NATICK, MASS. — Anthology Senior Living has acquired land in the western Boston suburb of Natick for the development of a new community. The facility will consist of 86 assisted living and memory care units that will be situated on a 5.5-acre site. Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield brokered the land deal between seller Barberry Homes and Anthology Senior Living. Cushman & Wakefield also arranged construction financing on behalf of the buyer from a regional bank.
WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.
PLAINFIELD, IND. — Developer HSA Commercial Real Estate has selected Meridian Design Build to construct a 278,148-square-foot speculative industrial building in Plainfield. Located at 915 Airtech Parkway, the project will sit on 25 acres. Precast delivery is scheduled for mid-August. The building will feature a clear height of 32 feet, up to 54 loading docks, four drive-in doors, 400 auto parking spaces and 143 trailer parking stalls. The project marks Meridian’s fifth ground-up development in the Indianapolis area and its third building for HSA. The project team includes Cornerstone Architects, Swift Structural Design and American Structurepoint. Terry Busch and Jared Scaringe of CBRE will market the property for lease.
Moving toward the start of a fresh academic year, the outlook for the student housing industry keeps getting brighter. A testament to the industry’s movement out of the pandemic is taking place at the InterFace Student Housing conference in Austin, where nearly 1,300 attendees have been able to gather in-person for the first time since April 2019. This year’s event, which concludes today, is taking place at the JW Marriott downtown. The student housing sector banded together like never before in the face of COVID-19 and truly worked as a team throughout the pandemic, with the ultimate goal of keeping students as safe as possible. The sector’s resilience during the pandemic and optimism regarding the year ahead were the driving discussion points during the conference’s “Power Panel” on Wednesday, July 14, which brought together a consortium of high-level executives to discuss industry trends, their experiences with COVID-19 and the outlook for the upcoming academic year. “The past 18 months have been a whirlwind of uncertainty,” began moderator Peter Katz, executive director at Institutional Property Advisors, a division of Marcus & Millichap. “While our sector has been historically categorized as recession-resilient, we would all now claim it to be pandemic-resistant.” “Student …
SAN ANTONIO — The NRP Group, a Cleveland-based developer, will build two affordable housing properties totaling 666 units in San Antonio. Seven07 Lofts will feature 318 units in one-, two-, three- and four-bedroom floor plans that will be restricted to renters earning between 40 and 70 percent of the area median income (AMI). Amenities at Seven07 Lofts will include a fitness center and a pool. Frontera Crossing will total 348 residences with the same unit configurations and rental restrictions. NRP Group is co-developing the properties with the San Antonio Housing Facility Corp. Kyle Kolesar of KeyBank Community Development Lending and Investment (CDLI) secured $46.6 million in financing for Seven07 Lofts and $60.6 million in financing for Frontera Crossing on behalf of NRP Group.
DALLAS — A partnership between Velocis and Sumitomo Corp. of America, the New York City-based subsidiary of Tokyo-based Sumitomo Corp., will develop two industrial projects totaling 850,000 square feet in Dallas. The partnership acquired development sites in the South Dallas and Great Southwest submarkets. Construction timelines have not yet been established. Velocis is a private equity real estate fund manager based in Dallas.
LOUISVILLE, KY. — Hunt Midwest has completed Blankenbaker Logistics Center, a 322,831-square-foot industrial development in northeast Louisville. The facility is located close to Interstates 64, 265 and 71 and the two Ford plants. Piston Automotive, a Redford, Mich.-based automotive supplier, signed a lease for the entire facility before buildout was complete. The cross-dock warehouse features 36-foot clear heights, 60-foot speed bays, a 140-foot-deep truck court, four drive-in doors, 44 trailer parking spots and 187 parking stalls. This facility is expandable to 88 doors as the need arises. H2B Architects designed Blankenbaker Logistics Center, and Mindel Scott, JSC Engineers and Willett Engineering were the engineers on the project. Kevin Grove of CBRE served as the leasing broker. Hunt Midwest is a Kansas City-based real estate development company with over 50 years of experience in the industrial sector and currently has more than 2.5 million square feet of buildings under development in Kansas City, Kentucky and South Carolina.
NEW YORK CITY — Global development and investment firm Related Cos. has entered into an agreement with Miami-based caregiving agency CareMax Inc. (NASDAQ: CMAX) to build and operate new medical facilities across the country. The facilities will offer a comprehensive suite of medical services for senior citizens. The new partnership has a stated goal of developing healthcare facilities that include, but are not limited to, locations within or proximate to affordable housing communities that are owned by Related Cos. The new entity will begin its venture with the development of three medical centers in New York City that will be located in The Bronx, the Far Rockaway area of Queens and East Harlem. All three of these facilities are expected to be operational by some point next year. Related and CareMax plan to begin development of at least 15 new centers in 2022, 25 new facilities in 2023 and 35 new centers in 2024. As part of the agreement, Related has purchased $5 million of Class A common stock from CareMax at a price of $10 per share. The stock price of CareMax opened at $13.27 per share on Wednesday, July 13, up from its mid-September initial public offering price …
NEW YORK CITY — Locally based owner and investor RFR has completed the redesign and renovation of 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. The 24-story building was originally built in the mid-20th century and is currently leased to tenants primarily in the finance sector, including Kayne Anderson Capital Advisors LP, Rivkin Radler LLP, Atlas Merchant Capital and Atlantic Street Capital. As part of the redevelopment, RFR introduced a clubhouse amenity center, additional outdoor space and enlarged windows to allow more natural light. The new amenity space houses a fitness center with Peloton bikes and studio space for private training, as well as locker rooms, multiple conference rooms, a café, lounge and game area. In addition, 477 Madison Avenue features 15,000 square feet of outdoor terraces across multiple floors. New York City-based MdeAS Architects designed the project. Newmark has been tapped to lease the building.
MAPLE GROVE, MINN. — Endeavor Development and PCCP have formed a joint venture to develop two Class A industrial buildings in Maple Grove, a northwest suburb of the Twin Cities. Totaling 443,096 square feet, the project will serve as the second phase of Arbor Lakes Business Park. Duke Realty developed the first phase of the business park, which is now fully occupied. Both buildings will feature a clear height of 32 feet along with dock doors, drive-in doors and car parking stalls. The buildings will share a 180-foot truck court. Construction will commence at different times, with completion of the first building slated for June 2022 and completion of the second building scheduled for fall 2023. David Berglund and Colin Ryan of JLL arranged the joint venture equity partnership and also represented the partnership in the land purchase. Scott Loving of Colliers International handled the debt placement. Dan Swartz of CBRE will serve as leasing agent.
