Property Type

The-Beck-Apartments-Haverhill-Massachusetts

Procopio Cos. Underway on 290-Unit Multifamily Project in Haverhill, Massachusetts

by Taylor Williams June 30, 2023

HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. is underway on construction of The Beck, a 290-unit, transit-served multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings and more than 6,000 square feet of retail space. The development also includes the construction of a 1.4-acre public waterfront park with an amphitheater. Dellbrook | JKS is the construction manager of the project, and CUBE3 is the architect. Needham Bank provided construction financing. Completion is slated for spring 2025.

June 30, 2023

100-Hood-Park-Drive-Charlestown-Massachusetts

Development Life Sciences Massachusetts Northeast

Developer Tops Out 186,000 SF Life Sciences Redevelopment in Charlestown, Massachusetts

by Taylor Williams June 30, 2023

CHARLESTOWN, MASS. — Developer Hood Park LLC has topped out a 186,000-square-foot life sciences facility in the northern Boston suburb of Charlestown. The five-story building at 100 Hood Park Drive will complement an existing structure that features 61,139 square feet of lab space, 40,000 square feet of retail space and a 900-space parking garage. Both buildings will serve as anchors for Hood Park, a 20-acre project that is a redevelopment of the former facility of dairy producer H.P. Hood & Sons. At full build-out, Hood Park will comprise 1.8 million square feet of office and life sciences space, 100,000 square feet of retail and restaurant space and 335 residential units.

June 30, 2023

Development Life Sciences Northeast Pennsylvania

TN Ward Completes Renovation of 180,000 SF Life Sciences Facility in Philadelphia

by Taylor Williams June 30, 2023

PHILADELPHIA — General contractor TN Ward has completed the renovation of Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. In addition to base building renovations, two floors of lab facilities were constructed on a speculative basis. The facility now features lab-ready building infrastructure, customizable lab and office spaces and onsite lab management support services. Iron Stone Real Estate Partners owns the property. Cushman & Wakefield is marketing the renovated space for lease.

June 30, 2023

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Breaks Ground on 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams June 30, 2023

PITTSBURGH — New Jersey-based Tryko Partners has broken ground on Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. Merchants Capital secured an $11 million construction and equity bridge loan financing for the project. The Pennsylvania Housing Finance Agency also awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for some time next year.

June 30, 2023

Arizona Development Industrial Mixed-Use Multifamily Retail Top Stories Western

Indicap, Colmena Group, Langley Properties Receive Town Approval for $1B Mixed-Use Project in Gilbert, Arizona

by Jeff Shaw June 30, 2023

GILBERT, ARIZ. — The Town of Gilbert, a suburb southeast of Phoenix, has approved the zoning request for a 311-acre mixed-use development called The Ranch. Indicap, Colmena Group and Langley Properties are leading the project and estimate that development costs exceed $1 billion. Upon completion, The Ranch will offer 221 acres of light industrial space, 39 acres of commercial space, 39 acres of multifamily space and 16 acres of public green space. The industrial portion could total up to 3 million square feet of mid-bay and cross-dock buildings. The commercial space is slated to include restaurants, storage, convenience stores, office space, a fitness center, small grocer and dental office, among other uses. Plans for Residences at the Ranch, the multifamily component of the project, including two- and three-story rental homes with ground-floor retail. The 16-acre green space will include trails and landscaping for the community to use. The developers also plan to make $20 million in offsite improvements. The zoning approval marks the conclusion of 18 months of negotiations between the developers and the town government. A timeline for construction was not disclosed. — Channing Hamilton

June 30, 2023

Healthcare Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Remains Resilient with Record-Low Vacancy Rates

by Jeff Shaw June 30, 2023

— By Jerry Doty, Senior Vice President, Colliers — Las Vegas was once known only for its flashy casinos and luxurious hotels, but over the past several years, it has become a growing distribution hub for the entire West Coast. Las Vegas is situated at the intersection of several major highways, making it an ideal location for businesses that need to move goods quickly and efficiently. The city’s proximity to the ports of Los Angeles and Long Beach also make it a gateway for goods entering and leaving the United States. Our industrial market has had an epic rise in recent years, and up until the recent economic shake-up with rising interest rates and uncertainty in the capital markets, there was no end in sight. We continue to ask ourselves if 2023 will be the year things finally slow down or, even worse, take a step back. First, the good news. One of the most striking statistics about the Las Vegas industrial market is the extremely low vacancy rate. Despite delivering about 8.5 million square feet over the previous five quarters, we still sit at a near record-low overall vacancy of 1.5 percent for the first quarter of 2023. Even …

June 30, 2023

Build-to-Rent Development Single-Family Rental Texas

Empire Group to Develop 215-Unit Build-to-Rent Project in New Braunfels, Texas

by Taylor Williams June 29, 2023

NEW BRAUNFELS, TEXAS — Arizona-based developer Empire Group will develop Village at Mayfair, a 215-unit build-to-rent residential project that will be located in the northeastern San Antonio suburb of New Braunfels. The site spans 19.7 acres within Mayfair, a 1,900-acre master-planned development. The project will feature a variety of floor plans, with residences ranging in size from 680 to 1,300 square feet. Homes will be furnished with stainless steel appliances, quartz countertops, walk-in closets and various pieces of smart technology. Residents will have access to amenities such as a pool, fitness center, spa, clubhouse, dog park and outdoor grilling and dining stations. Construction is set to begin in the fourth quarter, with the first homes expected to be available for occupancy by late 2024.

June 29, 2023

Acquisitions Industrial Self-Storage Texas

Hinze Capital Acquires 222-Unit Self-Storage Facility in Spicewood, Texas

by Taylor Williams June 29, 2023

SPICEWOOD, TEXAS — Dallas-based investment firm Hinze Capital has acquired a 222-unit self-storage facility in Spicewood, about 30 miles northwest of Austin. Spicewood Super Storage totals 83,510 net rentable square feet and includes spaces for boat and RV storage. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of self-storage brokerage firm Versal represented the Houston-based seller in the transaction. The team also procured Hinze Capital as the buyer.

June 29, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 180-Unit Self-Storage Facility in West Tawakoni, Texas

by Taylor Williams June 29, 2023

WEST TAWAKONI, TEXAS — Marcus & Millichap has brokered the sale of Valor Storage, a 180-unit self-storage facility in West Tawakoni, located about 50 miles east of Dallas. The property was built in 2000 and spans 20,400 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a Dallas-based private investor, in the transaction. The duo also procured the Austin-based buyer. Both parties requested anonymity.

June 29, 2023

Acquisitions Multifamily Seniors Housing Texas

Sodalis Senior Living Buys 63-Unit Complex in San Antonio

by Taylor Williams June 29, 2023

SAN ANTONIO — Sodalis Senior Living has purchased Sodalis at Stone Oak, a 63-unit assisted living and memory care complex in San Antonio. Sodalis is the current operator at the facility, which was built in 2017. The unit mix consists of 42 assisted living residences and 21 memory care units. Evans Senior Investment brokered the transaction. The seller and sales price were not disclosed. At the time of sale, Sodalis at Stone Oak was 95 percent occupied.

June 29, 2023

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