Development

US Capital Development Breaks Ground on 599,468 SF Spec Industrial Project in Glendale, Arizona

by Amy Works September 21, 2021

GLENDALE, ARIZ. — St. Louis, Mo.-based US Capital Development has broken ground on its first development in Arizona. The first phase of Falcon Park 303 will comprise a 599,468-square-foot speculative industrial building on 36.7 acres along Camelback Road at 152nd Avenue in Glendale. The building will feature 40-foot clear heights, 92 dock-height loading doors and four drive-in loading doors. The building, which is divisible by half, is slated for completion by August 2022. The project team includes Willmeng Construction, Gray Design Group and Hilgart Wilson. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are handling leasing for the development.

September 21, 2021

Development New York Northeast Office

EJME, J.P. Morgan Break Ground on 240,000 SF Office Project in Brooklyn

by Taylor Williams September 21, 2021

NEW YORK CITY — Edward J. Minskoff Equities Inc. (EJME) and J.P. Morgan Global Alternatives have broken ground on a 240,000-square-foot office project at 29 Jay St. in Brooklyn’s Dumbo neighborhood. The site originally housed the distribution operations of Arbuckle Coffee & Tea and was rezoned in 2018 to allow for higher-density office use. Architecture firm Marvel designed the building, which will also house 12,000 square feet of retail space. Construction is expected to last about two years.

September 21, 2021

Acquisitions Development New York Northeast Office Top Stories

Google to Acquire St. John’s Terminal Office Redevelopment in Manhattan for $2.1B

by John Nelson September 21, 2021

NEW YORK CITY — Google has announced plans to acquire St. John’s Terminal, a 1.3 million-square-foot office redevelopment underway in Manhattan that will anchor the search engine giant’s Hudson Square campus. Google (NASDAQ: GOOGL) intends to purchase the development site at 550 Washington St., which the company signed a lease agreement for in 2018, for approximately $2.1 billion. The company is exercising its purchase agreement with the landlord and developer, an ownership group comprising Toronto-based Oxford Properties Group and CPP Investments, according to The Wall Street Journal. The Journal also reports the transaction is the most expensive sale of a single U.S. office building since the start of the COVID-19 pandemic, citing data from research firm Real Capital Analytics. The sale is also among the priciest for a single office property in U.S. history. Google plans to open its offices at 550 Washington by mid-2023. Although the company expects to operate the office with a flexible hybrid approach to in-office versus work-from-home concepts in the wake of the COVID-19 pandemic, Google says that “coming together in person to collaborate and build community will remain an important part of our future.” The St. John’s Terminal transaction is expected to close in …

September 21, 2021

Development Multifamily Seniors Housing Washington Western

Ryan Cos. Completes 405,992 SF Seniors Housing Property in Bonney Lake, Washington

by Amy Works September 20, 2021

BONNEY LAKE, WASH. — Wesley Homes, Presbyterian Homes & Services (PHS) and Ryan Cos. US have completed construction of Wesley at Tehaleh, a 405,992-square-foot senior living community within the master-planned community of Tehaleh by Newland in Bonney Lake, a suburb of Seattle. The two-building property sits on 16.8 acres and features 18 memory care apartments, 168 independent living apartments and 42 “catered living” apartments. “This new community has been in the works for over three years,” says Kevin Anderson, president and CEO of Wesley. CGA was architect on the project. The 4,700-acre, master-planned Tehaleh development has flourished over the past decade and has seen an increased demand for senior living.

September 20, 2021

Development Mixed-Use Texas

Crescent Real Estate Breaks Ground on $250M Mixed-Use Project in Fort Worth

by Taylor Williams September 20, 2021

FORT WORTH, TEXAS — Locally based developer Crescent Real Estate has broken ground on a new mixed-use project in Fort Worth’s Cultural District that is valued at $250 million, according to The Dallas Morning News. Current plans for the project, which was announced in February, call for 175 residential units, a 200-room boutique hotel and a 160,000-square-foot office building that will house the headquarters of tenants such as Goff Capital, Canyon Ranch and Contango Oil & Gas. Crescent Real Estate also plans to move its headquarters into the new office building. Construction is scheduled to be complete in mid-2023.

September 20, 2021

Development Mixed-Use Texas

Century Pacific, Valor Club USA Open Office in San Antonio

by Taylor Williams September 20, 2021

SAN ANTONIO — Valor Club USA, an organization dedicated to helping veterans and servicemen and women transition from military to civilian life, has opened an office in San Antonio. The group’s president, Michael McDowell, is overseeing construction of a 200-acre campus with recreational facilities, residential units, a hotel and commercial and retail space. In addition, the development will feature veteran support services and an entertainment district anchored by an indoor/outdoor performance and training center. Gensler designed the project.

September 20, 2021

Development Industrial North Carolina Southeast

Frampton Construction Breaks Ground on 204,000 SF Industrial Building in Knightdale, North Carolina

by Julia Sanders September 20, 2021

KNIGHTDALE, N.C. — Frampton Construction Co. LLC has broken ground on the final building within Eastgate 540, an industrial park in the Raleigh suburb of Knightdale. The facility is the seventh building in the park and the fourth built by Frampton. Eastgate 540’s final building will be a 204,000-square-foot industrial facility with features including 32-foot clear heights, 50 dock doors and two drive-in doors. The property will feature concrete tilt walls and a structural steel frame. Eastgate 540 is located beside Interstate 540 in Raleigh’s East Wake submarket and totals 1.2 million square feet. The developer, Trinity Capital Advisors, has sold three buildings at Eastgate 540, and there are agreements in place for the disposition of the four remaining buildings once construction and delivery near completion. Merriman Schmitt Architects completed the design for the buildings, and Advanced Civil Design Inc. provided civil engineering services. Construction for the final building is expected to finish in May 2022.

September 20, 2021

Development Illinois Midwest Multifamily

LG Development Purchases Land in Chicago for $32M, Plans Apartment Development

by Kristin Harlow September 20, 2021

CHICAGO — LG Development has paid more than $32 million for a 1.3-acre land site at 1143 W. Lake St. in Chicago. LG plans to develop two apartment buildings with 665 units and 290 parking spaces. Both buildings will include ground-floor retail space. Scott Maesel and Drew Dillon of SVN | Chicago Commercial represented the undisclosed seller.

September 20, 2021

Development Midwest Missouri Office

Knoebel Construction to Expand Headquarters in Chesterfield, Missouri

by Kristin Harlow September 20, 2021

CHESTERFIELD, MO. — Simultaneous with its 40th anniversary, general contractor Knoebel Construction is expanding its headquarters in Chesterfield by 19,210 square feet. Knoebel, which employs more than 90 people, has purchased a three-acre parcel adjacent to its headquarters at 18333 Wings Corporate Drive. Construction is scheduled to begin this winter with completion slated for next fall. Plans call for an expanded educational and training area, a rooftop terrace, numerous meeting and gathering areas, a gym and offices for all team members. Knoebel specializes in the construction of retail, restaurant, grocery and automotive projects. The company’s anticipated revenue for 2021 is $106 million.

September 20, 2021

Acquisitions Development Industrial North Carolina Southeast

NorthPoint Development Purchases Land in Metro Charlotte for 676,000 SF Industrial Development

by Julia Sanders September 17, 2021

SALISBURY, N.C. — NorthPoint Development has purchased around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint bought the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed. I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is slated for completion by summer 2022. Avison Young will be in charge of leasing once the property is finished.

September 17, 2021

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