Development

Bridge, PGIM Secure $67M Construction Loan for Speculative Cold Storage Project in South Florida

by John Nelson November 4, 2020

HIALEAH, FLA. — A joint venture between Bridge Development Partners and PGIM Real Estate has secured $67 million in construction financing for Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The property will be situated on 20.8 acres at NW 162nd St. and NW 102nd Ave., about 20 miles northwest of PortMiami. Steve Roth of CBRE arranged the loan through MetLife. The Bridge-PGIM joint venture plans to break ground on the project this month for delivery in late 2021. Bridge Point Cold Logistics Center will be the first cold storage facility built on a speculative basis in South Florida, according to Bridge Development. The project is also the first cold storage project between Bridge and PGIM, which launched a $150 million program last year for the development and redevelopment of cold storage facilities nationwide.

November 4, 2020

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Buys Land in Nashville to Develop Broadstone SoBro Apartments

by John Nelson November 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. has purchased 1.5 acres at 800 4th Ave. S. in Nashville for its next apartment development, Broadstone SoBro. The 226-unit community will feature studio, one- and two-bedroom layouts averaging 780 square feet. The Phoenix-based developer plans to break ground before the end of the year and deliver the property in 2022. Designed by Brock Hudgins Architects, Broadstone SoBro will feature a fitness room, terrace-level library with private working pods, saltwater pool with a pool deck, entertainment bar and a sky lounge champagne bar including private seating areas, a fireplace and an outdoor amenity deck. Interiors will feature shaker cabinetry, modern backsplashes, quartz countertops, pendant lighting, new appliances, built-in desks and mud benches. This is Alliance Residential’s third project in Nashville this year. The firm’s Broadstone Stockyards in the city’s Germantown neighborhood began welcoming residents in March. The firm’s other project is Broadstone Nations that is set to open in 2022.

November 4, 2020

Development Industrial South Carolina Southeast

Marlboro Development Team to Build 208,000 SF Spec Industrial Facility in Dillon, South Carolina

by John Nelson November 4, 2020

DILLON, S.C. — Marlboro Development Team Inc. (MDT) plans to build a 208,000-square-foot speculative industrial facility in Dillon. The Class A property will be situated on 24 acres within the Carolinas I-95 Megasite, an industrial park that fronts Interstate 95 and is located within one mile of the South Carolina Port Authority’s (SCPA) Inland Port Dillon. MDT plans to build the cross-dock facility using tilt-wall construction with 200-foot truck depths, 36-foot clear heights, 50- by 50-foot column spacing and 60- by 50-foot speed bays. The property is also expandable to 534,000 square feet. MDT is a subsidiary of Marlboro Electric Cooperative and controls 4,000 acres surrounding Inland Port Dillon. The new facility, set for completion in third-quarter 2021, is the fourth speculative development underway in the region.

November 4, 2020

Acquisitions Development Georgia Mixed-Use Southeast

Armada Hoffler Buys Out S.J. Collins to Fully Control $80M Southern Post Project in Roswell, Georgia

by John Nelson November 3, 2020

ROSWELL, GA. — Armada Hoffler Properties Inc. has purchased the interest from co-developer S.J. Collins Enterprises to fully control the development of Southern Post, a planned $80 million mixed-use development in downtown Roswell. Armada Hoffler plans to break ground on the project in spring 2021. Southern Post will offer 40,000 square feet of retail space; 90,000 square feet of loft-style, open-concept office space; 128 upscale apartments; and 10 townhomes with garages. Committed tenants include PONKO Chicken and Da Vinci’s Donuts. In addition to the Southern Post transaction, Armada Hoffler has recently completed the off-market acquisition of The Residences at Annapolis Junction in Annapolis, Md. The 416-unit apartment community was 97 percent occupied at the time of sale. The Virginia Beach-based investment and development financed the acquisition using a 10-year agency loan totaling $84 million. The LEED Gold-certified property was built in 2018 by Armada Hoffler’s general contracting subsidiary, Armada Hoffler Construction Co.

November 3, 2020

Development Midwest Multifamily Wisconsin

McShane Begins Construction of 126-Unit Apartment Complex Near Madison

by Kristin Harlow November 3, 2020

MIDDLETON, WIS. — McShane Construction Co. has broken ground on The Trotta Apartments in Middleton near Madison. Impact Seven is the developer for the 126-unit apartment project, which is situated on a site that formerly housed a motel owned by the Trotta family. The four-story development will include amenities such as a clubroom, fitness center, dog wash, common room and three rooftop decks. Completion is slated for April 2022. Ramaker & Associates is the architect of record.

November 3, 2020

Development Industrial New Jersey Northeast

Black Creek Group to Build 574,169 SF Industrial Park in East Windsor, New Jersey

by Taylor Williams November 3, 2020

EAST WINDSOR, N.J. — Denver-based Black Creek Group will develop Innovation Park, a two-building, 574,169-square-foot industrial park that will be located in the Trenton suburb of East Windsor. Building A will span 406,669 square feet and will feature 40-foot clear heights, 50 dock doors, 67 trailer spaces and 317 car parking stalls. Building B will total 167,500 square feet and will feature 36-foot clear heights, 30 dock doors and 161 car parking stalls. Preliminary site work is underway, and construction is expected to continue through January 2022. Peak Construction Corp. is teaming with Trammell Crow as the development manager. The development team also includes KSS Architects and civil engineering firm Maser Consulting.

November 3, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

Gilbane Building Tops Out 500,000 SF Life Sciences Project in Metro Boston

by Taylor Williams November 3, 2020

WALTHAM, MASS. — General contractor Gilbane Building Co. has topped out 225 Wyman Street, a 500,000-square-foot life sciences project in the western Boston suburb of Waltham. Designed by Gensler, the property will offer space for both laboratory/research and development users as well as traditional office users. Amenities will include green space with walking trails, a three-acre courtyard, fitness center, conference center, dining facility and a 1,500-space covered parking garage with electric vehicle charging stations. Hobbs Brook Management LLC is the developer of the project, which is expected to be complete in March 2022.

November 3, 2020

Arizona Development Multifamily Seniors Housing Western

Ryan Cos., Cadence, Starwood Complete Construction of 135-Unit Seniors Housing Project in Arizona

by Amy Works November 3, 2020

SCOTTSDALE, ARIZ. — The joint venture team of Ryan Cos. US, Cadence Living and a controlled affiliate of Starwood Capital Group has completed construction of Acoya Scottsdale at Troon in Scottsdale. The community features 135 independent living and assisted living units in 22 floor plans ranging from 585 square feet to 2,385 square feet. The new community is situated on six acres of land between Pinnacle Peak and Troon Mountain. Thoma-Holec Design handled the interior design. This is the second Acoya-branded community in Arizona, and several more are planned according to the developers. Cadence Living is the operator.

November 3, 2020

Development Midwest Mixed-Use Ohio Top Stories

ICP Purchases 377-Acre Former Amusement Park in Northeast Ohio for Mixed-Use Redevelopment

by Katie Sloan November 3, 2020

BAINBRIDGE TOWNSHIP AND AURORA, OHIO — Industrial Commercial Properties (ICP) has purchased a 377-acre tract that formerly housed the Geauga Lake Amusement Park (pronounced jee-AW-ga) and Sea World Ohio. Cedar Fair sold the asset for an undisclosed price. Located in Bainbridge Township and Aurora approximately 25 miles southeast of downtown Cleveland, the developer plans to rebrand the property as The Geauga Lake District. Elements of the new design will pay homage to the history of the site and the former amusement park, which operated from 1887 to 2007. The master-planned development will include retail, restaurants, residential and other commercial uses alongside public green space. “We are reigniting this iconic landmark,” says Chris Semarjian, owner of ICP. “The redevelopment of this site will not only create a fully functioning district where people can live, work, dine and recreate, but it will also have a broader impact on economic development and job creation for the region.” The development will include the construction of Geauga Lake Boulevard, which will connect State Route 43 to Depot Road. “Many of us that grew up in Northeast Ohio have fond memories of the park and it was important to our development team, the Bainbridge Township trustees and …

November 3, 2020

Development Georgia Industrial Southeast

Ken’s Foods to Invest $103M for Industrial Expansion Near Atlanta

by John Nelson November 2, 2020

MCDONOUGH, GA. — Ken’s Foods, a producer of salad dressings, sauces and marinades, will invest $103 million to expand its distribution and manufacturing facility in McDonough. Ken’s Foods will occupy a 343,625-square-foot space within Midland Industrial Park, which is situated at 220 Midland Court, 25 miles southeast of Hartsfield-Jackson Atlanta International Airport. The new space will house 70 employees, bringing the company’s total at the site to 570 workers. WXGA reports that Ken’s Foods plans to complete the project in early 2022. The landlord was not disclosed.

November 2, 2020

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