Development

Butters Construction, Greystar Buy Metro Miami Site for $53.5M, Planning Industrial and Multifamily Project

by John Nelson February 4, 2021

HIALEAH GARDENS, FLA. — Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture purchased the site from Miami-based Terra Group and New Valley for $53.5 million. Terra and New Valley broke ground on an adjacent multifamily project dubbed Natura Gardens, which will span 460 units on 27 acres and open in 2022. CBRE Capital Markets helped match Greystar with Butters Construction for Miami Midway Park. CBRE identified Greystar and its partner, Whitman Peterson, as the development and equity partner for the industrial component of the project, while a Greystar affiliate is closing on the multifamily portion of the project. Christian Lee, Chris Riley and Jose Lobon of CBRE led the transaction. The firm’s Devin White, David Albert and Royce Rose assisted.

February 4, 2021

Development Georgia Industrial Southeast

VanTrust Breaks Ground on 515-Acre Interstate West Industrial Development Near Savannah

by John Nelson February 4, 2021

BRYAN COUNTY, GA. — VanTrust Real Estate LLC has broken ground on the 515-acre Interstate West industrial development in Bryan County, just 30 miles west of Savannah. The first phase includes a 1.2 million-square-foot speculative, Class A warehouse that will deliver in the fourth quarter. Overall the park will have the capacity for 4.9 million square feet of industrial space. Danny Chase and David Sink of Colliers International | Savannah are marketing Interstate West for lease on behalf of VanTrust. Situated just off Interstate 16 and Highway 280, Interstate West will be situated about 22.6 miles from Port of Savannah, 15 miles from Interstate 95 and 18 miles from the Savannah/Hilton Head International Airport. VanTrust Real Estate LLC is a full-service commercial real estate development company based in Kansas City, Mo. No other development team members were disclosed.

February 4, 2021

Development Industrial Texas

Home Depot Opens 1.5 MSF Distribution Center in Dallas, to Hire 1,500 People

by Taylor Williams February 4, 2021

DALLAS — The Home Depot (NYSE: HD) has opened a 1.5 million-square-foot distribution center in Dallas as part of the Atlanta-based retailer’s $1.2 billion initiative to expand its national distribution network. Home Depot intends to grow its supply chain footprint in Dallas-Fort Worth from 2.1 million to 4.5 million square feet and to create 1,500 new jobs by the end of the year. The company currently operates 20 distribution centers throughout Texas and 20 retail stores within a 50-mile radius of Dallas.

February 4, 2021

Development Multifamily Seniors Housing Texas

Legacy Delivers $186M Seniors Housing Project in North Dallas

by Taylor Williams February 4, 2021

DALLAS — Legacy Senior Communities (LSC) has delivered The Legacy Midtown Park, a seniors housing community in North Dallas. Located on a 12-acre plot, the property features 184 independent living apartments, 51 assisted living apartments, 36 memory support residences and 54 private skilled nursing and rehabilitation suites. Development costs were estimated at $186 million. Construction began in 2018, with the final building, Aaron Towers Independent Living, receiving a temporary certificate of occupancy in December 2020. Aaron Towers offers 40,000 square feet of amenities and common space designed by local D2 Architecture with interiors by Austin-based StudioSix5. Apartments range in size from 800-square-foot studios to 2,600-square-foot penthouses.

February 4, 2021

Development Hospitality Michigan Midwest Multifamily

Barbat Holdings Completes Transformation of Former Archdiocese Building in Detroit, Leases to Sonder

by Kristin Harlow February 4, 2021

DETROIT — Barbat Holdings LLC, a West Bloomfield-based development firm, has completed the transformation and revitalization of 305 Michigan Ave. in Detroit. Now known as Gabriel Houze, the 100,000-square-foot, 10-story property is located in the city’s central business district across from the Westin Book Cadillac. Built in 1915 and formerly known as the Gabriel Richard Building, the property housed the Archdiocese of Detroit for over 50 years. Furniture store Weil & Co. first occupied the property upon its opening. CIBC financed the project in partnership with Invest Detroit. Sonder USA Inc., a residential hospitality concept that offers short-term rentals, has leased the entire building except for 8,000 square feet of retail space on the ground floor. Sonder will offer 125 units for lease. The Houze Living brand is a subsidiary of Barbat Holdings. The developer expects to complete Montgomery Houze in Ann Arbor and Birmingham Houze in Birmingham this summer.

February 4, 2021

Development Multifamily Texas

StreetLights Residential Completes 358-Unit Margo Apartments in Frisco

by Taylor Williams February 4, 2021

FRISCO, TEXAS — Locally based developer StreetLights Residential has completed The Margo, a 358-unit apartment community located at 4545 Mission Ave. in the northern Dallas suburb of Frisco. The Margo features studio, one-, two- and three-bedroom units that range in size from 507 to 2,094 square feet and that feature custom cabinetry, wood-style flooring and individual washers and dryers. Private balconies and yards are also available in select units. Communal amenities include a pool with cabanas and a sun deck, coworking spaces, a pet lawn and spa, outdoor kitchen and a media lounge. Gables Residential is managing the property. Rents start at $1,145 per month for a studio unit, according to Apartments.com.

February 4, 2021

Development Multifamily Texas

Read King, Wayfinder Break Ground on 295-Unit Waterview Apartments in Metro Houston

by Taylor Williams February 4, 2021

RICHMOND, TEXAS — A joint venture between Houston-based Read King Commercial Real Estate and Austin-based Wayfinder Real Estate has broken ground on The Waterview, a 295-unit apartment community in the southwestern Houston suburb of Richmond. The property will be located within the 135-acre Waterview Town Center mixed-use development and will offer one-, two- and three-bedroom units. Amenities will include a pool, fitness center, private spa and a resident clubhouse. Houston-based W. Partnership Inc. designed the project, and Austin-based Oden Hughes is serving as the general contractor. The opening is slated for the first quarter of 2022. Read King is also the master developer of Waterview Town Center.

February 4, 2021

California Development Industrial Office Western

Seefried Industrial, Clarion Partners Break Ground on 1 MSF Tracy Logistics Park in California

by Amy Works February 4, 2021

TRACY, CALIF. — Seefried Industrial Properties, in a joint venture with Clarion Partners, has broken ground on Tracy Logistics Park, a more than 1 million-square-foot speculative office and warehouse project in East Tracy. Seefried and Clarion originally purchased the 76-acre site in January for an undisclosed amount. Located at the northeast corner of Grant Line and Chrisman roads, Tracy Logistics Park will feature a 210,000-square-foot building, a 507,800-square-foot building and a 309,000-square-foot building. Tenants will have the opportunity to occupy space ranging from 20,000 square feet to 500,000 square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 180-foot- to 185-foot-deep truck courts, a combined 236 trailer spaces, ESFR sprinkler systems and ample parking. Completion is slated for fourth quarter of this year. HPA is serving as architect, K&W as civil engineer and Alston Construction as general contractor. Mike Goldstein and John Steinbuch of Colliers International will handle marketing and leasing efforts for the project.

February 4, 2021

Development Loans Multifamily New Mexico Western

Trez Capital Closes $52M Construction Loan for ViaVerde Multifamily Developments in Albuquerque

by Amy Works February 4, 2021

ALBUQUERQUE, N.M. — Trez Capital has closed on a $52 million construction loan for ViaVerde, a 171-unit for-rent townhome project, and ViaVerde II, a 154-unit garden-style apartment community, in Albuquerque. Sonata Green, a joint venture between Sonata Trails and MultiGreen Properties, is developing the rental townhome community, which is located within The Trails, a 400-acre, mixed-use, master-planned community. Situated on 11.6 acres on Universe Boulevard NW, ViaVerde is the first phase within the residential development that will include more than 1,000 rental units at build-out. Designed to reach LEED Gold certification, ViaVerde offers units with Energy Star-rated appliances, WaterSense plumbing fixtures and 16+ SEER air conditioning units, as well as other measures to help residents reduce monthly utility bills. The property will also feature smart home technologies, including smart parking, smart lighting, thermostat control, entry access to units and common areas, leak detection and smart parcel lockers. Upon completion, The Trails will comprise more than 2,200 apartment units, 1,600 single-family units, 120,000 square feet of office and retail space, a hospital urgent care center, parks, trails, three schools and a church. Wexford Construction is serving as construction manager for the project.

February 4, 2021

Alaska Development Industrial Western

Alaska Cargo & Cold Storage to Develop 700,000 SF Climate-Controlled Warehouse at Anchorage International Airport

by Amy Works February 4, 2021

ANCHORAGE, ALASKA — Alaska Cargo and Cold Storage (ACCS) and the State of Alaska have executed a 55-year ground lease agreement at Ted Stevens Anchorage International Airport (ANC) for the development of a climate-controlled warehouse facility at the airport. Located on Great Circle Route, the 700,000-square-foot facility will offer 32.5 million cubic feet of capacity, providing the airport, which is the world’s sixth-busiest cargo airport, with a critical piece of infrastructure. ANC is situated within 9.5 hours of 90 percent of key markets in Asia, Europe and North America. In September 2020, the U.S. Department of Transportation awarded the Alaska Energy Authority a $21 million BUILD grant to administer in support of the ACCS project. The facility will be built in phases, with construction of the 190,0000-square-foot first phase slated to begin in the second half of this year. When fully complete, the facility will offer cold and warm storage, quick cargo, general warehousing options, logistics services and auxiliary space for tenant offices. ACCS is a joint venture of industrialist Chad Brownstein and McKinley Capital Management, which is led by Rob Gillam. David Norrie and Katrin Gist of CBRE, along with Paul Schilling of Schilling Commercial Real Estate, will market …

February 4, 2021

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