Development

Anduril to Build $1B Weapons Manufacturing Facility in Columbus, Ohio

by John Nelson January 17, 2025

COLUMBUS, OHIO — Anduril, a defense and aerospace contractor, has selected a site in Columbus for Arsenal-1, the company’s first hyperscale weapons manufacturing facility. The Southern California-based firm plans to invest approximately $1 billion of its own capital into the development. Anduril expects the new Arsenal plant to create more than 4,000 direct jobs in Pickaway County and the surrounding areas, as well as 8,500 indirect jobs from suppliers, construction and other sectors. The company says the project represents the largest single job-creation development in the history of Ohio. At full scale, the facility will span 5 million square feet and produce tens of thousands of military systems annually, according to Anduril. The firm will produce most of its suite of autonomous weapons, sensors and systems at the facility. “Today is a proud day for Ohio as we welcome Anduril and celebrate the creation of thousands of new jobs in cutting-edge defense manufacturing,” said Ohio Lt. Governor Jon Husted. “This investment reinforces Ohio’s position as a leader in advanced technology and national security.” The site is located near Rickenbacker Airport and features two 12,000-foot runways and a 75-acre private apron that will accommodate military-scale aircraft for delivery purposes. The site …

January 17, 2025

Development Multifamily Texas

Sueba USA Completes 269-Unit Imperial Oaks Square Apartments in Spring, Texas

by Taylor Williams January 16, 2025

SPRING, TEXAS — Locally based developer Sueba USA has completed Imperial Oaks Square, a 269-unit apartment community in the northern Houston suburb of Spring. The site is located within Falls at Imperial Oaks, a 686-acre master-planned development by Holcomb Properties, and is adjacent to the 100-acre Lake Holcomb. Units come in studio, one-, two- and three-bedroom floor plans and range in size from 496 to 1,594 square feet. Amenities include a pool, fitness center, outdoor grilling and dining areas, a dog park, business center and a catering kitchen. Rents start at approximately $1,200 per month for a studio apartment. Construction began in spring 2023.

January 16, 2025

Development Multifamily New York Northeast

Moinian Group Begins Leasing 114-Unit Apartment Building in Manhattan

by Taylor Williams January 16, 2025

NEW YORK CITY — Locally based owner The Moinian Group has begun leasing ARIA, a 114-unit apartment building located at 90 John St. in Manhattan’s Financial District. Units come in studio and one-bedroom floor plans and are furnished with custom-built closets, granite countertops, stainless steel appliances and spa-inspired marble bathrooms. Amenities include a resident lounge, onsite laundry facilities and concierge services. Rents start at approximately $3,000 per month for a studio apartment.

January 16, 2025

Data Centers Development Loans Southeast Virginia

JLL Arranges $1.2B to Fund Construction of Four Northern Virginia Data Center Projects for BlackChamber

by John Nelson January 16, 2025

WASHINGTON, D.C. — JLL’s Capital Markets group has arranged more than $1.2 billion over the course of 2024 to fund the construction of four data center campuses in Northern Virginia. Jamie Leachman and Drake Greer of JLL worked on behalf of the borrower, The BlackChamber Group, to arrange the funds. The direct lenders and the locations of the four campuses were not disclosed, but JLL mentioned the capital sources included bank balance sheet financing and private credit vehicles backed by insurance company funds. BlackChamber expects the new facilities to yield more than 740 megawatts of power capacity upon completion. The construction timeline for the new projects was also not released. Including these new facilities, BlackChamber’s Northern Virginia data center portfolio will comprise eight campuses offering nearly 1.5 gigawatts of power capacity across 6 million square feet of data center space.

January 16, 2025

Development Loans Multifamily Southeast Tennessee Walker & Dunlop

Walker & Dunlop Originates $63.9M Loan for Multifamily Development in Johnson City, Tennessee

by John Nelson January 16, 2025

JOHNSON CITY, TENN. — Walker & Dunlop has originated a $63.9 million FHA loan for the development of The Reserve at Johnson City, a 288-unit apartment development in East Tennessee. Located on a 14.4-acre site at 1084 W. Oakland Ave. in Johnson City, the property will serve as an addition to an existing 248-unit multifamily community that was delivered in 2015. Keith Melton and David Strange of Walker & Dunlop originated the financing on behalf of the developer, TDK Cos. Upon completion, The Reserve will feature 12 three-story walk-up buildings comprising one-, two- and three-bedroom apartments. Amenities will include a multi-level pool, outdoor kitchen with a gas fireplace, pet park, fitness center and a single-bay car wash and vacuum station.

January 16, 2025

Acquisitions Development Hawaii Hospitality Mixed-Use Multifamily Restaurant Retail Western

New Age Ko Olina Buys Two Oceanfront Development Lots in Kapolei, Hawaii

by Amy Works January 16, 2025

KAPOLEI, HAWAII — Los Angeles-based New Age Ko Olina has acquired two oceanfront lots near the Ko Olina master-planned development in Honolulu from Oceanwide Resort HI LLC for an undisclosed price. CBRE’s Matt Bittick and Henry Bose represented the seller, while Powell & Aucello represented the buyer in the deal. The first lot, adjacent to Aulani Resort, is entitled for up to 1.5 million square feet of developable area and up to 1,400 units. The seller had proposed a 1,383-key Atlantis Resort & Residence Ko Olina (subject to design review), which would feature 37,500 square feet of retail space, 1,200-seating restaurant options, an aquarium and pools, and open to two of Ko Olina’s beach lagoons. The second lot is entitled for up to 990,000 square feet of developable area with no more than 850 units and opens to two beach lagoons and the Pacific Ocean. The approvals for the lot provide for a hotel, branded residential and timeshare. Ko Olina is an oceanfront master-planned development on the west coast of Oahu. Situated on more than 642 acres, the property offers four beach lagoons connected by more than a mile-and-a-half of seaside paths, the Ko Olina Golf Club and Ko Olina Marina, …

January 16, 2025

Arizona Development Multifamily Western

McShane Completes Construction of 310-Unit Northbend Multifamily Community in Tempe, Arizona

by Amy Works January 16, 2025

TEMPE, ARIZ. — On behalf of Banyan Residential and Milhaus, McShane Construction Co. has completed Northbend, an apartment property in Tempe. Situated on 11 acres, Northbend features 310 apartments spread across three residential buildings and 8,000 square feet of amenity space, including a 4,300-square-foot clubhouse. Units offer open-concept floor plans with nine-foot ceilings and large windows, large kitchen islands, quartz countertops, stainless steel appliances, wood-style flooring, keyless entry systems, in-unit washers/dryers and walk-in closets. Select units offer courtyard, pool or city views and private patios or balconies. Additionally, the property offers some live-work units providing separate “storefront” style entrances for small business owners. Community amenities include a resort-style pool and sun deck, a fully equipped fitness center and yoga studio, a trading post with outdoor equipment loans and outdoor spaces, including a courtyard with fire pits, an entertainment lawn and a dog park. Designed by Todd & Associates, the garden-style buildings integrate wood frame construction with façades of stucco, thin brick and wood-look metal lattice.

January 16, 2025

Development Loans Midwest Mixed-Use Multifamily Ohio

BGL Real Estate Advisors Arranges Development Financing for Two Multifamily Projects Near Cleveland

by Kristin Harlow January 16, 2025

BRECKSVILLE AND VERMILION, OHIO — Browns Gibbons Lang & Co. (BGL) Real Estate Advisors has arranged development financing for Valor Acres in Brecksville, a southern suburb of Cleveland, and The Bluffs at WaterWood Resort in Vermilion, about 42 miles west of Cleveland. The borrower was DiGeronimo Cos. Fifth Third Bank & First Commonwealth Bank provided the financing for Valor Acres, a mixed-use development incorporating 44,000 square feet of Class A office space, 221 luxury apartment units, 70,000 square feet of retail and entertainment space, an onsite safety station and 700-space parking garage. The project is being developed on the former site of the U.S. Department of Veterans Affairs Brecksville hospital. Valor Acres is also home to the new Sherwin-Williams Research and Development Center and the DiGeronimo corporate headquarters. DiGeronimo closed on Phase I of the project, which included a multifamily building as well as for-rent townhomes, in December 2021. The developer closed on the for-sale townhomes, attached loft homes, memorial park and clubhouse in June 2023. BGL also served as the financial advisor for those transactions. In addition to senior construction debt from Fifth Third Bank, the project received transformational mixed-use development tax credits, Cleveland-Cuyahoga County Port Authority incentives and …

January 16, 2025

Development Industrial Mixed-Use Texas Top Stories

Xebec Unveils Plans for Mixed-Use Redevelopment of 33,000-Acre Industrial Park in Rockdale, Texas

by Katie Sloan January 16, 2025

ROCKDALE, TEXAS — Industrial development firm Xebec has announced plans for Sandow Lakes, the mixed-use redevelopment of a 33,000-acre industrial park formerly occupied by aluminum manufacturer Alcoa in Rockdale, roughly 25 miles outside of Austin. Built in the early 1950s, the property — which spans 50 square miles — was home to the largest aluminum foundry in the world for decades until it closed its doors in 2008, according to reports from D Magazine. Phase I of the redevelopment, dubbed the Advanced Manufacturing Logistix Campus at Sandow Lakes, will ultimately comprise 35 million square feet of industrial space, including build-to-suit space with flexible clear heights and bay spacing. Development of the first phase of the project began last fall with first move-ins slated to begin in the third quarter of 2026. Xebec will target distribution and manufacturing tenants, including cold storage users, in this initial phase. Further plans for the development include the addition of residential, retail, office and hospitality space connected by a series of lakes. A timeline for the development in full was not announced. The property is located in the Texas Triangle, a region of the state that includes its five largest cities — Austin, Houston, Dallas, Fort …

January 16, 2025

I-10-I-410-Distribution-Center-San-Antonio

Development Industrial Texas

Huntington Industrial Partners Breaks Ground on 309,086 SF Spec Project in San Antonio

by Taylor Williams January 15, 2025

SAN ANTONIO — Denver-based developer Huntington Industrial Partners has broken ground on a 309,086-square-foot speculative project in San Antonio. Known as I-10/I-410 Distribution Center, the two-building development will feature 32-foot clear heights, 180-foot truck court depths, 69 dock doors, four drive-in ramps, an ESFR sprinkler system and parking for 75 trailers and 228 cars. Cushman & Wakefield is the leasing agent. Completion is slated for September.

January 15, 2025

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