Development

Alliance Residential, GID Complete Phase II of 211-Unit Multifamily Complex in Billerica, Massachusetts

by Taylor Williams October 8, 2021

BILLERICA, MASS. — A partnership between Arizona-based developer Alliance Residential and GID Real Estate Investments has completed Phase II of The Val, a 211-unit multifamily complex in Billerica, a northern suburb of Boston. Phase I of the project was completed this summer and consisted of 110 units. Residences come in one-, two- and three-bedroom formats, and amenities include a pool, fitness center and outdoor grilling stations. Project partners included architect Cube3, civil engineer Allen & Major Associates, general contractor Erland Construction and leasing/management agent Greystar. Rents start at $2,325 per month for a one-bedroom apartment.

October 8, 2021

Acquisitions Development Retail Southeast Tennessee

Holladay Purchases Factory at Franklin in Metro Nashville for $56M, Plans to Expand Office Space

by Julia Sanders October 7, 2021

FRANKLIN, TENN. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield. Built in 1929, The Factory is a complex of 10 industrial buildings that was originally constructed for stove manufacturer Allen Manufacturing Co. In 1996, the property was converted into a retail and entertainment complex. Today, The Factory is a mixed-use destination with shops, restaurants, offices and entertainment venues located at 230 Franklin Road, about 21.5 miles from downtown Nashville. The Factory currently has restaurant tenants including Five Daughters Bakery, Franklin Juice Co., Honest Coffee Roasters, Jeni’s Splendid Ice Creams and Mojo’s Tacos. Other tenants include Amelia’s Flowers, Luna Record Shop and Jeremy Cowart Photography. The property also features the Franklin Farmers Market that sells fresh produce and crafts every week. After the redevelopment project is complete, The Factory will have about 310,000 square feet of mixed-use space. Holladay and its partners …

October 7, 2021

Development Office Texas

Ryan Cos. to Develop 400,000 SF Office Building at Legacy West in Plano

by Taylor Williams October 7, 2021

PLANO, TEXAS — Minneapolis-based developer Ryan Cos. will build a 400,000-square-foot office building at Legacy West, a mixed-use development located on the northern outskirts of Dallas in Plano. The 24-story building will offer amenities such as a fitness center, tenant lounge, café, multiple conference rooms and open green space. Gensler is designing the project, construction of which is scheduled to begin in the first quarter of next year and to wrap up by the first quarter of 2024. The building is already 50 percent preleased to global tax services and software provider Ryan LLC, and JLL is marketing the remaining space for lease.

October 7, 2021

Development Illinois Midwest Retail

Museum of Ice Cream to Open at The Shops at Tribune Tower in Chicago

by Kristin Harlow October 7, 2021

CHICAGO — The Museum of Ice Cream (MOIC) has signed a long-term lease to open a 13,544-square-foot location at The Shops at Tribune Tower in downtown Chicago. MOIC represents the first retail tenant at the newly redeveloped Tribune Tower. The retail portion spans 50,000 square feet and anchors the ground floor of the 36-story, 740,000-square-foot tower, which is located at 435 N. Michigan Ave. Owners CIM Group and Golub & Co. have transformed the property into 162 luxury condominiums and are now welcoming their first residents. The building originally opened in 1925. Plans for the Chicago MOIC include a Chicago Transit Authority-inspired L car named the Sprink-L; a giant dessert-themed putt putt course with a Chicago dog ice cream treat; and a café with outdoor seating. The opening is scheduled for spring 2022. Chicago joins New York City and Austin as the only U.S. cities with a permanent location for MOIC.

October 7, 2021

Development Illinois Industrial Midwest

Opus Begins Construction on Two Spec Industrial Buildings in North Aurora, Illinois

by Kristin Harlow October 7, 2021

NORTH AURORA, ILL. — The Opus Group has begun construction of two speculative industrial buildings known as Tollway Corporate Center in North Aurora. The development is a joint venture with Principal Real Estate Advisors. The first building will total 104,978 square feet and will feature 10 dock positions, two drive-in doors, eight trailer stalls, 64 car parking stalls and a clear height of 32 feet. The second building will span 543,638 square feet and will offer 54 dock positions, four drive-in doors, 90 trailer stalls, 142 car parking stalls and a clear height of 36 feet. Completion of both buildings is slated for June 2022. Opus is serving as developer, design-builder, architect and engineer. Brian Kling of Colliers International and Dan Leahy of NAI Hiffman are marketing the project for lease.

October 7, 2021

Development Industrial Northeast Pennsylvania Self-Storage

EDC to Build 700-Unit Self-Storage Facility in Philadelphia’s East Falls Neighborhood

by Taylor Williams October 7, 2021

PHILADELPHIA — Richmond, Va.-based general contractor EDC will build a 700-unit self-storage facility in Philadelphia’s East Falls neighborhood. The developer is a local entity doing business as 4002-22 Ridge Ave. Acquisition LLC. The facility will rise five stories and span 103,000 square feet of net rentable space. A groundbreaking date has not yet been determined, but construction is expected to be complete in late 2022.

October 7, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Berkeley Investments to Undertake 105,000 SF Life Sciences Conversion Project in Metro Boston

by Taylor Williams October 7, 2021

WATERTOWN, MASS. — Locally based developer Berkeley Investments will undertake a project to convert a building at 64 Pleasant St. in the western Boston suburb of Watertown into a 105,000-square-foot life sciences facility. The two-story building offers a conference room, rooftop deck, fitness center and outdoor gathering spaces. Berkeley will upgrade the property’s utility and mechanical systems, elevate the ceiling heights, introduce reinforced concrete floors and add lab space. SGA is the project architect. The development team hopes to complete core and shell construction by the end of next year. Newmark has been tapped to market the building for lease.

October 7, 2021

Development Industrial Midwest Ohio

Scannell Properties Breaks Ground on 354,000 SF Spec Warehouse Near Columbus

by Kristin Harlow October 7, 2021

NEW ALBANY, OHIO — Scannell Properties has broken ground on a 354,000-square-foot speculative warehouse in New Albany, about 15 miles northeast of Columbus. The developer purchased a 33-acre site on Innovation Campus Way. Completion of the project is slated for June 2022. Tom Miles and Scott Pickett of Avison Young represented Scannell in the land purchase. The duo will also handle leasing efforts for the property. MBJ Holdings was the seller.

October 7, 2021

Affordable Housing Development Iowa Midwest Multifamily

Woda Cooper Underway on Construction of 35-Unit Age-Restricted Community in Iowa

by Kristin Harlow October 7, 2021

WILTON, IOWA — Woda Cooper Cos. Inc. is underway on construction of Chandler Pointe in Wilton, about 30 miles east of Iowa City. The $6.9 million project will provide 35 units for residents age 55 and older. Monthly rents will range from $330 to $640 for one-bedroom units and from $395 to $735 for two-bedroom floor plans. Of the 35 units, 31 will be affordable for households with incomes at or below 80 percent of the area median income. Four apartments will be available at market rates. Completion is slated for late 2022. Nonprofit Housing Services Alliance Inc. is the co-developer and owner. The Iowa Finance Authority (IFA) provided affordable housing tax credits to support financing for the affordable units. IFA will also provide the first and second mortgages, including a HOME loan. Huntington National Bank is providing equity financing and a construction loan. The project team includes architect Excel Engineering, civil engineer Hall and Hall Engineers Inc. and sustainability consultant Sol Consulting + Design. Woda Cooper’s construction division is the general contractor for the project. The company’s management division will oversee leasing and day-to-day operations at Chandler Pointe.

October 7, 2021

California Development Multifamily Western

Intracorp Breaks Ground on 178-Unit Multifamily Community in Irvine, California

by Amy Works October 7, 2021

IRVINE, CALIF. — Intracorp has broken ground on a 178-unit apartment property located at 2055 Main St. in the Irvine Business Complex (IBC). The project, which is Intracorp’s fourth development in the IBC, will be the company’s first for-rent multifamily development in the area. Situated on 2.2 acres, 2055 Main will feature five stories of residential living in a modern geometric design. Community amenities will include a rooftop deck with a resort-style pool and spa, entertainment pavilion, expansive LED wall, lounge areas, barbecues and a game area. Other amenities will include a fitness center, sunken amphitheater, outdoor dining areas, fire features, business center and social club. Leasing on the project is slated to begin in summer 2023.

October 7, 2021

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