BURLINGTON, MASS. — Envision Energy, a Chinese provider of wind turbines and other renewable energy products, has signed a 35,276-square-foot life sciences lease in Burlington, a northwestern suburb of Boston. The tenant has committed to a full-building lease within Northwest Park, a facility that is owned by Nordblom Co. Jim Boudrot, Steve James and Patrick Grady of Hunneman represented the tenant in the lease negotiations.
POUGHKEEPSIE, N.Y. — Developer and general contractor Mid Hudson Construction Management has begun leasing Birchwood Commons, a 20-unit multifamily project located north of New York City in Poughkeepsie. The property consists of four buildings that each house five two-bedroom apartments. Residences are furnished with stainless steel appliances, quartz countertops and walk-in closets. Rents start at $2,750 per month.
JACKSONVILLE, FLA. — The NFL’s Jacksonville Jaguars have opened the Miller Electric Center, a $120 million practice facility in downtown Jacksonville. The 125,000-square-foot facility comprises an indoor practice field, offices, locker rooms, a draft room, shaded viewing area, concessions, team retail store and medical facilities. The Miller Electric Center is a public-private partnership between the Jaguars and the City of Jacksonville. The city also owns TIAA Bank Field, the Jaguars’ home stadium that is in the planning stages for a roughly $1 billion overhaul. The city and Jaguars owner Shad Khan would share the expense if they can reach an agreement on the stadium and accompanying extension of the team’s lease, according to The Florida Times-Union. The Jaguars organization plans to begin its training camp at the new practice facility Wednesday, July 26. The team hosted a ribbon-cutting ceremony for Miller Electric Center yesterday that featured Khan, along with newly inaugurated Jacksonville Mayor Donna Deegan, Jaguars president Mark Lamping and Jaguars head coach Doug Pederson, among others. Stadium of the Future In June, the Jaguars unveiled conceptual designs for its “Stadium of the Future,” a design project nearly three years in the making intended to spark a transformation of the city’s …
By Ben Wallace, SIOR, vice president, Colliers Over the past decade, “suburban industrial” buildings have become more critical than ever. A suburban industrial building can be defined as one that is located within the suburbs of a major metroplex and designed for small- to medium-size users with above-average allotments of office/showroom space to accommodate service and light distribution uses. The typical building and infrastructure designs naturally limit heavy truck traffic and achieve higher rental rates, deterring heavy distribution and manufacturing users from locating there. With macro-level shifts in how people shop for and acquire goods and services, the need for suburban industrial buildings that are located near consumers has become increasingly important. Most cities have done an excellent job of regulating and altering development standards for these assets to meet this need while being careful to avoid creating rundown industrial areas in their communities. These cities have achieved this goal by elevating development standards to feature clean concrete exterior façades as well as the screening of dock loading areas and attractive glass entrances. The reason that many of these items are important is that the vast majority of these suburban industrial developments are not appropriately zoned when developers come to …
The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 percent to 1 percent. Raising the feds fund rate is the primary way that the Federal Reserve combats inflation, which was at a 3 percent annual rate in June, according to the Bureau of Labor Statistics’ Consumer Price Index (CPI). The CPI is at its lowest level in more than two years, which is generally viewed as a positive sign for economic stability, though the June figure is 100 basis points more than the Fed’s target inflation goal of 2 percent. Jason Scott, managing director and head of conventional loan production at Regions Bank, estimates that it can take six to eight months for each interest …
CEDAR HILL, TEXAS — Pratt Industries, a Georgia-based provider of recycled paper and packaging products, has opened a $253 million manufacturing facility in Cedar Hill, a southern suburb of Dallas. About 375 people will eventually work at the 1.1 million-square-foot facility, which will be known as the Cedar Hill Corrugating & Innovation Center. With the opening of this facility, Pratt now employs about 11,500 people across 71 factories in 25 states.
AUSTIN, TEXAS — CBRE has arranged the $142 million sale of a 272,636-square-foot outpatient facility in Austin that is fully leased to the U.S. Department of Veterans Affairs. The two-story building was originally constructed in 2013. Services offered at the clinic include physical therapy, mental health counseling, radiation treatments, prosthetic replacements, cardiology and neurology. Will Pike, Lee Asher, Brian Pfohl, Cyrus Felfeli and Jordan Selbiger of CBRE represented the seller, Health Care Property Advisors, in the transaction. The buyer was not disclosed.
WAXAHACHIE, TEXAS — A joint venture between two locally based firms, 2GR Equity and Connell Realty Services Inc., has completed construction of Cardinal Self Storage, a 570-unit facility located in the southern Dallas suburb of Waxahachie. Dallas-based Lone Star Self Storage will operate the 76,000-square-foot facility, which is located at the corner of State Highway 77 and Cardinal Road. Merriman Anderson Architects designed the project, and Simmons Bank provided construction financing.
WINTER GARDEN, FLA. — JLL has arranged a $145 million loan for the refinancing of a four-property hotel portfolio in the Orlando suburb of Winter Garden totaling nearly 1,000 rooms. Gregg Shapiro and Barnett Wu of JLL arranged the financing through Aareal Capital Corp. on behalf of the borrower, Doradus Partners, and its management affiliate, Yedla Hotels. The hotels in the portfolio includes: the 223-room Residence Inn by Marriott (2111 Flagler Ave.); the 273-room Fairfield Inn & Suites by Marriott (631 Flagler Ave.); the 272-room Home2 Suites by Hilton (341 Flagler Ave.); and the 229-room Homewood Suites by Hilton (411 Flagler Ave.). The hotels, which were delivered between January 2021 and January 2022, are situated near the western gate of Walt Disney World Resort.
HIGH POINT, N.C. — The Keith Corp. and IDM Ventures have formed a joint venture to develop South Point Commerce Center, a 185-acre industrial park in High Point, a city in North Carolina’s Triad region. The eight buildings will be build-to-suits ranging from 73,500 to 342,000 square feet. All of the buildings will feature rear-load configurations and offer auto and truck parking. Also, the site provides the option to combine two parcels to create a larger, cross-dock building spanning more than 600,000 square feet. South Point Commerce Center will be situated one mile from the I-85 business loop and near I-74, I-73 and I-40. Keith Corp. and IDM have tapped Spencer Yorke, Al Williams and Jay Hill of JLL to market and lease the park.