Development

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels July 8, 2021

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

July 8, 2021

Development Illinois Industrial Midwest

Bridge Industrial to Build 1.5 MSF Industrial Park in Melrose Park, Illinois

by Kristin Harlow July 7, 2021

MELROSE PARK, ILL. — Bridge Industrial has acquired a former Navistar manufacturing site in Melrose Park for the development of Bridge Point Melrose Park, a 1.5 million-square-foot industrial park. Navistar sold the 86-acre site to the Chicago-based developer. Plans call for three Class A, speculative buildings, two of which will each span 415,918 square feet. The third building will measure 707,953 square feet. The facilities will feature clear heights ranging from 36 to 40 feet, 130-foot truck courts, a total of 234 exterior docks, eight drive-in doors, 1,481 car stalls and 282 trailer stalls. Completion is slated for mid-2023. Dan McGillicuddy of JLL represented Navistar in the sale.

July 7, 2021

Affordable Housing Development Midwest Minnesota Multifamily

Kraus-Anderson Breaks Ground on $39.2M Affordable Housing Project in Rochester, Minnesota

by Kristin Harlow July 7, 2021

ROCHESTER, MINN. — The Rochester office of Kraus-Anderson has broken ground on Bryk on Broadway, a $39.2 million affordable housing project in Rochester’s Destination Medical Center district. Owners Dirk Erickson and John and Marcia Bouquet are developing the property located at the corner of Civic Center Drive and North Broadway. Designed by ISG, the project will feature 180 units, 7,500 square feet of commercial and retail space and 140 parking stalls. The six-story development will include a fifth-floor community room with an outdoor terrace, lounge and fitness center. Completion is slated for late 2022. Of the 180 units, 54 will be offered at 50 percent of the area median income (AMI), 18 will be offered at 60 percent AMI and 108 will be offered at 80 percent AMI. NorthMarq arranged a $31.2 million construction loan for the project through a credit union. “The name Bryk came to us as a metaphor for something strong,” says Dirk Erickson, owner and developer. “Brick buildings are meant to last and our mission is ‘building a strong community.’ We want to provide a high-quality living experience for our tenants and hope to set a new standard in affordable housing, hence building a strong foundation …

July 7, 2021

Development Industrial Midwest Ohio

Kroger, KNAPP to Modernize Great Lakes Distribution Center in Ohio

by Kristin Harlow July 7, 2021

DELAWARE, OHIO — The Kroger Co. and KNAPP have unveiled plans to modernize and expand the grocer’s Great Lakes Distribution Center in Delaware, about 30 miles north of Columbus. The property opened in 2003 and currently services 115 Kroger stores in central and northwest Ohio as well as southeast Michigan and the Ohio River Valley region. Plans call for the addition of modern technology and a 130,000-square-foot expansion. KNAPP provides logistics solutions and specialized software for production and distribution. “The expansion of the facility is part of the ongoing transformation of our supply chain network, and this project will more than double our capacity while delivering innovation and scalability that can grow with demand,” says Tony Lucchino, Kroger’s vice president of supply chain and network strategy.

July 7, 2021

Development Office Texas

Cypress Real Estate Nears Completion of 172,000 SF Office Project in East Austin

by Taylor Williams July 7, 2021

AUSTIN, TEXAS — Developer Cypress Real Estate Advisors (CREA) has completed shell construction at Eastlake at Tillery, a two-building, 172,000-square-foot office project in East Austin. The development at the corner of East Cesar Chavez Street and Tillery streets is now ready for tenant build-outs. Delineate Studio served as the project architect, and Harvey Cleary was the general contractor. AQUILA Commercial has been tapped to lease Eastlake at Tillery. Construction of the building, which offers amenities such as a prep kitchen, fitness center with locker rooms and multiple outdoor workspaces, began in December 2019.

July 7, 2021

Development Multifamily New Mexico Western

Titan Completes 92-Unit Highlands North Multifamily Property in Albuquerque

by Amy Works July 7, 2021

ALBUQUERQUE, N.M. — Titan Development has completed the construction of Highlands North, an apartment community located at 200 Mulberry St. NE in downtown Albuquerque. Lease-up is underway at the 92-unit property, which was built in partnership with Alliance Residential. Greystar will serve as property manager for the community. Situated on 2.4 acres, the development includes a four-story building and four surrounding carriage buildings, a clubhouse, fitness center and resort-style pool. The apartment complex is the latest development in Titan’s 12-acre, mixed-use, master-planned The Highlands project. The company is working with Maestas Development Group to redevelop the five-block region in downtown Albuquerque. The project was funded by the Titan Development Real Estate Fund I, a $115 million private equity real estate fund established in 2017 to raise and invest equity in approximately $300 million of Titan Development’s investment opportunities, focused heavily on multifamily.

July 7, 2021

Development Michigan Midwest Multifamily

City Club Apartments Completes 18-Story Redevelopment Project in Detroit

by Kristin Harlow July 6, 2021

DETROIT — City Club Apartments LLC has opened City Club Apartments Lafayette Park, an 18-story redevelopment project in Detroit. Formerly named Elmwood Park Plaza, the apartment property was built in the early 1970s and included a Detroit Public Library branch. The library remains a tenant today. The original building was developed by the father and uncle of current City Club Apartments CEO Jonathan Holtzman. Located at 750 Chene St. in the newly renamed Rivertown District, the property features 202 apartment and penthouse units, 20 percent of which are designated as affordable. Amenities include a lobby lounge, club room, fitness center, outdoor terrace, heated pool, business center, sky lounge and dog park. Monthly rents start at $1,065.

July 6, 2021

Development Industrial New Jersey Northeast

Brookfield to Develop 176,000 SF Warehouse in Somerset, New Jersey

by Taylor Williams July 6, 2021

SOMERSET, N.J. — Brookfield Asset Management has acquired a 15.3-acre site at 425-429 Elizabeth Ave. in the Northern New Jersey community of Somerset for the development of a 176,000-square-foot warehouse. Elli Klapper, Charles Berger, Mark Silverman, Bill Waxman, Kevin Dudley and David Gheriani of CBRE represented Brookfield in its acquisition of the land. Construction is set to begin at some point in 2022.

July 6, 2021

Affordable Housing Development Multifamily New York Northeast

DJ Royce to Renovate 656-Unit Affordable Housing Community on Long Island

by Taylor Williams July 6, 2021

HAUPPAUGE, N.Y. — General contractor DJ Royce Construction Corp. will renovate Renaissance Hills, a 656-unit affordable housing community located in the Long Island village of Hauppauge. Hicksville, N.Y.-based Mark Design Studios designed the redevelopment, which included upgrades to unit interiors and amenity spaces. The property’s amenity package now consists of two pools, a sports court, dog park, outdoor grilling areas, a playground and a fitness and wellness center. Construction is set to begin this fall.

July 6, 2021

Development New York Northeast Office

Columbia Property Trust Underway on Renovation of 114,000 SF Manhattan Office Building

by Taylor Williams July 6, 2021

NEW YORK CITY — Columbia Property Trust is underway on the renovation of 149 Madison Avenue, a 114,000-square-foot office building in Midtown Manhattan’s Nomad neighborhood. The 12-story building was originally constructed in 1916. The redevelopment includes enhanced retail storefronts, windows and lobby, as well as the addition of new amenities such as a multi-purpose lounge and a fitness and wellness center. Gensler is the architect of the project, which is slated for completion by the end of the year.

July 6, 2021

Newer Posts

Older Posts