Development

Chris Destino SoCal Orange County Industrial

Growing Southern California Industrial Demand Creates Shifts in Strategy, Outlook

by Sarah Daniels August 5, 2021

Industrial real estate in Southern California has become what one might conservatively call a “fast-paced atmosphere.” The presence of multiple offers, sellers pushing up values and buyers continuing to chase deals have made for constantly increasing values and activity. Christopher J. Destino, SIOR, principal at Lee & Associates, spoke to REBusinessOnline about making strategic decisions in this unusual environment. REBusiness: What is the forecast for demand in industrial properties in Southern California? Destino: The future of demand in the area is very strong, with developers seeking new sites aggressively and underwriting steady future rent growth over the next couple of years. A lot of that is driven by e-commerce, and there’s still so much room to grow in the e-commerce world. E-commerce accounted for approximately 13.6 percent of retail sales in the first quarter of 2021 (a number that is steadily increasing). There is still a lot of room for that percent to increase, and that’s what is driving most industrial demand. REBusiness: What are the types of tenants have the most demand for space right now? Destino: The big three are distribution companies, contractors and service-type industries. There is a still a small manufacturing base, but those are the …

August 5, 2021

Development Industrial Midwest Missouri

PCCP, TriStar Properties to Develop 1.3 MSF Spec Industrial Park in Metro St. Louis

by Kristin Harlow August 4, 2021

MARYLAND HEIGHTS, MO. — PCCP and TriStar Properties have formed a joint venture for the acquisition of 137 acres in Maryland Heights within metro St. Louis. The joint venture plans to build Westport Commerce Center, a speculative industrial park totaling six buildings and up to 1.3 million square feet. Buildings will range in size from 194,615 to 252,720 square feet. Construction will take place in phases, with the first phase consisting of two buildings totaling 194,615 square feet each. The buildings will share a 185-foot truck court and trailer parking area. Completion of the first phase is slated for spring 2022.

August 4, 2021

Development Midwest Multifamily Wisconsin

M&R Development Opens 236-Unit Luxury Apartment Complex Near Milwaukee

by Kristin Harlow August 4, 2021

ST. FRANCIS, WIS. — M&R Development has opened 42 Hundred on the Lake, a 236-unit luxury apartment complex in St. Francis, five miles south of downtown Milwaukee. A ribbon-cutting ceremony took place Thursday, July 22. The community, which is located at 4200 S. Lake Drive, is more than 65 percent leased. Units range in size from 583 to 1,204 square feet and monthly rents range from $1,248 to $3,350. Amenities include a clubhouse, private lounge, business center, game room, fitness center, pet spa, package room, two outdoor courtyards, grilling stations, fire pits, lounge areas overlooking Lake Michigan and a pool with cabanas. RMK Management is overseeing leasing and property management.

August 4, 2021

Development Industrial Midwest Missouri

VanTrust Breaks Ground on 1 MSF Spec Industrial Building in Raymore, Missouri

by Kristin Harlow August 4, 2021

RAYMORE, MO. — VanTrust Real Estate has broken ground on a second speculative industrial building at Raymore Commerce Center in Raymore, about 25 miles south of Kansas City. Completion of the 1 million-square-foot building is slated for fall 2022. Plans call for a clear height of 40 feet and expansive trailer and car parking. Brinkmann Constructors is managing construction in partnership with GBA as the architect and Olsson as the civil engineer. John Stafford, Ed Elder and Ben Boyd of Colliers Kansas City will continue to serve as the leasing agents for Raymore Commerce Center and market the new building for lease.

August 4, 2021

California Development Office Western

Irvine Co. Begins Construction of Final Phase of Spectrum Terrace Office Development in Irvine, California

by Amy Works August 4, 2021

IRVINE, CALIF. — Irvine Co. has started construction for the third and final phase of Spectrum Terrace, an office development located at the intersection of the 405, 5 and 133 freeways in Irvine. The final phase of the project will feature three four-story buildings totaling more than 345,000 square feet of Class A office space. Completion is slated for August 2022. Spectrum Terrace’s buildings are arranged in three terraced office neighborhoods that are adjacent to coastal wilderness and a 1.5-mile jogging/walking trail. The development also offers The Commons, an outdoor gathering area with shaded workspaces for meetings, breaks or small events; a private, resort-style fitness center; Terrace Kitchen + Bar; and Venue, a fully equipped meeting and event space for up to 100 people. The property also features an Olympic-length pool, poolside cabanas, high-end locker rooms and grab-and-go food offerings. Spectrum Terrace is currently 80 percent leased. Tenants include Alteryx, CoStar Group, iHerb, Kajabi and RSM.

August 4, 2021

Development Multifamily Seniors Housing Utah Western

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Seniors Housing Development in Utah

by Amy Works August 4, 2021

WEST HAVEN, UTAH — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors age 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or suffering from homelessness. All units are reserved for seniors who earn between 30 percent and 80 percent of the area median income (AMI). The $9.5 million development marks TWG’s first property in the state of Utah and will feature numerous amenities such as a computer room, in-unit laundry, raised garden beds, on-site storage, bike racks and a community fitness center. Construction began this month, and the project is slated for completion in fall 2022. TWG was awarded low-income housing tax credits (LIHTC) from the Utah Housing Corp. to develop this project. Other partners include the Weber Housing Authority, Raymond James, Olene Walker Housing Loan Fund, Horizon Bank and Rocky Mountain Community Reinvestment Corp.

August 4, 2021

Development Industrial Texas

Koontz Corp. to Develop 360,000 SF Westport Industrial Park in San Antonio

by Taylor Williams August 4, 2021

SAN ANTONIO — Locally based developer Koontz Corp. will build Westport Industrial Park, a 360,000-square-foot industrial project that will be located near the corner of South Callaghan Road and State Highway 151 in San Antonio’s Near West Side submarket. Westport Industrial Park will consist of four 90,000-square-foot buildings that will be situated on a 35-acre site. Building features will include 24-foot clear heights, ESFR sprinkler systems, 130-foot truck court depths and ample trailer parking. Construction of Phase I, which will encompass the first two buildings, is scheduled to begin during the first quarter of 2022 and to be complete by the end of next year.

August 4, 2021

Development Mixed-Use Texas

AT&T Opens 300,000 SF Discovery District in Downtown Dallas

by Taylor Williams August 4, 2021

DALLAS — AT&T has opened Discovery District, a project that transformed the telecommunications giant’s headquarters in downtown Dallas into a mixed-use destination with retail, restaurant, office and entertainment uses. Designed by global architecture firm Gensler, AT&T Discovery District spans 6.5 acres and includes multiple art installations, as well as interactive features for customers. The Beck Group served as the general contractor of the project, which was conceived more than five years ago.

August 4, 2021

Development Retail Texas

NewQuest Breaks Ground on 300,000 SF Retail Project in Metro Houston

by Taylor Williams August 4, 2021

MISSOURI CITY, TEXAS — Houston-based development firm NewQuest Properties has broken ground on Phase II of Fort Bend Town Center, a project that will add 300,000 square feet of shopping, dining and entertainment space to the local supply of Missouri City, located southwest of Houston. A 12-screen Cinemark theater will anchor the 42-acre second phase, which is expected to come on line in the third quarter of 2023. NewQuest is also in the midst of negotiations with six potential junior anchor tenants for Phase II.

August 4, 2021

Acquisitions Affordable Housing Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Rethink Community Buys Land in East Nashville, Plans to Develop Mixed-Use Project

by John Nelson August 4, 2021

NASHVILLE, TENN. — Rethink Community, a New York-based real estate development firm and investment manager of social impact projects in urban areas, purchased 21 acres on Nashville’s east side for a new development dubbed Rethink Community – Nashville. The site is two miles north of downtown Nashville and a half-mile from Oracle Corp.’s upcoming 65-acre campus. Rethink Community, a subsidiary of Rethink Capital Partners and a division of Seavest Investment Group, plans to build workforce apartments, for-sale townhomes, lofts and neighborhood retail and dining at the site, as well as a one-acre public park. Once complete, the firm plans to deliver programs and services for residents. BlackBirch Capital acted as exclusive advisor to Rethink Community on the capital raise for the project. In addition to Nashville, Rethink Community has projects in the development pipeline in Atlanta, Cleveland, Durham and Portland.

August 4, 2021

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