Development

VanTrust Completes 514,135 SF Spec Industrial Development in El Paso, Signs Three Tenants

by Taylor Williams February 24, 2022

EL PASO, TEXAS — Kansas City-based developer VanTrust Real Estate has completed Phase I of El Paso Logistics Park, a speculative project that consisted of four industrial buildings totaling 514,135 square feet. VanTrust has also executed three new leases at these buildings totaling roughly 187,000 square feet. David Hingst of PIRES International represented OLA Logistics LLC, which leased 76,848 square feet at Building 3; Steve Berger and Chad McCleskey of CBRE represented Interceramic Inc., which inked a deal for 44,410 square feet at Building 3; and Andres Sandoval of CBRE represented Buckland Global Trade Services Inc, which committed to 66,065 square feet at Building 4. Bill Caparis and Arturo De La Mora of CBRE El Paso represented VanTrust in each of those deals.

February 24, 2022

Development Industrial Texas

Trammell Crow, Clarion Partners Break Ground on 308,484 SF Industrial Project in Austin

by Taylor Williams February 24, 2022

AUSTIN, TEXAS — A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has broken ground on the final phase of Park 183, a 950,000-square-foot industrial development in southeast Austin. The fourth and final phase of the project will add two buildings totaling 308,484 square feet to the local supply. The buildings will span 160,327 and 148,157 square feet and will feature 32-foot clear heights. STG Design is the architect for Phase IV, and Tribble & Stephens is the general contractor. Comerica Bank provided construction financing. CBRE has been tapped as the leasing agent and recently secured a 154,786-square-foot expansion for American Canning at Park 183. Completion of Phase IV is slated for the fourth quarter.

February 24, 2022

Development Healthcare Illinois Midwest Office

Hearn to Convert Portion of Iconic Chicago Office Tower into Medical Space

by Kristin Harlow February 24, 2022

CHICAGO — The Hearn Co. has unveiled plans to convert four floors of 875 North Michigan Avenue in Chicago into clinical and surgical space named the Mag Mile Medical Pavilion. Hearn has selected Cushman & Wakefield to lease the building-within-a-building concept. Hearn plans to invest more than $10 million into converting floors 28 through 30 and 33, totaling 130,000 square feet, into medical office space. There will be a dedicated valet entrance, patient drop-off and pickup on the north side and a dedicated elevator bank. Completion is slated for the second quarter of this year. The 100-story property was formerly known as the John Hancock Center. Karoline Eigel, Matt Sullivan, Lindsey Groom and Jack Seher of Cushman & Wakefield make up the leasing team.

February 24, 2022

Development Midwest Missouri

Keystone Construction Begins Work on 97,000 SF Sports Complex in Chesterfield, Missouri

by Kristin Harlow February 24, 2022

CHESTERFIELD, MO. — Keystone Construction Co. has begun work on a 97,000-square-foot indoor volleyball and basketball complex in Chesterfield near St. Louis. Mia Rose Holdings is the developer, MW Weber Architects is the architect and Stock & Associates Consulting Engineers Inc. is the civil engineer. Completion is slated for early 2023. Chesterfield Sports Association (CSA), a nonprofit organization, will own and operate the facility. Nine basketball courts will convert to 18 volleyball courts. Additional features will include a fitness area, spectator seating, lounge areas and multipurpose rooms. CSA plans to host over 40 tournaments each year that will attract out-of-town guests and generate economic activity for local restaurants and hotels.

February 24, 2022

Alabama Development Leasing Activity Restaurant Retail Southeast

PBR x Lockhart Smokehouse to Open at Bridge Street Town Centre in Huntsville

by Julia Sanders February 24, 2022

HUNTSVILLE, ALA. — PBR x Lockhart Smokehouse is opening this year at Bridge Street Town Center, a mixed-use development in Huntsville. The dining concept is a partnership between the Professional Bull Riders (PBR) Cowboy Bar, Lockhart Smokehouse and Live! Concepts. Bayer Properties is the developer for the Bridge Street Town Center. PBR Cowboy Bar’s Country-Western experience will be joined with Lockhart Smokehouse’s Texas barbecue in the dining concept. The location at Bridge Street Town Center will be Lockhart Smokehouse’s first location outside of Texas. PBR x Lockhart Smokehouse will take up 8,121 square feet of space. Bridge Street Town Centre features over 50 tenants including Apple, Athleta, H&M and Sephora. The development recently added The Cheesecake Factory and soon will open Main Event. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno apartment complex and a 131-room Hyatt Place Hotel.

February 24, 2022

Development Michigan Midwest Office

HED Completes Design of New Office for Warner Law Firm in Detroit

by Kristin Harlow February 24, 2022

DETROIT — National design firm HED has completed the design of the new Detroit office for Warner Norcross + Judd law firm. The tenant occupies the third floor of 2715 Woodward, a Class A building. The law firm’s office features open workspaces as well as 50 private offices as well as a law library, media room, kitchen and reception area. Warner maintains eight other offices throughout Michigan.

February 24, 2022

6700-E-Pacific-Coast-Highway-Long-Beach-CA

Acquisitions California Development Multifamily Office Western

Holland Partners Buys Congressional Place Office Building in Long Beach, Plans Multifamily Conversion

by Amy Works February 24, 2022

LONG BEACH, CALIF. — Holland Partners has purchased Congressional Place, a two-story office building in Long Beach. ValueRock Partners sold the asset for $41 million. Situated on 2.5 acres at 6700 E. Pacific Coast Highway, the 73,769-square-foot will be redeveloped into a multifamily property. Chris Benton, Anthony Muhlstein, Kevin Shannon, Bill Bauman, Ken White and Seal Fulp of Newmark represented the seller in the deal.

February 24, 2022

Development Georgia Multifamily Southeast

Alliance Residential Opens 300-Unit Apartment Community in Jefferson, Georgia

by Julia Sanders February 23, 2022

JEFFERSON, GA. — Alliance Residential Co. has opened Prose Concord, a 300-unit apartment community in Jefferson. Designed by architect Hensley Lamkin Rachel Inc., Prose Concord offers a mix of 159 one-bedroom and 141 two-bedroom apartments. Unit features include white shaker cabinets, granite countertops, kitchen islands and pantries, stainless steel appliances, chrome plumbing fixtures, wood plank-style flooring throughout and walk-in closets. Rents range from $1,190 for a one-bedroom unit to $1,495 for a two-bedroom unit. Community amenities include a clubroom lounge space and entertaining kitchen, coworking spaces, 24/7 fitness center, saltwater pool, grilling stations, outdoor dining areas, fully fenced pet park, a package system and ample parking. Located on nearly 75 acres at 575 Concord Road, Prose Concord is situated less than one mile from Interstate 85. The property is located close to several major employers including Amazon, Bed Bath & Beyond and Toyota.

February 23, 2022

Development Multifamily North Carolina Southeast

Hudson Capital Breaks Ground on Phase II of Apartment Community in Raleigh

by Julia Sanders February 23, 2022

RALEIGH, N.C. — Hudson Capital Properties has broken ground on Phase II of Hudson 5401, a 264-unit apartment community in Raleigh. The first phase of the development included 192 units and was completed in 2019. Unit features in Phase I include granite countertops, kitchen islands, oversized windows, outdoor grilling, double vanity in bathrooms, stainless steel appliances and ceiling fans. Hudson 5401 is part of 5401 North, a 400-plus-acre master planned development. When both phases of Hudson 5401 are completed, the community will feature a total of 456 apartments featuring amenities such as a resort-style pool area with cabanas, coworking spaces and fitness centers. Goddard Day School and Splash and Dash Pet Groomer have opened in the community. Additional retail is opening this year, including a coffee shop. Located between Interstate 540 and Highway 401, Hudson 5401 is situated eight miles from downtown Raleigh and 18 miles from Raleigh-Durham International Airport. The property is also situated close to the Neuse River Greenway, which offers over 27 miles of trails.

February 23, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Walsh Construction Completes 70-Unit Affordable Seniors Housing Community in Chicago

by Kristin Harlow February 23, 2022

CHICAGO — Walsh Construction has completed Broadview Senior Apartments, an affordable community for residents age 55 and older in Chicago. CIBC Bank USA provided a $5.3 million construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. CIBC Bank USA is working with the Housing Opportunities Development Corp. (HODC), which serves as Broadview Senior Apartments’ nonprofit partner. HODC provides services to the residents of the facility, coordinates onsite activities and workshops and provides onsite staff for a minimum of 20 hours per week.

February 23, 2022

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