Development

Partnership Completes 745,000 SF Hockey Arena for New York Islanders

by Taylor Williams November 30, 2021

ELMONT, N.Y. — New York Arena Partners, a group comprised of Oak View Group, Sterling Project Development and the New York Islanders, has completed construction of UBS Arena, a 745,000-square-foot venue in the Long Island community of Elmont that will serve as the NHL team’s new home. Designed by Populous and JRDC Urban Architecture specifically for hockey and music events, the 17,250-seat arena features a seating bowl that is pushed further toward the ice than in standard basketball-first arenas. The design team also added certain elements to limit sound reverberation and echoes throughout the venue. UBS Arena also includes 10 bars, a 23,000-square-foot locker room and players’ campus, weight and equipment rooms, training areas, offices and video rooms. Musical artists playing at the venue will have access to private spaces with lounges, dressing rooms and dedicated dining areas.

November 30, 2021

Affordable Housing Development Multifamily New Jersey Northeast

WinnCos., Soldier On Near Completion of $23M Affordable Housing Project in Tinton Falls, New Jersey

by Taylor Williams November 30, 2021

TINTON FALLS, N.J. — Developer WinnCos. and nonprofit Soldier On are nearing completion of a $23 million affordable housing project in Tinton Falls, located in the northern coastal part of the state. The property is reserved for military veterans, including those transitioning from homelessness, and offers services such as telehealth, homeownership guidance, credit counseling and legal counseling. In addition to apartments for veterans up to 80 percent of the area median income (AMI), the community includes a mix of residences for those earning up to 30 and 50 percent of AMI. All 70 units feature a one-bedroom floor plan. The community is slated to open next month, and about 80 percent of the 70 residences have already been leased. Construction began last fall.

November 30, 2021

Connecticut Development Industrial Leasing Activity Northeast Office

JLL Negotiates 80,000 SF Industrial, Office Lease in Shelton, Connecticut

by Taylor Williams November 30, 2021

SHELTON, CONN. — JLL has negotiated an 80,000-square-foot build-to-suit commercial lease in Shelton, located in the southern coastal part of Connecticut. The tenant, Ranpak Corp., a provider of paper-based packaging products, has committed to 33,000 square feet of office space and 47,000 square feet of research and development and warehouse space. Evan Behr, Ian Ceppos and Patrick Lennon of JLL represented the tenant in the lease negotiations. JLL also represented Ranpak in its site selection and is overseeing development of the space, which was designed by Locus Design Collaborative. Construction of the space, which will also house a showroom and innovation center, is expected to be complete by the fourth quarter of next year.

November 30, 2021

Development Industrial New York Northeast Office

Micatu to Open 40,000 SF Manufacturing Facility in Horseheads, New York

by Taylor Williams November 30, 2021

HORSEHEADS, N.Y. — Micatu Inc., a provider of optical sensing technology, will open a 40,000-square-foot manufacturing facility in the Upstate New York community of Horseheads. The company also recently completed an expansion of its office and training facilities. Upon completion of the project, which is scheduled for the first quarter of next year, Micatu’s total footprint will span 50,000 square feet. The company also expects to hire about 25 new employees.

November 30, 2021

Development Industrial Retail Texas

Solo Brands Opens 430,000 SF Headquarters, Showroom in Grapevine, Texas

by Taylor Williams November 29, 2021

GRAPEVINE, TEXAS — Solo Brands, a provider of outdoor apparel and equipment, has opened a 430,000-square-foot headquarters office and showroom in Grapevine, located near Dallas-Fort Worth International Airport. Prologis developed the building as a spec project in 2020. ENTORS Design provided architectural services for the development. George Curry and Blake Rogers of JLL represented Solo Brands in its site selection and lease negotiations.

November 29, 2021

Princeton-West-Innovation-Campus-Hopewell-New-Jersey

Development Life Sciences New Jersey Northeast

BeiGene to Open 400,000 SF Life Sciences Facility in Hopewell, New Jersey

by Taylor Williams November 29, 2021

HOPEWELL, N.J. — BeiGene, a global biotech firm that develops cancer medicines, will open a 400,000-square-foot life sciences facility in Hopewell, a suburb of Trenton. The manufacturing and research facility will be situated on a 42-acre site within the Princeton West Innovation Campus that was previously owned by pharmaceutical giant Bristol Myers Squibb. Lincoln Equities Group owns Princeton West Innovation Campus. Construction is expected to begin in 2022 and to be complete in late 2023 or early 2024.

November 29, 2021

Development Illinois Midwest Multifamily

Draper and Kramer Opens 120-Unit Wrigleyville Lofts Apartment Complex in Chicago

by Kristin Harlow November 29, 2021

CHICAGO — Draper and Kramer Inc. has opened Wrigleyville Lofts, a 120-unit apartment complex located at 949 W. Dakin St. in Chicago’s Wrigleyville neighborhood. Additionally, Lakeview Ace Hardware, which occupied the single-story structure that previously stood on the development site, has reopened in the building’s first-floor retail space. The store’s owner, Joe Lomanto, is also a minority owner in the development. Sullivan, Goulette & Wilson Architects designed the seven-story project, which is situated near Wrigley Field. There are 108 one-bedroom units and 12 two-bedroom units. Monthly rents start at $1,700. Amenities include a rooftop deck, coffee area, private clubroom, fitness center, bike storage, parking garage and meeting spaces. Leopardo Construction was the general contractor. Gershman Mortgage arranged project financing.

November 29, 2021

Development Loans Multifamily Northeast Pennsylvania

Kawa Capital Arranges $25M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams November 29, 2021

PHILADELPHIA — Kawa Capital Management, a Florida-based financial planning and advisory firm, has arranged a $25 million construction loan for a 146-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. Developed by Arts + Crafts Holdings and designed by JKRP Architects, the seven-story building will feature studio, one- and two-bedroom units and include 3,459 square feet of ground-floor retail space. Completion is slated for February 2023.

November 29, 2021

Acquisitions Development Illinois Industrial Midwest Office Top Stories

Dermody Agrees to Buy Allstate Headquarters Campus in Metro Chicago for $232M, Plans Industrial Redevelopment

by Taylor Williams November 29, 2021

NORTHBROOK, ILL. — Dermody Properties has agreed to buy the metro Chicago headquarters campus of insurance company Allstate Corp. (NYSE: ALL) for $232 million. The purchase agreement is expected to close in 2022. The buyer, a Nevada-based industrial development and investment firm, plans to redevelop the 186-acre campus, which is located north of Chicago in Northbrook, into a Class A logistics and distribution hub. Doug Kiersey, president of Dermody Properties, said in an interview with REBusinessOnline that the preliminary redevelopment plan, which is subject to change based on tenant demands, currently calls for the delivery of approximately 3.2 million square feet of industrial space and a total capital investment of more than $500 million. Kiersey also discussed at length the aspects of the site that his firm found most appealing, including its location within a major population zone, its scale and its existing onsite and offsite infrastructure. “This particular site fits geographically into an area that can serve a lot of customers in a very short period of time,” he said. “Within a 10-mile radius, there are a lot of rooftops for companies to serve their customers. The site also represents an unusual combination of infill location and scale — …

November 29, 2021

Development Georgia Hospitality Southeast

Songy Highroads to Open 218-Room Hyatt Centric Buckhead Atlanta Hotel

by Julia Sanders November 24, 2021

ATLANTA — Songy Highroads (SHR) will open the Hyatt Centric Buckhead Atlanta, a 218-room hotel located in Atlanta’s Buckhead district. The hotel will open in mid-December adjacent to Bloomingdale’s at Lenox Square. In early 2020, Atlanta-based SHR started to develop the hotel in a joint venture with Hyatt Hotels Corp. New York-based Sawyer & Co. designed the hotel. The Hyatt Centric Buckhead Atlanta hotel has two dining options both run by James Beard Award-winning chef Hugh Acheson. One of the dining options is Mount Royal, a Montreal-style steakhouse. The menu combines French cooking techniques with Southern cuisine, and will change often based on seasonal vegetables, fruit and other ingredients sourced from local farmers and artisans. The other dining option, Spaceman, will anchor the hotel’s 15th floor rooftop. Spaceman is a bar and sports lounge with a menu of shareable bites plus wine, beer and cocktails. The dining option will offer indoor seating plus dual outdoor patios, as well as yard games and TVs to stream live sports and events. The lounge will be able to be rented for private parties and corporate events. The Johnson Studio at Cooper Carry, an Atlanta-based design firm for hospitality, designed both restaurants. The hotel …

November 24, 2021

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