Development

Jupiter Holdings Unveils Plans for 702,147 SF Industrial Center in Menifee, California

by Amy Works May 19, 2021

MENIFEE, CALIF. — Newport Beach, Calif.-based Jupiter Holdings has released plans for Scott Road Commerce Center, an industrial center located at 33380 Zeiders Road in Menifee. Totaling 702,147 square feet on 40.5 acres, Scott Road Commerce Center will include one existing, fully leased industrial building and four to-be-constructed buildings. The first phase of construction includes buildings one and two, with an estimated groundbreaking on building two in August 2021 for completion in mid-2022. The second phase will include buildings three, four and five with a tentative groundbreaking in early 2022 and completion slated for year-end 2022. The completed complex will offer buildings ranging from 73,000 square feet to 230,000 square feet. Tucker Hohenstein, Steve Bellitti and Joey Jones of Colliers International, in partnership with Gordon Mize of Lee & Associates, will handle marketing efforts for the development.

May 19, 2021

California Development Multifamily Retail Western

Cisterra to Develop 22-Story Retail, Residential Tower in San Diego with Target as Anchor Tenant

by Amy Works May 19, 2021

SAN DIEGO — San Diego-based Cisterra Development is developing Radian, a planned 255,000-square-foot retail and residential high-rise tower in the Ballpark District of San Diego’s East Village neighborhood. Located along G Street between 9th and 10th avenues, the 22-story tower will feature 241 apartments and ground-floor retail space, which a 36,000-square-foot Target will occupy. Residential amenities will include an indoor/outdoor fitness center, game room, event/dining room, business center/lounge, dog park/wash, outdoor theater and a rooftop pool/hot tub area with views of Petco Park, the Pacific Ocean, San Diego Bay and Coronado. Project partners include San Diego-based Carrier Johnston + CULTURE as building architect, Gensler for interior design and Swinerton as the general contractor. ACORE Capital provided construction financing, which CBRE procured, while Berkadia arranged a private family office as a joint-venture partner. The Koman Group and Wermers Properties are also joint-venture partners on the project.

May 19, 2021

Development Illinois Midwest Multifamily

City Club Apartments Opens Phase II of Chicago Apartment Property

by Kristin Harlow May 19, 2021

CHICAGO — Detroit-based City Club Apartments has opened Phase II of the MDA building in downtown Chicago’s Loop District. Phase II is a seven-story building with 81 units. The project is the first of two new developments opening in the next 18 months that are part of City Club’s “apartment hotel” strategy, whereby residents are able to choose between short- and long-term leases. Amenities include a rooftop sky park with a pool, outdoor theater, grill station and lounge seating. The second floor houses an entertainment and conference room that connects to Phase I via a sixth-floor skybridge. Residents have access to amenities at both buildings, including the onsite restaurant Elephant & Castle, a fitness center, Zen garden, bicycle room, bark park and business center. The 23-story Phase I features 190 units. That building dates back to 1927 and was redeveloped into apartments in 2006. Monthly rents start around $1,500 for studios.

May 19, 2021

Development Industrial Midwest Missouri

BCB Development to Build 167,000 SF Cold Storage Facility in Metro Kansas City

by Kristin Harlow May 19, 2021

LIBERTY, MO. — BCB Development is building a 167,000-square-foot cold storage facility in Liberty, a suburb of Kansas City. The Class A property will be located in the Heartland Meadows Industrial Park. Construction is set to begin in July and wrap up in the second quarter of 2022. Plans call for a fully insulated building and specialized floor slabs to maintain refrigeration and freezer temperatures. John Stafford, Chris Cummins and Turner Wisehart of Colliers International will market the project for lease. The facility will be the first cold storage building in the Kansas City market, according to Colliers.

May 19, 2021

Affordable Housing Development Loans Multifamily New York Northeast

CIT Group Provides $35.7M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams May 19, 2021

NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.

May 19, 2021

Development Hospitality Northeast Pennsylvania

Jenkins Organization to Open 60-Acre RV Park in Milton, Pennsylvania

by Taylor Williams May 19, 2021

MILTON, PA. — The Jenkins Organization, a Houston-based owner-operator of self-storage facilities and RV resorts, will open Jellystone Park at Milton, a 60-acre development located north of Harrisburg in the central part of the state. The property offers 20 cabins and lodges and 160 RV sites, as well as amenities such as a volleyball court, fishing ponds and an arts and crafts center. A formal opening ceremony will be conducted Saturday, May 22.

May 19, 2021

Arizona Development Office Western

Mortenson Breaks Ground on 184,000 SF Beam on Farmer Office Building in Downtown Tempe

by Amy Works May 18, 2021

TEMPE, ARIZ. — Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on The Beam on Farmer, a Class A office building located in downtown Tempe. The five-story, 184,000-square-foot building will feature exposed cross-laminated timber (CLT) construction as the primary structural system. The CLT process utilizes young trees and combines layers of natural timber for an eco-friendly building approach. CLT creates zero waste and will capture 3.5 tons of carbon dioxide with scrap material from CLT production used to create other products or biofuel. Located at 401 S. Farmer Ave., The Beam on Farmer will feature a mix of solid timber, concrete, steel and glass in its design. Interiors will feature 13-foot exposed wood ceilings, 40,000-square-foot open floorplates and an under-floor air distribution (UFAD) system providing high-quality airflow and energy efficiency. Additionally, the project will be served by an adjacent parking garage with a 4/1,000 parking ratio. RSP Architects is serving as architect for the project, which is slated for completion in May 2022. Ryan Timpani and Mark Gustin of JLL are handling leasing for the project.

May 18, 2021

Cottages-at-Mission-Trail-Lake-Elsinore-CA

California Development Multifamily Western

Civic Partners, Premier Design + Build Complete Multifamily Community in Lake Elsinore, California

by Amy Works May 18, 2021

LAKE ELSINORE, CALIF. — Civic Partners, with the support of the City of Elsinore, and Premier Design + Build Group have completed The Cottages at Mission Trail, a multifamily development in Lake Elsinore. The Cottages at Mission Trail features 143 two- and three-bedroom apartments in six floor plans spread across 78 buildings on a 20-acre site. Community amenities include a recreation center, large park, tot lot with playground equipment, laundry center and leasing center. The community has parking for 330 vehicles and many individual homes offer driveways. The Cottages at Mission Trail is part of Summerly, a 3,000-acre Lake Elsinore development that includes a golf course, single-family residential community and retail center. The project team included KTGY Group, ima, Gouvis Engineering and Wilson-Mikami.

May 18, 2021

Development Industrial Iowa Midwest

VanTrust to Build 75-Acre Industrial Development in Altoona, Iowa

by Kristin Harlow May 18, 2021

ALTOONA, IOWA — VanTrust Real Estate is developing Altus Commerce Center on 75 acres in Altoona. The project represents VanTrust’s first in Iowa. Construction on the first building is expected to commence within the next few weeks with completion slated for the second quarter of 2022. Building A will span 265,200 square feet with 148 parking spaces, unit heaters and LED interior lighting. Marcus Pitts, Austin Hedstrom and Tanner Hedstrom of JLL will lead leasing efforts.

May 18, 2021

Acquisitions Development Industrial North Carolina Southeast

Merritt Buys Land Near Raleigh for $2.5M, Plans to Build Industrial Business Park

by Julia Sanders May 18, 2021

KNIGHTDALE, N.C. — Merritt Properties plans to build a light industrial business park in Knightdale, a metro Raleigh market near Interstates 540 and 87. The company bought 35 acres off Hinton Oaks Boulevard in the East Wake County town for $2.5 million. The development, known as Merritt Midway Business Park, will include up to five flex and light industrial buildings totaling 271,450 square feet. Properties will range from 28,800 to 84,700 square feet and feature 18-foot clear heights, with leasable bays starting at approximately 3,300 square feet. Merritt expects to deliver the park during the fourth quarter of 2021. Merritt Midway Business Park should help satisfy pent-up demand for industrial space as the northeast Wake County submarket is 95 percent occupied and has seen 4.4 percent rent growth over the past 12 months. Barry Bowling of CBRE represented Merritt in the land transaction, and Jimmy Barnes of NAI Tri Properties represented the undisclosed seller. Barnes, Ed Brown and Michael Wallace of NAI Tri Properties will help oversee leasing for Merritt Midway Business Park. Baltimore-based Merritt owns 736,740 square feet of flex/light industrial product across two developments in the Raleigh-Durham area. The company’s first project, Merritt TW Crossing in Durham, delivered …

May 18, 2021

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