redevelopment project was not disclosed. Located at 701 Russell Ave., the property’s infill site is located within Montgomery County and is approximately 24 miles northwest of Washington, D.C.

March 16, 2022

Affordable Housing Development Maryland Multifamily Southeast

Amazon to Invest $81.7M for Two Transit-Oriented Affordable Housing Projects in Metro D.C.

by Julia Sanders March 16, 2022

SEATTLE — Amazon has committed to invest $81.7 million to build 742 new affordable homes near public transit sites in the metro Washington, D.C. region. The new housing commitments included in Amazon’s recent investment include The Margaux at the New Carrollton Metro Station and Atworth at the College Park Metro Station. Amazon will work in collaboration with the Washington Metropolitan Area Transit Authority (Metro) to complete the housing developments. The deals are related to Amazon’s $300 million transit commitment from 2021 to create 3,000 new affordable homes in collaboration with the transit agencies in Amazon’s hometown communities. In partnership with Metro and developer Urban Atlantic, Amazon is developing The Margaux at the New Carrollton Metro Station, a 291-unit property with one-, two- and three-bedroom floorplans. Amazon is providing $25.4 million to Urban Atlantic to begin construction on the project. Atworth at the College Park Metro Station will be a 451-unit apartment property close to the University of Maryland and the Discovery District, as well as the MARC Train, University of Maryland Shuttle Service and Metro’s under-construction Purple Line. Amazon is funding a $56.3 million loan to the Gilbane Development Co. to begin construction. Since launching the Amazon Housing Equity Fund …

March 16, 2022

Build-to-Rent Development Single-Family Rental Texas

Mill Creek Residential Underway on 271-Unit Build-to-Rent Community in Celina, Texas

by Taylor Williams March 16, 2022

CELINA, TEXAS — Mill Creek Residential is underway on construction of Amavi Celina, a 271-unit build-to-rent residential community that will be located about 35 miles north of Dallas. The unit mix will consist of 155 cottages, 94 townhomes and 22 single-family detached homes. Amavi Celina will span 45 acres and will feature a trail system, dog park, fitness center and resort-style pool. Keaton Merrell and Shannon Hersker of Walker & Dunlop originated a four-year, interest-only construction loan to Mill Creek Residential for the project, a completion date for which was not disclosed.

March 16, 2022

Development Industrial Northeast Pennsylvania

Aeroterm to Develop Cargo Facility at Pittsburgh International Airport

by Taylor Williams March 16, 2022

PITTSBURGH — Aeroterm, a division of global logistics operator Realterm, will enter into a 30-year ground lease with the Allegheny County Airport Authority to develop a cargo facility at Pittsburgh International Airport. The facility will be situated on an 8.8-acre site and will span between 140,000 and 170,000 square feet. Completion is slated for the second quarter of 2023. More than 250 million pounds of freight passed through the airport in 2021, a 30 percent increase in volume from 2020, according to Aeroterm executives.

March 16, 2022

Development Massachusetts Multifamily Northeast Seniors Housing

Benchmark Nears Completion of 97-Unit Seniors Housing Community in Hanover, Massachusetts

by Taylor Williams March 16, 2022

HANOVER, MASS. — Benchmark Senior Living is nearing completion of Benchmark at Hanover, a 97-unit assisted living and memory care community located about 25 miles southeast of Boston. Benchmark at Hanover totals 91,000 square feet. Udelsman Associates designed the community, which Callahan Construction is building. The community is scheduled to open this summer.

March 16, 2022

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