Property Type

Kraus-Anderson Begins Renovation of Three Elementary Schools in Mankato, Minnesota

by Kristin Harlow May 24, 2024

MANKATO, MINN. — Kraus-Anderson (KA) has broken ground on renovation projects for three elementary schools in Mankato, a city in southern Minnesota. The projects are part of a $105 million building bond passed by Mankato Area School District voters in November 2023. ISG is the project architect. Construction is slated for completion this fall. A $4 million renovation for Roosevelt Elementary will include an 8,132-square-foot addition to the front entry that expands the administrative offices; two new classrooms that will also serve as storm shelters; a new trash enclosure in the parking lot; and the renovation of four bathrooms. A $1.7 million project at Washington Elementary will feature a 4,262-square-foot addition with a new security vestibule; mechanical, electrical and plumbing improvements; and updates to the front office spaces. Bridges Elementary will undergo a $1.1 million renovation to include a 2,373-square-foot addition with a new security vestibule; mechanical, electrical and plumbing improvements; and updates to the front office spaces.

May 24, 2024

Acquisitions Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $22.5M Acquisition Loan for Northern New Jersey Industrial Portfolio

by Taylor Williams May 24, 2024

PATERSON, N.J. — Cushman & Wakefield has arranged a $22.5 million acquisition loan for a portfolio of two industrial properties totaling 192,000 square feet in the Northern New Jersey community of Paterson. The portfolio, which consists of a 102,000-square-foot building and a 90,000-square-foot building, features 26 dock-high doors, four drive-in doors, clear heights of 22 feet and 64 car parking spaces. GID Credit provided the loan to Eagle Cliff Real Estate Partners. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield originated the debt. The firm also represented the seller, Boston-based investment firm Marcus Partners, in the disposition of the portfolio, which was fully leased at the time of sale.

May 24, 2024

Acquisitions New York Northeast Retail

J.P. Morgan Real Estate Income Trust Acquires Majority Interest in 99,837 SF Retail Center in Queens

by Taylor Williams May 24, 2024

NEW YORK CITY — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center in Queens. Acadia Realty Trust sold the interest for $48 million. Grocer Stop & Shop anchors the property, which was fully leased at the time of the acquisition. Other tenants include Party City, Five Below, Sally Beauty Supply, Starbucks and Burger King.

May 24, 2024

Leasing Activity Massachusetts Northeast Retail

Bob’s Discount Furniture Opens 43,000 SF Store, Showroom in Burlington, Massachusetts

by Taylor Williams May 24, 2024

BURLINGTON, MASS. — Bob’s Discount Furniture has opened a 43,000-square-foot store and showroom at 3 Abbott Park in Burlington, a northwestern suburb of Boston. The space will house furniture with smart technology features, as well as with multipurpose functionalities and furniture that promotes wellness. Based in Manchester, Conn., Bob’s operates about 170 stores across 24 states.

May 24, 2024

Alabama Development Industrial Office Southeast Top Stories

Coca-Cola United to Develop $330M Office, Warehouse Facility in Birmingham, Alabama

by Jeff Shaw May 24, 2024

BIRMINGHAM, ALA. — Coca-Cola Bottling Co. United Inc. has announced plans to invest $330 million in the construction of a new office and warehouse facility located in the Kingston neighborhood of Birmingham. Coca-Cola United is a Birmingham-based bottler of Coca-Cola products, and the Coca-Cola Co. does not own any part of the company. Plans for the development include a 150,000-square-foot office complex and a 300,000-square-foot warehouse. The warehouse will feature a Vertique case picking system, which is designed to increase the efficiency of packing cases for order fulfillment. The facility will serve as the Birmingham Coca-Cola sales center, as well as Coca-Cola United’s corporate, Central region and North Alabama division headquarters. The property will also house the company’s Classic Food and Vending arm, customer solutions center and services department. A development timeline was not disclosed. Coca-Cola United purchased the development site in 2013. The land previously housed the Stockham Valves and Fittings plant, which closed in 1998. According to Alabama Gov. Kay Ivey, the project will create up to 50 new jobs and retain over 750 positions. “For over 120 years, Coca-Cola United has been a stand-out member of Birmingham’s business community,” says Ivey. “Coca-Cola United’s landmark growth project will create new …

May 24, 2024

Market Reports Northeast Northeast Market Reports Retail

Northeast Mall Owners Recognize Importance of Communication in Redevelopments

by Taylor Williams May 24, 2024

By Taylor Williams If the whole mall redevelopment thing doesn’t work out, you can always become a marriage counselor. Perhaps some additional training and education would be needed for such a career transition to actually take place. But mall and shopping center owners who undertake high-risk redevelopments undoubtedly have firsthand appreciation of the importance of providing clear and courteous communication to the many different groups they deal with, from municipal leaders to longstanding tenants to onsite contract workers. That’s not to say that poor communication will necessarily kill a mall redevelopment. The inability to secure zoning overlay districts, civic partnerships for infrastructural improvements or feasibly priced construction loans in 2024 — these are variables over which mall owners have limited control and can actually sink these projects in their infancy. And those factors only come into play once the development team has done its due diligence and determined what uses and levels of density the project will feature. “After you’ve considered the macro-level needs of the market and the asset itself, you enter a phase that we call ‘the minefield map,’” says Steve Plenge, CEO of Pacific Retail Capital Partners. “Reciprocal easement agreements [that regulate design or tenancy issues] by …

May 24, 2024

AHSE-Regional-Housing-Authorities-Panel-2

Affordable Housing Features Southeast

Prevailing by Planning: Looking Ahead Is Crucial to Affordable Housing Success

by Hayden Spiess May 24, 2024

There are a common set of headwinds — such as high construction costs and interest rates — facing the commercial real estate industry at large. But affordable housing development and operations also come with a unique set of challenges all their own. Despite this, panelists at the InterFace Affordable Housing Southeast conference, held May 9 at the Cobb Galleria Centre in Atlanta, expressed an optimistic outlook for the sector. Closing out the day’s events, speakers on the “Southeast Regional Housing Authorities & Legal Update” panel shared strategies for surviving within the current affordable housing landscape and highlighted the importance of planning ahead to succeed in the sector. The devil’s in the details Most crucial to navigating the sometimes tumultuous waters of affordable housing is engaging in thorough — even painstaking — preparation, concurred each of the panelists. This is especially true given the current macroeconomic climate and its difficulties. When asked how her organization confronts these challenges, Yvonda Bean, chief executive officer with Columbia Housing, identified an emphasis on facilitating communication within the project team for planning purposes. More specifically, Bean reported that Columbia Housing connects the “general contractor with the architect to work on design plans” early on, such that when …

May 24, 2024

Development Industrial Texas

Levey Group Breaks Ground on 660,000 SF Industrial Project in Pearland, Texas

by Taylor Williams May 23, 2024

PEARLAND, TEXAS — Locally based developer Levey Group has broken ground on a 660,000-square-foot industrial project located in the southern Houston suburb of Pearland. Levey Logistics Park will be situated on a 38-acre site near the intersection of South Sam Houston Parkway and Almeda School Road. The development’s two buildings will be able to support rear-load tenants with requirements of 16,500 square feet or more, as well as single-tenant cross-dock users with requirements up to 500,000 square feet. Harvey Builders is the general contractor for the project, which is slated for a second-quarter 2025 completion. Levey Group has tapped Cushman & Wakefield as the leasing agent.

May 23, 2024

Development Retail Texas

Simon to Renovate Houston’s Galleria Mall

by Taylor Williams May 23, 2024

HOUSTON — Simon Property Group will renovate Houston’s Galleria Mall, a 2.4 million-square-foot shopping, dining and entertainment destination. The owner-operator will upgrade various interior and exterior entrances to feature sleek entryways, contemporary LED lighting and ceiling enhancements. The revitalization also includes 155,000 square feet of modern new flooring throughout the property. Renovations will begin this summer and are expected to be complete by early 2025. Simon has invested several hundred million dollars in the Galleria Mall over the course of its ownership, with the last redevelopment taking place in 2017.

May 23, 2024

Civic Development Texas

Satterfield & Pontikes Underway on 84,200 SF Elementary School in Elgin, Texas

by Taylor Williams May 23, 2024

ELGIN, TEXAS — General contractor Satterfield & Pontikes is underway on construction of an 84,200-square-foot academic project for the Independent School District of Elgin, an eastern suburb of Austin. Designed by Pfluger Architects, Harvest Ridge Elementary will feature an above-average-sized gym, enhanced security measures, an interior courtyard and a media center. The school will be able to accommodate up to 850 students and is expected to be complete in time for the fall 2024 semester.

May 23, 2024

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